M11836651/6/112591-036/SJ606 
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_______________________________________________________________________ 
DEMERGER PLAN 
________________________________________________________________________ 
 
FOR  
THE DEMERGER  
OF  
 
YARA INTERNATIONAL ASA 
AS THE TRANSFERRING COMPANY  
 
WITH  
 
YARA CLEAN AMMONIA NEWCO AS  
AS THE ACQUIRING COMPANY 
Entered into by the boards of directors of Yara International ASA and Yara Clean Ammonia NewCo 
AS on 2 June 2022 for subsequent approval by the companies' respective general meetings.

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SHAREHOLDERS WITH SPECIAL RIGHTS AND
RIGHTS
SPECIAL RIGHTS AND ADVANTAGES
AUTHORITY TO AMEND THE DEMERGER PLAN
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FISJONSPLAN

Office translation. In case of discrepancies between the English and the Norwegian version, the 
Norwegian version shall prevail. 
 
M11836651/6/112591-036/SJ606 
3/19
 
DEMERGER PLAN 
 
This demerger plan (the "Demerger Plan") was adopted on 2 June 2022 by the boards of directors of 
(1) 
Yara International ASA, company registration no. 986 228 608, having its registered 
address at Drammensveien 131, 0277 Oslo, Norway (the "Transferring Company") 
(2) 
Yara Clean Ammonia NewCo AS, company registration no. 928 352 447, having its 
registered address at Drammensveien 131, 0277 Oslo, Norway (the "Acquiring Company"). 
 
INTRODUCTION 
1.1 
The boards of directors of the Transferring Company and the Acquiring Company have 
agreed to propose to their respective general meetings that the Transferring Company be 
demerged by transferring the assets, rights and liabilities specified in clause 2 to the 
Acquiring Company, that the shareholders of the Transferring Company receive a demerger 
consideration as set out in clause 4, and that the share capital in the Transferring Company 
be reduced in accordance with clause 5.1 (the "Demerger"). 
1.2 
The Acquiring Company is a newly established company and will not have any operations 
prior to the completion of the Demerger. 
1.3 
The Demerger is carried out as a part of the contemplated carve-out of the ammonia trade 
and shipping business, as well as the blue and green ammonia business (the "YCA 
Business") from the Yara group in which certain assets and liabilities of the Transferring 
Company will be transferred to a newly established subsidiary of the Transferring Company, 
Yara Clean Ammonia Holding AS, company registration no. 928 352 498. This transfer will 
be completed by (i) transferring relevant assets, rights and obligations to the Acquiring 
Company in the Demerger and (ii) a merger of the Acquiring Company into Yara Clean 
Ammonia Holding AS immediately after the completion of the Demerger in a triangular 
merger, where the merger consideration will consist of an increase of the Transferring 
Company's share capital by increasing the nominal value per share in the Transferring 
Company (the "Merger"). A separate merger plan for the Merger is concluded at the same 
time as this Demerger Plan. Following the completion of the Merger,  the intention is to 
transfer the shares in Yara Clean Ammonia Holding AS to Yara Clean Ammonia AS, 
company registration no 928 652 920, in order to complete the carve-out of the YCA 
Business, with Yara Clean Ammonia AS as the ultimate holding company and direct 
subsidiary of Yara International ASA.  
1.4 
To enable Yara Clean Ammonia Holding AS and its subsidiaries to continue its existing 
business activities following the transfer of the YCA Business, the Transferring Company 
and relevant Yara Clean Ammonia entities have entered into agreements regarding the 
provision of services by the Yara group to the Yara Clean Ammonia group. 
1.5 
The Demerger and the Merger will in accordance with Oslo Stock Exchange's rules be 
completed outside the opening hours for trading on the Oslo Stock Exchange.  
1.6 
Since the Transferring Company currently owns 100% of the shares in the Acquiring 
Company, the Acquiring Company shall redeem all existing shares prior to the completion 
of the Demerger.

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1.7 
The Demerger shall be carried out in accordance with the provisions of the Public Limited 
Liability Companies Act chapter 14. 
 
ALLOCATION OF ASSETS, RIGHTS AND LIABILITIES 
2.1 
The following known assets, rights and liabilities shall be transferred from the Transferring 
Company to the Acquiring Company through the Demerger: 
(i) 
all 30,000 shares in Yara Clean Ammonia Norge AS; 
(ii) 
existing employment contracts with the employees listed in Appendix N (the 
"Employees"); 
(iii) pension obligations and accrued holiday allowance related to the Employees per the 
Completion Date; 
(iv) cash equal to the pension and holiday allowance liability related to the Employees; 
(v) 
YCA Business in the Transferring Company,  including goodwill, know-how, relevant 
contracts, non-disclosure agreements, memorandums of understanding, cooperation 
agreements and other project agreements relating to the YCA Business. This includes, 
but is not limited to, the YCA Business in the Transferring Company, including any 
goodwill and know-how, related to the "Skrei project" under which the Transferring 
Company is the entrepreneur of the project and Yara Norge AS on an interim basis 
has acted as the formal contract party under relevant contracts related to the project 
and towards relevant authorities; 
(vi) tax loss carry forward in the Transferring Company related to the YCA Business; 
(vii) receivable towards Yara Clean Ammonia Norge AS issued in connection with Yara 
Clean Ammonia Norge AS' acquisition of Yara LPG Shipping AS with a nominal value 
of NOK 2,039,791,000; 
(viii) receivable towards Yara Clean Ammonia Norge AS issued in connection with Yara 
Clean Ammonia Norge AS' acquisition of Yara Clean Ammonia Switzerland Ltd. with a 
nominal value of NOK 7,225,242,665; 
(ix) receivable towards Yara Clean Ammonia Norge AS issued in connection with Yara 
Clean Ammonia Norge AS' acquisition of the rights and obligations under the relevant 
contracts and awarded grant related to the Skrei project, with a nominal value of 
NOK 307,020,000; 
(x) 
receivable towards Yara Clean Ammonia US Inc. issued in connection with Yara Clean 
Ammonia US Inc.'s acquisition of the US trading and shipping business and the blue 
and green ammonia business, with a nominal value of USD 19,600,000; 
(xi) memberships in committees, research consortiums and any other interest 
organisations related to the YCA Business; and 
(xii) business plans, presentations, records, files, data and documents relating exclusively 
or predominantly to the YCA Business. 
2.2 
A draft balance sheet showing the allocation of the Transferring Company's balance sheet 
between the Transferring Company and the Acquiring Company is included as Appendix I

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to the Demerger Plan. The draft balance sheet is based on the Transferring Company's draft 
balance sheet per 30 April 2022, adjusted for relevant transactions in the Transferring 
Company up to and including 1 June 2022. 
2.3 
Assets, rights or liabilities that are acquired or arise between 2 June 2022 (the 
"Effective Date") and the Completion Date (as defined in clause 9) shall be allocated to the 
party to which business they are most closely related. The Acquiring Company shall 
compensate the Transferring Company for costs covered by the Transferring Company 
related to the YCA Business in the period between the Effective Date and the Completion 
Date and the Transferring Company shall compensate the Acquiring Company for income 
received by the Transferring Company related to the YCA Business in the same period. 
 
TREATMENT FOR ACCOUNTING PURPOSES 
Transactions in the Transferring Company related to assets, rights and liabilities to be taken 
over by the Acquiring Company shall for accounting purposes be deemed to have been 
undertaken for the account of the Acquiring Company as of 1 January 2022. The Demerger 
shall be completed with accounting continuity.  
 
DEMERGER CONSIDERATION 
As demerger consideration, the shareholders of the Transferring Company shall at the 
Completion Date, receive a total of 254,725,627 shares in the Acquiring Company, each with 
a nominal value of NOK 0.2722. The consideration shares shall be allocated in proportion to 
the number of shares each shareholder holds in the Transferring Company at the Completion 
Date (as defined in clause 9). 
 
ALLOCATION RATIO – ALLOCATION OF SHARE CAPITAL 
5.1 
The nominal and paid-up share capital in the Transferring Company shall be allocated with 
83.9905% to the Transferring Company and 16.0095% to the Acquiring Company. The 
share capital of the Transferring Company shall consequently be reduced by 
NOK 69,336,315.6694 by a reduction of the nominal value of the shares from NOK 1.70 to 
NOK 1.4278. 
5.2 
The allocation ratio stated in clause 5.1 is considered to reflect the allocation of the net value 
of the Transferring Company between the Transferring Company and the Acquiring 
Company in the Demerger, cf. the Norwegian Taxation Act section 11-8 (1). 
 
APPROVAL BY THE GENERAL MEETINGS 
6.1 
Time of the general meetings 
The Demerger Plan shall be presented to the extraordinary general meetings of the 
Transferring Company and the Acquiring Company, respectively, on the same date, 
scheduled for early July 2022. 
6.2 
Proposed resolution of the general meeting of the Transferring Company 
The board of directors of the Transferring Company shall propose that the general meeting 
of the Transferring Company adopt the following resolution: 
(i) 
The demerger plan dated 2 June 2022 for the demerger of the company with Yara 
Clean Ammonia NewCo AS as the acquiring company, is approved.

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(ii) 
The Company's share capital is reduced by NOK 69,336,315.6694 by reducing the 
nominal value of the shares with NOK 0.2722, from NOK 1.70 to NOK 1.4278. 
(iii) The capital reduction is carried out as part of the demerger of the Company by 
transferring assets, rights and liabilities as specified in the demerger plan to Yara Clean 
Ammonia NewCo AS and the Company's shareholders receiving shares in Yara Clean 
Ammonia NewCo AS as a demerger consideration. 
(iv) Article 4 of the Articles of Association is amended to reflect the new share capital and 
the new nominal value of the shares after the capital reduction. 
(v) 
The resolution is conditional on the general meeting approving a resolution on a 
triangular merger and a capital increase in the Company as stated in the merger plan 
dated 2 June 2022 between the Company, Yara Clean Ammonia NewCo AS and Yara 
Clean Ammonia Holding AS. 
6.3 
Proposed resolution of the general meeting of the Acquiring Company 
The board of directors of the Acquiring Company shall propose that the general meeting of 
the Acquiring Company adopt the following resolution: 
(i) 
The demerger plan dated 2 June 2022 for the demerger of Yara International ASA with 
the Company as the acquiring company, is approved. 
(ii) 
The Company's share capital is reduced by NOK 30,000 from NOK 30,000 to NOK 0 
by the redemption of 30,000 shares. In the share capital reduction, NOK 5,570 shall 
be used to cover losses that cannot be covered otherwise and the remaining NOK 
24,430 shall be distributed to the Company's sole shareholder. 
(iii) The Company's share capital is increased by NOK 69,336,315.6694 by the issuance 
of 254,725,627 new shares, each with a nominal value of NOK 0.2722. The 
subscription price per share is NOK 38.3632 (rounded). 
(iv) The new shares are issued as consideration shares to the shareholders of Yara 
International ASA upon completion of the demerger according to the provisions of the 
demerger plan. 
(v) 
The contribution for the new shares shall consist of the assets, rights and liabilities to 
be transferred from Yara International ASA to the Company according to the demerger 
plan. The contribution is transferred to the Company on the date of the completion of 
the demerger. 
(vi) The new shares will be deemed to have been subscribed for when the general meeting 
of Yara International ASA has approved the demerger plan. 
(vii) The new shares entitle to dividends from the date on which the capital increase is 
registered in the Register of Business Enterprises. 
(viii) Article 3 of the Articles of Association shall be amended to reflect the share capital, 
nominal value and the number of shares after the capital increase. 
(ix) The Company's estimated expenses in connection with the capital increase are 
NOK 50,000.

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6.4 
Subscription for the consideration shares 
The consideration shares to be issued by the Acquiring Company shall be deemed to have 
been subscribed for when the general meeting of the Transferring Company has approved 
the Demerger Plan. 
 
NOTIFICATIONS TO THE REGISTER OF BUSINESS ENTERPRISES 
7.1 
The parties shall as soon as possible notify the Register of Business Enterprises of the 
Demerger Plan in accordance with the Public Limited Liability Companies Act section 14-4 
cf. section 13-13. 
7.2 
The approval of the Demerger Plan by the respective general meetings of the Transferring 
Company and the Acquiring Company shall be reported to the Register of Business 
Enterprises as soon as possible after the general meetings have been held in accordance 
with the Public Limited Liability Companies Act section 14-7 cf. section 13-14. 
7.3 
The Register of Business Enterprises shall be notified of the completion of the Demerger in 
accordance with clause 9 of the Demerger Plan. 
 
CONDITIONS FOR COMPLETION OF THE DEMERGER 
The completion of the Demerger is conditional on: 
(i) 
the general meeting of the Transferring Company approving the Demerger in 
accordance with clause 6.2; 
(ii) 
the general meeting of the Acquiring Company approving the Demerger in accordance 
with clause 6.3; 
(iii) the deadline for objections pursuant to the Public Limited Liability Companies Act 
section 14-7 cf. section 13-15 having expired; 
(iv) no objections having been raised by creditors or any objections raised by creditors 
having been settled or finally rejected; 
(v) 
the Transferring Company not owning any own shares; and 
(vi) the general meeting of the Transferring Company, the Acquiring Company and Yara 
Clean Ammonia Holding AS having approved the Merger Plan for the Merger and all 
conditions for the completion of the Merger having been met or waived (if possible). 
 
COMPLETION OF THE DEMERGER 
9.1 
When the conditions in clause 8 have been satisfied, the Acquiring Company shall notify the 
Register of Business Enterprises of the completion of the Demerger in accordance with the 
Public Limited Liability Companies Act section 14-8 cf. section 13-17 (1). 
9.2 
On the date the Demerger is registered as having been completed in the Register of 
Business Enterprises (the "Completion Date"), the assets, rights and liabilities specified in 
clause 2.1 shall be deemed transferred to the Acquiring Company, and the increase of the 
share capital of the Acquiring Company and the reduction of the share capital of the 
Transferring Company shall be carried out cf. the Public Limited Liability Companies Act 
section 14-8.

M11836651/6/112591-036/SJ606 
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TAX TREATMENT 
10.1 
The Demerger is carried out as a tax-exempt demerger pursuant to the Tax Act chapter 11. 
10.2 
In accordance with the Tax Act section 11-8 (1), the nominal and paid-in share capital is 
apportioned in the same ratio as the Transferring Company's net values are apportioned 
between the Transferring Company and the Acquiring Company, respectively with 
83.9905% to the Transferring Company and 16.0095% to the Acquiring Company. 
10.3 
Tax losses in the Transferring Company relating to the YCA Business per 
31 December 2021 shall be transferred to the Acquiring Company, cf. Tax Act section 11-
8 (3).  
10.4 
The Demerger will be carried out with tax effect from the Completion Date, cf. Tax Act 
section 11-10 (3). 
10.5 
The taxable result in the year of the Demerger shall be apportioned between the Parties as 
described in this clause 10.5. Profits or losses in the year of the Demerger shall be 
apportioned between the Transferring Company and the Acquiring Company so that the 
result corresponds to the business or part of the business that the Transferring Company 
and the Acquiring Company continues to operate.  
10.6 
The Demerger will not be considered as a taxable realisation of shares under the Norwegian 
Tax Act. The shareholders will have the same number of shares in the Transferring 
Company after the Demerger and Merger as before the Demerger, with the same tax 
positions related to the shares in the Transferring Company.  
 
TREATMENT OF VALUE ADDED TAX  
11.1 
The transfer of the YCA Business in the Demerger qualifies as a tax neutral transfer of 
business in accordance with the Value Added Tax Act section 6-14, so that no self-supply 
VAT is triggered, cf. Value Added Tax Act section 3-21 and 3-22. The Transferring Company 
received a binding ruling from the Norwegian tax authorities on 24 February 2022 regarding 
the VAT treatment of the Demerger and Merger. The transfer of business shall be completed 
in accordance with the facts and assumptions in the binding ruling.  
 
COSTS 
The Acquiring Company shall cover all costs incurred in connection with the Demerger. 
 
CONDITIONS FOR SHAREHOLDER RIGHTS 
There are no special conditions for the exercise of shareholder rights in the Acquiring 
Company or for registration in the shareholder register of the Acquiring Company. 
 
SHAREHOLDERS 
WITH 
SPECIAL 
RIGHTS 
AND 
HOLDERS 
OF 
SUBSCRIPTION RIGHTS 
14.1 
No shareholders in the Transferring Company hold special rights as mentioned in the Public 
Limited Liability Companies Act section 14-4 cf. section 13-6 (1) no. 5. 
14.2 
Under section 5 of the articles of association of the Transferring Company, holders of 83 
outstanding and unredeemed founder certificates and 4,343 outstanding and unredeemed 
subscription certificates issued by Norsk Hydro-elektrisk kvælstofaktieselskap, (the 
"Certificates") are entitled to preferential subscription rights for 0.83% and 2.79%

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respectively of any capital increase in the Transferring Company (subject to certain 
exemptions). The holders of the Certificates will, following the Demerger, hold preferential 
subscription rights in the Acquiring Company equal to the rights currently held in the 
Transferring Company. 
 
SPECIAL RIGHTS AND ADVANTAGES 
No special rights or advantages are conferred upon any members of the board of directors, 
the managing directors or the independent experts of either party in connection with the 
Demerger cf. the Public Limited Liability Companies Act section 14-4 cf. section 13-6 (1) 
no. 6. 
 
AUTHORITY TO AMEND THE DEMERGER PLAN 
The boards of directors of the Transferring Company and the Acquiring Company may at 
any time until the date of the submission of the notification to the Register of Business 
Enterprises of the completion of the Demerger agree and make minor amendments to the 
Demerger Plan if this is deemed necessary or desirable.

M11836651/6/112591-036/SJ606 
10/19
 
 
 
_______________________________________________________________________ 
FISJONSPLAN 
________________________________________________________________________ 
 
FOR  
FISJONEN 
AV 
 
YARA INTERNATIONAL ASA 
SOM OVERDRAGENDE SELSKAP  
 
OG MED  
 
YARA CLEAN AMMONIA NEWCO AS  
SOM OVERTAGENDE SELSKAP 
 
Inngått av styrene i Yara International ASA og Yara Clean Ammonia NewCo AS den 2. juni 2022 for 
etterfølgende godkjennelse av de respektive selskapenes generalforsamlinger.

M11836651/6/112591-036/SJ606 
11/19
FISJONSPLAN 
 
Denne fisjonsplanen ("Fisjonsplanen") er vedtatt den 2. juni 2022 av styrene i  
(1) 
Yara International ASA, org. nr. 986 228 608, med registrert adresse i Drammensveien 
131, 0277 Oslo, Norge (det "Overdragende Selskap") 
(2) 
Yara Clean Ammonia NewCo AS, org. nr. 928 352 447, med registrert adresse 
Drammensveien 131, 0277 Oslo, Norge (det "Overtakende Selskap"). 
 
INNLEDNING 
1.1 
Styrene i det Overdragende Selskap og det Overtakende Selskap er blitt enige om å foreslå 
for sine respektive generalforsamlinger at det Overdragende Selskapet fisjoneres ved 
overføring av de eiendelene, rettighetene og forpliktelsene som er angitt i punkt 2 til det 
Overtakende Selskap, at aksjonærene i det Overdragende Selskap mottar fisjonsvederlag 
som angitt i punkt 4 og at aksjekapitalen i det Overdragende Selskapets nedsettes i henhold 
til punkt 5.1 ("Fisjonen"). 
1.2 
Det Overtakende Selskap er et nylig stiftet selskap og vil ikke ha noen egen virksomhet før 
gjennomføringen av Fisjonen. 
1.3 
Fisjonen gjennomføres som et ledd i den tiltenkte utskillelsen av ammoniakkhandel- og 
shippingvirksomheten, samt virksomheten knyttet til blå og grønn ammoniakk ("YCA 
Virksomheten") fra Yara-konsernet. Som ledd i denne utskillelsen vil visse eiendeler, 
rettigheter og forpliktelser i det Overdragende Selskap overføres til et nylig stiftet 
datterselskap av det Overdragende Selskap, Yara Clean Ammonia Holding AS, org. nr. 928 
352 498. Denne overføringen vil skje ved at (i) de aktuelle eiendelene, rettighetene og 
forpliktelsene overføres til det Overtakende Selskap gjennom Fisjonen og (ii) at det 
Overtakende Selskapet umiddelbart etter gjennomføringen av Fisjonen fusjoneres inn i Yara 
Clean Ammonia Holding AS i en konsernfusjon hvor fusjonsvederlaget vil bestå av en 
økning av det Overdragende Selskaps aksjekapital ved en økning av pålydende verdi på 
aksjene i det Overdragende Selskap ("Fusjonen"). En separat fusjonsplan for Fusjonen vil 
inngås samtidig med denne Fisjonsplanen. Etter gjennomføringen av Fusjonen er 
intensjonen å overføre aksjene i Yara Clean Ammonia Holding AS til Yara Clean Ammonia 
AS, org. nr. 928 652 920 for å ferdigstille utskillelsen av YCA Virksomheten med Yara Clean 
Ammonia AS som morselskap og direkte datterselskap av Yara International ASA. 
1.4 
For at Yara Clean Ammonia Holding AS og dets datterselskaper skal kunne fortsette å utøve 
sin virksomhet etter overføringen av YCA Virksomheten, har Overdragende Selskap og 
relevante Yara Clean Ammonia-selskaper inngått nødvendige avtaler om leveringer av 
tjenester fra Yara-gruppen til Yara Clean Ammonia-gruppen.  
1.5 
Fisjonen og Fusjonen vil i samsvar med Oslo Børs' regler gjennomføres utenfor 
åpningstiden for handel på Oslo Børs. 
1.6 
Siden det Overdragende Selskap på nåværende tidspunkt eier 100% av aksjene i det 
Overtakende Selskap, skal det Overtakende Selskap tilbakebetale sin aksjekapital til det 
Overdragende Selskap i sin helhet og tilsvarende innløse eksisterende aksjer forut for 
gjennomføring av Fisjonen. 
1.7 
Fisjonen skal gjennomføres etter bestemmelsene i allmennaksjeloven kapittel 14.

M11836651/6/112591-036/SJ606 
12/19
 
FORDELING AV EIENDELER, RETTIGHETER OG FORPLIKTELSER 
2.1 
Følgende kjente eiendeler, rettigheter og forpliktelser skal overføres fra det Overdragende 
Selskap til det Overtakende Selskap gjennom Fisjonen: 
(i) 
alle 30.000 aksjer i Yara Clean Ammonia Norge AS; 
(ii) 
eksisterende arbeidsavtaler med de ansatte som er listet i vedlegg N (de 
"Ansatte"); 
(iii) 
pensjonsforpliktelser og opptjente feriepenger relatert til de Ansatte per tidspunktet 
for gjennomføring av Fisjonen; 
(iv) 
kontanter som tilsvarer pensjon- og feriepengeforpliktelser relatert til de Ansatte; 
(v) 
YCA Virksomheten i det Overdragende Selskapet, inkludert forretningsverdi 
(goodwill), 
know-how, 
relevante 
kontrakter, 
konfidensialitetsavtaler, 
intensjonsavtaler, samarbeidsavtaler og andre prosjektavtaler knyttet til YCA 
Virksomheten. Dette omfatter, men er ikke begrenset til, YCA Virksomheten i det 
Overdragende Selskap, herunder forretningsverdi (goodwill) og know-how, knyttet 
til "Skrei-prosjektet" som det Overdragende Selskap har utviklet og Yara Norge 
AS midlertidig har opptrådt som formell kontraktspart i relevante kontraktsforhold 
og overfor relevante myndigheter; 
(vi) 
fremførbart skattemessig underskudd knyttet til YCA virksomheten i det 
Overdragende Selskap; 
(vii) 
fordring mot Yara Clean Ammonia Norge AS utstedt i forbindelse med Yara Clean 
Ammonia Norge AS' erverv av Yara LPG Shipping AS med nominell verdi 
NOK 2 039 791 000; 
(viii) 
fordring mot Yara Clean Ammonia Norge AS utstedt i forbindelse med Yara Clean 
Ammonia Norge AS' erverv av Yara Clean Ammonia Switzerland Ltd. med nominell 
verdi NOK 7 225 242 665; 
(ix) 
fordring mot Yara Clean Ammonia Norge AS utstedt i forbindelse med Yara Clean 
Ammonia Norge AS' erverv av rettighetene og forpliktelsene under relevante 
kontrakter og tilkjent støtte knyttet til Skrei-prosjektet med nominell verdi 
NOK 307 020 000; 
(x) 
fordring mot Yara Clean Ammonia US Inc. utstedt i forbindelse med Yara Clean 
Ammonia US Inc. sitt erverv av den amerikanske virksomheten knyttet til 
ammoniakkhandel og shipping, med nominell verdi USD 19 600 000; 
(xi) 
medlemskap i komiteer for forskning og utvikling, konsortier og andre 
interesseorganisasjoner knyttet til YCA Virksomheten; og 
(xii) 
forretningsplaner, presentasjoner, arkiver, filer, data og dokumenter som 
utelukkende eller hovedsakelig knytter seg til YCA Virksomheten. 
2.2 
Utkast til en balanse som viser fordeling av det Overdragende Selskaps balanse per mellom 
det Overdragende Selskap og det Overtakende Selskap er inkludert som Vedlegg I til 
Fisjonsplanen. Utkast til balanse er basert på Overdragende Selskaps utkast til balanse pr.

M11836651/6/112591-036/SJ606 
13/19
30. april 2022, justert for relevant transaksjoner i Overdragende Selskap opp til og med 
1. juni 2022.  
2.3 
Eiendeler, rettigheter eller forpliktelser som erverves eller oppstår mellom 2. juni 2022 
("Virkningstidspunktet")  og Gjennomføringstidspunktet (som definert i punkt 9) skal 
allokeres til den av partene hvis virksomhet de har nærmest tilknytning til.  Det Overtakende 
Selskap skal kompensere det Overdragende Selskap for kostnader som er dekket av det 
Overdragende Selskap knyttet til YCA Virksomheten i perioden mellom Virkningstidspunktet 
og Gjennomføringstidspunktet og det Overdragende Selskap skal kompensere det 
Overtakende Selskap for inntekter mottatt av det Overdragende Selskap knyttet til YCA 
Virksomheten i samme periode.  
 
REGNSKAPSMESSIG BEHANDLING 
Transaksjoner i det Overdragende Selskap som knytter seg til eiendeler, rettigheter og 
forpliktelser som skal overtas av det Overtakende Selskapet skal regnskapsmessig anses 
å være foretatt for det Overtakende Selskaps regning fra og med 1. januar 2022. Fisjonen 
skal gjennomføres med regnskapsmessig kontinuitet.  
 
FISJONSVEDERLAG 
4.1 
Som 
fisjonsvederlag 
skal 
aksjonærene 
i 
det 
Overdragende 
Selskap 
per 
Gjennomføringstidspunktet motta til sammen 254 725 627 aksjer i det Overtakende 
Selskap, hver med pålydende verdi NOK 0,2722. Vederlagsaksjene skal fordeles i forhold 
til hvor mange aksjer den enkelte aksjonær eide i det Overdragende Selskap per 
Gjennomføringstidspunktet (som definert i punkt 9). 
 
DELINGSFORHOLD – FORDELING AV AKSJEKAPITAL 
5.1 
Nominell og innbetalt aksjekapital i det Overdragende Selskap fordeles med 83,9905 % på 
det Overdragende Selskap og med 16,0095 % på det Overtakende Selskap. Aksjekapitalen 
i det Overdragende Selskap skal følgelig nedsettes med NOK 69 336 315,6694 ved 
reduksjon av pålydende verdi på aksjene fra NOK 1,70 til NOK 1,4278.  
5.2 
Delingsforholdet som fremgår av punkt Error! Reference source not found. anses å 
tilsvare fordelingen av det Overdragende Selskaps nettoverdi mellom det Overdragende 
Selskap og det Overtakende Selskap i Fisjonen jf. skatteloven § 11-8 (1).  
 
GODKJENNELSE AV GENERALFORSAMLINGENE  
6.1 
Tidspunktet for generalforsamlingene 
Fisjonsplanen skal fremlegges for ekstraordinære generalforsamlinger i henholdsvis det 
Overdragende Selskap og det Overtakende Selskap på samme dag, foreløpig planlagt 
avholdt i begynnelsen av juli 2022.  
6.2 
Forslag til generalforsamlingsvedtak i det Overdragende Selskap 
Styret i det Overdragende Selskap skal foreslå at det Overdragende Selskaps 
generalforsamling treffer følgende vedtak: 
(i)  
"Fisjonsplanen datert 2. juni 2022 vedrørende fisjonen av Selskapet med Yara Clean 
Ammonia NewCo AS, som overtakende selskap, godkjennes.

M11836651/6/112591-036/SJ606 
14/19
(ii) 
Selskapets aksjekapital nedsettes med NOK 69 336 315,6694 ved at pålydende på 
Selskapets aksjer reduseres med NOK 0,2722, fra NOK 1,70 til NOK 1,4278.  
(iii) 
Kapitalnedsettelsen gjennomføres som ledd i fisjonen av Selskapet ved at eiendeler, 
rettigheter og forpliktelser som beskrevet i fisjonsplanen overføres til Yara Clean 
Ammonia NewCo AS og at Selskapets aksjonærer mottar aksjer i Yara Clean 
Ammonia NewCo AS som fisjonsvederlag. 
(iv) 
Vedtektenes § 4 endres slik at den angir ny aksjekapital og ny pålydende verdi på 
aksjene etter kapitalnedsettelsen. 
(v) 
Vedtaket er betinget av at generalforsamlingen godkjenner vedtak om trekantfusjon 
og kapitalforhøyelse i Selskapet slik det fremgår av fusjonsplanen datert 2. juni 2022 
mellom Selskapet, Yara Clean Ammonia NewCo AS og Yara Clean Ammonia Holding 
AS." 
6.3 
Forslag til generalforsamlingsvedtak i det Overtakende Selskap 
Styret i det Overtakende Selskap skal foreslå at Overtakende Selskaps generalforsamling 
treffer følgende vedtak:  
(i)  
"Fisjonsplanen datert 2. juni 2022 for fisjon av Yara International ASA med selskapet 
som overtakende selskap, godkjennes. 
(ii) 
Selskapets aksjekapital nedsettes med NOK 30 000 fra NOK 30 000 til NOK 0 ved 
innløsning av 30 000 aksjer. Av kapitalnedsettelsesbeløpet skal NOK 5 570 brukes til 
dekning av tap som ikke kan dekkes på annen måte og resterende NOK 24 430 deles 
ut til selskapets eneeier.   
(iii) 
Selskapets aksjekapital skal forhøyes med NOK 69 336 315,6694 ved utstedelse av 
254 725 627 nye aksjer, hver med pålydende verdi NOK 0,2722. Tegningskursen per 
aksje er NOK 38,3632 (avrundet).  
(iv) 
De nye aksjene utstedes som vederlagsaksjer til aksjonærene i Yara International 
ASA ved gjennomføringen av fisjonen i henhold til fisjonsplanens bestemmelser. 
(v) 
Innskudd for de nye aksjene består i de eiendeler, rettigheter og forpliktelser som skal 
overføres fra Yara International ASA til selskapet i henhold til fisjonsplanen. 
Innskuddet overdras til selskapet på tidspunktet for gjennomføring av fisjonen. 
(vi) 
De nye aksjene anses tegnet når generalforsamlingen i Yara International ASA har 
godkjent fisjonsplanen. 
(vii) 
De nye aksjene gir rett til utbytte fra den dato kapitalforhøyelsen registreres i 
Foretaksregisteret.  
(viii) Vedtektenes § 3 endres slik at den gjengir aksjekapitalen, pålydende verdi og antall 
aksjer etter kapitalforhøyelsen. 
(ix) 
Selskapets anslåtte utgifter i forbindelse med kapitalforhøyelsen er NOK 50 000." 
6.4 
Tegning av vederlagsaksjene 
Vederlagsaksjene som det Overtakende Selskap skal utstede, anses tegnet når 
generalforsamlingen i det Overdragende Selskap har godkjent Fisjonsplanen. 
 
MELDINGER TIL FORETAKSREGISTERET 
7.1 
Partene skal så snart som mulig melde Fisjonsplanen til Foretaksregisteret i henhold til 
allmennaksjeloven § 14-4 jf. § 13-13.

M11836651/6/112591-036/SJ606 
15/19
7.2 
Godkjennelsen av Fisjonsplanen av de respektive generalforsamlingene i det 
Overdragende Selskap og det Overtakende Selskap skal meldes til Foretaksregisteret så 
snart som mulig etter at generalforsamlingene er avholdt i henhold til allmennaksjeloven 
§ 14-7 jf. § 13-14.  
7.3 
Gjennomføring av Fisjonen skal meldes til Foretaksregisteret i henhold til punkt 9 i 
Fisjonsplanen.  
 
BETINGELSER FOR GJENNOMFØRING AV FISJONEN 
Gjennomføring av Fisjonen er betinget av at: 
(i) 
generalforsamlingen i det Overdragende Selskap har godkjent Fisjonen i tråd med 
punkt 6.2; 
(ii) 
generalforsamlingen i det Overtakende Selskap har godkjent Fisjonen i tråd med punkt 
6.3;  
(iii) fristen for innsigelser etter allmennaksjeloven § 14-7 jf. § 13-15 er utløpt;   
(iv) det ikke er fremsatt innsigelser fra kreditorer eller at eventuelle innsigelser fra kreditorer 
er avgjort eller endelig avvist;  
(v) 
det Overdragende Selskap ikke eier noen egne aksjer; og  
(vi) generalforsamlingen til henholdsvis det Overdragende Selskap, det Overtakende 
Selskap og Yara Clean Ammonia Holding AS har godkjent fusjonsplanen for Fusjonen 
og alle betingelser for gjennomføring av Fusjonen er oppfylt eller frafalt (der vilkåret er 
mulig å frafalle).  
 
GJENNOMFØRING AV FISJONEN 
9.1 
Når betingelsene i punkt 8 er oppfylt skal det Overtakende Selskap melde gjennomføringen 
av Fisjonen til Foretaksregisteret i henhold til allmennaksjeloven § 14-8 jf. § 13-17 (1).  
9.2 
På det tidspunktet gjennomføring av Fisjonen registreres i Foretaksregisteret 
("Gjennomføringstidspunktet") skal de eiendeler, rettigheter og forpliktelser som er angitt 
i punkt 2.1 anses overdratt til det Overtakende Selskap, og forhøyelsen av aksjekapitalen i 
det Overtakende Selskap og nedsettelsen av aksjekapitalen i det Overdragende Selskap 
skal gjennomføres, jfr. allmennaksjeloven § 14-8.  
 
SKATTEMESSIG BEHANDLING 
10.1 
Fisjonen vil bli gjennomført som en skattefri fisjon i henhold til skatteloven kapittel 11. 
10.2 
I samsvar med skatteloven § 11-8 (1) er nominell og innbetalt aksjekapital fordelt i samme 
forhold som det Overdragende Selskaps nettoverdier er fordelt mellom det Overdragende 
Selskap og det Overtakende Selskap, dvs. med 83,9905 % til det Overdragende Selskap 
og 16,0095 % til det Overtakende Selskap.  
10.3 
Fremførbart skattemessig underskudd knyttet til YCA Virksomheten i det Overdragende 
Selskap per 31. desember 2021 overføres til det Overtakende Selskap, jf. skatteloven § 11-
8 (3) første punktum.

M11836651/6/112591-036/SJ606 
16/19
10.4 
Fisjonen skal gjennomføres med skattemessig virkning fra Gjennomføringstidspunktet, 
jf. skatteloven § 11-10 tredje ledd. 
10.5 
For ligningstekniske formål fordeles det skattemessige resultatet i fisjonsåret som beskrevet 
i dette punkt 10.5. Overskudd eller underskudd i fisjonsåret fordeles mellom det 
Overdragende Selskap og det Overtakende Selskap slik at resultatet blir tilnærmet riktig i 
forhold til den virksomheten eller del av virksomheten selskapene driver videre. 
10.6 
Fisjonen vil ikke anses som en skattemessig realisasjon av aksjer etter skatteloven. 
Aksjonærene vil ha samme antall aksjer i det Overdragende Selskapet etter Fisjonen og 
Fusjonen som før Fisjonen, med samme skatteposisjoner knyttet til aksjene i det 
Overdragende Selskapet. 
 
AVGIFTSMESSIG BEHANDLING 
11.1 
Overføringen 
av 
YCA 
Virksomheten 
i 
Fisjonen 
kvalifiserer 
som 
avgiftsfri 
virksomhetsoverdragelse etter merverdiavgiftsloven § 6-14, slik at det ikke utløses 
uttaksmerverdiavgift etter merverdiavgiftsloven §§ 3-21 og 3-22. Det Overdragende Selskap 
mottok den 24. februar 2022 en bindende forhåndsuttalelse om den avgiftsmessige 
behandlingen av Fisjonen og Fusjonen. Virksomhetsoverdragelsen skal gjennomføres i tråd 
med det faktum og basert på de premisser som fremgår av den bindende 
forhåndsuttalelsen.  
 
OMKOSTNINGER 
Omkostninger pådratt i forbindelse med Fisjonen skal dekkes av det Overtakende Selskap. 
 
VILKÅR FOR AKSJONÆRRETTIGHETER 
Det gjelder ingen særskilte vilkår for utøvelse av aksjonærrettigheter i det Overtakende 
Selskap eller for registrering i aksjeeierregisteret til det Overtakende Selskap.  
 
AKSJONÆRER MED SÆRLIGE RETTIGHETER OG INNEHAVERE AV 
TEGNINGSRETTER 
14.1 
Det er ingen aksjeeiere i det Overdragende Selskap som har særlige rettigheter som nevnt 
i allmennaksjeloven § 14-4 jf. 13-6 (1) nr. 5. 
14.2 
Under § 5 i det Overdragende Selskapets vedtekter har innehaverne av 83 utestående og 
uinnløste stiftersertifikater og 4 343 utestående og uinnløste tegningssertifikater utstedt av 
Norsk Hydro-elektrisk kvælstofaktieselskap, ("Sertifikatene") en forbeholden tegningsrett 
på henholdsvis inntil 0,83 %, og inntil 2,79 % ved aksjekapitalforhøyelser i det 
Overdragende Selskapet (med visse unntak). Innehaverne av Sertifikatene vil, etter 
Fisjonen, ha rettigheter i det Overtakende Selskapet lik rettighetene i det Overdragende 
Selskapet. 
 
SÆRLIGE RETTIGHETER OG FORDELER  
Ingen av medlemmene i styrene, daglig ledere eller uavhengig sakkyndige mottar noen 
særlige rettigheter eller fordeler i forbindelse med Fisjonen jf. allmennaksjeloven 14-4 jf. 
§ 13-6 (1) nr. 6.

M11836651/6/112591-036/SJ606 
17/19
 
FULLMAKT TIL Å FORETA ENDRINGER I FISJONSPLANEN 
Styrene i det Overdragende Selskap og det Overtakende Selskap kan frem til tidspunktet 
for innsendelse av melding til Foretaksregisteret om gjennomføring av Fisjonen, avtale 
foreta mindre endringer i Fisjonsplanen dersom dette anses nødvendig eller ønskelig.  
 
 
[signature page follows – signaturside følger]

_____________________________ 
 
_____________________________ 
 
_____________________________ 
 
 
_____________________________ 
 
_____________________________ 
 
 
_____________________________ 
 
 
_____________________________ 
 
_____________________________ 
 
_____________________________ 
 
_____________________________ 
 

	
		
[Signature page – Demerger Plan between Yara International ASA and 
Yara Clean Ammonia NewCo AS – Signaturside – Fisjonsplan mellom Yara International ASA og 
Yara Clean Ammonia NewCo AS] 
 
The board of directors of – Styret i 
Yara International ASA 
Trond Berger 
Chairperson of the board 
Styreleder 
Jannicke Hilland   
Deputy chairperson 
Styrets nestleder 
Board member 
Styremedlem 
John Gabriel Thuestad 
Tove Feld 
Board member 
Styremedlem 
Board member 
Styremedlem 
Håkon Reistad Fure 
Board member 
Styremedlem 
Birgitte Ringstad Vartdal 
Rune Asle Bratteberg 
Board member 
Styremedlem  
(employee representative) 
(ansattrepresentant) 
Geir Olav Sundbø  
Board member 
Styremedlem 
(employee representative) 
(ansattrepresentant) 
Ragnhild Flesland Høimyr 
Board member 
Styremedlem 
(employee representative) 
(ansattrepresentant) 
Eva Safrine Aspvik
Board member
Styremedlem
(employee representative)
(ansattrepresentant)
18/19

[Signature page – Demerger Plan between Yara International ASA and 
Yara Clean Ammonia NewCo AS – Signaturside – Fisjonsplan mellom Yara International ASA og 
Yara Clean Ammonia NewCo AS] 
 
The board of directors of – Styret i 
 
Yara Clean Ammonia NewCo AS 
  
 
 
_____________________________ 
Alvin Kristian Rosvoll 
Chairperson of the board 
Styreleder 
 
 
_____________________________ 
Kristine Elene Stray Ryssdal 
 Board member 
Styremedlem 
 
_____________________________ 
Thor Samuel Giæver  
Board member 
Styremedlem 

	
		
19/19

APPENDICES 
The Demerger Plan includes the following appendices: 
A 
Articles of association of the Transferring Company (Official Norwegian version); 
B 
Articles of association of the Transferring Company (English office translation); 
C 
Articles of association of the Acquiring Company; 
D 
Draft articles of association of the Transferring Company after the Demerger (Norwegian 
version); 
E 
Draft articles of association of the Transferring Company after the Demerger (English 
translation); 
F 
Draft articles of association of the Acquiring Company after the Demerger; 
G 
Copies of the Transferring Company's annual accounts, annual report and auditor's report for 
the last three accounting years; 
H 
Copies of the Acquiring Company's annual accounts for 2021; 
I 
Draft balance sheet showing the allocation of the Transferring Company's balance sheet as of 
30 April 2022 adjusted for relevant transaction up to 1 June 2022, between the Transferring 
Company and the Acquiring Company; 
J 
Expert statement prepared by KWC Revisjon AS for the Transferring Company cf. the Public 
Limited Liability Act section 14-4 cf. section 13-10; 
K 
Expert statement prepared by KWC Revisjon AS for the Acquiring Company cf. the Public 
Limited Liability Act section 14-4 cf. section 13-10; 
L 
Report on the Demerger by the boards of directors of the Transferring Company and the 
Acquiring Company; 
M 
Auditor's statement on coverage for restricted equity in the Transferring Company; 
N 
List of employees engaged in the YCA Business. 
VEDLEGG 
Som vedlegg til denne Fisjonsplan følger: 
A  
Vedtekter for det Overdragende Selskap (Norsk offisiell versjon); 
B 
Vedtekter for det Overdragende Selskap (Engelsk oversettelse); 
C  
Vedtekter for det Overtakende Selskap; 
D  
Utkast til vedtekter for det Overdragende Selskap etter Fisjonen (Norsk offisiell versjon); 
E 
Utkast til vedtekter for det Overdragende Selskap etter Fisjonen (Engelsk oversettelse); 
F 
Utkast til vedtekter for det Overtakende Selskap etter Fisjonen; 
G  
Kopi av det Overdragende Selskaps årsregnskap, årsberetning og revisjonsberetning for siste 
tre regnskapsår; 
H  
Kopi av det Overtagende Selskaps årsregnskap for 2021; 
I 
Utkast til balanse som viser fordelingen av det Overdragende Selskapets balanse per 30. april 
2022 justert for relevante transaksjoner opp til og med 1. juni, mellom det Overdragende 
Selskap og det Overtakende Selskap; 
J  
Sakkyndig redegjørelse utarbeidet av KWC Revisjon AS for det Overdragende Selskap, jfr. 
allmennaksjeloven § 14-4 jf. § 13-10; 
K  
Sakkyndig redegjørelse utarbeidet av KWC Revisjon AS for det Overtakende Selskap, jfr. 
allmennaksjeloven § 14-4 jf. § 13-10; 
L 
Rapport om Fisjonen fra styrene i det Overdragende Selskapet og det Overtakende Selskap; 
M  
Revisors uttalelse om dekning for bunden egenkapital i det Overdragende Selskap; 
N 
Liste over Ansatte tilknyttet YCA Virksomheten.

Appendix A 
Articles of association of the Transferring Company (Official Norwegian version) 
Vedlegg A  
Vedtekter for det Overdragende Selskap (Norsk offisiell versjon)

Vedtatt på generalforsamling 6. mai 2021 
Vedtekter for 
Yara International ASA 
§1 
Selskapets navn er Yara International ASA. Selskapet er et allmennaksjeselskap. 
§2 
Selskapets formål er å drive industri, handel og transport, samt å drive annen virksomhet med tilknytning 
til disse formål. Virksomheten kan også drives ved deltagelse i eller i samarbeid med andre foretak. 
§3 
Selskapets forretningskontor er i Oslo kommune. 
§4 
§5 
Aksjekapitalen er NOK 433.033.565,90 fordelt på 254.725.627 aksjer, hver pålydende NOK 1,70. 
I tilfelle av utvidelse av aksjekapitalen og forutsatt at den på vedkommende tidspunkt gjeldende norsk lov 
tillater det, er det ved enhver slik aksjeutvidelse forbeholdt fortrinnsrett til tegning på de av styret fastsatte 
tegningsvilkår for inntil 
a) 0.83% av utvidelsen for innehaverne av de 83 ikke innløste stiftersertifikater utstedt av Norsk Hydro-
elektrisk kvælstofaktieselskab og inntil  
b) 2.79% av utvidelsen for innehaverne av de 4.343 ikke innløste tegningssertifikater utstedt av Norsk 
Hydro-elektrisk kvælstofaktieselskab.  
Disse fortrinnsrettigheter gjelder ikke hvor forhøyelsen foretas for å tildele aksjer til tredjemann som 
vederlag for tilskudd av verdier, som de gjør til selskapet. 
§6 
Selskapet skal ha et styre bestående av 3 til 11 personer. 
§7 
Selskapet skal ha en valgkomité bestående av fire medlemmer som velges av generalforsamlingen. 
Styrets leder og daglig leder skal, uten å ha stemmerett, innkalles til minst ett møte i valgkomiteen før den 
avgir sin endelige innstilling. 
Valgkomiteen avgir innstilling til generalforsamlingen om:  
a) valg av aksjonærvalgte medlemmer til styret,  
b) honorar til medlemmer av styret og styreutvalg, og 
c) valg av og honorar til medlemmer av valgkomiteen 
Valgkomiteen foreslår og generalforsamlingen vedtar instruks for valgkomiteen. 
§8 
Selskapets firma tegnes av styreleder, av to styremedlemmer i fellesskap og av daglig leder.

Vedtatt på generalforsamling 6. mai 2021 
§9 
Innkalling til generalforsamlingen foretas av styret i overensstemmelse med gjeldende lovgivning.  
Dokumenter som gjelder saker som skal behandles på generalforsamlingen trenger ikke sendes til 
aksjeeierne dersom dokumentene er tilgjengelige på selskapets nettside. Dette gjelder også dokumenter 
som etter lov skal inntas i eller vedlegges innkallingen til generalforsamlingen. En aksjeeier kan likevel kreve 
å få tilsendt kostnadsfritt dokumenter som gjelder saker som skal behandles på generalforsamlingen.  
I innkallingen kan det fastsettes at aksjeeiere som personlig eller ved fullmektig ønsker å møte og avgi 
stemme på generalforsamlingen, må melde dette til selskapet innen en bestemt angitt frist, som ikke kan 
utløpe tidligere enn fem dager før møtet.  
Styret kan beslutte at aksjeeierne kan avgi skriftlig stemme, herunder ved bruk av elektronisk 
kommunikasjon, i en periode før generalforsamlingen. For slik stemmegivning skal det benyttes en 
betryggende metode for å autentisere avsenderen. Styret kan fastsette nærmere retningslinjer for 
stemmegivningen, og fremgangsmåten for slik stemmegivning skal fremgå av innkallingen til 
generalforsamlingen.  
Styret kan beslutte at aksjeeierne skal kunne delta på generalforsamlingen ved bruk av elektroniske 
hjelpemidler, herunder at de kan utøve sine rettigheter som aksjeeiere elektronisk. Systemene for slik 
deltakelse må sikre at deltakelsen og stemmegivningen kan kontrolleres på en betryggende måte, og det 
må benyttes en betryggende metode for å autentisere aksjeeierne. Styret kan fastsette nærmere 
retningslinjer for elektronisk deltakelse, og fremgangsmåten for slik deltakelse skal fremgå av innkallingen 
til generalforsamlingen. 
§10 
Ordinær generalforsamling avholdes hvert år innen utgangen av juni måned og skal behandle og avgjøre: 
a) Godkjennelse av årsregnskapet og årsberetningen, herunder utdeling av utbytte. 
b) Andre saker som etter lov eller vedtekter hører under generalforsamlingen.

Appendix B 
Articles of association of the Transferring Company (English office translation) 
Vedlegg B 
Vedtekter for det Overdragende Selskap (Engelsk oversettelse)

OFFICE TRANSLATION 
 
Approved at the general meeting 6 May 2021 
 
 
Articles of Association 
Yara International ASA 
 
§1 
The name of the company is Yara International ASA. The company is a public limited company.  
§2 
The objectives of the company are to engage in industry, commerce and transport, and to engage in other 
activities connected with these objectives. Activities may also proceed through participation in or in co-
operation with other enterprises.  
§3 
The company’s registered office is in Oslo. 
§4 
The share capital of the company is NOK 433,033,565.90 divided into 254,725,627 shares, each with a 
nominal value of NOK 1.70. 
§5 
If the share capital is increased, and provided that the Norwegian law in force at the time so permits, 
preferential subscription rights shall be reserved in connection with each such capital increase, on the 
conditions stipulated by the Board of Directors, for up to  
a) 0,83% of the increase for holders of the 83 unredeemed founder certificates issued by Norsk Hydro-
elektrisk kvælstofaktieselskap; and up to 
 b) 2.79% of the increase for holders of the 4,343 unredeemed subscription certificates issued by Norsk 
Hydro-elektrisk kvælstofaktieselskap.  
These preferential rights shall not apply if the increase is made in order to allot shares to third parties as 
compensation for their transfer of assets to the company. 
§6 
The company’s Board of Directors shall be composed of 3 to 11 members. 
§7 
The company shall have a Nomination Committee consisting of four members elected by the Annual 
General Meeting.  
The Chairperson of the Board and the President shall, without holding voting rights, be invited to at least 
one meeting of the Nomination Committee before the Committee makes its final proposal.  
The Nomination Committee makes proposals to the Annual General Meeting regarding:  
a) election of shareholder’s representatives to the Board;  
b) remuneration to members of the Board and subcommittees of the Board; and  
c) election of and remuneration to members of the Nomination Committee 
The Nomination Committee proposes and the Annual General Meeting approves the Nomination 
Committee procedure.

OFFICE TRANSLATION 
 
Approved at the general meeting 6 May 2021 
 
§8 
The Chairperson of the Board, or two members of the Board jointly, or the Chief Executive Officer have the 
right to bind the company by their signatures.  
§9 
The General Meeting notice is prepared by the Board, in accordance with applicable statutory requirements 
Documents concerning matters to be considered at the General Meeting do not need to be distributed to 
shareholders if they are made available on the company’s website. This includes documents which by law 
must be included in or attached to the notice of the General Meeting. A shareholder may still request to be 
sent documents free of charge relating to matters to be considered at the General Meeting. 
The General Meeting notice can require shareholders or their representatives wishing to attend and vote at 
the General Meeting to inform the company of this within a stated deadline, which may not be more than 
five days prior to the meeting. 
The Board of Directors may decide that shareholders shall be able to vote in writing, hereunder by electronic 
means, in a period prior to the General Meeting. The systems for such voting must ensure that 
authentication of shareholders can be securely carried out. The Board may prescribe detailed guidelines 
for electronic voting, and the process for such voting shall be included in the General Meeting notice. 
The Board of Directors may further decide that shareholders shall be able to attend the General Meeting by 
electronic means, including exercising their rights as shareholders electronically. The systems for such 
participation must ensure that participation, voting and authentication of shareholders can be securely 
carried out and monitored. The Board may prescribe detailed guidelines for electronic participation, and the 
process for such participation shall be included in the General Meeting notice. 
§10 
The Annual General Meeting shall be held each year within the end of June, and shall deal with and 
decide on:  
a) Approval of the annual accounts and report of the Board of Directors, including the distribution of 
dividend.  
b) Other matters which under law or these Articles shall be dealt with by the General Meeting.

Appendix C 
Articles of association of the Acquiring Company 
Vedlegg C  
Vedtekter for det Overtakende Selskap

VEDTEKTER 
FOR  
YARA CLEAN AMMONIA NEWCO AS 
org. nr. 928 352 447 
Sist endret 7. mars 2022 
ARTICLES OF ASSOCIATION 
FOR 
YARA CLEAN AMMONIA NEWCO AS 
org. no. 928 352 447 
Last amended on 7 March 2022 
§ 1 
§ 1  
Selskapets navn skal være Yara Clean Ammonia 
NewCo AS. 
The company's name is Yara Clean Ammonia 
NewCo AS. 
§ 2 
§ 2 
Selskapets virksomhet skal være å (i) produsere, 
kjøpe, transportere og markedsføre hydrogen og 
ammoniakk, 
inkludert 
ren 
hydrogen 
og 
ammoniakk, 
og 
(ii) 
drive 
dertil 
tilhørende 
virksomhet, herunder å eie aksjer i andre 
selskaper.  
The company's purpose is to (i) produce, buy, 
transport and market hydrogen and ammonia, 
including clean hydrogen and ammonia; and (ii) 
conduct thereto related business, including holding 
shares in other companies.  
§ 3 
§ 3 
Selskapets aksjekapital skal være NOK 30 000 
fordelt på 30 000 ordinære aksjer á NOK 1. 
The company's share capital is NOK 30,000 
divided into 30,000 ordinary shares of NOK 1. 
§ 4 
§ 4  
For øvrig henvises til den enhver tid gjeldende 
aksjelovgivning. 
Otherwise, reference is made to the prevailing 
company legislation.

Appendix D 
Draft articles of association of the Transferring Company after the Demerger 
(Norwegian version) 
Vedlegg D  
Utkast til vedtekter for det Overdragende Selskap etter Fisjonen (Norsk offisiell 
versjon)

Utkast 
Vedtekter for 
Yara International ASA 
§1 
Selskapets navn er Yara International ASA. Selskapet er et allmennaksjeselskap. 
§2 
Selskapets formål er å drive industri, handel og transport, samt å drive annen virksomhet med tilknytning 
til disse formål. Virksomheten kan også drives ved deltagelse i eller i samarbeid med andre foretak. 
§3 
Selskapets forretningskontor er i Oslo kommune. 
§4 
§5 
Aksjekapitalen er NOK 363 697 250,2306 fordelt på 254 725 627 aksjer, hver pålydende NOK 1,4278. 
I tilfelle av utvidelse av aksjekapitalen og forutsatt at den på vedkommende tidspunkt gjeldende norsk lov 
tillater det, er det ved enhver slik aksjeutvidelse forbeholdt fortrinnsrett til tegning på de av styret fastsatte 
tegningsvilkår for inntil 
a) 0.83% av utvidelsen for innehaverne av de 83 ikke innløste stiftersertifikater utstedt av Norsk Hydro-
elektrisk kvælstofaktieselskab og inntil  
b) 2.79% av utvidelsen for innehaverne av de 4.343 ikke innløste tegningssertifikater utstedt av Norsk 
Hydro-elektrisk kvælstofaktieselskab.  
Disse fortrinnsrettigheter gjelder ikke hvor forhøyelsen foretas for å tildele aksjer til tredjemann som 
vederlag for tilskudd av verdier, som de gjør til selskapet. 
§6 
Selskapet skal ha et styre bestående av 3 til 11 personer. 
§7 
Selskapet skal ha en valgkomité bestående av fire medlemmer som velges av generalforsamlingen. 
Styrets leder og daglig leder skal, uten å ha stemmerett, innkalles til minst ett møte i valgkomiteen før den 
avgir sin endelige innstilling. 
Valgkomiteen avgir innstilling til generalforsamlingen om:  
a) valg av aksjonærvalgte medlemmer til styret,  
b) honorar til medlemmer av styret og styreutvalg, og 
c) valg av og honorar til medlemmer av valgkomiteen 
Valgkomiteen foreslår og generalforsamlingen vedtar instruks for valgkomiteen. 
§8 
Selskapets firma tegnes av styreleder, av to styremedlemmer i fellesskap og av daglig leder.

Utkast 
§9 
Innkalling til generalforsamlingen foretas av styret i overensstemmelse med gjeldende lovgivning.  
Dokumenter som gjelder saker som skal behandles på generalforsamlingen trenger ikke sendes til 
aksjeeierne dersom dokumentene er tilgjengelige på selskapets nettside. Dette gjelder også dokumenter 
som etter lov skal inntas i eller vedlegges innkallingen til generalforsamlingen. En aksjeeier kan likevel kreve 
å få tilsendt kostnadsfritt dokumenter som gjelder saker som skal behandles på generalforsamlingen.  
I innkallingen kan det fastsettes at aksjeeiere som personlig eller ved fullmektig ønsker å møte og avgi 
stemme på generalforsamlingen, må melde dette til selskapet innen en bestemt angitt frist, som ikke kan 
utløpe tidligere enn fem dager før møtet.  
Styret kan beslutte at aksjeeierne kan avgi skriftlig stemme, herunder ved bruk av elektronisk 
kommunikasjon, i en periode før generalforsamlingen. For slik stemmegivning skal det benyttes en 
betryggende metode for å autentisere avsenderen. Styret kan fastsette nærmere retningslinjer for 
stemmegivningen, og fremgangsmåten for slik stemmegivning skal fremgå av innkallingen til 
generalforsamlingen.  
Styret kan beslutte at aksjeeierne skal kunne delta på generalforsamlingen ved bruk av elektroniske 
hjelpemidler, herunder at de kan utøve sine rettigheter som aksjeeiere elektronisk. Systemene for slik 
deltakelse må sikre at deltakelsen og stemmegivningen kan kontrolleres på en betryggende måte, og det 
må benyttes en betryggende metode for å autentisere aksjeeierne. Styret kan fastsette nærmere 
retningslinjer for elektronisk deltakelse, og fremgangsmåten for slik deltakelse skal fremgå av innkallingen 
til generalforsamlingen. 
§10 
Ordinær generalforsamling avholdes hvert år innen utgangen av juni måned og skal behandle og avgjøre: 
a) Godkjennelse av årsregnskapet og årsberetningen, herunder utdeling av utbytte. 
b) Andre saker som etter lov eller vedtekter hører under generalforsamlingen.

Appendix E 
Draft articles of association of the Transferring Company after the Demerger 
(English translation) 
Vedlegg E 
Utkast til vedtekter for det Overdragende Selskap etter Fisjonen (Engelsk 
oversettelse)

OFFICE TRANSLATION 
Draft 
 
Articles of Association 
Yara International ASA 
 
§1 
The name of the company is Yara International ASA. The company is a public limited company.  
§2 
The objectives of the company are to engage in industry, commerce and transport, and to engage in other 
activities connected with these objectives. Activities may also proceed through participation in or in co-
operation with other enterprises.  
§3 
The company’s registered office is in Oslo. 
§4 
The share capital of the company is NOK 363,697,250.2306 divided into 254,725,627 shares, each with a 
nominal value of NOK 1.4278. 
§5 
If the share capital is increased, and provided that the Norwegian law in force at the time so permits, 
preferential subscription rights shall be reserved in connection with each such capital increase, on the 
conditions stipulated by the Board of Directors, for up to  
a) 0,83% of the increase for holders of the 83 unredeemed founder certificates issued by Norsk Hydro-
elektrisk kvælstofaktieselskap; and up to 
 b) 2.79% of the increase for holders of the 4,343 unredeemed subscription certificates issued by Norsk 
Hydro-elektrisk kvælstofaktieselskap.  
These preferential rights shall not apply if the increase is made in order to allot shares to third parties as 
compensation for their transfer of assets to the company. 
§6 
The company’s Board of Directors shall be composed of 3 to 11 members. 
§7 
The company shall have a Nomination Committee consisting of four members elected by the Annual 
General Meeting.  
The Chairperson of the Board and the President shall, without holding voting rights, be invited to at least 
one meeting of the Nomination Committee before the Committee makes its final proposal.  
The Nomination Committee makes proposals to the Annual General Meeting regarding:  
a) election of shareholder’s representatives to the Board;  
b) remuneration to members of the Board and subcommittees of the Board; and  
c) election of and remuneration to members of the Nomination Committee 
The Nomination Committee proposes and the Annual General Meeting approves the Nomination 
Committee procedure.

OFFICE TRANSLATION 
Draft 
§8 
The Chairperson of the Board, or two members of the Board jointly, or the Chief Executive Officer have the 
right to bind the company by their signatures.  
§9 
The General Meeting notice is prepared by the Board, in accordance with applicable statutory requirements 
Documents concerning matters to be considered at the General Meeting do not need to be distributed to 
shareholders if they are made available on the company’s website. This includes documents which by law 
must be included in or attached to the notice of the General Meeting. A shareholder may still request to be 
sent documents free of charge relating to matters to be considered at the General Meeting. 
The General Meeting notice can require shareholders or their representatives wishing to attend and vote at 
the General Meeting to inform the company of this within a stated deadline, which may not be more than 
five days prior to the meeting. 
The Board of Directors may decide that shareholders shall be able to vote in writing, hereunder by electronic 
means, in a period prior to the General Meeting. The systems for such voting must ensure that 
authentication of shareholders can be securely carried out. The Board may prescribe detailed guidelines 
for electronic voting, and the process for such voting shall be included in the General Meeting notice. 
The Board of Directors may further decide that shareholders shall be able to attend the General Meeting by 
electronic means, including exercising their rights as shareholders electronically. The systems for such 
participation must ensure that participation, voting and authentication of shareholders can be securely 
carried out and monitored. The Board may prescribe detailed guidelines for electronic participation, and the 
process for such participation shall be included in the General Meeting notice. 
§10 
The Annual General Meeting shall be held each year within the end of June, and shall deal with and 
decide on:  
a) Approval of the annual accounts and report of the Board of Directors, including the distribution of 
dividend.  
b) Other matters which under law or these Articles shall be dealt with by the General Meeting.

Appendix F 
Draft articles of association of the Acquiring Company after the Demerger 
Vedlegg F 
Utkast til vedtekter for det Overtakende Selskap etter Fisjonen

Utkast / Draft 
 
 
 
 
VEDTEKTER 
FOR  
YARA CLEAN AMMONIA NEWCO AS 
org. nr. 928 352 447 
 
ARTICLES OF ASSOCIATION 
FOR 
YARA CLEAN AMMONIA NEWCO AS 
org. no. 928 352 447 
 
§ 1 
§ 1  
Selskapets navn skal være Yara Clean Ammonia 
NewCo AS. 
The company's name is Yara Clean Ammonia 
NewCo AS. 
§ 2 
§ 2 
Selskapets virksomhet skal være å (i) produsere, 
kjøpe, transportere og markedsføre hydrogen og 
ammoniakk, 
inkludert 
ren 
hydrogen 
og 
ammoniakk, 
og 
(ii) 
drive 
dertil 
tilhørende 
virksomhet, herunder å eie aksjer i andre 
selskaper.  
The company's purpose is to (i) produce, buy, 
transport and market hydrogen and ammonia, 
including clean hydrogen and ammonia; and (ii) 
conduct thereto related business, including holding 
shares in other companies.  
§ 3 
§ 3 
Selskapets 
aksjekapital 
skal 
være 
NOK 69 336 315,6694 fordelt på 254 725 627 
ordinære aksjer á NOK 0,2722. 
The 
company's 
share 
capital 
is 
NOK 69,336,315.6694 divided into 254,725,627 
ordinary shares of NOK 0.2722. 
§ 4 
§ 4  
For øvrig henvises til den enhver tid gjeldende 
aksjelovgivning. 
Otherwise, reference is made to the prevailing 
company legislation.

Appendix G 
Copies of the Transferring Company's annual accounts, annual report and 
auditor's report for the last three accounting years 
Vedlegg G  
Kopi av det Overdragende Selskaps årsregnskap, årsberetning og revisjons-
beretning for siste tre regnskapsår

Annual Report 2019
Crop Nutrition Company 
for the Future

Contents
02	 CEO Message
07	 Strategy Review
08	
How we create value
10	
Global Megatrends
12	
Our Strategy
14	
Strategic Priorities
22	
Managing outcomes and value creation
24	
Engaging with stakeholder
25	
Topics material for our value creation
29	 Performance Review
30	
Environmental performance
32	
Social performance
34	
Financial performance
40	
The Yara Share
43	 Risk Management
44	
Risk Management
46	
Risk Appetite
48	
Risk Factors
54	 Corporate Governance
55	
Corporate Governance
66	
Board of Directors
70	
Executive Management
72	 Directors’ Report
85	 Financial statements
86	
Consolidated Financial Statements
168	 Financial Statement for Yara International ASA
190	 Auditor's Report
About the Report
This is Yara International ASA's 2019 
Annual Report. It represents Yara’s 
first step in integrated reporting, 
building on the guiding principles set 
out in the International <IR> 
Framework from the International 
Integrated Report Council (IIRC). The 
report outlines Yara's business model 
and strategy, describes how we 
create value, and documents our 
financial, environmental and social 
performance in 2019. 
More on integrated reporting in the 
inside cover in the back of the report.

241 million 
people fed
Our target is to help feed 
more than 275 million 
people by 2025. 
6.6% return on 
invested capital
We aim to achieve a 
ROIC above 10% 
through the cycle.
Total Recordable 
Injuries rate: 1.4
We strive for zero 
accidents and a TRI 
rate below 1.2 by 2025. 
About Yara
Yara grows knowledge to responsibly 
feed the world and protect the planet. 
Supporting our vision of a world 
without hunger, we pursue a strategy 
of sustainable value growth, 
promoting climate-friendly and high-
yielding crop nutrition solutions for 
the world’s farming community and 
food industry.
 
Yara’s ambition is to be the Crop 
Nutrition Company for the Future. 
We are committed to creating value 
for our customers, shareholders, and 
society at large, as we work toward 
establishing a more sustainable food 
value chain. To achieve our ambition, 
we have taken the lead in developing 
digital farming tools for precision 
farming, and work closely with 
partners throughout the food value 
chain to improve the efficiency and 
sustainability of agriculture and food 
production.
 
Founded in 1905 to solve the emerging 
famine in Europe, Yara has established 
a unique position as the industry’s 
only global crop nutrition company. 
With our integrated business model 
and a worldwide presence of around 
16,000 employees and operations in 
over 60 countries, we offer a proven 
track record of responsible and reliable 
returns. In 2019, Yara reported 
revenues of USD 12.9 billion. 
0
1
2
3
4
2025
2019
2018
2017
2016
2015
0
50
100
150
200
250
300
2025
2019
2018
2017
2016
2015
0
3
6
9
12
15
Mid-
cycle
2019
2018
2017
2016
2015

Countries with sales 1)
	 Yara Plants
	 Smaller sites 2)
	 Head office
	 Phosphate mines
	 Joint ventures
	 Sales offices and R&D sites
	 Digital Hub
1)	 More than 10,800 Yara-branded retail outlets around the world
2)	 Yara operated terminals and logistical production sites
How we performed 
2019
2018
Financial performance
Revenue and other Income
USD million
12,936
13,054
Operating income
USD million
989
402
EBITDA 1)
USD million
2,095
1,523
Net income after non-controlling interests
USD million
599
159
Investments 2)
USD million
1,134
2,080
Debt/Equity ratio 3)
0.42
0.43
Net cash flow from operations
USD million
1,907
756
Basic earnings per share 4)
USD 
2,20
0.58
Social performance
Engagement rate 
Percent 
75
NA
TRI rates 5)
Per million hours worked
1.4
1.4
Environmental performance
GHG intensity 6) 7)
GHG / tonne produced
3.0
3.0
Energy use 6)
Petajoules
285
301
1)	 EBITDA, as defined by Yara, 
includes operating income, 
interest income, other financial 
income and share of net income in 
equity-accounted investees. 
It excludes depreciation, 
amortization and impairment 
loss, as well as amortization of 
excess values in equity-accounted 
investees.
2)	 Investment in property, plant and 
equipment, long-term securities, 
intangibles, long-term advances 
and investments in 
non-consolidated investees.
3)	 Net interest-bearing debt divided 
by shareholders’ equity plus non-
controlling interests.
4)	 Yara currently has no share-
based compensation program 
that results in a dilutive effect on 
earnings per share.
5)	 TRI: Number of Total Recordable 
Injuries per million hours worked, 
contractors included.
6)	 Including new acquisitions, 
Babrala, India and Cubatão, Brazil.
7)	 The GHG intensity indicator covers 
scope 1, 2 and parts of scope 3 
emissions from suppliers, but does 
not represent a complete carbon 
footprint. Measured against 
tonnes nitrogen in Yara's products.

Yara Annual report 2019 
H
Theme
Yara is the industry’s most global player. We combine production of premium products 
with a farmer-centric approach, turning a century of agronomic knowledge into value 
for millions of farmers around the globe.
Global presence
60
Operation in more 
than 60 countries
28
28 production 
plants
160
Sales to about 
160 countries
200 
More than 200 terminals, 
warehouses, blending plants 
and bagging facilities
10,800 
Yara-branded retail outlets 
around the world

Yara Annual report 2019 
2
CEO message
2019 was the year that agriculture reached the top of the world agenda. It is no exaggera­
tion to say that we will not be able to solve the climate emergency and meet the Paris 
Agreement, unless we are able to fix the broken food system. This means that we have to 
produce enough food with lower carbon emissions and with less waste. Yara will play a 
key role in doing so, and we are taking significant steps to deliver on our strategic targets.
On track, but still not there
2019 can be summarized as a year 
where Yara materially improved its 
performance, but where there is still a 
lot to be done. Coming out of a large 
investment program and challenging 
markets, we improved our capital 
performance throughout the year, 
expanded our improvement program, 
demonstrated the resilience of our dis­
tribution business in Sales & Market­
ing and established a new capital allo­
cation policy and initiated shareholder 
distributions of more than USD 0.75 
billion since the start of 2019, equal to 
an average dividend yield of approx­
imately 4% per year. In addition, we 
are expanding our innovative growth 
within digital solutions where we have 
already reached the 2020 goal of 10 
million hectare under management. 
Two other important positives are the 
continued reduction and best-in-class 
performance on safety, with a TRI 
rate of 1.4, and our systematic work 
to improve on diversity and inclusion. 
However, there is still a lot to be done. 
A return on invested capital (ROIC) 
at 6.6% is below the target of +10% 
through the cycle. This is a main 
concern for me, but we know the steps 
that need to be taken to achieve the 
target – and we are taking those steps. 
Cheap food at a high price
As a company, we must balance 
the short-term with the long-term, 
meaning tackling the challenges 
in front of us while building an 
ever-stronger base to capture the 
value creating opportunities ahead. 
The challenges might seem 
overwhelming, but we are 
already responding to them:
•	 Agriculture accounts for 23 percent 
of the global CO2 emissions 1) - our 
contribution is complete solutions 
to optimize yields on existing 
farmland, to prevent deforestation 
•	 Agriculture is responsible for 70 
percent of freshwater usage – our 
contributions are precision farming 
tools and fertigation products that 
provide more crop per drop
•	 1/3 of all food is wasted – our contri­
butions are crop nutrition solutions 
that increase quality and shelf-life
•	 More than 800 million people go 
hungry to bed every night – our 
contribution is to support farmers 
to increase their yields and profits, 
and helping them to produce enough 
food for a growing population
•	 Approximately 2 billion people are 
undernourished while 2 billion suffer 
from obesity related diseases – our 
contributions are solutions for nutri­
tious food, including micronutrients 
to adjust for nutrient deficiencies, 
and leading the way in transforming 
to a more just food system through 
partnerships and innovation
For decades, the growth in yields 
has provided more food and reduced 
the number of people starving 
by hundreds of millions. Today, 
however, we see that the traditional 
growth model is outdated. Growth 
has expanded beyond what natural 
systems can sustain and we are now 
facing a climate emergency. The global 
reduction in emissions is not at the 
right trajectory and we also see severe 
loss of biodiversity. The fact is that 
cheap food has come at a high price. 
In August 2019, the IPCC launched 
their special report Climate Change 
and Land and in September, the Food 
and Land Use Coalition (FOLU) pub­
lished its Growing Better report. Both 
reports put agriculture at the center 
of what must be done to transform 
how we produce and consume food.
Cause for realistic optimism
The FOLU report put forward some 
astonishing – and worrying – numbers: 
the total market value of the global 
food system is USD 10 trillion (2018 
prices). However, the hidden cost is 
USD 12 trillion. These costs relate 
to health, environment, food waste 
and rural welfare. From a societal 
point of view, this means that the 
food system is destroying value.
A main reason for this is that there 
are no incentives in place for farmers 
to produce in a more environmen­
tally friendly way. We know that 
sustainable farming practices leads to 
increased costs at the farm, but the 
farmer isn’t compensated for this. 
Basically, we are asking the farmer 
to pay the price for climate change, 
A defining year for the food industry
1) including forestry and land use change

Yara Annual report 2019 
3
CEO message
CEO message
“We are transitioning 
from growing volume 
to growing value”
Our knowledge improves production returns 
Yara Improvement Program has identified opportunities 
for improving turnarounds and reliability performance. 
An increased uptime of production will increase volumes 
and provide better returns from Production.

Yara Annual report 2019 
4
CEO message
instead of us paying the farmer the 
right price for her or his products. 
This is not because the consumers 
are unwilling to pay a little more for 
sustainable food – it is because the 
consumers do not know the carbon 
footprint of the products they buy. 
However, that doesn’t have to be the 
case. The technology is already ready 
and available to enable consumers 
to make fact-based, conscious and 
climate-friendly choices.
There are many reasons for being 
a pessimist. In Yara, however, we 
are realistic optimists. We know it 
is possible to produce enough food 
on existing land, meaning we can 
safeguard natural land. There will 
be a need to create carbon sinks, and 
the most promising are nature-based 
solutions that capture and store 
carbon in the soil and forests.
But these efforts require extensive 
collaboration throughout the 
whole value chain and also at the 
political level. Only then can we 
fix some of the defects that are 
haunting our food system. 
Integrated reporting for 
integrated challenges
Yara’s business model is centered 
around building a profitable business by 
solving societal challenges. In the Better 
Business, Better World report from 
2017, it is calculated that there is a value 
creating potential of USD 12 trillion a 
year if companies align their business to 
the UN Sustainable Development Goals. 
I was part of the group preparing the 
report, and I’m convinced that there is 
tremendous value creation potential in 
having a sustainable business model.
Faced with integrated challenges, 
Yara is moving towards integrated 
reporting. We believe it is important 
to be evaluated based on our 
combined financial, environmental 
and societal performance. This 
approach to creating value is rooted 
both in our DNA and our corporate 
strategy. Increasingly, our returns 
will derive from the sustainable 
solutions we offer. This commitment 
to responsible business conduct is 
confirmed by us being a signatory 
to the UN Global Compact. 
As we see it, there is no contradiction 
between running a sound and 
profitable business and aiming 
to solve societal challenges. 
Walk the talk
It is said that action speaks louder 
than words, and in Yara we are 
continuously pursuing the actions and 
Our Strategy drives Profitability 
We are transforming 
from pure producer 
to the Crop Nutrition 
Company for the Future, 
aiming to meet and 
create value from the 
fundamental changes 
taking place in the 
agricultural sector. 
Our strategic transformation unlocks opportunities – and increased profitability.
Food 
Industry
Asset
Crop focused 
approach and 
offerings
Volume growth
Commodity Margin
Value growth
Knowledge Margin
Scalable 
farmer 
centric 
solutions
Sell benefits 
of our solutions
Farmer
Crop
Product
“The technology is 
already ready and 
available to enable 
consumers to make 
fact-based, conscious 
and climate-friendly 
choices.”

Yara Annual report 2019 
5
CEO message
projects that live up to our bold state­
ments. Over the past decades, Yara has 
moved from an owner of assets and 
producer of fertilizer to becoming a 
complete solutions provider, both for 
farmers and the food companies. We 
are transitioning from growing vol­
ume to growing value. This is a deci­
sive, conscious and forward-looking 
development, allowing for improved 
value creation and answering to 
stricter regulations and a rightfully 
stronger public engagement.
We are confident that we have a role 
to play, but not in isolation. We have 
therefore entered several strategic 
partnerships with companies that 
are world-leading in their specific 
industries. For example, with IBM to 
develop digital solutions that enable 
farmers to produce more with less. 
Another example is how we work 
with Veolia on circular economy, 
where we are basically connecting 
the beginning of the value chain – 
nutrients in the field – with end – the 
waste treatment of nutrients. We are 
also doing pilot projects with Engie 
and NEL to explore the opportunities 
in green ammonia production, to 
further reduce our carbon footprint. 
By partnering with other industry 
leaders, we are increasing the 
collective knowledge while decreasing 
the risk, both of which are important 
to develop environmentally and 
commercially sustainable solutions. 
At the time of writing, the COVID-19 
virus has developed into a global 
pandemic. Currently, we are expe­
riencing limited operational impact, 
but the situation is dynamic and 
could change quickly, in particular 
with regard to operational staff and 
logistical challenges. Our priorities in 
this situation are firstly, to safeguard 
our employees, contractors, partners, 
neighbors and society at large. 
Secondly, to be a responsible company 
and behave according to government 
guidelines. And thirdly, to keep our 
operations running, to help support 
continued food supply, as well as 
supply of other essential products 
to society – also in times of crisis. 
Yara was established in 1905, based 
on the world’s most life-saving 
innovation; mineral fertilizer. Our 
business was from the very start 
based on developing a sound business 
and solving a global challenge. In 
this sense, nothing has changed. 
Therefore, Yara is a company 
with a truly proud history 
– and a great future.
Svein Tore Holsether
President and CEO
Our Future focus drives Sustainability 
Sustainability is deeply 
embedded in our strategy. 
By offering low-carbon 
solutions, higher resource 
efficiency and metrics to 
prove our case, we will 
help shape future stan­
dards for sustainability. 
Farmer
Food
Industry
"Faced with inte­
grated challenges, 
Yara is moving 
towards integrated 
reporting."

Yara Annual report 2019 
6
Theme
Mission 
Responsibly feed the world 
and protect the planet
Our mission defines what we do and why we do it, and 
it drives our company’s purpose and role in the world.
Vision 
A collaborative society; a world 
without hunger; a planet respected
Our Vision guides our direction, aiming for collaboration to 
deliver more than the standalone company can achieve.

Yara Annual report 2019 
7
Theme
Strategy
Review >
Knowledge grows 
Our agronomic, 
technological and market 
knowledge is unique in 
our industry. Alongside 
our global presence 
and scale, it is key for 
improved value growth.
Global scale
Our global position 
and scale allow us 
to optimize sourcing 
and product flows 
across geographies. 
Engagement
Our local presence 
and close connection 
with farmers provide 
great insight into grower 
needs and market 
conditions. 
Solutions
We turn insights from 
growers and our deep 
agronomic knowledge into 
complete crop nutrition 
solutions that optimize 
farmers’ yield and 
profitability.

Yara Annual report 2019 
8
Strategy Review
How we create value
Our business model sets us apart in our industry by combining production, sales and 
marketing in one, global system. It enables us to deliver premium products, share knowledge 
and develop innovative solutions to farmers, distributors and food value chains worldwide. 
We employ
Yara employs an array 
of resources and assets 
to create value and deliver 
on our mission.
Materials
Natural gas to 
produce ammonia
Minerals to produce 
crop nutrition
Infrastructure
28 production plants
200 infrastructure 
points across the world
10,800 Yara-branded 
retail outlets worldwide
Knowledge
Unique agronomic and 
industrial knowledge
16,033 employees 
representing great diversity
Financials
Strong track record
High credit rating
Liquid share
Brand
Global recognition
Associated with 
quality and reliability
# 1 producer of nitrates 
and NPK globally
# 2 producer of 
ammonia globally
Global network of sales 
offices, terminals and 
warehouses
We produce
We produce a comprehensive 
range of nitrogen-based fertilizers 
and industrial products. 
We supply
Our global distribution network 
enables consistent and reliable 
deliveries to customers worldwide. 
Our flexible and scalable production system and 
distribution network allow us to align our deliv­
eries with crop cycles and market demand, and 
to deliver consistent quality – on time. 
We produce both commodity and premium 
products, but primarily target growth in the lat­
ter. Tailored to specific crops and growing con­
ditions, our premium portfolio achieves higher 
margins, adds value for farmers and forms the 
core of our complete crop nutrition solutions. 
Scale and flexibility
Distribution
Grower 
Needs and 
Insights
Energy
Minerals
Production

Yara Annual report 2019 
9
Strategy Review
We create
Our mission - to responsibly 
feed the world and protect 
the planet - guides our 
value creation. By develop­
ing the best possible crop 
nutrition solutions for the 
future, we support better 
yields and create value for 
our customers and society 
while ensuring superior 
return on invested capital 
for our shareholders. 
Environmental 
review, p. 30
Social review, p. 32
Financial 
performance, p. 34
Complete crop 
solutions
Sales to 20 million 
farmers
Agronomists in 
markets worldwide
We deliver
We deliver complete crop nutrition solutions for 
the farming community and food industry, as well 
as nitrogen-based solutions for industrial use.
Our strategy is farmer-centric, meaning that we 
aim to maximize farmer value by combining our 
crop nutrition, knowledge and services in com­
plete offerings. 
We increasingly engage in the agriculture and 
food value chain to develop holistic crop solu­
tions, expand our digital services and solutions, 
and promote sustainable farming practices. 
Better yields, higher nutrient efficiency and less 
environmental impact is our constant goal.
Innovation and Engagement
Crop 
Nutrition 
Solutions
Food
Industry
Farmer

Yara Annual report 2019 
10
Strategy Review
Global Megatrends – Opportunities and Risks 
Key Value Drivers
Our business environment is continuously changing. Global megatrends such as value chain
integration and dietary shifts impact on our ability to responsibly feed the world; others on
our ability to help protect the planet.
Nitrogen fertilizer prices
Changes in global and regional fertilizer 
production and capacity impact fertilizer 
prices and our profitability.
Natural gas prices
Hydrocarbons, mostly natural gas, is Yara’s main 
raw material and our main cost. Affordable access 
to natural gas is therefore a competitive advantage, 
and energy price swings impacts Yara's costs.
Availability of raw materials
Our fertilizer production plants depend on 
consistent supplies of raw materials, most 
notably phosphate and potash. 
Climate 
Change
Water 
Stress
Soil 
degradation
Changing climatic patterns are set to impact 
on agricultural production throughout the 
world, mainly impeding plant growth. Across 
most sectors, there are increasing pressure and 
expectations for climate actions and reduction of 
greenhouse gas emissions. 
Water is crucial for plant growth. There is no 
substitute. Agriculture is a huge consumer of 
water, and lack of sufficient water quantity and 
quality is a major stress factor in crop produc­
tion. Climate change disrupts precipitation pat­
terns, while extensive irrigation taps aquifers and 
reduces water quality through salination. 
Roughly one third of the world's soil is degraded 
due to a variety of factors, including soil erosion, 
biodiversity loss and pollution. Farming without 
adequate replenishment of nutrients adds to the 
problem and results in productivity losses. Best 
farming practices focus on soil health, carbon 
capture and regenerative agriculture.
Climate change could impact demand for our 
products as a result of land areas becoming 
unproductive or from new policies encouraging a 
reduction in fertilizer use. In some regions, nota­
bly Europe, the competitiveness of our fertilizer 
production can be challenged by carbon pricing 
and taxes. 
Limitations on water supplies and sharper regula­
tions can impact negatively on fertilizer demand 
or require new fertilizer formulations. Climate 
risks and farmer economics can reduce farmers' 
willingness to invest in water managements sys­
tems and, hence, fertigation solutions. 
Soil health is becoming a key topic globally and 
can lead to new fertilizer polices and consump­
tion patterns, as fertilizers are often earmarked as 
a cause of soil degradation. While our crop nutri­
tion and application knowledge can contribute 
to soil health, we face reputational risks and an 
overall reduced demand for fertilizer. 
Yara may capitalize on climate change and ensu­
ing market adaptations along two main avenues: 
Our agronomic knowledge can develop solutions 
that respond to the changing growing environ­
ments, and our low-carbon nitrate offering is a 
proven choice for reducing emissions from farm­
ing. Our decarbonizing efforts also include pilot­
ing of green ammonia and mineral fertilizers, fit 
for a zero emissions future.
Yara has identified a fundamental and close 
relationship between crop nutrition and crop 
water consumption. We employ new knowledge 
and innovative technologies to advance water 
use efficiency and offer solutions for water-scarce 
agriculture, as manifested in the Yara Water 
Solution, our fertigation solutions and products 
tailored for fertigation. 
Yara is well positioned to improve soil health 
across the world, and to deliver the solutions 
required to do so. Our Analytical Services ana­
lyze soil, tissue and water samples from all over 
the world. Our R&D on soil health management 
includes learnings from ongoing field trials dating 
back several decades. This helps to deepen our 
understanding of different farming environments 
and best practices for improving soil health. 
Description
Risks
Opportunities

Yara Annual report 2019 
11
Strategy Review
Political drive
Political drive for climate-smart 
agriculture can strengthen demand 
for our crop nutrition solutions. 
Food prices
Increasing food prices can support 
higher investments in agriculture and 
sustainable crop nutrition solutions. 
Production reliability
Increased plant reliability is a key 
driver of organic growth in our 
production system. 
More about our 
risk management 
and risk factors 
on pages 43-53
Food Industry  
Integration
Dietary  
Shifts
Circular 
Economy
Digitalization
Agriculture and the food value 
chain is becoming increasingly 
integrated. Input providers are 
joining forces, farms are growing in 
scale and professionalism, the food 
industry is moving upstream, and 
conscious consumers are putting 
pressure on the food and agriculture 
industry to achieve new levels of 
sustainability. 
Climate and health conscious con-
sumers, particularly in high income 
countries, are increasingly driving 
diets towards healthier and sustain-
able choices, and more plant-based 
nutrition. Globally, however, the 
trend towards higher calorie intakes 
and increasing shares of animal pro-
tein continues. 
Resource scarcity, growing sustain-
ability awareness and increased 
consumer pressure is creating a 
push towards a circular economy, 
including in the agri- and food 
value chain. Recycling and reuse 
of materials coupled with reduced 
waste and pollution are core ideas in 
this trend. 
Digital innovation and technologi-
cal transformation fundamentally 
change strategies and practices in 
decision making, fertilizer applica-
tion, farm automation and trace-
ability. Opportunities offered by big 
data, artificial intelligence and block-
chains impact on the entire agricul-
tural food industry value chain.
Agri- and food industry integration 
is changing our competitive land-
scape. New and larger players with 
holistic solutions can put pressure 
on our ability to stay relevant for 
farmers and to defend and expand 
our market share. 
Changing dietary patterns impact agri-
cultural demand and crop production 
regionally. Lower meat consumption 
can in certain regions reduce fertilizer 
demand in grass and feed production. 
Demand for our mineral fertilizers can 
also be impacted by growth in organic 
food, commonly perceived as clean 
and healthy. 
Nutrient reuse, recycling and 
reducing losses, whether driven by 
regulations or raised awareness, 
can reduce demand or drive cost 
for fertilizer. In some regions, first 
and foremost Europe, recycled and 
organic fertilizers are promoted as a 
substitute for mineral fertilizers. 
Digital agriculture is developing 
rapidly, with a number of multina-
tionals and startups making large 
investments into digital platforms. 
Securing our competitiveness on 
delivering knowledge and solutions 
hinges on our ability to achieve 
scale, generate value and protect our 
knowledge advantage. 
Our global presence, knowledge and 
crop solutions make us well posi-
tioned to expand our collaboration 
with the food industry. Consumers 
are increasingly willing to pay for 
quality and sustainability, which we 
can help to achieve with better crop 
nutrition, application knowledge and 
tools. By proving our value in these 
partnerships, we open opportunities 
for commercialization of our solu-
tions in new market channels. 
Yara is well positioned to respond to 
changes in dietary patterns. Nitrates 
- the backbone of our crop nutrition 
solutions – is the superior source 
of nitrogen for most applications. 
Combined with our on-the-ground 
presence, agronomic knowledge and 
tools, we are equipped to develop 
and always provide the best solu-
tions to local needs. 
Yara has taken an early position 
and is engaging in innovative part-
nerships to create and capitalize on 
new business models and revenue 
streams through recycling of nutri-
ents in agriculture and food value 
chains. By increasing resource use 
efficiency and reduce raw materials 
costs, we aim to strengthen our 
competitive edge and adding value 
to our brand.
Yara has made an early entry into 
the rapidly changing landscape of 
digitalized farming. This supports 
and supplements our existing busi-
ness model, and it presents options 
to develop new crop nutrition busi-
ness models. Digital services and 
solutions complement our existing 
offerings, enabling the creation of 
new revenue streams. 
Description
Risks
Opportunities

Yara Annual report 2019 
12
Strategy Review
Our Strategy
Our strategy is designed to unlock the value potential of our business model and to 
help us reach our ambition of becoming the Crop Nutrition Company for the Future. 
Yara is uniquely positioned 
to become the Crop 
Nutrition Company for the 
Future. Our global presence 
and close interaction with 
farmers set us apart in our 
industry and enable us to 
drive value growth - from 
factory to field. 
Yara’s strategy was renewed in 2018 
setting direction for our transforma­
tion from a producer company gener­
ating value from commodity margins 
towards a crop nutrition company 
growing value from its knowledge 
margin. Fundamentally, our strategy 
is about delivering sustainable crop 
nutrition solutions to farmers and the 
food industry, while delivering a supe­
rior return on capital to shareholders. 
The transformation to become the Crop 
Nutrition Company for the Future is 
founded on our global presence and our 
knowledge. Our global position enables 
us to leverage economies of scale while 
keeping a close connection with growers 
worldwide. This provides extensive 
market reach for our value-adding crop 
nutrition solutions and represents an 
important competitive edge in an indus­
try otherwise characterized by product 
deliveries in local or regional markets 
and limited on-the-ground presence. 
Unique agronomic expertise enables 
us to deliver crop nutrition, knowl­
edge, tools and services as complete 
solutions. Our strategy focuses on 
increasing deliveries of premium 
products, notably nitrate-based 
products, and reaching higher mar­
gins. Maintaining a strong market 
presence is key to achieving this. 
Close interaction with our customers 
enables us to help them capture 
value from our solutions. It also 
provides us with valuable insights 
from markets and growers to guide 
product development and innovation. 
Yara is positioning to both 
have a global footprint and 
strong market presence
Most of Yara’s peers 
are mainly producers, 
with limited on-field 
presence
Yara
Global
Local
Geographical presence
High
Low
Value added
Peers with market 
presence do not 
have global reach
Producer companies
Solutions companies

Yara Annual report 2019 
13
Strategy Review
Advance 
operational
excellence
Create 
scalable 
solutions
Drive 
innovative 
growth
Yara
We have identified three 
strategic priorities to become 
the Crop Nutrition Company 
for the Future. By continuously 
advancing and improving our 
operations, we will fully exploit 
our business model to create 
scalable solutions and drive 
innovative growth. 
Strategic collaborations within the 
food value chain offers opportunities 
to develop and deliver holistic crop 
solutions, with nitrates having the 
greatest value for cash crops.
We have identified three strategic 
priorities which are closely linked 
and will help us reach our ambition 
and achieve our goals. Actions 
defined within the three priorities 
will ensure that we are ready to 
respond to anticipated as well as 
emerging changes in our external 
environment, allowing us to capture 
opportunities arising from external 
trends and market drivers. 
Within crop nutrition solutions, we 
aim to lift returns by working along 
three main avenues reflected in our 
strategic priorities: improvement, 
value, and growth. We have a 
unique position in our industry 
and aim to fortify it by offering 
renewed and complete solutions.
Within our industrial focus, we are 
evaluating the option to divest the 
traditional industrial line of business 
through an IPO of a world-leading 
integrated industrial nitrogen player. 
This would further concentrate and 
strengthen our position as a Crop 
Nutrition Company for the Future.

Yara Annual report 2019 
14
Strategy Review
Strategic Priority: 
Advance Operational Excellence
We continuously strive to improve our operations to unlock 
the full value of our growth investments, lift productivity, 
and reduce costs. Yara’s Improvement Program has already 
delivered results.
Advance 
operational
excellence
Create 
scalable 
solutions
Drive 
innovative 
growth
Yara
Operating in a demanding external 
environment and competitive market, 
it is imperative to stay focused on 
cost-efficiency throughout the value 
chain in order to maximize revenues 
and profitability. This puts pressure 
on Yara to manage cost, reduce 
complexity, and further develop a 
culture of continuous operational 
improvements and cost efficiency.
While reducing costs where feasible, 
we intend to increase investments 
in growth areas. Investments in our 
plants, and executing our Decarbonize 
program, will underpin the targeted 
reductions in carbon intensity. 
Lower emissions will improve our 
cost position, representing positive 
business cases for Yara in a medium 
and long-term perspective. 
Daily, we ensure that operational excel­
lence go hand in hand with our priority 
safety performance program as well 
as implementation of our expanded 
improvement program (YIP). The 
program’s main focus areas are higher 
production returns, including reliabil­
ity, improved fixed cost position and 
smarter working capital management. 
Yara will have a more active portfolio 
management, including the ongoing 
IPO process of our New Business 
segment, exploring a divestment of 
our industrial nitrogen business. For 
our extensive operation in Brazil, 
we will further unlock our growth 
potential and value creation from 
these investments, with a major 
improvement project done in 2018 
and now being implemented.
Strategic Actions: 
Next Steps: 
EXPAND IMPROVEMENT PROGRAM The Yara Improvement Program 
(YIP) is a corporate initiative to improve operations, enhance sales and mar­
keting activities, and position Yara for sustainable future growth.
YIP was expanded and developed further in 2019. New actions are being 
implemented, incl. the Yara Productivity System and digitally improved 
systems.
ENSURE SUSTAINABLE PROFITABILITY IN BRAZIL Yara has estab­
lished a strong presence in Brazil, increasing production volumes and mar­
ket shares, with potential for improving the business model in Brazil.
We are taking actions to increase the share of own-produced products and 
higher margin products, and to streamline our supply chain and logistics 
operation.
ACTIVE PORTFOLIO MANAGEMENT Yara has divested companies in 
order to deliver on a more focused growth strategy. In order to maximize the 
value of the New Business segment, Yara is currently exploring an IPO of 
the segment. Yara has a range of new businesses serving industrial custom­
ers; each business with distinct value creation logics and different strategies 
and growth agendas.
We will more actively manage our portfolio of businesses, consider how they 
best can grow and develop and evaluate strategic options for optimizing 
value of non-core assets and businesses.
IMPROVE CARBON PRODUCTIVITY Yara is a part of global agricul­
ture, which is a major source of greenhouse gas emissions, and improving 
our carbon productivity is critical to operational excellence.
We will employ our global position to shape industry standards and 
promote more sustainable practices, taking an active role in developing 
emission targets for the fertilizer industry, while reducing our own emissions
STRENGTHEN DIVERSITY AND INCLUSION Diversity is not about 
counting the number of nationalities or gender. Diversity is about understand­
ing the different perspectives, ways of working, and not least the solutions that 
a diverse workforce brings to the company. We know that a strong company 
culture is required to reap the benefits of diversity. Done right, diversity leads 
to better solutions, more innovation and higher engagement. How we enable 
diversity to flourish, is what determines diversity’s impact on our business. 
We will uphold diversity and inclusion as a key strategic priority, 
enforcing a holistic approach to recruitment and talent development; 
work-life balance; compensations and benefits.

Yara Annual report 2019 
15
Theme
How we measure our success
Delivering improved operations 
and superior profits 
We target EBITDA improvements 
of minimum USD 600 million by 
2023 compared with 2018 through 
the Yara Improvement Program. 
Empowering an engaged, 
respected and diverse workforce 
Our target is an Engagement index 
above 80% by 2025, and to increase 
the share of female top managers to at 
least 20% in 2020 and 25% in 2025. 
Protecting the planet by reducing 
emissions from our plants 
We aim to reduce emission intensity 
and achieve a 10% reduction 
in greenhouse gas emission per 
ton produced by 2025. 
How we are responding to the UN Sustainable Development Goals
Yara supports 
climate ambition 
through our 
own ambition 
and targets. 
Yara's diversity KPI 
supports the target 
on women’s full and 
effective participation 
and equal opportunities.
Yara also supports 
sustainable intensification 
in agriculture, which is 
the key action for reducing 
GHG from agriculture.

Yara Annual report 2019 
16
Strategy Review
Strategic Priority: 
Drive Innovative Growth
We constantly seek profitable growth opportunities to leverage 
our global scale, realize synergies and take a lead in developing 
new technologies and solutions. We are well positioned to drive 
innovation and shape future crop nutrition standards.
Advance 
operational
excellence
Create 
scalable 
solutions
Drive 
innovative 
growth
Yara
Driving value growth through 
innovation and the development 
of new businesses is a strategic 
priority for Yara. We will take a 
proactive approach to deliver on 
this priority, balancing M&As, new 
build projects, and expansions and 
reconfigurations of existing plants.
Our business model, global position 
and extensive knowledge is the 
foundation for further innovations 
and value growth. We employ our own 
knowledge and engage in collaborative 
R&D, driving business development 
to create value. This is exemplified in 
ongoing efforts to establish profitable, 
decarbonized value chains, circular 
economy solutions, digital solutions 
and value chain collaboration. 
We are positioned to engage in 
constructive dialogue with key 
stakeholders shaping regulations 
and policies impacting our industry. 
In a transformative business 
environment, such as agriculture and 
the food industry, scale, position and 
relevance increase our opportunities 
to influence developments, and to 
create value from innovations.
In the short term, we will approach 
regional markets with targeted growth 
strategies. We see opportunities in 
strengthening positions that can 
drive demand for premium products 
and target high value pockets. 
In a medium and long-term 
perspective, we will pursue growth 
options in expanding existing 
and developing new businesses, 
as well as from acquisitions.
Strategic Actions: 
Next Steps: 
SCALE UP DIGITAL FARMING
Yara takes active part in a rapid digital transformation of global agriculture, 
with the development of large-scale digital platforms for crop knowledge 
and farming practices.
We will intensify our strategic efforts and capital investments in digital 
farming, aiming to make a real difference for farmers while generating 
demand for our premium products.
REGIONAL GROWTH FOCUS 
Yara has established a strong position in several markets worldwide, using 
its scale to leverage and balance its global production and regional growth.
We will pursue a targeted regional growth strategy based on our current 
regional positioning and nutrient demand trends, prioritizing the most 
attractive markets with a customized business model. 
DEVELOP NEW BUSINESSES AND INNOVATION
Yara has a tradition for innovation, and is positioned to succeed with emerg­
ing business opportunities, scaling up proven concepts and ideas; developing 
new products and solutions.
We will step up our ability to innovate and create new business and foster 
innovative solutions related to the megatrends, generating business i.a. from 
green and recycled fertilizer.

Yara Annual report 2019 
17
How we are responding to the UN Sustainable Development Goals
Better and more efficient 
crop nutrition solutions 
for farmers are enablers 
for eradicating hunger. 
Yara's strategic goals 
supports more responsible 
production systems.
How we measure our success
Scaling digital 
solutions
Our target is to have more than 10 million hectares 
under management in 2020, and to achieve positive 
cash flow from digital farming by 2022. 
Solving global challenges and growing 
our business through innovation
We aim to shape the industry by delivering sustainable 
and profitable growth through innovation, with a strong 
focus on decarbonize and circular economy activities.

Yara Annual report 2019 
18
Strategy Review
Strategic Priority: 
Create Scalable Solutions
We continuously develop our offering, provide leading solutions 
ahead of competition and create value from our agronomic and 
industrial knowledge. Our integrated business model enables us 
to deliver differentiated, complete solutions.
Advance 
operational
excellence
Create 
scalable 
solutions
Drive 
innovative 
growth
Yara
Competing in an increasingly 
integrated agricultural and food 
value chain, it is paramount to 
develop customer-centric solutions 
responding to market demand and 
changes in the external environment. 
To be the Crop Nutrition Company 
for the Future, Yara constantly 
renews and improves its solutions, 
supporting more sustainable farming 
practices while at the same time 
increasing food production.
We are steadily moving from 
volume growth to value growth, 
adding knowledge to our offering to 
improve returns for our customers. 
Nitrate-based products are the back­
bone of our crop nutrition solutions 
and contribute to sustainability by 
increasing nitrogen use efficiency, 
reducing greenhouse gas emissions, 
and improving the carbon footprint of 
agriculture. Yara will take a stronger 
position to promote the benefits of 
nitrate-based products, aiming to scale 
up our value-adding crop solutions. 
Stepping up the development and 
delivery of crop nutrition solutions to 
increase sales of premium products 
is a priority. This will enable us to 
capitalize on the growing demand 
for more sustainable solutions. 
We will increase food chain collabo­
ration and scale up digital farming, 
responding to market and techno­
logical developments, and allowing 
us to open new revenue streams.
Strategic Actions: 
Next Steps: 
PROMOTE SUSTAINABLE SOLUTIONS
Yara offers crop nutrition solutions which maximize agricultural produc­
tivity and nutrient use efficiency, reducing greenhouse gas emissions and 
increasing farm profitability.
We will continue to develop crop solutions for sustainable agriculture and 
promote nitrate-based products, which add value for Yara and increase 
yields and returns for farmers. 
STRENGTHEN FOOD VALUE CHAIN COLLABORATION
Yara is part of a global and increasingly integrated food chain, opening ave­
nues to improved sustainable crop nutrition choices and increased growth 
opportunities.
We will strengthen relations with food companies to broaden the market for 
our value-adding crop-specific solutions, capitalize on our knowledge, and 
help farmers transform their practices.
PROVIDE INDUSTRIAL SOLUTIONS
Yara is considering an IPO of its industrial nitrogen business, which offers a 
wide range of products and solutions – to industrial customers worldwide. 
The IPO project will explore how to maximize value of our business 
towards industrial customers, which may have a better potential for further 
development within a different ownership structure.

Yara Annual report 2019 
19
Theme
How we are responding to the UN Sustainable Development Goals
Implementation of Yara's strategy 
will promote smarter use of 
crop nutrients, with benefits for 
carbon footprints, land use and 
reduced runoff and leaching. 
How we measure our success
Improving nitrogen use efficiency in agriculture
Our target is to boost sales of premium 
products to 17 million tonnes and YaraVita 
sales to 100 million units, by 2025. 
Building global food chain partnerships
We aim to generate sales of minimum 
2 million tonnes of crop solutions through 
food companies.

Yara Annual report 2019 
20
Theme

Yara Annual report 2019 
21
Strategy Review
PepsiCo, one of the world’s leading food and beverages 
companies, believes that advancing sustainable agricultural 
practices is pivotal to meeting increasing food demand while 
respecting the needs of communities and the natural world.
As part of PepsiCo’s Sustainable Farming Program, Yara and 
PepsiCo have teamed up to champion best practices and lead­
ing technologies to support sustainable agriculture. In India, 
for example, through PepsiCo’s demonstration farm program 
and best-in class crop nutrition management, the partnership 
is boosting potato crop yields, enhancing quality and improv­
ing farmer livelihoods. Consumers increasingly want to know 
that their food was produced in the right way. For PepsiCo, 
generating positive impact at scale through the application of 
local solutions is key. With more than 114 years of crop nutri­
tion experience and strong global reach, Yara has the ability 
to engage with large-scale production farmers as well as with 
smallholders. Through food value chain partnerships like this, 
Yara’s crop nutrition solutions and digital farming tools, we 
can together help to build a more sustainable food system. 
IBM and Yara share a vision to advance agriculture 
through technology, leading to transparent, sustain­
able food production. In 2019, the two companies 
launched a strategic partnership combining Yara’s 
agriculture expertise and digital farming capabilities 
with IBM’s world-leading technology and services.
The first initiative uses IBM’s hyperlocal weather insights 
to power Yara’s digital farming agronomic solutions. 
Further, Yara is spearheading the connection of farms 
with the food chain and ultimately global consumers 
through the IBM Food Trust, a network aiming to establish 
connectivity and traceability from farm to fork. 
Lantmännen, an agricultural cooperative and 
Northern Europe’s leader in agriculture, machinery, 
bioenergy and food products, is targeting to 
achieve overall carbon neutrality by 2050.
 
The company has been working systematically for a long 
time to develop sustainable solutions in many areas, not least 
when it comes to cultivation methods and concepts. Together 
with Yara the company is now taking an essential and critical 
step in the transformation of the food system through a pilot 
project with the ambition to introduce a certified fossil free 
fertilizer. The collaboration builds on Yara’s announced 
plans to pilot the production of mineral fertilizer with 
renewable energy. The fertilizers, which Yara aims to bring 
to market by 2022, will reduce the total CO2-impact of grain 
farming by 20 percent. This will enable consumers to make 
sustainable food choices and reduce their climate impact.
Strategic partnerships
We believe in the power of partnerships and are therefore teaming up with leading 
companies to create innovative solutions for complex challenges.

Yara Annual report 2019 
22
Strategy Review
Sourcing
Impacts
We use natural gas, electricity 
and minerals to make our fertil­
izers. The majority of our raw 
materials comes form non-re­
newable sources. 
•	 249,258,646 MMBtu 
natural gas 
•	 1.8 million tons phosphate 
Our response
•	 Circular economy
•	 Decarbonize
•	 Resource optimization
Value created
•	 First fertilizers from 
secondary raw materials 
marketed in Finland 
•	 Two production pilots 
based on renewable 
energy in the pipeline 
•	 Multiple examples on 
industrial symbiosis 
initiatives 
Production
Impacts
Fertilizer production is energy 
intensive and causes emissions 
to air and water. The water we 
withdraw is mostly returned 
unpolluted. 
•	 17.1 m tonnes CO2e
•	 8,500 tonnes NOx
•	 922 million m3 water 
withdrawal 
Our response
•	 Energy and catalyst 
optimization
•	 Decarbonization program
Value created
16,000 jobs created
Raising industry 
standards for energy 
efficiency
Transportation
Impacts
Transportation of fertilizers 
causes emission to air and 
water, and involves risks of 
incidents and spills. 
•	 2.9 million tonnes CO2e
Our response
•	 Product stewardship
Value created
Reliable deliveries 
of crop nutrition, 
supporting farmers 
worldwide
Managing outcomes 
and value creation

Yara Annual report 2019 
23
Strategy Review
Fertilizer 
Application
Impacts
Nutrient losses from denitrifica­
tion, volatilization or leaching, 
can cause GHG emissions and 
eutrophication of waterways. 
•	 43.8 million tonnes CO2e
Our response
•	 Precision farming tools
•	 R&D on field emissions
•	 Yara Water Solution
•	 Nitrate strategy
Value created
Reduced deforestation 
from agricultural 
intensification, sparing 
GHG emissions of 
roughly 590 billion 
tonnes CO2e
Natural 
Environment 
Impacts
Agriculture uses 70% of man­
kind's fresh water withdrawals, 
and uses 1/3 of the land and is 
the main driver of deforestation. 
Nutrient imbalance is a driver 
for soil degradation. 
Our response
•	 Balanced crop nutrition 
•	 Soil testing and analytical 
services
Value created
Yara's sensor tools 
and crop nutrition 
solutions improve 
farm performance 
Food 
Consumption 
Impacts
Dietary changes drive food 
demand, while about 1/3 of the 
food is lost or wasted.
Our response
•	 Micronutrients 
supporting health
•	 R&D for improved 
crop quality
Value created
241 million people fed 
by the use of our crop 
nutrition solutions
Sustainability is embedded in our strategy, priorities and actions. Our approach is to minimize 
any negative impacts from our activities, maximizing our contribution to responsibly feeding the 
world while delivering competitive shareholder returns through a clear capital allocation policy. 
While improvements are always ongoing, we believe that the bottom line is a solid net positive.

Yara Annual report 2019 
24
Strategy Review
Engaging with our stakeholders
We engage with a wide range of stakeholders both globally and locally. Engaging and 
keeping good relations with stakeholders are necessities in our transformation to become 
the Crop Nutrition Company for the Future. 
With agronomist 
working worldwide, 
Yara has access to 
deep understanding 
of farmers’ needs and 
capacity to respond. 
Farmers
Ever more conscious 
consumers drive 
demand for both 
quality, traceability 
and sustainability in 
the food chain. 
Food Industry
Yara strives for a corporate 
culture of openness and 
accessibility to senior man­
agement, engaging employ­
ees in corporate matters 
through several channels
Employees
Companies cannot drive 
industry change alone. 
As members of industry 
associations we are able 
to share best practices 
and speak with one voice. 
Industry organizations  
Civil society helps set 
sustainability and peo­
ple’s needs on the agenda, 
and through collaboration 
we can mutually enhance 
knowledge. 
Civil society
Local 
communities
Trust and 
support in local 
communities 
is key to our 
license to 
operate. 
Investors
Our Value Growth 
strategy is dedicated 
to creating superior 
shareholder return, 
while being future-fit 
for sustainability-
focused investors.
Suppliers
We stay in regular 
contact with a wide 
range of suppliers 
and expect them 
to conform to 
internationally 
recognized best 
practices. 
Governments
Regulatory actions are 
crucial to reach the SDGs 
and the Paris agreement, 
and Yara engages to share 
our knowledge.
Academia
Yara supports a science-
based approach to 
sustainable agriculture, 
and we thrive from 
engaging with the 
academic society to 
learn and share.
Yara 
locally
Yara 
globally
OUR FOCUS
Develop sustainable farming 
solutions that respond to 
global challenges
INSTITUTIONALIZED 
STAKEHOLDER 
PROCESSES
OUR FOCUS
Understand and respond to 
farmers’ needs, and manage 
community impacts
OPERATIONAL 
STAKEHOLDER 
DIALOGUE
Farmer
Food 
Industry
Agriculture is often perceived as a major 
contributor to several of the biggest 
global challenges of our time. Our view 
is that agriculture also holds solutions 
to many of them, and our strategy is 
designed to enable such solutions. 
In order to succeed with our strategy, we 
need to promote and demonstrate the 
benefits of sustainable farming solutions 
and to raise the benchmarks of the 
fertilizer industry. We engage extensively 
in institutional stakeholder processes 
related to these topics on the global 
level, engaging with key stakeholders 
to build knowledge, develop relations, 
find solutions and inspire collaboration. 
A focal point of our stakeholder 
engagement is understanding and 
responding to farmer’s needs and 
managing community impacts. By 
gathering insights locally, we enable 
development of improved solutions.

Yara Annual report 2019 
25
Strategy Review
Topics material for our value creation
Along with the new strategy, we have updated our materiality assessment to 
better reflect the topics that we consider material for our value creation. 
Long-
term
Key value 
drivers
Megatrends
Capabilities 
and position 
License 
to operate 
Long-
term
Soil 
degradation
Regulatory 
changes
Food industry 
integration
Nitrogen 
fertilizer prices
Infrastructure 
and logistics
Climate
change
Health 
and safety
Product 
stewardship
Human 
capital
Environmental 
performance
Food 
prices
Circular 
Economy
Dietary 
shifts
Availability
of raw 
materials
Global 
scale and 
presence
Natural 
gas prices
Production 
reliability
Water 
stress
Ethics and 
compliance
Digitalization 
The 
Yara Brand
Knowledge 
margin
External topics
with material impact 
on our value creation 
and offering
Internal topics 
with material impact 
on our position and 
performance
Short-
term
Short-
term
Yara made its first materiality assess­
ment in 2015, in a process involving 
key representatives from our business 
segments, expert organization and man­
agement. This process used the Sustain­
ability Accounting Standards Board’s 
(SASB) standards for chemicals and 
mining industries as its starting point. 
The current update incorporates Yara’s 
most recent strategy update process, 
which was presented at the Capital 
Markets Day in 2019, as well as the 
latest view on megatrends impacting 
Yara. The analysis is underpinned 
by our ambition to become the Crop 
Nutrition Company for the Future. 
Value creation is the starting point for 
presenting which topics we regard as 
material for our ability to realize our 
strategy, short, medium and long-term.
We have sorted the topics in 
four categories for clarity:
•	 Key value drivers include topics that 
directly impact our profitability and 
that we actively manage to mitigate 
any negative impacts (p. 10-11). 
•	 Megatrends cover topics that are 
shaping our business environment 
and are largely outside our sphere 
of control, but where Yara is 
capable of responding (p. 10-11) 
•	 Capabilities and position describe 
resources and assets that define 
our company and form the basis of 
our business model and strategy
•	 License to operate includes core 
topics of our efforts to ensure that 
we conduct our business in the right 
way, with the least possible negative 
impact on people or the environment 
(see also the separate GRI report). 
Long-
term

Yara Annual report 2019 
26
Strategy Review
Segment
Production
Performance
Production’s financial results improved 
significantly in 2019, mainly due to 
lower European gas prices. Finished 
products production was up 1% 
on 2018 levels, driven mainly by 
growth volume, while Ammonia 
production increased by 3% driven 
by growth and fewer turnarounds. 
Importantly, Production also 
recorded its lowest ever TRI rate 
(total recordable injuries) in 2019.
Prospects
Production will target stable 
operations through our reliability 
improvement program, including a 
dedicated turnaround task force. Our 
lean transformation is maturing and 
all Yara sites are working to raise 
performance through continuous 
improvement. To target the next level 
of operational excellence, we will 
ramp up our digital transformation 
and expect to start delivering signifi­
cant value this year. We will also prog­
ress on the world’s first commercial 
green ammonia and start executing 
our plan to cut GHGs by 10% by 
2025. All this while achieving the 
best safety standards in the industry. 
Strategic ambitions
•	 Reliable operations through sustaining 
culture of continuous improvement 
•	 Continue our digital transformation 
•	 Develop Yara towards low 
carbon intensity 
•	 Deliver efficiently on current 
portfolio of growth projects.
Our Production segment is the world’s leading 
producer of ammonia, nitrates, and NPKs, 
providing the foundation for our crop nutrition 
and industrial solutions. Production combines 
cost-efficient raw material sourcing, operational 
efficiency, industrial expertise, clean production 
technologies and safety. 
Production
30,539
Thousand tonnes
EBITDA
1,140
USD million
Assets
11,412
USD million

Yara Annual report 2019 
27
Strategy Review
Segment
Sales and Marketing
Performance
2019 was a challenging year for 
agriculture. A number of weath­
er-related incidents in addition to a 
challenging crop price environment, 
negatively impacted overall demand, 
and fertilizer markets remained 
oversupplied during 2019 for all 
nutrients. Yara’s fertilizer deliveries 
reflects this development as they 
were 5% lower than in 2018. Despite 
this, overall financial performance 
improved in 2019 as the negative 
volume impact was offset by higher 
margins and cost improvements. 
During 2019, adoption of our 
digital tools increased rapidly in both 
professional and smallholder markets, 
overdelivering on targets commu­
nicated at the beginning of 2019. 
Prospects
Despite 2019 being a challenging 
year for the agricultural industry, we 
are confident that we are on the right 
track to achieve our long-term target 
of growing our premium product 
deliveries by 3.5 million tonnes and 
grow our YaraVita sales to 100 million 
liters. We expect the progress in digital 
farming to continue, supporting both 
the core business and enabling us to 
broaden our offering to include new 
data-based revenue streams. This 
combination will enable us to reach 
our break-even target for Digital 
farming in 2023. Furthermore, we 
are actively engaging with other 
stakeholders in the food value chain. 
This will open potential new channels 
for our crop solution concepts, which 
we believe will be an important lever 
in reaching our premium product 
targets in the years to come. 
Strategic ambitions
•	 Grow our premium 
product deliveries by 
3.5 million tonnes 
•	 Grow our YaraVita sales 
to 100 million liters
•	 Work towards reaching 
our break even target for 
Digital farming in 2023.
Yara’s Sales and Marketing segment markets and 
distributes a complete range of crop nutrition 
products and programs globally. By combining 
our agronomic knowledge with our range of 
premium products and digital tools, we help 
farmers across the globe improve their 
profitability while at the same time reducing the 
carbon footprint of their production.
Deliveries
30,540
Thousand tonnes
Assets
4,347
USD million
EBITDA
743
USD million

Yara Annual report 2019 
28
Strategy Review
Segment
New Business
Performance
2019 was a strong year for New 
Business with a 65% growth in 
EBITDA from 115M USD in 2018 
to 190M USD in 2019. A key driver 
of this success was Yara Marine 
Technologies who has to date 
successfully delivered over 300 cost 
efficient scrubber systems for removing 
sulphur oxides (SOx) from a ship's 
engine and boiler exhaust. We also 
maintained our status as the global 
leader in providing NOx abatement 
for the transportation sector and 
we see continued market growth. 
Prospects
Yara is currently exploring an IPO 
of the New Business segment. 
The IPO project will explore how 
to maximize value of our business 
towards industrial customers, which 
may have a better potential for further 
development within a different own­
ership structure. A key focus for next 
year will be to continue our strong 
underlying business performance, 
so we are in a solid position for a 
potential IPO. Part of this will entail 
the optimization of our existing New 
Business Segment, but innovation 
will remain an important component 
of our growth. We will continue to 
develop new markets, new customer 
segments, new products and new 
applications of existing products.
Strategic ambitions
•	 Complete the IPO process
•	 Optimize existing 
New Business segment
New Business develops and markets environmental 
solutions and essential products for industrial 
applications. Its key segments contribute to a better 
tomorrow by offering a growing portfolio of emission 
abatement for the transportation and maritime sectors, 
as well as water treatment products. New Business also 
provides essential products to modern cement and 
mining companies. Our customers are able to meet 
tougher environmental legislation and operate more 
cost efficiently. 
Deliveries
4,106
Thousand tonnes
EBITDA
190
USD million
Assets
484
USD million

Performance 
Review >

Yara Annual report 2019 
30
Performance Review
Environmental performance 
Protecting the planet 
by reducing emissions 
from our plants
Improving nitrogen use efficiency in agriculture 
Carbon intensity
Tonnes CO2e / tonnes N
Premium product growth
Million tonnes 
YaraVita sales
Million units 
Environmental performance has been 
identified as a materially important 
part of Yara’s license to operate. We 
have identified three corporate KPIs 
linked to environment, with climate 
intensity improvements being the tar­
get set for Yara’s production system. 
Further, nutrient losses from farmers’ 
fields is an important externality 
in the value chain. Yara’s premium 
products have a demonstrable better 
performance than commodities, 
and we have set increased sales of 
premium products as a proxy target 
for improved nutrient use efficiency. 
Yara reports with full transparency 
on all environmental aspects of our 
operations. Whereas the most material 
indicators are reflected here, a com­
plete account is found in the separate 
GRI report, published on yara.com 
alongside the annual reporting. 
2019
2018
2017
2016
2015
GHG 
Direct GHG emissions (Scope 1) 
Million tons CO2e 
17,1 
17,1 
14,9 
15,7 
15,3 
Energy consumption 
PJ 
285
301 
266 
266 
253 
Emissions to air 
NOX
tonnes NO2
8,500
9,400 
7,800 
7,600
8,300
SOX
tonnes SO2
2,100 
2,800
2,000
2,000
2,600 
Dust 
Tonnes 
2,500 
3,900 
3,400
4,200
4,600
Raw materials consumption 
Natural gas 2)
MMBtu 
249,258,646 
245,429,308 
219,982,380 
227,708,686 
215,180,975 
Phosphate, P2O5 
Tonnes 
1,758,096 
1,532,427 
1,676,671 
1,492,123 
1,354,230 
Potash, K2O 
Tonnes 
2,057,282 
2,143,023 
2,302,813 
2,352,442 
1,919,997 
Water withdrawal 
Used in production processes 
Million m3
922 
925 
783 
851 
866 
Environmental provisions 
USD million 
77 
75 
48 
37 
22 
Fines and penalties for environmental breaches 
USD 
229,000 
300,000 
146,000 
115,000 
- 1) 
2025 target:
>10% reduction
2025 target:
>17 million tonnes
2025 target:
>100 million units
0
1
2
3
4
2025
2019 2)
2018 1)
2017
2016
2015
0
5
10
15
20
2025
2019 2)
2018 2)
2017
2016
2015
0
20
40
60
80
100
2025
2019
2018
2017
2016
2015
NA
NA
1) 2018 onwards, direct emissions from own generation of electricity has been included. 
2) Due to re-classification of products, there may be minor differences in comparability before/after 2017 
1) Only significant fines were reported prior to 2016, i.e. above USD 5m. In 2015, none such fines were on record.
2) Consumption provided for the period December-November.

Yara Annual report 2019 
31
Performance Review
Corporate KPIs 
Carbon intensity 
The carbon intensity KPI is defined as 
tonnes emissions of CO2e per tonnes 
nitrogen in Yara’s own produced 
products. The CO2e emissions 
include scope 2 emissions (electricity 
consumption) and emissions from 
production of third-party ammonia 
sourced. Information on transporta­
tion and other scope 3 emissions are 
found in the GRI report. The KPI is to 
reduce the carbon intensity by >10% 
from 2018 to 2025. Our ambition is 
to become climate neutral by 2050. 
Premium product growth 
Nitrogen losses contribute to air and 
water pollution. Through scientific 
studies and own field trials, Yara can 
document an improved nitrogen use 
efficiency on the farm from its range of 
premium products when compared to 
commodities. Increased sales volumes 
is a proxy for improved environmental 
performance downstream of our 
operations. 2018 is the baseline year. 
YaraVita sales 
YaraVita is a specialty product range 
for foliar application, seed treatment 
or fertilizer coatings. The products 
contribute to increased yields, 
quality and farm profitability. 
Performance indicators 
GHG 
Yara’s direct emissions of greenhouse 
gases. The main part of the emissions 
is CO2 from the ammonia production 
process. Yara’s uses catalyst systems 
to eliminate more than 90% of 
its N2O emissions, but a fraction 
remains and is accounted for here. 
Emissions to air
The main emissions to air from 
fertilizer plants and phosphate mines 
are nitrogen oxides, sulphur oxides, 
ammonia, fluorides and dust. More 
details are available in the GRI report. 
Raw materials consumption
Ammonia is produced from nitrogen 
from the air reacting with hydrogen, 
mostly harvested from natural gas. 
Yara also sources phosphorous and 
potash, e.g. for NPK fertilizers. 
Water withdrawal 
The total withdrawal figure is 
given here. In Yara's production, 
water is primarily used for cooling 
purposes. Thus, nearly all the water 
that Yara withdraws is returned 
to the water course, unpolluted.
Environmental provisions 
Environmental provisions are the 
estimated future cost for environ­
mental remediation on Yara's sites. 
More information is found in the 
notes to the financial statements. 
Fines and penalties 
Total sum of fines and other penalties 
for environmental breaches. If 
any severe cases over a materiality 
threshold of USD 5 million are 
identified, a description is available 
in the separate GRI report.

Yara Annual report 2019 
32
Performance Review
Social performance 
Empowering an 
engaged, respected 
and diverse workforce
Help feed more 
than 275 million 
people by 2025
Strive towards zero 
accidents with no 
fatalities and TRI 
below 1.2 by 2025
Female top managers
% of the top leadership positions 
Most of Yara’s material topics involve 
a social dimension. A calculated 
number of people we help feed is 
a key outcome goal of Yara. 
Successful implementation of our 
value adding strategy depends 
on our knowledge and access 
to human capital, measured as 
diversity and engagement scores. 
Safety is a top priority, and we 
set ourselves a high goal from 
an already industry-leading 
level, based on our belief that 
all accidents are preventable.
2025 target:
275 million
2025 target:
>80%
2025 target:
<1.2
2020 target: >20%
2025 target:>25%
Employee engagement index
Calculated from survey
 
0
20
40
60
80
100
2025
2019
2018
2017
2016
2015
NA
NA
NA
0
1
2
3
4
2025
2019
2018
2017
2016
2015
TRI 
Recordable injuries per million 
hours worked for employees and 
contractors combined
0
5
10
15
20
25
2025
2019
2018
2017
2016
2015
Number of people fed 
Calculation
0
50
100
150
200
250
300
2025
2019
2018
2017
2016
2015
2019
2018
2017
2016
2015
Gender pay gap 
Percent 
4,9
NA
NA
NA
NA
Employee turnover rate 
Calculated rate 
14.4%
11.4%
17.3%
10.5%
NA
Environmental grievances from local communities 
Number of registered 
grievances 
135 
165 
165 
252 
132 
Fines for non-compliance with laws and regulations 
in the social and economic area 
USD 
257,000 
81,000 
400,000 
170,000 
0 1)
Number of face-to-face risked based anti-corruption trainings
Headcount 
2,699 
3,985 
3,737 
2,642 
4,779 
Employees completion of Ethics e-learning 
Headcount 
12,341 
10,993 
NA
NA 
NA 
Reported fraud & corruption incidents 
Number 
57
51 
46 
50 
5 
Reported discrimination and harassment cases 
Number 
76
119 
109 
22 
20 
1) Only significant fines were reported prior to 2016, i.e. above USD 5m. In 2015, none such fines were on record.

Yara Annual report 2019 
33
Performance Review
Corporate KPIs 
Employee engagement index
Employee engagement is measured 
through surveys done by an external 
third party, providing a data-driven 
analysis against international 
benchmarks. Historically, the surveys 
have not been performed every year. 
Female top managers
Female top managers are measured 
as % of the top leadership critical 
positions defined in Yara. The KPI is 
defined based on our strong belief that 
diversity is a key enabler to solving the 
difficult challenges the world is facing. 
Corporate Goals 
TRI 
Total recordable injuries (TRI) is 
the sum of loss time injuries (LTI), 
restricted work cases (RWI) and 
medical treatment cases (MTC). 
The TRI rate is calculated as the 
TRI per million hours worked 
for employees and contractors 
combined. We believe every accident 
is preventable and work accordingly. 
Number of people fed 
Fertilizers help provide half the food in 
the world. The figure is calculated using 
wheat as a proxy, with average N and 
calorific content of wheat multiplied 
by Yara’s total N deliveries. Typical N 
losses from the field, food loss and waste 
and share of wheat not used for human 
consumption is subtracted to provide 
a calorific estimate of people fed. This 
indicator currently does not factor in 
positive contributions such as increased 
sales of premium products and precision 
farming solutions, both improving 
yields per tonne nitrogen delivered.
 
Performance indicators 
Gender pay gap 
From 2019 a proxy measure of 
the gender equal pay gap has been 
implemented to follow up the 
development on a monthly basis. The 
proxy calculates the average difference 
of base salary between men and 
women corrected for the two factors 
responsibility in position and docu­
mented performance. As of December 
2019, the proxy gender equal pay 
gap for Yara globally was 4.9%. 
Employee turnover 
The rate is calculated as number 
of permanent staff terminations in 
the period divided by the starting 
permanent employee headcount. The 
global figure incorporates substantial 
variability, as each labor market has 
different characteristics. For 2019, 
Yara regions had the following turn­
over rates: Brazil, 21%; rest of Latin 
America, 16%; Asia & Oceania, 14%; 
Europe, 10%; North America, 7%. 
Grievances from local communities
Number of environmental grievance 
cases registered from neighbors of our 
infrastructure or production facilities. 
Non-compliance
The sum of registered fines 
in Yara for issues other than 
environmental breaches. 
Number of face-to-face risked based 
Ethics trainings
The Ethics and Compliance training 
program is delivered by the dedicated 
regional compliance managers. 
Training content is targeted at the 
participants based on a risk assess­
ment considering factors such as 
function, role, seniority and location. 
Employees completion of Ethics 
e-learning 
The mandatory e-learning includes all 
topics covered by the Code of Conduct. 
All new hires with access to a PC are 
expected to complete the e-learning 
within 3 months. The purpose is to 
prevent corruption and human rights 
abuses and to promote a culture in 
which these matters are difficult to per­
petrate. This is measured as the head­
count of employees at year-end, who 
has completed the e-learning. In 2019, 
there were in total 14,405 employees 
who had access to the learning platform. 
Reported fraud & corruption incidents
Through whistle-blowing and other 
channels, Yara is alerted to a number 
of cases where employees or others 
suspect fraud or corruption. Yara 
encourages such reporting. The figures 
represent the raw number of reported 
cases. Each case is investigated, and 
action is taken for all cases which 
are substantiated. Further details 
on substantiated cases is reported 
in the separate GRI report. 
Reported discrimination and harass­
ment incidents 
Yara encourages all to raise any 
concern if there is suspicion of 
violations of regulatory requirements 
or Yara’s Code of Conduct. For People 
cases, the figure provided represents 
the number of reported cases involving 
discrimination or harassment. Each 
case is investigated, and action is taken 
for all cases which are substantiated. 
Further details on substantiated cases 
is reported in the separate GRI report. 
Human rights management 
Yara’s Code of Conduct includes our 
Human Rights Policy with identified 
salient risks. An annual human rights 
risk assessment ranks the countries 
where Yara operates in terms of 
human rights risk exposure. The 2019 
risk assessment identified 17 high risk 
countries. In 2019, Human Rights 
Impact Assessments were conducted 
in two high-risk countries (India 
and Colombia) and one medium risk 
country (Philippines). Mitigating 
actions is a line and local management 
responsibility, monitored by the 
Ethics and Compliance department. 
A more complete review is presented 
in the GRI report, available on the 
yara.com annual reporting section.

Yara Annual report 2019 
34
Performance Review
Financial performance
Yara’s full-year 2019 EBITDA result excluding special items was 42% higher compared to last 
year, reflecting higher production margins driven by lower European gas cost.
Delivering improved operations & superior profits
Creating sustainable 
returns
Production output 
Million tonnes. Production adjusted for major 
turnarounds and market optimization effects, to 
better reflect underlying performance.
Fixed cost
Million USD. Total fixed cost adjusted for 
portfolio and currency effects
ROIC
Return on invested capital will reflect the value 
created for shareholders
0
500
1,000
1,500
2,000
2,500
2023
2019
2018
2017
2016
2015
NA
NA
NA
0
5
10
15
20
25
30
35
2023
2019
2018
2017
2016
2015
NA
NA
NA
0
3
6
9
12
15
Mid-cycle
2019
2018
2017
2016
2015
Yara’s full-year 2019 EBITDA result 
excluding special items was 42% 
higher compared to last year, reflecting 
higher production margins driven by 
lower European gas cost, improved 
product mix and currency effects. 
The Production segment full-year 
2019 EBITDA excluding special items 
and IFRS 16 impact was 41% higher 
than a year earlier. Upgrading margins 
improved significantly compared to a 
year earlier, reflecting lower European 
gas prices partially offset by lower urea 
prices. Finished products production 
was 173kt higher compared to last year, 
mainly driven by the Cubatão acquisi­
tion. Ammonia production was 174kt 
higher driven by the Freeport plant in 
Texas that started up in May 2018.
The Sales and Marketing segment 
full-year 2019 EBITDA excluding special 
items and IFRS 16 impact was 7% higher 
than a year earlier, reflecting improved 
margins which more than offset lower 
deliveries. Total Sales and Marketing 
deliveries were down 2% compared to 
a year earlier, primarily reflecting lower 
deliveries of blends in Brazil. However, 
commercial margins were 2% higher 
compared to last year, reflecting mainly 
improved product mix in line with 
strategy. Fixed costs were lower than a 
year earlier. Adjusted for the Cubatão 
and Babrala acquisitions, deliveries 
were 4% down compared to last year. 
The New Business full-year 2019 
EBITDA excluding special items and 
IFRS 16 impact was 47% higher 
than one year earlier, with deliveries 
4% higher and commercial margins 
flat compared to a year earlier. 
2023 target:
32.8 million tonnes
2023 target:
< USD 2.3 billion
Mid-cycle target:
> 10%

Yara Annual report 2019 
35
Performance Review
Financial highlights 1)
USD millions, except where indicated otherwise
2019
2018
2017
2016
2015
Revenue and other income
 12,936
 13,054 
 11,400 
 11,597 
 13,787 
Operating income
 989 
 402 
 457 
 1,043 
 1,657 
EBITDA 2)
 2,095 
 1,523 
 1,348 
 1,854 
 2,545 
EBITDA 2) excl. special items
 2,165 
 1,525 
 1,430 
 1,719 
 2,362 
Net income attributable to shareholders of the parent
 599 
 159 
 477 
 756 
 887 
Basic earnings per share 3)
 2.20 
 0.58 
 1.75 
 2.76 
 3.22 
Basic earnings per share excl. foreign currency translation and special items 3)
 3.09 
 1.68 
 1.83 
 2.44 
 3.90 
Net cash provided by operating activities
 1,907 
 756 
 791 
 1,676 
 1,896 
Net cash used in investing activities
 (1,044)
 (2,000)
(1,338) 
(1,267) 
(960) 
Net debt/equity ratio
 0.42 
 0.43 
 0.25 
 0.17 
 0.16 
Net debt/EBITDA excl. special items (last 12 months) ratio
 1.72 
 2.49 
 1.66 
 0.86 
 0.57 
Average number of shares outstanding (millions)
 272.3 
 273.2 
 273.2 
 273.5 
 275.1 
Return on invested capital (ROIC) 4)
6.6%
3.8%
 4.0% 
 8.0% 
 13.1% 
1) See page 196 for definitions, explanations and reconciliations of Alternative Performance Measures (APMs).
2) EBITDA 2019 includes a USD 118 million positive impact from IFRS 16 compared with 2018, see note 4.5 Leases for more information.
3) USD per share. Yara currently has no share-based compensation programs resulting in a dilutive effect on earnings per share. 
4) Quarterly numbers annualized.
Key statistics
Average prices
2019
2018
2017
2016
2015
Production (Thousand tonnes) 1) 
Ammonia
 8,479 
 8,305 
 7,459 
7,504 
7,035 
Finished fertilizer and industrial products, excl. bulk blends
 22,060 
 21,887 
 20,203 
19,497 
19,224 
Deliveries (Thousand tonnes) 1)
Ammonia trade (reflected in Production)
 2,527 
 2,478 
 2,023 
 2,043 
 2,103 
Sales and Marketing Segment
 30,540 
 31,622 
 30,691 
 30,532 
 29,766 
New Business Segment
 4,106 
 3,937 
 3,456 
 3,149 
 2,859 
Production segment
 853 
 565 
 138 
 147 
 150 
Total deliveries
 38,025 
 38,601 
36,308
35,872
34,879
Yara's energy prices(USD per MMBtu)
Global weighted average gas cost
 4.7 
 6.2 
 5.0 
 5.0 
 4.1 
European weighted average gas cost
 5.4 
 8.3 
 6.1 
 6.1 
 5.0 
1)	 Including Yara share of production in equity-accounted investees, excluding Yara-produced blends
 
Market information
Average of publication prices
2019
2018
2017
2016
2015
Urea granular (fob Egypt)
 USD per tonne 
 261 
 278 
 243 
 217 
 295 
CAN (cif Germany)
 USD per tonne 
 221 
 240 
 218 
 199 
 270 
Ammonia (fob Black Sea)
 USD per tonne 
 233 
 287 
 267 
 236 
 387 
DAP (fob US Gulf)
 USD per tonne 
 344 
 418 
 354 
 347 
 459 
Phosphate rock (fob Morocco)
 USD per tonne 
 89 
 91 
 90 
 111 
 124 
 
 
 
 
European gas (TTF)
 USD per MMBtu 
 4.5 
 7.9 
 5.7 
 4.5 
 6.4 
US gas (Henry Hub)
 USD per MMBtu 
 2.6 
 3.2 
 3.0 
 2.5 
 2.6 
EUR/USD currency rate
 
 1.1 
 1.2 
 1.13 
1.11
1.32
USD/BRL currency rate
 
 3.9 
 3.6 
 3.19 
3.49
2.35

Yara Annual report 2019 
36
Performance Review
Improvement program
Yara launched an extended improve­
ment program at its Capital Markets 
day on 26 June 2019. As part of this, 
Yara moved to reporting operational 
metrics on a rolling 12-month 
basis, to better reflect underlying 
performance. On a rolling 12-month 
basis, underlying production increased 
by 119 thousand tonnes compared 
to 2018, as improvements during the 
year were partially offset by outages 
in some plants during fourth quarter. 
Energy efficiency improved with better 
performance in second half 2019 and 
fixed cost shows an improving trend 
with a reduction of USD 23 million on 
a comparable and currency adjusted 
basis. Net operating capital days 
increased by 13 days relative to 2018 
driven by commercial management of 
operating capital and falling urea prices. 
Financial items
Net financial expense for the year was 
USD 251 million compared with USD 
350 million previous year. The variance 
is primarily explained by a net foreign 
currency translation loss USD 133 mil­
lion lower this year than the year before. 
Interest expense for the full year 
was USD 30 million higher than 
a year before, partly explained by 
revised reporting of lease payments 
following the implementation of IFRS 
16 and partly by interest on taxes 
for prior periods. Interest expense 
related to gross interest-bearing 
debt (excluding leases) was around 
the same level as previous year. 
The foreign currency translation loss 
this year of USD 145 million comprised 
a loss of USD 76 million on the US 
dollar denominated debt positions and 
a loss of USD 69 million on internal 
positions in other currencies than 
USD. The year before, the reported 
net loss stemmed mainly from Yara’s 
US dollar denominated debt positions 
as the US dollar appreciated against 
all of Yara’s other main currencies.
Tax
2019 current and deferred taxes were 
a tax cost of USD 214 million. See 
note 2.8 for more information.
Net interest-bearing debt
As a supplement to the consolidated 
statement of cash flows (page 92), this 
table highlights the key factors behind 
the development in net interest-bearing 
debt. Net interest-bearing debt at 
the end of 2019 was USD 3,725 
million, down from USD 4,203 
million at the end of 2018, adjusted 
for IFRS16 implementation effect. 
The positive cash earnings exceeded 
investments. Net investments for the 
year 2019 amounted at USD 1,044 
million, including USD 1,096 million 
of capital expenditures, partly offset 
by cash inflows from investments of 
USD 52 million. Growth investments 
include USD 69 million related to Rio 
Grande project and USD 229 million 
related to Salitre project in Brazil. Of 
the remaining investments, the majority 
was regular maintenance investments 
in Yara’s production system.
During 2019, Yara paid out dividends 
and purchased 1,362,013 own shares 
under the 2019 buy-back program for 
a total of USD 268 million. The shares 
will be canceled at the next Annual Gen­
eral meeting to be held in May 2020.
The debt/equity ratio at the end of 2019, 
calculated as net interest-bearing debt 
divided by shareholders’ equity plus 
non-controlling interests, was 0.42 com­
pared with 0.43 at the end of 2018. At 
the end of 2019, the net debt/EBITDA 
excl. Special items (last 12 months) ratio 
is 1.7, down from 2.5 at the end of 2018.
 Improvement program
2019
2018
Production - ammonia (kt) 1)
 7,772 
 7,850 
Production - finished products (kt) 1)
 21,067 
 20,870 
Energy efficiency (GJ/T) 2)
 33.7 
 33.9 
Fixed cost (USD millions) 3)
 2,291 
 2,314 
Net operating capital (days) 3)
 115 
 102 
1)	 Production output measured on rolling 12 months, adjusted for major turnarounds and market optimization effects. Adjustments are done to better reflect the underlying production performance. Numbers 
exclude Qafco and Lifeco volumes. 2018 baseline includes growth and debottleneck projects already communicated, and is adjusted related to Galvani and Pardies portfolio effects. 	
2)	 Energy Efficiency (GJ/t) looks at the L12M total energy consumption per tonne ammonia produced.	
	
3)	 For definitions of Fixed cost and Net operating capital days, refer to page 200 in the APM section.

Yara Annual report 2019 
37
Performance Review
Variance analysis
USD millions
2019
EBITDA 2019
 2,095 
EBITDA 2018
 1,523 
Reported EBITDA variance
 573 
Special items variance (see page 39 for details)
 (67)
EBITDA variance ex special items
 640 
 
 
Volume/Mix
 101 
Price/Margin excluding energy
 (105)
Energy price
 447 
Currency translation
 96 
IFRS 16 effect
 118 
Other
 (18)
Total variance explained
 640 
Net interest-bearing debt
USD millions
2019
Net interest-bearing debt at the end of previous period
 (3,794)
IFRS 16 implementation effect (1 January 2019)
 (409)
Net interest-bearing debt at beginning of period, including IFRS 16 implementation effect 
 (4,203)
Cash earnings 1)
 1 618 
Dividends received from equity-accounted investees
 166 
Net operating capital change
 112 
Investments (net)
 (1,044)
Yara dividend and buy-backs
 (268)
New leases 2)
 (116)
Other, including foreign currency translation gain/(loss)
10
Net interest-bearing debt at end of period
 (3,725)
1)	 Operating income plus depreciation and amortization, minus tax paid, net gain/(loss) on disposals, net interest expense and bank charges.
2) New lease arrangements in scope for IFRS 16 increase the net interest-bearing debt without having an immediate cash impact.
Financial items
USD millions
2019
2018
2017
2016
2015
 Interest income 
 74 
 78 
 75 
82 
71 
 Dividends and net gain/(loss) on securities 
 2 
 3 
 2 
4 
3 
 Interest income and other financial income 
 76 
 81 
 77 
87 
74 
 
 
 
 
 Interest expense 
 (157)
 (127)
 (57)
(85)
(111)
 Net interest expense on net pension liability 
 (9)
 (7)
 (8)
(8)
(10)
 Net foreign currency translation gain/(loss) 
 (145)
 (278)
 99 
14 
(312)
 Other 
 (15)
 (19)
 (17)
(15)
(39)
 Interest expense and foreign currency translation gain/(loss) 
 (327)
 (431)
 17 
(94)
(472)
 
 
 
 
 Net financial income/(expense) 
 (251)
 (350)
 94 
(7)
(398)

Yara Annual report 2019 
38
Performance Review
Production volumes
Thousand tonnes
2019
2018
2017
2016
2015
Ammonia
 8,479 
 8,305 
7,459
7,504
7,035
 of which equity-accounted investees
1,000
1,039
1,061
1,033
1,280
Urea
 6,417 
 6,327 
5,257
5,167
4,762
 of which equity-accounted investees
1,504
1,517
1,573
1,536
1,593
Nitrate
 6,225 
 6,136 
6,173
6,044
5,997
NPK
 5,697 
 5,736 
5,504
4,891
4,850
CN
 1,543 
 1,623 
1,511
1,379
1,477
UAN
 974 
 835 
931
909
925
SSP-based fertilizer
 1,089 
 1,115 
822
1,106
1,212
MAP
 115 
 116 
-
-
-
Total Finished Products 1)
 22,060 
 21,887 
20,199
19,497
19,224
1) Including Yara share of production in equity-accounted investees, excluding Yara-produced blends. 
Deliveries excl. New Business and Ammonia Trade 1)
Thousand tonnes
2019
2018
2017
2016
2015
Urea
 6,955 
 7,618 
4,757
4,676
4,852
 of which Yara-produced 
 4,267 
 4,218 
1,997
2,117
1,755
 of which equity-accounted investees 
 2,035 
 2,450 
1,821
1,796
2,153
Nitrate
 5,590 
 5,589 
5,703
5,730
5,594
 of which Yara-produced 
 5,307 
 5,259 
5,401
5,372
5,112
NPK
 9,938 
10,361
10,413
10,407
9,486
 of which Yara-produced compounds 
 5,660 
 5,506 
5,382
5,046
4,479
 of which Yara-produced blends 
3,802 
 4,405 
4,664
5,083
4,600
CN
 1,234 
 1,235 
1,185
1,132
1,038
 of which Yara-produced 
 1,217 
 1 217 
1,167
1,114
1,021
UAN
 1,289 
 1,184 
1,299
1,357
1,295
 of which Yara-produced 
 1,100 
 1 002 
1,050
1,115
1,043
SSP
 647 
 1,016 
939
954
961
 of which Yara-produced 
 458 
 916 
700
826
832
Ammonia
 1,068 
 1,101 
-
-
-
 of which Yara-produced 
 888 
 902 
-
-
-
DAP/MAP
 557 
 591 
675
831
888
MOP/SOP
 1,334 
 1,178 
1,368
1,253
1,222
Other products
 2,780 
 2,314 
951
903
1,150
Total deliveries excluding New Business
 31,392 
 32,187 
27,290
27,243
26,486
New Business deliveries 1)
Thousand tonnes
2019
2018
2017
2016
2015
Ammonia
704
 659 
 711 
Urea
839
795
2,211
 2,025 
 1,841 
Nitrate
1,027
960
747
 724 
 680 
Calcium Nitrate
434
412
419
 371 
 358 
Other Industrial products
196
237
1,077
 1,007 
 1,893 
Water content in Industrial Ammonia and Urea
1,609
1,533
1,837
 1,658 
 1,549 
Total New Business deliveries (incl. water)
4,106
3,937
6,995
 6,443 
 7,032 
1)	For the years prior to 2018 deliveries reflect the previous segment structure.

Yara Annual report 2019 
39
Performance Review
Special items
Fixed cost effect
EBITDA effect
Operating income effect
USD millions
2019
2018
2019
2018
2019
2018
Impairment of non-current assets
 - 
 - 
 - 
 - 
 (5)
 (27)
Damaged inventory
 - 
 - 
 3 
 (6)
 3 
 (6)
Restructuring costs
 - 
 (19)
 - 
 (19)
 - 
 (19)
Environmental provisions
 - 
 (3)
 - 
 (3)
 - 
 (3)
Total Sales and Marketing
 - 
 (22)
 3 
 (28)
 (2)
 (56)
Release of provision related to discontinuation of pilot plant
 3 
 - 
 3 
 - 
 3 
 - 
Impairment of goodwill
 - 
 - 
 - 
 - 
 (3)
 - 
Restructuring costs
 - 
 (2)
 - 
 (2)
 - 
 (2)
Total New Business
 3 
 (2)
 3 
 (2)
 (1)
 (2)
Stamp duty on purchase of Babrala (India)
 - 
 (9)
 - 
 (9)
 - 
 (9)
Contract derivatives gain/(loss)
 - 
 - 
 12 
 4 
 12 
 4 
Impairment of non-current assets
 - 
 - 
 - 
 - 
 (34)
 (120)
Dismantling provision for closed site
 (8)
 - 
 (8)
 - 
 (8)
 - 
Provision related to closure of plant
 (24)
 (1)
 (24)
 (1)
 (24)
 (1)
Environmental provisions
 (11)
 (10)
 (11)
 (10)
 (11)
 (10)
Derecognition of deferred consideration
 - 
 - 
 - 
 21 
 - 
 21 
Reduced contingent consideration
 - 
 - 
 - 
 15 
 - 
 15 
Take-or-pay compensation from customer
 - 
 - 
 - 
 15 
 - 
 15 
QAFCO tax adjustment
 - 
 - 
 - 
 (7)
 - 
 - 
Provision for fuel taxes
 - 
 - 
 (32)
 - 
 (32)
 - 
Total Production
 (43)
 (20)
 (62)
 28 
 (97)
 (84)
Portfolio management costs
 (13)
 - 
 (13)
 - 
 (13)
 - 
Total Other
 (13)
 - 
 (13)
 - 
 (13)
 - 
Total Yara
 (53)
 (44)
 (70)
 (2)
 (113)
 (142)

Yara Annual report 2019 
40
Performance Review
We are committed to serving all our 
shareholders and potential investors 
by providing consistent, open 
and prompt disclosure of relevant 
information. Our policy is equal 
treatment of all stakeholders, includ­
ing analysts, banks, institutional 
investors and private shareholders. 
All information that may be import­
ant and relevant for Norwegian and 
international markets is provided in 
the form of releases to the Oslo Stock 
Exchange (OSE), media and financial 
newswires. Yara presents quarterly 
results as live webcasts and at its 
headquarters at Drammensveien 131 
in Oslo, Norway. In addition, Yara 
holds regular meetings with investors 
both in Europe and overseas.
 
Share performance and distribution 
In 2019 a total of 517 million Yara shares 
were traded, of which 145 million were 
traded on the OSE at a value of NOK 
54 billion, making Yara the sixth most 
traded company on the OSE. The average 
daily trading volume for Yara shares on 
the OSE during 2019 was 580,521. 
The highest closing price during the 
year was NOK 418.90 and the lowest 
was NOK 331.20. The year-end closing 
price was NOK 365.20, representing a 
10% increase from the 2018 year-end 
closing price. Yara’s total shareholder 
return in 2019 was 11% with dividends 
reinvested. Yara’s market value as of 31 
December 2019 was NOK 99.5 billion, 
making Yara the sixth-largest company 
quoted on the Oslo Stock Exchange. 
At year-end 2019 Yara had 35,422 
shareholders. Non-Norwegian investors 
Yara aims to be an attractive investment for shareholders, and to provide competitive 
returns compared to other investment alternatives. The Yara share shall be liquid and 
an attractive investment opportunity.
The Yara share
Q1
Q2
Q3
Q4
2019
2018
Basic earnings per share
0.35
0.84
0.27
0.73
2.2
0.58
Average number of shares outstanding1
272,697,830
272,525,904
272,402,637
271,661,032
272,319,232
273,169,994
Period end number of shares outstanding 1)
272,697,830
272,402,637
272,402,637
271,040,624
271,040,624
272,697,830
Average daily trading volume 2)
567,243
606,765
525,696
627,824
580,521
538,174
Average closing share price 
347
379
394
363
371
371
Closing share price (end of period) 
347
414
392
365
365
368
Closing share price high 
362
416
419
393
419
419
Market capitalization (end of period NOK billion)
94.7
112.7
106.7
99.5
99.5
100.5
Dividend per share
 
 
 
 
15.00 3)
6.50
1) Excluding own shares
2) Only traded on OSE
3) Proposed
OBX indexed, end 2019 =Yara’s share price end 2019             Yara
0
50
100
150
30.12.19
30.11.19
31.10.19
30.09.19
31.08.19
29.07.19
30.06.19
31.05.19
29.04.19
31.03.19
29.02.19
29.01.19
﻿30.12.18
Yara share & OBX performance 
Common share data

Yara Annual report 2019 
41
Performance Review
owned 42.2% of the total stock, of which 
17.7% were from the United States and 
8.2% from the United Kingdom. The 
Norwegian State, through the Ministry 
of Trade and Industry, is the largest 
single owner with 36.2% of the shares. 
Norwegian private ownership of Yara 
shares was 21.6% at the end of 2019.
ADR performance and voting rights 
Yara has a sponsored level 1 ADR 
(American Depository Receipt) program 
in the United States. The ADRs are not 
listed, but are bought and sold OTC, i.e. 
through any broker licensed to buy and 
sell US securities. The ADR ratio is two 
(2) ADRs to one (1) ordinary Yara share. 
On 31 December 2019, the ADR was 
quoted at USD 20.76, a 7.7% increase 
for the year. To find a recent price 
quote for Yara ADRs please go to 
www.adr.com. The ticker 
symbol is YARIY. 
Shares must be registered with 
the Norwegian Central Securities 
Depository (Verdipapirsentralen) in 
the name of the real owner if holders 
want to vote for their shares at the 
shareholders’ meeting. Holders of 
Yara ADRs should check their voting 
rights with JPMorgan, which is the 
depository bank for Yara ADRs. 
Cash distribution policy 
Yara’s objective is to pay out 50% of 
net income in the form of dividends and 
share buybacks. Shareholder returns 
are distributed primarily as cash, with 
buybacks as supplemental lever. The 
dividend pertaining to a fiscal year will 
be declared at Yara’s Annual General 
Meeting in the following year. 
In 2019 Yara paid out USD 268 million 
in dividends and share buybacks, 
representing approximately 190% of net 
income in 2018. Dividends accounted 
for USD 203 million, representing 
34% of 2019 net income, while share 
buybacks amounted to USD 65 million, 
representing 11% of 2019 net income. 
Yara’s Board will propose to the 
Annual General Meeting a dividend 
payment of NOK 15 per share for 2019, 
which represents approximately 75% 
of net income after non-controlling 
interests, totaling a payment of USD 
439 million based on outstanding shares 
at 31 December 2019 and USDNOK 
exchange rates at 11 February 2020. 
The Yara Annual General Meeting on 
7 May 2019 authorized Yara’s Board 
to buy back up to 5% of total shares 
No. of shares
No of shareholders
% of share capital 
1-100
20,952
0.27
101-1000
11,642
1.42
1,001-10,000
2,084
2.27
10,001-100,000
527
6.28
100,001-1,000,000
183
21.07
above 1,000,000
34
68.71
Total
35,422
Name
Holding (%)
Ministry of Trade, Industry and Fisheries
36.2
Norwegian National Insurance Scheme fund
6.6
Sprucegrove Investment Management, Ltd.
2.4
The Vanguard Group, Inc.
1.9
BlackRock Institutional Trust Company, N.A.
1.9
Fidelity Management & Research Company
1.8
Templeton Investment Councel, L.L.C.
1.8
Polaris Capital Management, LLC
1.6
SAFE Investment Company Limited
1.3
KLP Forsikring
1.3
DNB Asset Management AS
1.3
Capital World Investors
1.2
Storebrand Kapitalforvaltning AS
1.2
Nordea Funds Oy
1.2
Pelham Capital Ltd.
1.2
State Street Global Advisors (US)
1.1
1) This shareholder list is delivered by Nasdaq and VPS through their service Nominee ID. The 
list is made by analyzing information provided by registered shareholders on request from Yara 
International. Neither Nasdaq nor VPS guarantee that the information is complete. For a list 
of the largest registered shareholders as of 31 December 2019, see note 11 on page 185 in this 
annual report. 
Shareholding distribution
As of 31 December 2019
Ownership structure
Shareholding distribution 1)
As of 31 December 2019
Ownership structure
Shareholding distribution
As of 31 December 2019
17.7%
21.6%
8.2%
16.3%
36.2%
N
o
r
w
e
gi
a
n
 
S
t
a
t
e 
  
N
o
r
w
e
gi
a
n
 
p
ri
v
a
t
e 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
U
S
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
U
K 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
O
t
h
e
r
Norwegian State
Norwegian Private
US
UK
Other

Yara Annual report 2019 
42
Performance Review
(13,620,131 shares) before the 2020 
Yara Annual General Meeting, at a 
purchase price not less than NOK 
10 and not more than NOK 1,000. 
A precondition for the program was 
that an agreement was entered into 
with the Norwegian State where the 
State committed to sell a proportional 
share of its holdings to leave the State’s 
ownership (36.21%) unchanged.
2020 Annual General Meeting 
The Yara Annual General Meeting 
will take place at 17:00 (CEST) 
Thursday 7 May 2020, at Yara 
headquarters in Drammensveien 131, 
Oslo. Shareholders who wish to attend 
the Annual General Meeting are asked 
to inform Yara’s registrar by 12:00 
CEST on Tuesday 5 May 2020. 
Shareholders may also register electroni­
cally on the Yara webpage 
www.yara.com/register or 
at the Norwegian 
Central Securities Depository 
investor services site at www.vps.no. 
For more information on how to 
vote, consult Yara’s voting form 
or visit the company’s website.
Analyst coverage 
24 financial analysts provide 
market updates and estimates for 
Yara’s financial results, of whom 
12 are located outside Norway. 
Rating 
Rating agencies Moody’s and 
Standard & Poor’s have rated Yara 
as solid investment grade. Reflecting 
its strong market position and cost 
leadership, Yara is rated investment 
grade "Baa2" with Moody’s and 
"BBB" with Standard & Poor’s. 
Change of address 
Shareholders registered in the 
Norwegian Central Securities Depos­
itory should send information about 
changes of address to their registrars 
and not directly to the company. 
Registrar information 
Registered shareholders may 
contact our registrar in Norway 
regarding share transfers, address 
changes and other issues related to 
their holding of Yara shares. The 
contact details are shown below.
Share facts
Symbol: YAR
Listing: Oslo Stock Exchange (OSE) 
Yara’s registrar in Norway
DNB ASA 
Verdipapirservice 
Dronning Eufemias gate 30 
N-0021 Oslo 
Phone: +47 23 26 80 20
E-mail: KUA@dnb.no
www.dnb.no 
Yara’s ADR depositary bank
J.P. Morgan is the depositary bank for Yara 
ADRs: 
J.P. Morgan Chase Bank N.A. 
383 Madison Ave, 
Floor 11
New York NY 1017
USA 
Phone (US): 800-990-1135 
Phone (outside US): +1 651-453-2128
Contact: please use online form https://www.
shareowneronline.com/informational/con­
tact-us/
2020 Dividend schedule 
Ex-dividend date 	8 May 2020
Payment date 	
18 May 2020 
2020 Release dates 
First quarter 	
23 April 2020
Second quarter 	 17 July 2020
Third quarter 	
20 October 2020
Fourth quarter 	
9 February 2020

Risk 
Management >

Yara Annual report 2019 
44
Risk Management
Risk management
Yara is committed to proactive and effective risk management to mitigate adverse effects on 
our operations and to identify and explore business opportunities. Ultimately, risk manage­
ment contributes to achieving our long-term strategic targets and short-term goals.
Yara’s global risk management process 
aims to identify, assess and manage risk 
factors that could affect the performance 
of any parts of the company’s operation. 
To this end, we have implemented a con­
tinuous and systematic process to miti­
gate potential damages and losses, and 
to capitalize on business opportunities.
Risk responsibilities 
Yara’s Board of Directors is responsible 
for defining risk appetite for all main 
risk categories relevant to the 
company. The Board oversees the 
risk management process and carries 
out annual reviews of the company’s 
most important risk categories and 
internal control arrangements. 
Yara’s Executive Management is 
responsible for reviewing and oper­
ationalizing the defined risk appetite 
by maintaining an enterprise-wide 
system for risk management. The 
Executive Management performs risk 
assessments and actively monitors the 
development of top risks and initiates 
actions accordingly. Risk assessments 
performed by the operating segments 
and expert organizations are reviewed 
periodically in business review meetings. 
Understanding and managing risk is 
an integral part of all our business 
activities. The operating segments and 
expert organizations are the risk owners 
and regularly perform risk assessments 
based on established procedures to 
identify, assess and manage the risks 
that affect their business and analyze 
how these risks influence performance. 
The Enterprise Risk Management func­
tion has the responsibility to facilitate 
the operational risk management activ­
ities and develop risk policies and tools 
as well as maintaining an aggregated 
view of risk exposure. The function is 
reporting to the Chief Financial Officer. 
Framework and procedures 
Yara has implemented a framework 
with clear policies and procedures to 
facilitate risk management across the 
organization. This creates a stable 
environment within which we can 
deliver on our strategic and operational 
objectives, and systematically identify 
and capture business opportunities. 
Our framework is inspired by the 
Committee of Sponsoring Organiza­
tions of the Treadway Commission 
(COSO) ERM framework and the 
ISO 31000 risk management standard 
as the best practice benchmarks for 
assessing the soundness, efficiency and 
effectiveness of our risk management. 
The materiality of each risk factor is 
determined by assessing the likelihood 
and consequence. In this appraisal, 
a combination of qualitative and 
quantitative risk assessment techniques 
is deployed. Risks are evaluated to 
determine whether the level is acceptable 
or unacceptable and to prioritize 
those that have the greatest potential 
to impact on our performance. 
We implement mitigating strategies and 
pursue business opportunities to ensure 
that each risk is optimally managed. 
Risk mitigation plans are based on 
evaluations of the cost of control and 
potential impacts relative to the benefits 
of reducing the risk. Our operating 
segments and expert organizations 
are responsible for making business 
continuity planning part of their 
key risk management activities and 
preparing contingency plans for 
high-impact, low-likelihood risks. 
Once primary risks are managed, we 
continually monitor residual risks 
to ensure that they remain at an 
acceptable level and that events are 
properly addressed and managed. The 
risk profile is reviewed and updated 
at least annually, with more frequent 
updates if new opportunities or risks 
are identified. The risk mitigation plan 
is reviewed and updated on a quarterly 
basis to reflect the current status of risks 
and action plans and is communicated 
to the Executive Management during 
quarterly business review meetings.

Yara Annual report 2019 
45
Risk Management
Task Force on Climate-related Financial Disclosures (TCFD)
Yara supports and is implementing the recommendations of the TCFD. Climate change is a strategic risk factor 
for Yara and consequently integrated in our risk management and strategy development processes. 
Governance
References:
Yara’s Board of Directors and Executive Management define the company’s risk appetite across mate­
rial risk factors and review risk exposures and control systems. Our annual strategy review cycle incor­
porates climate change, as does the assessment of megatrends. Both are presented to and approved by 
the Board and Executive Management. 
Risk Management, p. 46
Risk Appetite, p. 48
Report of the Board of Directors, p. 73
Strategy
References:
Climate change affects agriculture and has implications for our markets and supply chain, and for 
regulations and technology. Furthermore, extreme weather events pose risks to our infrastructure. Our 
sustainable crop nutrition solutions represent opportunities to capitalize on climate change. 
Global Megatrends, p. 12 
Strategic Priorities, p. 15
Risk Factors, p. 50
Risk Management
References:
Climate risks are integrated in our Enterprise Risk Management system as well as our regular assess­
ment of megatrends. 
Risk management, p. 46
Metrics and targets
References:
Yara has reduced GHG emissions significantly over the last decade, and we are investing to reach a 
10% reduction in emission intensity by 2025. Our long-term ambition is to achieve carbon neutrality 
by 2050.
Advance Operational Excellence, p. 14
Environmental performance, p. 30

Yara Annual report 2019 
46
Risk Management
Risk appetite
Risk appetite is broadly defined as the level of risk an entity deems acceptable in the pursuit of 
overall goals. Yara’s Board of Directors is responsible for defining Yara’s risk appetite. The 
Board and Executive Management have jointly evaluated and defined risk appetite across key 
operational and strategic dimensions, arriving at a set of practical guidance statements on key 
risks. These risk appetite statements set boundaries for strategic initiatives, guide resource allo­
cation and aid decision-making within the company. Furthermore, they convey the way we 
approach and evaluate risk to our investors, customers and society at large.
Health, safety and security exposure 
Securing safe and healthy working 
conditions is our highest priority. 
We aim to minimize the exposure to 
conditions that could negatively affect 
health, security and safety. Further we 
aim to minimize the probability and 
consequences of process safety and 
product safety accidents negatively 
affecting people, environment, 
asset and the reputation of Yara.
Bribery, corruption and 
competition law exposure 
We are committed to upholding 
high standards for human rights, 
ethical and lawful conduct across the 
organization in relation to business 
partners, investors, regulatory author­
ities and society at large. We have 
zero tolerance for bribery, corruption 
and violation of competition law. 
Environmental exposure 
from operations or products
Yara strives to be best in class com­
pared to industry peers and is commit­
ted to explore and promote the highest 
standards of environmental responsi­
bility and has a low risk appetite for 
causing damage to the environment as 
a result of our operations or products.
Product portfolio exposure 
to regulatory changes
Yara has a low risk appetite for expo­
sure to incompliance to regulatory 
requirements impacting the product 
portfolio in our value chain, and pro­
actively seeks to reduce operational, 
commercial and financial exposure. 
Yara will proactively liaise with 
regulatory bodies in order to adapt 
and adhere to stricter regulations.
Exposure to global nitrogen 
price dynamics
We optimize our business model by 
seeking exposure to fertilizer market 
prices for own produced products.
Exposure to natural gas price dynamics
Securing access to, and stable 
supply of, favorably priced natural 
gas is imperative to our operations 
and competitiveness. In regions 
with efficient gas markets, we 
will seek exposure to spot market 
prices unless exceptional market 
circumstances clearly give reason 
for deviation. In regions without 
efficient gas markets, Yara seeks to 
enter into longer term contracts if 
favorable gas prices are obtainable.
Phosphate rock sourcing exposure
Securing key raw materials for our 
fertilizer production is crucial for our 
production plants. The demand for 
raw materials is covered by our own 
production as well as sourcing from 
third parties. Yara has a low risk 
appetite to unavailability of key raw 
materials and seeks opportunities to 
increase production of phosphate rock.
JV ownership structure exposure 
– new entries
When entering into new JVs, Yara has 
a low risk appetite for minority equity 
positions and will only engage in JVs 
provided that agreements are commer­
cially attractive, secure acceptable gov­
ernance standards, policies and proce­
dures, and financial control for Yara. 
Yara will only enter into new JVs 
where we are confident that we can 
bring Ethics & Compliance and HESQ 
standards to an acceptable level.
Cost curve position in 
production portfolio
Yara seeks investments in new 
production capacity which strengthens 
Yara’s position on the cost curve 
compared to peers, unless there are 
other compelling financial or strategic

Yara Annual report 2019 
47
Risk Management
reasons. Investments in current 
production portfolio are prioritized to 
capacity which is deemed competitive, 
also considering commercial and 
strategic aspects. As a result, the 
overall portfolio of production 
investments should improve Yara’s 
position on the cost curve over time.
Exposure to new business areas 
outside current core operation
Yara is willing to invest funds in a 
defined set of new business areas to 
mitigate risk in core business and to 
develop new revenue streams. The 
company is willing to be exposed 
to uncertainty around future 
revenue generation, but the resources 
employed are considered moderate 
and reviewed on an annual basis.
Production reliability on priority plants
Yara has a low risk appetite for 
unplanned production downtime and 
aims to produce optimally at all times 
balancing investments to improve 
regularity and plant profitability.
Tax jurisdiction compliance exposure
Within the framework of tax laws 
and regulations we optimize our tax 
cost in the same way as other costs. 
Yara does not pursue tax solutions 
without existence of commercial 
purpose and is committed to a 
transparent management of tax.
Long term credit rating down grade 
exposure
Yara believes a solid financial base is 
the foundation for pursuit of sound 
growth opportunities and have a low 
risk appetite for financial exposure not 
derived from the underlying business. 
We have a low risk appetite for a credit 
rating downgrade to below investment 
grade BBB/Baa2. We accept the under­
lying US dollar exposure embedded 
in the Yara business model but keep 
a major part of the company’s debt 
in US dollar as a partial hedge.
Exposure to non-USD currencies
We have a low risk appetite for 
exposure related to financial risk not 
derived from the underlying business. 
Yara has a low to moderate risk appe­
tite for economic currency exposure 
optimizing the cost of hedging with 
estimated currency movements. Limits 
for economic exposure are set per 
currency and on a country basis. 
Information and cyber security exposure
Yara has a low appetite for risk 
exposure to cyber incidents in the 
office and production environment. 
Yara seeks high level of protection 
to mitigate exposure to safety and 
reliability issues in our production 
sites, in addition to leakage of 
confidential data, legal and regulatory 
compliance violations, insider 
threat from dismissed employees or 
contractors and loss or malicious 
modification of business-critical data.
Leadership and organizational 
competence exposure
We are developing a skilled organiza­
tion with regards to leadership compe­
tencies and organizational competence 
in areas of key strategic importance 
necessary to strengthen Yara’s 
competitiveness in a changing business 
environment and to deliver on Yara’s 
strategic goals and objectives. This is 
being achieved through an integrated 
Talent & Leadership process based on 
the business needs and on Yara values.

Yara Annual report 2019 
48
Risk Management
Risk factors 
Yara is exposed to a number of strategic, operational, financial, health, environment, safety, 
security and quality related risks, as well as compliance risks that could have an adverse mate­
rial effect on the company’s business, reputation, operating results or financial condition. Sev­
eral inherent business risks also represent business opportunities, underlining the need for sys­
tematic risk management of our operational and financial performance. The Executive 
Management currently considers the following risk areas and factors to be the most relevant to 
Yara’s business.
Strategic risks
Yara’s business is closely interlinked with the major global challenges of resource scarcity, food insecurity and global warming. Exe­
cution of our strategy for sustainable, profitable growth depends on our ability to manage strategically important risk and opportuni­
ties relevant to our industry and arising from our business environment.
Strategic risks
Factor
Mitigation
Market dynamics 
– Nitrogen 
commodity 
fertilizer prices
A large part of our business consists of sales 
of fertilizer products used in agriculture. 
While a growing world population, economic 
growth and changing dietary patterns are 
driving overall demand for food and fertil­
izer, swings in agricultural prices along with 
changes in global and regional fertilizer pro­
duction capacity could significantly impact 
our profitability
Yara’s business model, with a mix of Own Produced Products and Third-
Party Products marketed by our global Sales & Marketing organization, 
offers flexibility to adjust to supply and demand fluctuations. We increas­
ingly focus on expanding sales of differentiated products where pricing 
and demand is less volatile. Yara invests in developing farmer centric 
solutions that integrate knowledge, digital tools and services with our 
product portfolio to further differentiate our offering to the farmer. Yara 
also conducts global optimization with risk reduction in mind, e.g. prioritiz­
ing a global presence, counter-seasonality and market flexibility in addition 
to short-term profitability. Third Party Products exposure limits have been 
established and are closely monitored for the most Third-Party Products 
intensive countries.
Market 
dynamics – 
natural gas 
prices
Due to natural gas being a key raw material 
in the production of nitrogen-based chemi­
cals and fertilizer products, the pricing and 
availability of natural gas across regions is 
a strategic factor for Yara. Securing access 
to and stable supplies of favourably priced 
natural gas is imperative to our operations 
and competitiveness.
Yara’s risk exposure towards energy sourcing is minimized through global 
purchasing activities, based on our energy strategy. Executing this strat­
egy, we are continuously monitoring options for additional and alternative 
sources of favorably priced natural gas in existing and new areas of pro­
duction. All our European gas contracts are hub-based contracts, and we 
are well positioned to cover the risk of spot exposure. In some of our plants 
we have the operational flexibility to reduce gas purchases and import 
ammonia for fertilizer production if gas prices peak, and we benefit from 
a natural hedge in the correlation between nitrogen fertilizer prices and 
global energy prices. 
Raw materials 
availability
Yara is sourcing a wide range of raw mate­
rials for fertilizer production from third 
parties, e.g. phosphate and potash (P&K). 
Terminations, material change or failure of 
delivery in these arrangements can have a 
negative impact on Yara’s operations.
With respect to raw materials, as one of the world’s largest buyer of 
phosphate and potash, we benefit from scale advantages in sourcing. To 
mitigate the risk of failure in sourcing of these key raw materials, Yara 
aims for long-term relationships with a wide network of suppliers, continu­
ously aiming to optimize the company’s phosphate balance. Yara currently 
evaluates several options for increasing the company’s degree of self-suffi­
ciency in specialty phosphate.

Yara Annual report 2019 
49
Risk Management
Strategic risks
Factor
Mitigation
Environmental 
risks and regula­
tory framework 
on production/ 
application of 
nitrogen 
fertilizer
Environmental exposure create strategic 
risks for Yara’s license to operate. There 
is an increasing trend of stricter govern­
mental regulations impacting production, 
(e.g. Emission trading system in Europe 
and stricter limits of emissions to air and 
water across the world) and application of 
fertilizer related both to the environmental 
aspects and safety of handling and applying 
fertilizer. These regulations could have a 
substantial impact on Yara’s earnings.
Yara continuously discuss and participate in various arenas to understand 
and influence existing and ongoing new regulations affecting our business. 
The risk is primarily mitigated by contact with governmental bodies to 
ensure that balanced information is available to reach optimal solutions. 
Yara continuously discuss with the EU regarding the future CO2 emissions 
structure for the fertilizer industry arguing that the European ammonia 
industry is the most efficient globally which needs to be reflected when 
policies are made. On existing assets, Yara has established rigid man­
agement systems and policies to manage the environmental impacts of 
our operations and to reduce exposure. Moving forward, resources are 
allocated to develop new technologies and business models to meet the 
expected environmental requirements. 
Investments and 
integration
Yara has an ambition to grow profitably, 
both organically and through profitable 
growth initiatives, both within existing and 
new business areas. The profitability of 
future growth initiatives relies on long-term 
price assumptions and future operational 
and financial performance. Investments in 
new business areas and integration of new 
companies poses a risk of not being able to 
capture operational and financial benefits 
and synergies.
Yara has a well-defined capital value process that ensure projects are prop­
erly evaluated, verified and sufficiently mature at specific decision gates. 
A comprehensive, annual strategy update process secure a review of 
ongoing initiatives and potential gaps in delivering on our long term strat­
egy. This includes updates of key information such as energy and global 
pricing, as well as strategic assessments of specific opportunities or 
concerns. The integration of new businesses is managed and monitored 
based on accumulated learning from several large business integrations 
completed during recent years.
Political risks
Our investments and operations may be 
affected as a result of changes in political 
leadership, policies and regulations as well as 
political and social instability in a country or a 
region. Such changes could represent threats 
as well as opportunities for Yara.
Country and currency credit limits are defined, to ensure that the compa­
ny’s exposure is controlled. These measures, and separate evaluation of 
sovereign risk, are used to assess the risk profile of new projects, as part of 
the project approval process.
Climate risks
Climate change pose risks which may have 
a negative impact on the company. Climate 
risks are related to our markets, operational 
risks linked to our assets, in addition to the 
supply chain/ infrastructure risks. Climate 
change leads to societal processes which may 
pose transition risks such as market prefer­
ences, legislation and technology. The socie­
tal aspects are as much opportunities as risks. 
Yara’s investments into assets are evaluated against extreme weather 
events. Through stakeholder dialogues, Yara promotes low carbon solu­
tions, life cycle perspectives and resource smart solutions. As a materially 
important topic, climate is one of the focus areas of Yara’s innovation 
processes, where we aim to provide knowledge-based solutions. The inno­
vation efforts include resource optimization and reducing carbon footprints 
in agriculture, as well as developing production processes towards zero 
emissions.

Yara Annual report 2019 
50
Risk Management
Operational risks 
We put substantial resources and efforts into minimizing potential risk of loss from inadequate or failed internal processes, people 
and systems, or from external events. We do so through preventative controls and indicators. Our focus is on managing the causes 
and mitigating their potential impacts through detective controls and actions.
Operational risks
Factor
Mitigation
Production 
reliability
Production unreliability and irregularities 
may result in lost volumes and contribution. 
Increased plant reliability is a key driver of 
organic growth in our production system.
We actively seek to increase plant reliability and minimize irregularities 
by refining and implementing companywide technical and operational 
standards along with best practices for operations, maintenance and 
turnarounds, and through continuous investments in process safety. 
Employees undergo extensive training and risk awareness programs, 
and process safety and productivity are subject to frequent and regular 
audits. Yara’s company-wide Improvement Program focuses on improv­
ing cost, reliability and operational efficiency.
Human capital
Yara’s ability to compete effectively and meet 
market demands depends heavily on the com­
petence, engagement and performance of its 
employees. Qualified, diverse and motivated 
staff is essential for Yara’s business to be 
successful.
Yara recognizes that People are the enabler for success and Passionate 
People is identified as one of our four unique strengths. A People Strat­
egy Project was launched in 2019 to realign with the latest updates 
within the Corporate Strategy and to respond to the world around us. 
Diversity & Inclusion is fully integrated in Yara‘s business strategy and 
drives equality and diversity through an engaged workforce. Diversity is 
further anchored in key human resource processes such as recruitment, 
succession planning, performance management and employee develop­
ment. Yara regularly deploys global employee surveys to focus manage­
ment initiatives on the employee engagement agenda and the Diversity 
& Inclusion agenda. Yara is committed to promote equal opportunities 
and to fight discrimination. 
Information and 
Cyber Security 
New and increasingly sophisticated computer 
viruses and new digital crime models com­
bined with the significantly increased internet 
exposure of our computerized industrial con­
trol systems may result in safety and reliabil­
ity risks at any of our production and product 
handling sites. 
Leakage of confidential data, legal and regu­
latory compliance violations loss or malicious 
modification of business-critical data can 
negatively impact any and all of our business 
processes.
In the process of addressing risks of cyber-incidents, Yara is actively 
focusing on to ensuring proactive monitoring of threats, vulnerabilities 
and effectiveness of security controls for high value assets throughout 
the company and raising awareness of cyber risks and threats for our 
employees globally. 
Supply chain 
disruptions
Yara’s ability to produce and supply markets 
with products can be impacted negatively by 
disruptions in our supply chain, 
Yara has centralized functions as well as local operations, for manage­
ment of in- and outbound supply chains securing raw materials to our 
production units and supply of products to the markets. Yara is operating 
globally and we have flexibility and measures built into our business 
model to adjust for potential irregularities.

Yara Annual report 2019 
51
Risk Management
Financial risks 
Due to its global operation, Yara is exposed to various financial risks. Yara has in place, and is constantly developing, comprehen­
sive policies, procedures and tools to manage these risks. In some cases, Yara may utilize derivative instruments, such as forwards, 
options and swaps, to reduce financial risk exposures.
Financial risks
Factor
Mitigation
Financing risks
Refinancing of maturing loans or 
establishment of new financing may be 
difficult or costly to arrange. Adverse 
financial market conditions could lead to 
higher funding costs and postponement 
of projects.
Yara’s strategy for mitigating financing risk is to maintain a solid financial posi­
tion with a strong credit rating. Yara reduces the refinancing risk by basing its 
long-term funding on a variety of sources to avoid dependency on individual 
markets, and by timing the maturity dates of large facilities to avoid them 
falling due at the same time. Committed liquidity reserves are maintained to 
meet unforeseen costs. Yara has access to sufficient funding and borrowing 
facilities to meet currently foreseeable requirements, combined with a cash 
position that covers short-term needs.
Credit risk
Credit risk represents exposure to poten­
tial losses deriving from non-perfor­
mance of counterparties.
Credit risk is monitored and managed by the business units and expert organi­
zations on the basis of standard Yara policy, procedures and regular reporting. 
Yara has a well-established system for credit management, with defined 
exposure limits at customer, financial institution and country level. A number 
of instruments, such as credit insurance, letters of credit and bank guarantees, 
are deployed to mitigate credit risk. Yara’s geographically diversified portfolio 
reduces the overall credit risk of the group.
Currency risk
As the fertilizer business is essentially a 
US dollar business, prices of Yara’s most 
important products and raw materials 
are either directly denominated or deter­
mined in US dollars. In markets outside 
the USA, local prices will generally 
adjust to fluctuations in the US dollar 
exchange rate, with a certain time lag.
Yara keeps a major part of its debt in US dollars in order to reduce overall eco­
nomic currency exposure. Yara also utilizes derivative instruments to manage 
foreign currency exchange rate risks. A well-established system for currency 
risk management is in place, with defined currency exposure limits and stan­
dardized exposure measurement tools. Yara’s geographically diversified port­
folio reduces the company’s overall currency risk.
Interest rate risk
Interest rates on different currencies 
vary depending on the economy and 
political actions, which will influence 
Yara’s funding cost over time. However, 
the overall exposure of our business 
to interest rate fluctuations is 
considered low.
Interest rate risk is managed on an assessment of the financial markets and 
macroeconomic development, in relation to the expected impact an interest 
change will have on Yara’s financial performance. As a risk mitigation mea­
sure, Yara keeps part of the long-term debt portfolio in fixed interest rate 
agreements. Yara also utilizes derivative instruments to manage interest 
rate risks.

Yara Annual report 2019 
52
Risk Management
HESQ risks 
Safety is always our top priority and we believe that all injuries are preventable. We commit to excellence in our HESQ performance, 
which is imperative to protect our employees and contractors, and uphold reliability and performance. We have adopted a system­
atic approach to monitoring and reviewing the quality and handling of all our products, ensuring that proper care is taken along the 
entire value chain.
HESQ risks
Factor
Mitigation
Health and 
safety
Yara’s production sites are large industrial plants, and many 
of Yara’s raw materials, intermediates and products are 
classified as substances dangerous to the health. Such a 
working environment contains various potential occupa­
tional health and safety risks to employees and contractors 
working on site. While Yara’s raw materials are often dan­
gerous chemicals, the final fertilizers typically are not clas­
sified as hazardous, and the occupational health and safety 
risk at the use phase is minor.
Yara has a strict requirement on reporting of incidents, 
accidents and injuries, and works continuously to improve 
safety practices and safety culture by systematically 
enforcing strict operating procedures and developing 
employee and contractor competence. Yara's ambition is 
zero injuries and the company continue to set challenging 
KPI targets for occupational safety. Our Safe by Choice is 
the umbrella for all safety activities with the aim to reduce 
exposure to accidents, to develop strong safety leadership, 
to drive operational discipline, and to train and encourage 
staff to always act and react in accordance with our safety 
standards. 
Personnel 
security risk
Yara’s global activity may be exposed to threats from; crim­
inals, activists, local population, competitors, terrorists and 
States which could harm our operations and activity, and 
pose security risks to our personnel, the environment we 
work in, our assets and our reputation.
We continuously assess and manage regional and local 
threats to our personnel. HESQ Security department is in 
charge of developing and maintaining corporate guidelines 
on security, and a method for assessing security risks, 
in addition to initiating appropriate mitigation actions in 
response to potential threats.
Natural disasters
Yara's production and logistics operations could be directly 
or indirectly affected by natural disasters.
We have implemented specific precautionary measures for 
operations located in areas more likely to be affected by 
extreme weather conditions and natural disasters. Signif­
icant efforts are also put into crisis management training 
and scenario planning, to minimize potential threats to 
security, health and operational assets.

Yara Annual report 2019 
53
Risk Management
Compliance risks 
We are dedicated to conducting our business according to our Code of Conduct and the Compliance Program, as well as the univer­
sally accepted principles in the areas of human rights, labor and anti-corruption.
Compliance risks
Factor
Mitigation
Corruption risk
Corruption appears in many forms throughout the world, 
usually in the form of “improper advantages”. With oper­
ations in over 60 countries Yara is exposed to countries, 
markets and counterparts with varying ethical standards 
and business conduct. Corruption poses both compliance 
and reputational risks to Yara and our business partners.
Our zero-tolerance stance on bribery, corruption and vio­
lation of competition laws has been systematically imple­
mented and communicated throughout our organization 
and to business partners through policy commitments, 
trainings and awareness raising. Yara’s Ethics and Compli­
ance department coordinates and oversees the company’s 
work in this area through Yara’s Compliance program. 
Yara’s Integrity Due Diligence process is defined to identify 
and mitigate risks related to business partners on various 
topics, including corruption, human rights and labor rights. 
Our whistle-blowing channels allow employees, consul­
tants and third parties to raise concerns anonymously.
People related 
risks 
Failure to comply with the Code of Conduct and interna­
tional standards will have a damaging effect on our brand 
and reputation. It can also negatively affect our relationship 
with current and future business partners, resulting in both 
legal sanctions and financial loss. In positive terms, demon­
strating a commitment to ethical business conduct and 
social responsibility can be leveraged to create competitive 
edge and create value for business partners, employees 
and society at large.
We are committed to creating an equal opportunity work­
place free from harassment, where hiring and development 
are based on achievements, qualifications, and skills of 
each individual. Ethical and compliant business conduct 
and reporting are set at high standards, reflecting Yara’s 
commitments. Yara has developed its compliance program 
taking into account internationally recognized and endorsed 
standards in key areas such as people related risks. 
Human rights 
risks
Yara’s operations may impact human rights throughout 
our entire value chain. Through a mixture of ethical and 
legal obligations, risk of negative impact on human rights 
may affect Yara’s reputation and standing as a responsible 
business. 
Yara’s human rights policy is set out in the Code of Conduct, 
and is integrated in the Compliance Program and key busi­
ness processes, such as risk management and the capital 
value process. 
Yara follows the United Nations Guiding Principles on Busi­
ness and Human Rights and aim to continuously improve 
our work in this area. Our annual global human rights risk 
assessment allows us to proactively monitor exposure to 
human rights risks wherever we operate, and guides us in 
prioritizing locations for human rights impact assessments.

Yara Annual report 2019 
54
Governance and risk management
Corporate 
Management >

Yara Annual report 2019 
55
Corporate Management
Corporate governance
Yara is subject to corporate governance 
reporting requirements according to 
the Norwegian Accounting Act, section 
3-3b, the Continuing Obligations of 
Stock Exchange Listed Companies at 
Oslo Stock Exchange, Chapter 7, and 
the Norwegian Code of Practice for 
Corporate Governance (the “Code”), 
freely available at www.lovdata.no, 
www.oslobors.no and 
www.nues.no, respectively.
This report follows the system used 
in the Code and forms part of the 
Report of the Board of Directors.
1. Implementation and reporting 
of corporate governance
Yara’s Board of Directors promotes and 
supports open and clear communication 
of the company’s key governance and 
decision processes. Yara’s Board of 
Directors believes that good corporate 
governance drives long-term value 
creation and promotes sustainable 
business conduct. Yara is committed to 
transparency and accountability and 
adheres to international conventions and 
national legislation where it operates.
Yara complies with the recom­
mendations of the Code with the 
exception of separate election of each 
candidate for the Board of Directors 
and the Nomination Committee. 
The justification for this deviation 
and the selected, alternative solution 
is provided in section 6 below.
2. Business
Yara grows knowledge to responsibly 
feed the world and protect the planet, to 
fulfill our vision of a collaborative soci­
ety, a world without hunger and a planet 
respected. To meet these commitments, 
we have taken the lead in developing 
digital farming tools for precision 
farming and work closely with partners 
throughout the whole food value chain 
to develop more climate-friendly crop 
nutrition solutions. In addition, we 
are committed to working towards 
sustainable mineral fertilizer produc­
tion. We foster an open culture of 
diversity and inclusion that promotes the 
safety and integrity of our employees, 
contractors, business partners, and 
society at large. Founded in 1905 to 
solve the emerging famine in Europe, 
Yara has a worldwide presence with 
about 16,000 employees and operations 
in over 60 countries. In 2019, Yara 
reported revenues of USD 12.9 billion.
The scope of Yara’s business is defined 
in its Articles of Association, section 2:
"The objectives of the company are 
to engage in industry, commerce 
and transport, and to engage in 
other activities connected with 
these objectives. Activities may also 
proceed through participation in or in 
co-operation with other enterprises."
The Articles of Association are pub­
lished in full on the company’s website. 
More details on Yara’s objectives, 
principal strategies and risk profiles 
are presented in the Introduction 
to the Annual Report and in the 
Report of the Board of Directors. The 
objectives, strategies and risk profiles 
are evaluated at least annually.
» yara.com/this-is-yara/corporate-gover­
nance/shareholders/articles-of-association/
» Report of the Board of Directors / page 73
Yara provides information on corporate 
social responsibility in the Board 
of Directors report, in accordance 
with the Norwegian Accounting 
Act. Yara has guidelines, principles, 
procedures and standards in place 
as referred to in the Accounting Act 
through its ethical program, and also 
reports in accordance with the Oslo 
Stock Exchange’s guidance on the 
reporting of corporate responsibility. 
More information about Yara’s 
basic corporate values, ethical 
program and sustainability is 
available on the company’s website. 
» yara.com/this-is-yara/
mission-vision-and-values/
» yara.com/this-is-yara/
corporate-governance/
» yara.com/Ethicsandcompliance
» yara.com/this-is-yara/sustainability/
Yara is headquartered in Oslo, 
Norway, and is listed on the 
Oslo Stock Exchange. 
An open and active corporate governance is crucial for aligning the interests of shareholders, 
management, employees and other stakeholders. Yara’s Board of Directors believes that good 
corporate governance drives long-term value creation and promotes sustainable business conduct.

Yara Annual report 2019 
56
Corporate Management
3. Equity and dividends
Yara targets a BBB credit rating from 
Standard & Poor’s. Based on Yara’s 
scalable business model and strong track 
record of value-creating acquisitions, 
the Board believes that more than half 
of Yara’s earnings should be reinvested 
in the company. Yara’s objective is to 
pay on average 40-45% of net income 
to shareholders in the form of dividends 
and share buy-backs. Within this objec­
tive, a minimum 30% of net income 
shall be paid in the form of dividends, 
while share buy-backs may make up the 
balance and are deployed with greater 
flexibility. Yara’s capital allocation 
policy is based on an overall objective to 
maintain a mid-investment grade credit 
rating, while at the same time providing 
investors with a potential for cyclical 
upside in dividends. Yara’s targeted 
capital structure is a mid- to long-term 
net debt/EBITDA range of 1.5-2.0 and 
a net debt/equity ratio below 0.60. 
Subject to these requirements, Yara’s 
ordinary dividend shall be 50% of 
net income. Shareholder returns are 
distributed primarily as cash, with share 
buy-backs as a supplemental lever.
New equity will only be issued in 
connection with concrete step growth 
opportunities. No general mandate 
is granted to the Board to increase 
the company’s share capital.
Yara may execute share buy-back 
programs as an integral part of its 
shareholder policy. Every year since 
the company’s IPO, Yara’s Board 
has secured an authorization from 
the Annual General Meeting to buy 
back up to 5% of total shares in 
the company during the following 
year, for subsequent cancellation. A 
precondition for each annual program 
is that an agreement is made with the 
Norwegian State where the State com­
mits to sell a proportional share of its 
holdings to leave the State’s ownership 
(36.21%) unchanged. The mandates 
granted to the Board of Directors for 
the company to purchase its own Yara 
shares are limited in time to the date 
of the next Annual General Meeting.
» Report of the Board of Directors / page 73
» The Yara Share / page 40
4. Equal treatment of shareholders and 
transactions with close associates
Transactions involving the company’s 
own shares, such as the share buy-back 
program, are executed via the stock 
exchange at prevailing stock exchange 
prices, with on-going disclosure 
via stock exchange releases and the 
company’s own web pages. Share 
redemptions from the Norwegian State 
are carried out at the same price terms 
as for the buy-backs carried out via 
the stock exchange. Yara may execute 
buybacks via external bank mandate 
subject to “safe harbor" exemptions.
In 2019, there were no significant 
transactions between the company 
and related parties, except for 
ordinary commercial transactions with 
subsidiaries and non-consolidated 
investees. These were all based 
on arm’s length market terms.
Regarding the company's related party 
transactions, the mandatory regulations 
in the Norwegian Public Limited Com­
panies Act (§§ 3-8 and 3-9) are supple­
mented by IFRS (International Financial 
Reporting Standards) standards. Thus, 
the members of the Board of Directors 
and Management are required to 
disclose all entities that would be 
considered to be “related parties” under 
applicable IFRS regulation. Transactions 
with such entities are subject to specific 
disclosure and approval requirements. 
» Note 8.1 and 8.2 to the consolidated 
financial statements “Related 
parties” and " Executive Management 
remuneration" / page 161 and 162
5. Shares and negotiability
The Articles of Association place 
no restrictions on the transferability 
of Yara shares, and the shares are 
freely negotiable. There are no voting 
restrictions linked to the shares. 
There are no restrictions on the 
purchase or sale of shares by the Board 
of Directors and the Executive Manage­
ment as long as insider regulations are 
adhered to. Yara’s Long-Term Incentive 
Plan mandates the use of a portion 
of the funds received by Executive 
Management for the purchase of Yara 
shares, restricting the sale of such shares 
for three years following the purchase.
» Note 8.1 and 8.2 to the consolidated 
financial statements “Related 
parties” and " Executive Management 
remuneration" / page 161 and 162
6. General meetings
In accordance with Yara’s Articles 
of Association and the Norwegian 
Public Limited Companies Act, 
the Yara Annual General Meeting 
ranks at the top of the corporate 
governance structure. Yara’s Articles 
of Association §10 require the Annual 
General Meeting to be held every 
year before the end of June.
In accordance with the Norwegian 
Public Limited Companies Act Chapter 
5, the Annual General Meeting elects 
the shareholders' representatives to the 
Board of Directors and approves the 
Financial Statements, the Report of the 
Board of Directors, and any dividend 
payment proposed by the Board of 
Directors. This Corporate Governance 
Report and the Board of Directors' 
Statement of renumeration of Executive 
Personnel are presented to the Annual 
General Meeting in accordance with the 
Norwegian Public Limited Companies 
Act Chapter 5, see further information 
regarding the Statement of renumeration 
of Executive Personnel in Section 
12 below. In accordance with the 
Norwegian Public Limited Companies 
Act Chapter 7, the general meeting elects

Yara Annual report 2019 
57
Corporate Management
the company's external auditor and 
approves the auditor's renumeration. In 
accordance with Yara's Articles of Asso­
ciation §7, the Annual General Meeting 
elects the Nomination Committee. 
The Chair of the Board and the CEO 
are present at the Annual General Meet­
ing along with the leader of the Nom­
ination Committee and the external 
auditor. All Board members and mem­
bers of the Nomination Committee are 
encouraged to participate at the Annual 
General Meeting. The Annual General 
Meeting is required to elect an indepen­
dent person to chair the meeting. The 
minutes of the Annual General Meeting 
are published on the company’s website.
All shareholders are entitled to submit 
items to the Annual General Meeting 
agenda, and to meet, speak and vote 
at the meeting. In accordance with 
Norwegian corporate law and Yara’s 
Articles of Association §9, shareholders 
registered in the Norwegian Central 
Securities Depository (No: Verdipa­
pirsentralen) can vote in person or by 
proxy on each agenda item put forward 
in the Annual General Meeting. A 
form for the appointment of a proxy 
for voting is included in the Annual 
General Meeting notice, as well as 
information regarding which person 
is nominated by the company to act as 
a proxy for shareholders who cannot 
attend the Annual General Meeting 
in person. Shareholders registered 
in the Norwegian Central Securities 
Depository can also vote electronically 
in advance on each agenda item put 
forward in the Annual General Meeting.
The Company has chosen to not follow 
the Code’s recommendation to vote 
separately on each candidate nominated 
for election to the Board of Directors 
and Nomination Committee. This 
choice is based on the Nomination 
Committee’s process being focused 
on the combined qualifications and 
experience of the proposed members of 
the Board of Directors and the Nomi­
nation Committee, and that the voting 
should therefore also be combined.
The Annual General Meeting notice is 
sent to all shareholders individually, or 
to their depository banks, at least 21 
days in advance of the meeting. The 
meeting notice includes information 
regarding shareholders’ rights and 
guidelines for registering and voting at 
the meeting. In accordance with Yara’s 
Articles of Association §9 the due date 
for shareholders to give notice of their 
intention to attend the Annual General 
Meeting is set no more than five days 
prior to the Annual General Meeting. 
» yara.com/this-is-yara/corpo­
rate-governance/shareholders/
annual-general-meetings/
» The Yara share / page 40
7. Nomination Committee
Yara’s Articles of Association §7 
states that the company shall have a 
Nomination Committee consisting of 
four members elected by the Annual 
General Meeting, and that the Annual 
General Meeting approves the procedure 
for the Nomination Committee. The 
Nomination Committee nominates 
the shareholders’ representatives to 
the Board of Directors, including 
presenting relevant information about 
the candidates and an evaluation of their 
independence, and proposes the remu­
neration of the Directors to the Annual 
General Meeting. The Nomination 
Yara corporate governance structure
HR Committee
Yara Internal Risk and Audit
Audit Committee
Compliance
Reporting
Election/ appointment
Shareholders
Annual General Meeting
Board of Directors
President and CEO
Executive Management
Nomination Committee
External Auditor

Yara Annual report 2019 
58
Corporate Management
Committee contacts major shareholders, 
the Board of Directors and the CEO as 
part of its work on candidate proposals. 
The Nomination Committee also 
recommends which members the Board 
should elect as Chair and Vice Chair.
The Nomination Committee nominates 
candidates to the Nomination 
Committee, hereunder the Chair of the 
Nomination Committee, and proposes 
remuneration of the Committee Mem­
bers to the Annual General Meeting. 
The Nomination Committee justifies 
its recommendations. Members of the 
Nomination Committee are elected 
for two-year terms. According to the 
Nomination Committee procedure, 
there should be a gradual rotation 
among the committee members.
The Nomination Committee consists 
of the following members, all of 
whom are independent of the Board 
and Executive Management:
Otto Søberg, Chair (CEO of 
Eksportkreditt Norge AS);
Thorunn Kathrine Bakke 
(Director, Norwegian Ministry of 
Industry, Trade and Fisheries);
Ottar Ertzeid (Group Executive 
Vice President DNB Markets);
Ann Kristin Brautaset (Deputy 
Director Equities at Norwegian 
National Insurance Scheme 
fund (“Folketrygdfondet”)).
The contact details of the Chair 
of the Nomination Committee are 
available on the company’s website, 
and shareholders with proposals for 
new Board members are encouraged 
to send those to the Chair. 
The Nomination Committee held 16 
meetings in 2019. In 2019, the remuner­
ation to the Chair of the Nomination 
Committee was NOK 8,000 per 
meeting prior to the Annual General 
Meeting and thereafter NOK 8,200 per 
meeting. The remuneration to the other 
members of the Nomination Committee 
was NOK 6,000 per meeting prior 
to the Annual General Meeting and 
thereafter NOK 6,200 per meeting.
» yara.com/this-is-yara/corpo­
rate-governance/shareholders/
nomination-committee/
8. Board of directors: Composition and
independence
In accordance with an agreement 
between Yara and its employees, Yara 
does not have a corporate assembly. 
Yara believes this supports more direct 
communication between shareholders 
and management, increases accountabil­
ity and improves the speed and quality 
of the company’s decision-making.
Yara’s Board of Directors consists of 
eleven members, with seven sharehold­
er-elected Board members including the 
Chair, all elected for two-year terms 
by the Annual General Meeting. The 
remaining four Board members are 
employee-elected. Three of the share­
holder-elected and two of the employ­
ee-elected Board members are women. 
The Board elects both its Chair and the 
Vice Chair based on a recommendation 
from the Nomination Committee.
The shareholder-elected members of the 
Board are independent of the company’s 
management, main shareholders and 
material business contracts. The same 
is valid for the employee representative 
Board members, other than their 
employment contracts. Members of the 
Executive Management are prohibited 
from being members of the Board.
All Board members are encouraged 
to own shares in the company. The 
shareholder-elected Board members 
Geir Isaksen, Hilde Bakken, Trond 
Berger, Håkon Reistad Fure, Kimberly 
Lein-Mathisen, Adele Norman Pran 
and John Thuestad owned 84, 800, 
3,000, 22,500, 0, 10 and 1,200 
shares respectively at years end. 
The four employee-elected Board 
members Eva Safrine Aspvik, Rune 
Bratteberg, Kari Nøstberg, and Geir 
Sundbø owned respectively 531, 326, 
447 and 298 shares at year-end.
Information about the Board members’ 
attendance in Board meetings are 
included in the Annual Report.
» yara.com/this-is-yara/
corporate-governance/ 
» Board of Directors / page 66
» Note 8.1 to the consolidated financial 
statements “Related parties” / page 161
9. The work of the board of directors
The Board has established written 
instructions for its own work and the 
work of the CEO. Board members and 
members of Yara’s Management are in 
accordance with the Rules of Procedure 
for the Board of Directors of Yara and 
Yara’s Code of Conduct, committed to 
make the company aware of any mate­
rial interest they may have in items to be 
considered by the Board. Furthermore, 
the Rules of Procedure for the Board of 
Directors includes provisions governing 
matters where Board members may be 
disqualified due to a special or prom­
inent interest in the matter, including 
transactions with Board members. 
» Note 8.1 to the consolidated financial 
statements “Related parties” / page 161
If the Chair is or has been personally 
involved in matters of material 
significance to the company, any Board 
review of such matters will be chaired 
by another member of the Board. In the 
case of the Chair’s absence, Board meet­
ings will be chaired by the Vice Chair.
The Board of Directors held 11 meetings 
in 2019. Shareholder-elected Board 
members Kimberley Lein-Mathisen, 
Adele Norman Pran and Håkon 
Reistad Fure were appointed at the

Yara Annual report 2019 
59
Corporate Management
Annual General Meeting 2019, and 
employee-elected Board member Eva 
Safrine Aspvik was elected thereafter. 
Lein-Mathisen, Norman Pran and Reis­
tad Fure attended 7 meetings in 2019. 
Aspvik was excused from one of the 
meetings and attended 6 meetings. From 
September 2019 the employee-elected 
Board member Kjersti Aas was replaced 
by Kari Nøstberg, who attended 3 
meetings in 2019. As for the remaining 
board members, one was excused from 
three of the meetings and one was 
excused from two of the meetings, hence 
attended 8 and 9 meetings respectively 
in 2019. The remaining board members 
attended all 11 meetings in 2019. The 
Board conducts an annual evaluation 
of its qualifications, experience and 
performance, which is also presented 
to the Nomination Committee.
The Board of Directors have 
established an Audit Committee and 
an HR Committee. Both committees 
work as preparatory bodies for the 
Board and according to specific 
mandates approved by the Board.
HR Committee
The HR Committee reviews the 
performance of, and proposes terms 
and compensation for, the CEO to the 
Board of Directors. The committee 
also reviews and proposes guidelines 
for executive remuneration and 
material employment matters and 
advises the CEO on other HR matters. 
The HR Committee consists of three 
members elected by the Board from 
its own members. The committee held 
five meetings in 2019. All members 
attended all five meetings in 2019.
Audit Committee
The Audit Committee assists the Board 
of Directors in assessing the integrity 
of the company’s financial statements, 
financial reporting processes and 
internal controls, risk management 
and performance of the external 
auditor. The Audit Committee further 
evaluates plans and internal audits 
performed by the Internal Risk and 
Audit department within the areas 
of financial reporting and control.
The Audit Committee conducts an 
annual evaluation according to its 
mandate. Yara’s Audit Committee 
consists of three members of the Board 
and the committee has the independence 
and competence required by legislation. 
The Chair of the Board is not a member 
of the Audit Committee. The Audit 
Committee held seven meetings in 
2019. One member was appointed at 
the Annual General Meeting 2019 and 
thus attended four of the committee 
meetings in 2019. The remaining 
members attended all meetings in 2019.
The Yara Internal Risk and Audit 
function assists the Executive Man­
agement and the Board of Directors 
with a systematic, disciplined approach 
for evaluating governance, risk 
management and internal control.
» yara.com/this-is-yara/corporate-gover­
nance/board-of-directors/audit-committee/
10. Risk management 
and internal control 
Yara’s risk management and internal 
control activities are integrated with the 
corporate strategy and business plan­
ning processes, based on the principle 
that risk evaluation is an integral part of 
all business activities. While risk man­
agement is a centrally governed process, 
the responsibility for day-to-day risk 
management activities is placed with the 
business segments and expert organiza­
tions. The Yara Board of Directors and 
Executive Management evaluate and 
define yearly risk appetite across key 
operational and strategic dimensions. 
The main objective for a more system­
atic and comprehensive assessment of 
risk appetite is to align boundaries for 
risk which will guide efficient resource 
allocation. Defining risk appetite is also 
a prerequisite for setting optimal risk 
tolerance with supporting controls.
The Board believes that expressing 
the company’s risk appetite within 
important areas of its business activity 
helps to convey how the company 
approaches and evaluates risk to 
investors, customers and society at large.
The Board carries out separate annual 
reviews of the company’s most import­
ant risk exposures and internal control 
systems. Risks are also considered by the 
Board in relation to the assessment of 
specific projects and ongoing operations.
The Audit Committee performs ongoing 
evaluations of risk and control related to 
financial reporting. Yara Internal Risk 
and Audit supports Yara Management 
and the Board of Directors in terms of 
evaluating the effectiveness and effi­
ciency of internal controls and gives an 
independent view on risk management.
Yara Internal Risk and Audit performs 
independent audits both at subsidiary 
and group level, as well as audits and 
reviews of specialist functions involved 
in business operations, financial 
reporting and risk management. The 
Chief Internal Risk and Audit Executive 
reports functionally to the Board of 
Directors and administratively to the 
Chief Executive Officer. Yara Internal 
Risk and Audit has no direct operational 
responsibility or authority over any of 
the activities it reviews. The unit has 
unrestricted access to all functions, 
records, physical properties, and per­
sonnel relevant to the performance of its 
tasks. It also has full and free access to 
Yara Executive Management, the Board 
of Directors and the Audit Committee. 
The external auditor provides a descrip­
tion of the main elements in the audit, 
including observations on Yara internal

Yara Annual report 2019 
60
Corporate Management
control related to the Financial Report­
ing process, to the Audit Committee.
Yara’s internal control framework 
is based on the principles of the 
integrated framework for internal 
control established by the Committee 
of Sponsoring Organizations of the 
Treadway Commission (COSO). 
The five framework components are: 
•	 control environment; 
•	 risk assessment; 
•	 control activities; 
•	 information and communication; 
•	 and monitoring. 
The content of the different 
elements is described below.
Control Environment
Yara’s Corporate Social Responsibility 
policy and Code of Conduct are 
integrated in its risk management 
and internal control systems, through 
global employee training programs, 
and an Integrity Due Diligence 
process which covers both existing
business partners and forward-looking 
business development activities.
Yara’s Steering System is one of the 
pillars of Yara’s internal control system. 
It aims to ensure that all Yara employees 
act in a consistent manner and in line 
with quality standards and business 
needs. All Yara employees are encour­
aged to raise questions or issues about 
such matters with line management 
and through alternative channels, 
including a whistle-blowing system.
Risk Assessment
The Enterprise Risk Management unit 
is the key facilitator of the internal 
risk management system and shall 
assist Executive Management with 
implementing and maintaining an 
appropriate risk management frame­
work to support identification, analysis, 
management and reporting of all types 
of risks. The unit further coordinates 
risk management activities within Yara 
and consolidates reporting on risks.
Control Activities
Yara’s Group Accounting is responsible 
for the preparation of the Financial 
Statement and to ensure that the 
Financial Statement is reported 
according to applicable laws and 
regulations and in accordance with 
adopted accounting policies.
The Controller function is responsible 
for the Board of Directors and Manage­
ment reporting as well as planning and 
coordinating the business plan process.
The Internal Control function regulates 
the governance structure for Internal 
Control over Financial Reporting 
(ICFR) as well as manages and controls 
risks related to financial reporting. 
The Audit Committee performs reviews 
of the quarterly and annual financial 
statements with special focus on 
transaction types, which includes judg­
ments, estimates or issues with major 
impact on the Financial Statement. 
The internal and external auditors 
participate in these meetings. In addition 
to the quarterly and annual reporting, 
the Board of Directors receives
pre-quarterly performance reports.
Information and communication 
The Yara Steering System provides 
all employees with an overview of 
the prevailing corporate policies 
and procedures. Yara’s Accounting 
Manual describes corporate accounting 
policies and is continuously updated 
and revised for any changes related to 
IFRS and Yara’s Accounting Policies.
Monitoring
All bodies and functions described 
above monitor and assess for any 
need of corrective actions related 
to financial and operational risk 
within their area of responsibility.
» Risk management / page 43
» yara.com/this-is-yara/ethics-and-com­
pliance/policies/code-of-conduct/
» yara.com/this-is-yara/
ethics-and-compliance/
11. Remuneration of 
the board of directors
The remuneration of the Board of 
Directors is proposed by the Nomina­
tion Committee and approved by the 
Annual General Meeting, and is not 
linked to the company’s performance. 
Board members are not granted share 
options, and shareholder-elected 
Board members do not have specific 
assignments for the company in addition 
to their duties as Board members.
The remuneration of the Board of Direc­
tors reflects the Board’s responsibility, 
expertise, time commitment and the 
complexity of the company’s activities.
In 2019, the remuneration to the Chair 
of the Board of Directors was NOK 
609,000 per annum prior to the Annual 
General Meeting, increasing to NOK 
646,000 per annum thereafter. The 
remuneration to the Vice Chair was 
NOK 375,000 per annum prior to the 
Annual General Meeting, increasing 
to NOK 386,000 per annum after the 
Annual General Meeting. The remu­
neration to the other Board members 
was NOK 330,000 per annum prior 
to the Annual General Meeting and 
NOK 340,000 per annum thereafter. 
Board members resident outside 
Scandinavia was entitled to a meeting 
allowance of NOK 11,400 per meeting 
prior to the Annual General Meeting, 
increasing to NOK 23,000 per meeting 
after the Annual General Meeting.
The remuneration to the Chair of the 
Audit Committee was NOK 169,000 
per annum prior to the Annual General 
Meeting, increasing to NOK 174,000

Yara Annual report 2019 
61
Corporate Management
per annum thereafter. The remuneration 
to the other Audit Committee members 
was NOK 95,000 per annum prior 
to the Annual General Meeting and 
NOK 98,000 per annum thereafter.
The remuneration to the Chair of the 
HR Committee was NOK 7,700 per 
meeting prior to the Annual General 
Meeting, increasing to NOK 7,900 per 
meeting thereafter. The remuneration 
to the other HR Committee members 
was NOK 7,300 per meeting prior 
to the Annual General Meeting and 
NOK 7,500 per meeting thereafter.
The total compensation to Board mem­
bers in 2019 is disclosed in Note 8.1 in 
the consolidated financial statements.
» Note 8.1 to the consolidated financial 
statements “Related parties” / page 161
12. Remuneration of 
executive personnel 
The Board of Directors determines the 
remuneration of the President and CEO 
based on a proposal from the HR Com­
mittee and approves the general terms of 
the company's incentive plans for Execu­
tive Management and other key employ­
ees. The President and CEO determines 
the compensation to the other members 
of Yara's Executive Management.
The statement is prepared in accordance 
with the Public Limited Companies Act 
section 6-16a. Pursuant to the Public 
Limited Companies Act section 5-6 
(3) the statement will be presented to 
the Annual General Meeting (AGM) 
for advisory vote except for the parts 
regarding Share-Based Remuneration 
(SBR) and Voluntary Share Purchase 
Program which will be presented to the 
AGM for approval. The Ministry of 
Trade, Industry and Fisheries disclosed 
amended guidelines for remuneration 
of executives in state-owned and partly 
state-owned companies with effect from 
13 February 2015. Yara’s remuneration 
principles applying to the Executive 
Management comply with these guide­
lines. For executives employed by Yara 
companies in other countries remuner­
ation may deviate from the guidelines 
depending on local market conditions. 
There is currently one member of Yara’s 
Executive Management who is employed 
by a non-Norwegian Yara company. 
General Principle
Yara’s policy concerning remuneration 
of the CEO and other members of Yara’s 
Executive Management is to provide 
remuneration opportunities which:
•	 Are attractive to recruit 
and retain executives;
•	 Are responsible as well as com­
petitive but not market leading;
•	 Reward the executives’ performance, 
measured as their contribution 
to the overall success of Yara; 
•	 Support the creation of sustainable 
value to Yara’s shareholders 
and other stakeholders
Total compensation for each 
member of Executive Management 
is compared to the relevant market 
on a regular basis. Yara’s remuner­
ation of the Executive Management 
includes the following elements:
Base Salary
Base Salary is reviewed once a year 
as per 1st June along with the Annual 
Salary Review for all employees 
in Yara. The development of basic 
salary for Executive Management 
is based on the following:
•	 Annual salary adjustment for 
employees in Yara International 
ASA and Norwegian subsidiaries;
•	 Benchmark of Executive Management 
Salaries in peer companies
Share Based Remuneration
The main purpose of the Share Based 
Remuneration (SBR) is to support the 
alignment between executives and 
shareholder interests and to ensure 
retention of key talent in the company. 
The SBR provides a cash amount to 
eligible executives, who are required to 
invest the net amount after tax in Yara 
shares within a period of one month 
after the grant, and to retain the shares 
for minimum 3 years. After the lock-in 
period, executives are free to keep or sell 
the shares at their discretion. Executives 
who resign from Yara must reimburse to 
the company at the time of resignation 
the net proceeds of the selling of the 
shares that are still within the lock-in 
period. The grant of SBR is conditional 
on Yara’s Net Result excluding special 
items and currency gain/loss being 
positive over the last three years. 
Yara's CEO can in any case decide that 
SBR shall not be granted in a given 
year and Yara's Board of Directors can 
decide that SBR shall not be granted 
to the CEO. Such an evaluation will 
amongst other factors be evaluated 
against Yara’s performance towards its 
strategic targets of sustainable value 
creation, hereunder Key Performance 
Indicators (KPIs) linked to environmen­
tal, social and financial performance. 
The amount granted is linked to the 
responsibility in the position. For Yara 
CEO, SBR is 30% of Base Salary. 
For the other members of Executive 
Management, SBR is 20% or 25%.
Short-Term Incentive Plan
Yara has defined and communicated 
long-term strategic targets. Those targets 
form the basis for the annual Business 
Plan. The annual KPIs are ambitious and 
stretched and are taken from Yara's busi­
ness plan for the current year as a step 
towards achieving the company's long-
term strategic targets. The relationship 
between the long-term strategic targets 
and the Key Performance Indicators is 
illustrated in the table on next page.

Yara Annual report 2019 
62
Corporate Management
The Short-Term Incentive Plan 
depends on four main factors;
•	 A trigger which must be met for any 
incentive at all to be paid out, 
the trigger is having a net 
income above zero
•	 Provided this is in place, the other 
three factors are multipliers defining 
the pay-out to each 
member of the plan;
•	 Target Incentive as a per­
centage of Base Salary;
•	 Yara Financial Performance measured 
by Yara’s Return on Invested Capital 
(ROIC) excluding Special Items; 
•	 Executive Management’s contribution 
to the achieved results of 
the KPIs and strategic targets. The 
KPIs should express ambitious
 and stretched goals
These three elements are described 
in further detail below:
Target Incentive
The Target Incentive is linked to the 
responsibility in the position and 
comparison with the market. The 
Target Incentive is 40% of base salary 
for Yara CEO and 28% to 35% of 
base salary for the other members of 
Executive Management on Norwegian 
employment contracts. For executives 
employed by Yara companies in 
other countries the Target Incentive 
sometimes deviate from the above 
depending on local market conditions.
Yara Financial Performance
Given that Yara’s net income is above 
zero, the financial performance 
multiplier will be in the range of 0 up 
to maximum 125% depending on the 
targeted and achieved ROIC. The mul­
tiplier scale is shown in the table below.
The basis for setting the ROIC target 
is Yara's long-term strategic target of 
10% return on capital employed. The 
target for an individual year will vary 
depending on where we are in the 
industry cycle and will for some years 
be lower and for other years higher 
than the strategic target. The annual 
target for ROIC is approved by Yara 
International ASA Board of Directors. 
Strategic Priorities
Long-term targets
KPIs
Advance 
operational 
excellence
Delivering improved operations and 
superior profits
Yara Improvement Program 
EBITDA improvements > MUSD 
600 in 2023 vs 2018
Fixed Cost
Produced Volumes
Energy Efficiency in production
Inventory Days
Credit Days
Customer satisfaction
EBITDA impact by Business Unit
Procurement savings
Driving quality and diversity 
through an engaged and respected 
workforce
Engagement index >80% by 2025, 
and >20% female top managers by 
2020 and >25% by 2025
Total Recordable Injuries (TRI)	
% Female senior Leadership 
position holders 	
% Employee engagement
Protecting the planet by aiming for 
climate neutrality by 2050
>10% decline in kg CO2e/kg N 
produced by 2025
Tonne CO2 eqv./tonne N 
Create 
scalable 
solutions
Improving margins and nitrogen 
use efficiency through premium 
product growth
>3.5 million tonnes premium 
products growth and >100 million 
units of YaraVita sales by 2025, 
improving overall EBITDA/t in 
Sales & Marketing
Product deliveries (kt)
Commercial CB1/t
EBITDA/t 
Build profitable global food chain 
partnerships
>2 million tonnes of crop solution 
sales generated through food 
companies by 2025
Product deliveries (kt)
Drive 
innovative 
growth
Building closeness to farmers 
through scaling up digital farming 
>10 million ha under management 
in 2020 and positive EBITDA from 
digital farming in 2022
KPI's driving progress towards 
successful completion of defined 
development projects
Solving global challenges and 
growing profitable business through 
innovation
Shaping the industry by delivering 
sustainable and profitable 
innovations with de-carbonization 
and circular economy

Yara Annual report 2019 
63
Corporate Management
Executive Management Performance
The Executive Management 
Performance multiplier is based on 
measurable KPIs, the promotion of 
Yara’s Mission, Vision and Values 
and demonstrated behaviors. The 
relationship between Yara's long-term 
strategic targets and the annual 
KPIs is shown in the table above.
To achieve 100% multiplier on Execu­
tive Management Performance, all the 
KPI targets must be fully achieved and 
the executive must have demonstrated 
behavior according to Yara’s Values. 
Short-Term Incentive Payout
For executives on Norwegian 
employment contracts the maximum 
Short-Term Incentive Payout is capped 
at 50% of Annual Base Salary. It is 
not permitted to accrue any calculated 
payout in excess of the capped amount 
to future year where the payment may 
be less than 50% of Base Salary. For 
executives employed by Yara companies 
in other countries the payout may 
exceed 50% depending on local market 
conditions. For the year 2016 to 2018 
the annual payouts for Yara CEO 
varied between 21% and 36% of Base 
Salary. The average annual payouts 
for the other executives on Norwegian 
employment contracts varied between 
16% and 31% of Base Salary. 
Benefit Plans
Company paid Pension Plans
Pension Plans in Yara should be 
defined contribution (DC) plans. 
Executive Management on Norwegian 
employment contracts are eligible to the 
company paid DC Pension Plan appli­
cable for all Yara employees in Norway. 
The contribution rates to this plan is 7% 
of part of pensionable salary up to 7.1 
times Norwegian Social Security Base 
Amount (G) and 18% of pensionable 
salary between 7.1G and 12G.
Yara has a DC Pension Plan covering 
salary in excess of 12G applicable for 
employees on Norwegian employment 
contracts. From December 2015 this 
plan was closed for new members. For 
internal recruits to the Executive Man­
agement who are members of the plan at 
commencement, future contribution to 
the plan stops and they become deferred 
members of the plan. Current members 
of the Executive Management at 3 
December 2015 remain active members 
of the plan with future contributions.
For employees on Norwegian employ­
ment contracts, the upper retirement 
age is 70 years with the possibility for 
flexible retirement from age 62 in the 
company paid DC plans. Yara has a 
defined benefit early retirement plan for 
executives on Norwegian employment 
contracts covering the period from age 
65 to 67 with a defined benefit equal 
to 65% of final salary limited to 12G. 
From 1st January 2015, the plan was 
closed for new members and ceased for 
employees below age 50. A DC pension 
plan was established to compensate 
members for the shortfall. Executives 
who were previously members of 
other Defined Benefit Pension Plans 
being terminated or converted to DC 
plans might have cash allowances 
to compensate for the shortfall.
Executives employed by Yara companies 
in other countries will be covered by 
company paid pension plans according 
to national plans and markets.
Personal Insurance Schemes
The executives are members of the 
personal insurance schemes applicable 
to all Yara employees. These are Group 
Life Insurance, Disability Pension, 
lump-sum payment in the event of 
disability, occupational diseases, occu­
pational and non-occupational accident 
and Health Insurance. In addition, they 
are provided with a Travel Insurance 
covering both the executive and family.
Other compensation elements
Executives are granted benefits in kind 
according to the applicable market 
standard. These are typically cell phone, 
internet connection and company car, 
alternatively fixed car allowance.
0
25
50
75
100
125
150
 ROIC for
Yara Net 
Income =0
Target
 ROIC
ROIC 30%
above target
Financial Performance Multiplier
Yara ROIC 
In %
Note: Yara Net Income and ROIC are both excluding special items and currency effects
Special Items are substantial, one-time expenses or sources of income not being expected to recur in future years. For example, restruc­
turing costs, earnings from discontinued operations, etc. In addition, significant events affecting ROIC not considered in the target setting 
might cause negative or positive adjustments subject to BoD approval. Such events are mainly:
•	 Change in gas prices
•	 Change in nitrogen commodity prices

Yara Annual report 2019 
64
Theme
Members of Yara Executive Man­
agement on Norwegian contracts are 
entitled to a severance pay equal to six 
months basic salary on certain condi­
tions. The severance pay is calculated 
from the end of the notice period. 
Other income the executive receives 
during the severance pay period will 
be deducted from the severance pay.
Voluntary Share Purchase Program
Executive Management members 
employed in Norway can take part in 
the annual offer to all permanent Yara 
employees in Norway where they can 
buy Yara shares to a value of NOK 
7,500 alternatively NOK 15,000 with 
a tax-exempt discount of NOK 1,500 
in the first alternative and NOK 3,000 
in the latter. Yara offers the employees 
an interest-free loan with repayment of 
one year for the purchase of the shares. 
This plan comes in addition to the SBR.
Salary and other benefits earned 
in 2019 are disclosed in note 8.2. 
For additional information about 
existing pension plans see note 5.4.
» Note 8.2 to the consolidated financial 
statements “Executive Management 
Remuneration” / page 162
» Note 5.4 to the consolidated financial 
statements “Employee benefits” / page 136
13. Information and communications
Communication with financial markets 
is based on the principles of openness 
and equal treatment of all shareholders. 
Yara shall provide the public with accu­
rate, comprehensive and timely informa­
tion, to form a good basis for making 
decisions related to valuation and trade 
of the Yara share. The aim of providing 
such information is to reduce investors' 
risk and the volatility of the Yara 
share, contributing to a pricing of the 
Yara share that reflects the company's 
underlying values and future prospects. 
Yara's main communication channels 
are stock exchange releases, press 
releases and its own web pages (www.
yara.com) in order to secure that the 
same information is made available 
to all audiences simultaneously. 
Although Yara holds regular meetings 
for analysts, investors, journalists 
and employees, all material new 
information is first published to the 
stock exchange and Yara’s web pages. 
Yara will provide a consistent level 
of information regardless of whether 
the news is positive or negative.
Yara does not provide guidance on 
financial results. However, Yara 
may communicate guidance and/or 
targets for discrete activity areas. In 
addition, Yara provides sensitivities 
that can be used to calculate the 
financial effects of changes in market 
prices and currency exchange rates.
Yara Spokespersons to financial 
markets (investors, analysts and 
financial media) are the Chief 
Executive Officer, the Chief Financial 
Officer, SVP Investor Relations, VP 
Corporate Communications and 
Investor Relations Officer(s) or others 
authorized by these. Questions from 
investors and financial analysts to 
other Yara personnel shall be referred 
to Investor Relations. All meetings 
with investors and financial analysts 
shall be arranged/coordinated by 
Investor Relations, and presentation 
materials for such meetings shall be 
prepared or approved by Investor 
Relations. Investor Relations shall 
normally accompany Yara managers 
in investor/analyst meetings.
 Yara publishes quarterly financial 
results according to its financial calendar 
which is published annually on its web 
pages and to the stock exchange. Ahead 
of announcements of quarterly results, 
Yara has a so-called "closed period" 
when contact with external analysts, 
investors and journalists is minimized. 
Yara will not comment upon own activ­
ities or market developments during this 
period, to minimize the risk of unequal 
information in the marketplace. The 
closed periods are from 16 January until 
fourth quarter results publication, from 
1 April until first quarter results publi­
cation, from 1 July until second quarter 
results publication and from 1 October 
until third quarter results publication.
Yara shall comply with relevant 
regulations for companies listed 
on the Oslo Stock Exchange.
» yara.com/investor-relations/
14. Take-overs
The Board of Directors will not seek to 
hinder or obstruct takeover bids. In the 
event of a takeover bid for the company, 
the Board will seek to comply with the 
Code recommendations, obtaining a 
valuation from an independent expert 
and making a recommendation to Yara’s 
shareholders regarding acceptance of the 
bid. The Board will ensure that share­
holders are given sufficient information 
and time to form an opinion on an offer.
The Norwegian Securities Act regulates 
takeover attempts. Shareholders at 
the Annual General Meeting will, 
according to law, make the decision 
on any potential takeover bids.
15.Auditor
To the Audit Committee, the external 
auditor shall provide a description of 
the main elements of the audit of the 
preceding financial year, including 
any uncovered material weaknesses 
related to internal controls of the 
financial reporting process.
The external auditor shall also:
•	 Annually confirm its independence;

Yara Annual report 2019 
65
Theme
•	 Disclose any services besides the 
statutory audit services which have 
been provided to the company 
during the financial year;
•	 Disclose any threats to its inde­
pendence and document measures 
taken to mitigate such threats.
The use of the external group auditor 
for advisory services, tax services and 
other services outside the ordinary audit 
scope shall be pre-approved by the 
Chief Accounting Officer if the total fee 
for the legal or reporting unit exceeds 
NOK 150,000 or USD 20,000. The 
external group auditor is responsible 
for reporting such services to the Audit 
Committee and to perform an ongoing 
assessment of independence. Norwegian 
laws and regulations stipulate the type 
of non-audit services that external 
auditors can perform for Yara.
The external auditor participates in 
the meetings of the Audit Committee 
that approve financial statements. In 
addition, the external auditor meets 
with the Board at least once per year to 
review the company’s internal control 
procedures, potential weaknesses iden­
tified and proposals for improvement. 
The external auditor and the Board 
meet at least once a year without Yara 
Executive Management being present.

Yara Annual report 2019 
66
Corporate Management
Geir Isaksen (1954) 
Hilde Bakken (1966) 
Position
Chairman of the Board 
Chairman of the HR Committee
Member of the Board
Member of the HR Committee
Elected by/year
Shareholders, 2013
Shareholders, 2014
Position
Chief Executive Officer of NSB/Vy since 2011
Executive Vice President Production in Statkraft since 2018
Education
Dr. Scient. in Agricultural Economics from the Norwegian University 
of Life Sciences in Ås, Norway.
Master’s degree in Petroleum Engineering from the Norwegian 
University of Science and Technology (NTNU).
Experience
From 1996 to 2011, Mr. Isaksen was CEO of Cermaq ASA 
(before 2002 Statkorn Holding ASA). During this period, he led 
a comprehensive restructuring process and IPO of the business 
and contributed to significant growth in Norway and abroad. From 
1995 to 1996 Geir Isaksen was CEO of Statkorn AS, and prior to 
this he has held director positions in the Norwegian agriculture 
organizations’ Brussels office and Gartnerhallen, a food wholesale 
and distribution company.
Mrs. Bakken has held various leadership roles in Statkraft within 
market and power production areas since 2000. Since 2010, Bak-
ken has been part of Statkraft Executive management, from 2010 
to 2013 as Chief of Staff. From 2013-2018 she was EVP for Power 
Generation. Since 2018, she has served as EVP Production, respon­
sible for long term management of existing hydropower and thermal 
fleet in NW Europe, as well as Statkraft’s District Heating business 
and power generation operations in 10 countries. Before joining 
Statkraft, she was employed in Norsk Hydro and Conoco where she 
has held various management and engineering positions in opera­
tions and field development on the Norwegian continental shelf.
Other assignments
Chairman of the board in Vy Buss AS, CargoNet AS and the Church 
City Mission (Kirkens Bymisjon), member of the board of the 
employer association Spekter.
Several Board positions in 100% and partly owned Statkraft 
companies. 
Board meetings attendance
11
11
HR Committee attendance
5
5
Audit Committee attendance
Shares owned at year-end 2019
84
800
Board of Directors 2019
Trond Berger (1957)
Håkon Reistad Fure (1987) 
Position
Vise chairman of the Board
Chair of the Audit Committee
Member of the Board
Elected by/year
Shareholders, 2018
Shareholders, 2019
Position
Investment Director at Blommenholm Industrier since 2019
Partner of Magni Partners since 2014
Education
MA in Economics from the BI Norwegian School of Management 
and is a State-Authorized Public Accountant. Graduate of the 
Norwegian Armed Forces’ Officer Candidate School (1977).
Fure holds an MSc in Finance from the Norwegian School of 
Management (Handelshøyskolen BI)
Experience
In 2019, Mr. Berger was appointed Investment director at 
Blommenholm Industrier. From 1999 to 2019, Mr. Berger served 
as Executive Vice President of Schibsted ASA. Previous positions 
also include:: Investment Director with Stormbull (1998), Executive 
Vice President (CFO) of Nycomed ASA and Executive Vice President, 
Strategy and Business Development at Nycomed Amersham (1997-
98), and partner at Arthur Andersen (1981-92). 
In 2016, Mr. Fure was elected to the board of Avida, where he 
also acted as CEO in 2018. He joined the corporate assembly of 
Storebrand ASA in 2015 and was subsequently elected a board 
member of Storebrand ASA in 2015 directly representing a group of 
shareholders. During his tenure as a board member the company’s 
solidity and profitability improved materially and he left the board in 
2018. Previous experience in Equity Research at DNB Markets
Other assignments
Board member of Schibsted companies, Polaris Media and 
Oslo House.
Board meetings attendance
11
7
HR Committee attendance
Audit Committee attendance
7
Shares owned at year-end 2019
3,000
22,500

Yara Annual report 2019 
67
Corporate Management
John Thuestad (1960)
Adele Bugge Norman Pran (1970)
Member of the Board
Member of the Audit Committee
Member of the Board
Member of the Audit Committee
Shareholders, 2014
Shareholders, 2019
Executive Vice President Bauxite & Alumina at Norsk Hydro ASA 
since 2018
Professional Boardmember and management consultant
Master’s degree in Metallurgy from NTNU, Trondheim, Norway; 
MBA from Carnegie Mellon University, Pittsburgh, USA.
Bachelor and Master’s in law from the University of Oslo and Master in 
Auditing and Accounting. IB from United World College of the Atlantic.
Mr. Thuestad has been EVP of Norsk Hydro ASA and responsible for 
the Bauxite and Alumina Business Area since June 2018. Prior to this, 
Thuestad led Hydro Extruded Solutions, Europe. From 2013 to 2017, 
Thuestad held the position of EVP Sapa Extrusions Europe. From 
2012 to 2013 he led Sapa Profiles with production plants in Europe, 
North America and China. From 2009 to 2012 he led Alcoa Global 
Primary Products with 40 locations in Australia, Latin America, 
Europe and North America. Thuestad has previously been the CEO 
of Elkem AS and Elkem Aluminium AS. Prior to that, Thuestad was 
Managing Director of Norzink AS and Fundo AS. Thuestad has served 
as Board member/Chairman of Tyssefaldene AS 1997-2000, Board 
member of Borregaard AS 2005-2007, Statkraft/ Groener AS 2000-
2003 and as Officer of Alcoa Inc 2010 - 2011.
Mrs Pran is a professional boardmember. Previously she has been in the 
Private Equity industry for 13 years. As a Partner of Herkules Capital 
Mrs. Pran was in charge of the following business areas: Finance, 
Treasury, Investor Relations, Acquisitions and divestments, strategy 
and Business development, Legal, Compliance and ESG (2004-2016). 
Prior to Herkules Capital Mrs. Pran was part of the Deals team in PWC 
(1999-2004).
Member of the Executive Committee of the European Aluminium 
Association.
Mrs. Pran is currently on the board of ABG Sundal and Collier ASA, 
B2Holding ASA, Zalaris ASA, Motorgruppen AS, Løvenskiold Fossum 
AS and Hitec Vision ASA
9
7
4
1,200
10
Kimberly Lein-Mathisen (1972)
Member of the Board
Shareholders, 2019
General Manager of Microsoft Norge AS since 2016
BS in engineering from the U. of Illinois, and MBA from Harvard 
Business School. 
Kimberly Lein-Mathisen is the General Manager of Microsoft 
Norway. She is a passionate voice for how technology and diversity 
can lift Norway. She has 20+ years of experience in Branded 
Consumer Goods, Pharmaceuticals, Media, and Technology leading 
across geographies in North America, Europe and Asia. Her roles 
have included CEO of Lilleborg (Orkla Home & Personal Care); 
Global VP & Alliance Leader, Eli Lilly; General Manager, Germany 
and Norway, Eli Lilly; Co-Founder Appear Networks; and Production 
Leader, Procter & Gamble. Kimberly has extensive board experience 
including Abelia, NHST (parent of Dagens Næringsliv), Meda AB, 
Borregaard, and Kappa Bioscience. 
7
0

Yara Annual report 2019 
68
Corporate Management
Geir O. Sundbø (1963)
Rune Bratteberg (1960)
Position
Member of the Board 
Member of the HR Committee
Member of the Board 
Member of the Audit Committee
Elected by/year
Employees, 2010
Employees, 2012
Position
Corporate employee representative of Yara International
Chairman of European Works Council (EWC) of Yara International
Head of Chemical Compliance
Education
Skilled Chemical Process operator.
Degree in Information Technology Degree in Nordic Languages 
and History.
Experience
Mr. Sundbø has been a Yara (Hydro) employee since 1987
He has been actively engaged in union matters since 1989
Mr. Bratteberg has been a Yara (Hydro) employee since 1986. He 
has held different IT and HESQ leadership positions within Hydro 
and Yara, from 2001 to 2009 as CIO. Bratteberg has been a 
member of the Chemical Industry Advisory Board to SAP AG 2004-
2009, and Chairman of the Board at the Scandinavian School of 
Brussels 2009-2011.
Other assignments
Board meetings attendance
8
11
HR Committee attendance
5
Audit Committee attendance
7
Shares owned at year-end 2019
298
326
Board of Directors 2019
Kari-Marie Nøstberg (1960) 
Eva Safrine Aspvik (1972)
Position
Member of the Board
Member of the board
Elected by/year
Employees, 2019
Employees, 2019
Position
Precious Metal Pool Manager in Yara
Union representative Yara Glomfjord
Education
Ms. Nøstberg is a Business economist and structural engineer, 
and holds a degree in Management, Logistics and Operations 
Management in addition.
Skilled chemical process operator
Experience
Ms. Nøstberg has been a Yara (Hydro) employee since 1992, 
currently in the position of Precious Metal Pool Manager, Yara 
Catalyst. She has held different positions in Yara Porsgrunn related 
to purchasing and logistics. And as building engineer in Hydro Rjukan 
and Statens vegvesen in Telemark. She has been engaged in union 
matters in Yara since 2010 and has been deputy as employee 
representative in Member of the Board of Yara International since 
2016. She has been member of the Board in Porsgrunn Bamble 
Borgestad Boligbyggelag 2013-2017.
Aspvik has been a Yara employee since 2002. She has been actively 
engaged in union matters at the Glomfjord plant since 2010.
Other assignments
Board meetings attendance
3
6
HR Committee attendance
Audit Committee attendance
Shares owned at year-end 2019
447
531

Yara Annual report 2019 
69
Corporate Management

Yara Annual report 2019 
70
Corporate Management
Executive Management 2019
Svein Tore Holsether (1972)
Lars Røsæg (1982)
Tove Andersen (1970)
Position:
President and Chief Executive Officer
EVP, Chief Financial Officer
EVP, Production
Year of appointment:
2015
2018
2018
Employed:
2015
2017
1997
Education:
BSc degree, specializing in Finance & 
Management from the University of Utah, 
USA.
He holds a degree (“Siviløkonom”) from the 
Norwegian School of Economics (NHH), 
a four-year programme in economics and 
business administration.
Master’s degree in Business Administration 
from BI Norwegian Business School and a 
Master’s degree in physics and mathematics 
from the Norwegian University of Science 
and Technology (NTNU).
Experience:
Previously Mr. Holsether held the position 
as President and CEO of Sapa AS. Prior to 
this he was EVP M&A Orkla 2010-2011, 
Business Area President Sapa Asia & 
Middle East 2010, CFO Sapa AB 2007- 
2010, CFO Orkla Specialty Materials 
2006-2007, CFO Elkem ASA 2005-2006, 
CFO Elkem ASA North American Division 
2003-2005, and various positions within 
the Elkem group including Vice President 
Group Control, Group Controller, Group 
Financial Analyst 1997-2003.
Mr. Røsæg has served as Chief Financial 
Officer since November 2018. Lars Røsæg 
joined Yara in 2017, and has since March 
2018 held the position of Vice President 
Global JVs & CEO Office. He has broad 
experience from senior finance and strategy 
positions at Sapa (2012-2017) and Orkla 
(2005-2012).
Mrs. Andersen has previously held 
several positions in the company. She was 
Executive Vice President Supply Chain 
2016-2018 and VP Supply Chain Europe 
2014-2016. She has also served as VP 
Marketing and New Business 2011-2013, 
Country Manager Yara UK/ Ireland 2006- 
2011, Director Specialities and Retail 
Marketing 2005-2006, Director Business 
Development and Alliances 2003-2005, 
Manager, Business Development, Finance 
and Analysis Hydro Agri 2000-2003, 
Business Facilitator 1999-2000. She was 
employed by Hydro in 1997 as a trainee.
Shares owned at year-end 2019:
34,613
3,442
7,862
Kristine Ryssdal (1960)
Lair Hanzen (1967)
Position:
EVP, General Counsel
EVP, Yara Brazil
Year of appointment:
2016
2016
Employed:
2016
1996
Education:
Master of Laws degree from the London 
School of Economics, in addition to a Law 
degree from the University of Oslo.
MBA in International Business from the 
Argentinial Belgrano University and a MBA 
in Strategic Business Administration from 
the Brazilian Lutheran University (ULBRA).
Experience:
Before joining Yara, Mrs Ryssdal held the 
position of Vice President Legal at Statoil 
2012-2016. Prior to this, Ryssdal was 
Senior Vice President and Chief Legal 
Officer of Renewable Energy Corporation 
ASA 2008-2012, Senior Advisor 
Commercial & Legal Affairs at Norsk 
Hydro / Statoil Hydro 2006-2008, Legal 
Counsel at Norsk Hydro 1998-2006, and 
Attorney at the Attorney General’s office 
1987-1998.
Mr. Hanzen has held several positions in the 
company. He was Manager Downstream/ 
President Yara Brazil 2013-2016, Chief 
Financial Officer Upstream 2009-2013, 
VP and President Yara Brazil 2006- 
2009, Chief Financial Officer Yara Brazil 
2000-2006, Chief Financial Officer Yara 
Argentina 1996-2000. Prior to joining Yara 
through the acquisition of Adubos Trevo, 
Lair held several management positions in 
fertilizer companies and other sectors.
Shares owned at year-end 2019:
5,795
16,081

Yara Annual report 2019 
71
Corporate Management
Terje Knutsen (1962)
Pablo Barrera Lopez (1985)
Lene Trollnes (1968)
EVP, Sales & Marketing
EVP, Strategy and Supply Chain
EVP, People & Global Functions
2019
2018
2016
1987
2014
2016
Master’s degree (Siviløkonom) from the 
Norwegian School of Economics (NHH) in 
Bergen, Norway.
Master´s degree in Finance from the 
Norwegian School of Economics and 
Business Administration (NHH).
Bachelor's degree in Management Sciences 
and a Master’s degree in Organizational 
Psychology from the University of 
Manchester Institute of Science & 
Technology.
His previous positions in the company 
include EVP Crop Nutrition 2015-18, 
Business Unit Manager North and East 
Europe 2012- 15, Business Unit Manager 
Asia 2006-12, VP Downstream Marketing 
2005-06, VP Yara Specialties 2001-05,  
VP and Country Manager Spain and Portugal 
1998- 2001. In addition, he has held a 
number of financial controller, commercial 
and management positions since joining the 
company in 1987 as a trainee.
Mr. Barrera has served as Executive Vice 
President Supply Chain since April 2018. 
His previous positions in the company 
include: Country Manager Yara Chile 
2017-2018, Head of Corporate Strategy in 
Strategy & Business Development 2015-
2016, Manager Strategy in Strategy & 
Business Development 2014-2015. Prior 
to joining Yara, Mr. Barrera worked at The 
Boston Consulting Group between 2009-
2014.
Before joining Yara, Mrs Trollnes held 
the position of EVP HR & Integration at 
Sapa 2013-2016. Prior to this she led 
the integration between Sapa and Hydro 
(2012-2013), and held several HR and 
management positions at Norsk Hydro 
between 1992-2013, including Senior 
VP HR, HSE & CSR Hydro Primary 
Metal 2010-2013, Senior VP HR & 
Organization HSE & CSR Hydro Extruded 
Products 2008-2010, and Senior VP HR 
& Organization Hydro Aluminum Products 
2006-2008.
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* Management presentations reflect Yara’s Executive Management per 18 March 2020

Yara Annual report 2019 
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Yara Annual report 2019 
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Yara’s return on invested capital 
(ROIC) is at 6.6%, up from 3.8% in 
2018. Margins improved compared 
with 2018, mainly reflecting lower 
European gas cost and improved 
product mix. Total deliveries 
were 38 million tonnes, down 
1.5% from 2018 mainly reflecting 
reduced deliveries of low-margin 
blended fertilizers in Brazil.
Yara’s strategic focus is to be 
the crop nutrition company for 
the future; growing sustainable 
solutions to farmers and industry 
while delivering a superior return on 
capital. As part of its crop nutrition 
focus, Yara has announced it is 
evaluating an IPO or spin-off of its 
industrial nitrogen businesses. The 
IPO / spin-off evaluation and scope 
assessment is expected to be completed 
by mid 2020. On 8 March 2020, 
Yara announced that it had signed 
a share purchase agreement with 
Qatar Petroleum (QP) to sell its 25% 
share in Qatar Fertiliser Company 
(QAFCO). The parties have agreed 
on a purchase price of USD 1 billion 
for Yara’s shares in QAFCO. The 
transaction is conditional on obtaining 
necessary local regulatory approvals 
and customary closing conditions.
Performance overview 
Operational performance
Yara’s Safe by Choice initiative, 
which started in 2013, has driven 
improved safety performance, with 
a TRI rate of 1.4 per million hours 
worked in 2019, in line with 2018 
and down from 1.8 in 2017.
Full-year 2019 ammonia and finished 
product production was up 2% and 
1% respectively compared with 
2018. For ammonia, the increase is 
mostly driven by the Freeport plant 
in Texas that started up May 2018.
Deliveries were down 1.5% mainly due 
to reduced deliveries of low-margin 
blended fertilizers in Brazil.
Margins improved in 2019 compared 
with 2018, mainly driven by lower 
gas prices, better product mix and 
improved commercial margins 
for premium products. 
Operating segments
The Sales & Marketing segment saw 
a 3% decrease in fertilizer deliveries, 
while the New Business segment saw 
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ROIC 1)
Yara delivered improved margins and cash flow in 2019, with earnings before interest, tax and 
depreciation (EBITDA) up 38% from a year earlier. Capital returns also improved, but Yara 
remains focused on further strengthening its financial returns through internal improvements and 
prudent capital allocation. Yara’s safety incident rate remained at a low and industry-leading 1.4 
total recordable injuries (TRI) per 1 million working hours.
Improved margins and cash flow

Yara Annual report 2019 
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4% higher deliveries. The Production 
segment delivered a 2% increase in 
ammonia production and a 1% increase 
in finished fertilizer production.
Financial performance
Market conditions
Demand for fertilizer and industrial 
nitrogen products was healthy overall 
in 2019, but urea prices remained 
supply-driven, as consumption growth 
was met with increased exports mainly 
from China. Urea prices fell overall 
compared with 2018, mainly reflecting 
lower production cost and a weaker 
currency in China. Chinese urea exports 
totaled 4.9 million tonnes for the year, 
up from 2.5 million tonnes in 2018.
Urea is the largest traded nitrogen 
fertilizer product and sets the global 
nitrogen commodity price, but 61% of 
Yara’s finished products (production) 
are premium products like nitrates and 
NPKs. A key element of Yara’s strategy 
is to continue to grow its production 
and sales of premium products.
Consolidated results
Yara had a net income after non-con­
trolling interests of USD 599 million, 
a 277% increase from 2018, mainly 
reflecting improved margins and lower 
currency losses compared to 2018. 
Earnings per share were USD 2.2 in 
2019 compared with NOK 0.58 in 2018. 
Operating income was USD 989 million, 
up from USD 402 million in 2018, while 
EBITDA was USD 2,095 million com­
pared with USD 1,523 million in 2018. 
Revenue was USD 12,936 million in 
2019, down from 13,054 million in 2018.
Cash flow and financial position
Net cash from operating activities was 
USD 1,907 million compared with USD 
756 million in 2018, with higher operat­
ing income and lower operating capital 
being the main contributors. Net cash 
used for investing activities in 2019 was 
USD 1,044 million, reflecting planned 
maintenance and productivity invest­
ments in addition to growth projects.
Yara’s financial position improved in 
2019, with a debt/equity ratio of 0.42 
at year-end compared with 0.43 at the 
end of 2018 after completing a buyback 
of 0.5% in the fourth quarter, reflecting 
higher cash flow from operation 
combined with less capital expenditures.
Net interest-bearing debt was USD 
3,725 million at year end, while total 
assets were USD 16,725 million. Total 
equity attributable to shareholders 
of the parent company as of 31 
December 2019 amounted to USD 
8,830 million. At the end of 2019 Yara 
had USD 300 million in cash and cash 
equivalents, and USD 2,090 million 
in undrawn committed bank facilities. 
We consider the company’s cash and 
financial position to be strong. 
In the opinion of the Board of Directors, 
the consolidated financial statements 
provide a true and fair view of the 
group’s financial performance during 
2019 and financial position on 31 
December 2019. According to section 
3–3 of the Norwegian Accounting 
Act, we confirm that the consolidated 
financial statements and the financial 
statements of the parent company 
have been prepared based on the going 
concern assumption, and that it is 
appropriate to make that assumption.
Operating segments
The Sales & Marketing segment 
delivered an EBITDA of USD 743 
million and a ROIC of 15.2% in 2019, 
compared with an EBITDA of USD 613 
million and a ROIC of 14.4% in 2018 
(restated according to new segment 
structure). EBITDA and ROIC increased 
mainly due to improved commercial 
margins and lower fixed costs.
The New Business segment delivered 
an EBITDA of USD 190 million and 
a ROIC of 40.2% in 2019, compared 
with an EBITDA of USD 115 
million and a ROIC of 32.9% in 
2018 (restated according to new 
segment structure). The EBITDA 
and ROIC improvement was mainly 
driven by improved results within the 
Maritime and AdBlue businesses.
The Production segment delivered an 
EBITDA of USD 1,140 million and a 
ROIC of 3.1% in 2019, compared with 
an EBITDA of USD 856 million and a 
ROIC of 0.6% in 2018 (restated accord­
ing to new segment structure). EBITDA 
and ROIC increased mainly due to 
higher nitrogen upgrading margins.
New Accounting Standards
Yara adopted IFRS 16 Leases for 
reporting periods beginning on and 
after 1 January 2019. The new standard 
represents a significant change in Yara’s 
accounting for leases as a lessee. For 
each contract that meets the lease defi­
nition in the standard, IFRS 16 requires 
Yara to recognize a right-of-use asset 
and a lease liability in the balance sheet 
with certain exemptions for short-term 
and low value leases. Lease payments 
are to be reflected as interest expense 
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Yara Annual report 2019 
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and a reduction of lease liabilities, while 
the right-of-use assets are to be depre­
ciated over the shorter of the lease term 
and the assets’ useful life. The portion 
of lease payments representing payments 
of lease liabilities shall be classified as 
cash flows used in financing activities 
in the statement of cash flows. As of 
31 December 2019, right-of-use assets 
amounts to USD 428 million and lease 
liabilities amounts to USD 435 million. 
The effect on EBITDA is positive with 
USD 118 million. Please see note 4.5 
Leases in the consolidated financial 
statements for more information.
Yara International ASA
The parent company Yara International 
ASA is a holding company, with 
financial activities and with corporate 
functions. Yara International ASA 
had a net income of NOK 1,138 
million negative in 2019, down from 
NOK 2,605 million positive in 2018, 
after dividends and group relief from 
subsidiaries of NOK 900 million 
(NOK 4,500 million in 2018). The 
net foreign currency translation loss 
was NOK 613 million compared with 
a loss of NOK 875 million in 2018.
Environmental Performance
In 2019, Yara established a corporate 
scorecard which was presented at 
the Capital Markets Day. Here, 
environmental performance was 
embedded as part of how we measure 
progress in strategy implementation. 
The indicators are carbon intensity 
for our products and sales of premium 
products, which support reduced 
nutrient losses from the field. Our GHG 
emissions intensity will be reduced by 
more than 10% from 2018 to 2025. 
An investment plan of USD 200-
450 million is being developed to 
profitably improve energy efficiency 
and further improve the effectiveness 
of catalyst systems. investments were 
being planned, and performance was 
at the same level as 2018, which is 
mainly explained by the investment 
plan not yet being executed. 
Improved nitrogen use efficiency has 
also been identified by Yara as an 
opportunity to improve on a major 
environmental externality. Globally, 
about half the nitrogen supplied to 
farmers’ fields is not absorbed by the 
crops. Yara’s range of premium products 
performs better, and Yara has set a KPI 
of increasing sales of such products. 
Yara reports with full transparency on 
environmental indicators. The most 
material performance indicators cover 
emissions to air, energy and greenhouse 
gases and raw materials consumption 
as well as environmental provisions. 
These are found on pages 20-31, while a 
full disclosure including descriptions of 
management systems is available 
in the separate GRI Sustainability 
report issued by Yara's management, 
which is available on the yara.
com annual report section. 
Social Performance 
As part of Yara’s strategy update, 
several performance indicators and 
goals where defined and disclosed at 
the 2019 Capital Markets Day. In the 
social performance area, KPIs have 
been determined for diversity, employee 
engagement, total recordable injuries 
(TRI) rate and also an outcome goal 
on number of people we help feed. 
Driving equality and diversity through 
an engaged and respected workforce 
is a key enabler to deliver on the 
overall strategy. We have set a goal of 
improving on an already high employee 
engagement index to >80% in 2025. 
In 2020 we set a goal of having 20% 
female top managers, with a further 
improvement to 25% or more in 2025. 
At year-end 2019, Yara had 
20% female top managers, 
while the employee engagement 
index was registered at 75%. 
Yara is committed to paying 
employees fairly, regardless of any 
individual char­acteristics. A 2017 
comprehensive analysis identified a 
gender pay gap in Yara ranging from 
2.1% in Norway to 16% in Colombia. 
From 2019 a proxy measure of the 
gender equal pay gap has been imple­
mented to follow up the development 
on a monthly basis. The proxy 
calculation of the proxy measure is 
simplified compared to the analysis 
made in 2017. It calculates the average 
difference of base salary between 
men and women corrected for the 
two factors responsibility in position 
and documented performance. 
Following the 2019 annual salary 
adjustments, the overall gender 
pay gap proxy was at 5.5%. An 
extraordinary salary review was run 
in December 2019 to further close 
the gap. As a result, the global gender 
pay gap has been reduced to 4.9%. 
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Yara Annual report 2019 
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Safety remains a main priority 
in Yara. Yara’s TRI rate was 1.4 
in 2019, which is the same as in 
2018. Yara believes every injury is 
preventable, and we strive towards 
zero injuries with no fatalities and 
a TRI of less than 1.2 in 2025. 
Yara's sick leave rate was 3.2% in 
2019, compared to 3.4% in 2018.  
The outcome of our crop nutrient 
deliveries is increased farm produc­
tivity, helping reduce the economic 
drivers for deforestation and helping 
to feed a growing global population. 
Yara’s goal is to grow our deliveries 
and thereby help feed more people. 
In 2019, our deliveries helped feed 
241 million people, compared to 242 
million people in 2018. In 2025, our 
goal is to help feed 275 million people. 
The most material social performance 
indicators; Number of people fed, 
employee turnover, grievances from 
local communities, non-compliance 
and ethics training; are disclosed 
at pages 32-33. Here, human rights 
management is also presented. A full 
account for the social dimension is 
available in the separate GRI report, 
issued by Yara's management. 
The Company
Yara is an integrated crop nutrition 
company with an industrial portfolio. 
Yara is headquartered in Oslo, 
Norway and is listed on the Oslo 
Stock Exchange. Yara's knowledge, 
products and solutions grow customers' 
businesses profitably and responsibly, 
while protecting the earth's resources, 
food and environment. The company 
mission is to "Responsibly feed the 
world and protect the planet".
Yara’s business activities are 
carried out within three operational 
segments; Production, Sales & 
Marketing and New Business.
The Production segment is responsible 
for the production of ammonia, 
mineral fertilizers and industrial 
products. Yara is the world-leading 
producer of nitrates, calcium nitrate, 
NPKs and a growing portfolio of 
phosphates. The segment combines 
safety, reliability and productivity by 
focusing on solid operations globally.
The Sales & Marketing segment com­
bines crop knowledge, product portfolio 
and application competence to deliver 
differentiated and profitable solutions 
to customers and farmers, supporting a 
sustainable, premium business for Yara.
The New Business segment develops 
and markets environmental solutions 
and essential products for industrial 
applications, leveraging Yara’s 
global distribution network to 
offer reliable deliveries of safe and 
cost-efficient solutions worldwide.
Yara’s strategic focus is to be the crop 
nutrition company for the future; 
growing sustainable solutions to farmers 
and industry while delivering a superior 
return on capital. The announced 
evaluation of an IPO of the industrial 
nitrogen businesses would be based on 
its robust growth story over many years. 
At the same time Yara would be able to 
build a stronger and more focused Crop 
Nutrition company. The IPO / spin-off 
evaluation and scope assessment is 
expected to be completed by mid-2020.
Yara sees the following four strengths 
as key to its competitive edge:
•	 Global scale
We operate across six continents, 
across different commercial 
segments, and more than 25 plants 
and mines. Our global distribution 
network allows us to optimize 
product flows and plant inputs 
across geographies and adjust pro­
duction volumes to match market 
conditions.
•	 Knowledge network
Yara’s deep understanding of crop 
nutrition, farmers and industrial 
markets allows us to sell highly 
profitable premium products and 
solutions that also benefit society.
•	 Responsible business
Yara’s commitment to upholding the 
highest standards of safety, business 
ethics, and social and environmental 
responsibility gives employees, 
customers, partners and regulators a 
reason to believe in us. Our mission 
guides us to continually review and 
analyze how operations impact 
societal and environmental change.
•	 Passionate people
Surveys consistently show that 
Yara employees are committed 
to our mission and vision and 
support the direction of the 
company in much greater numbers 
than global benchmarks. This 
passionate workforce enables the 
company to take on new tasks, drive 
profitability, optimize productivity, 
and propel innovative thinking.
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Yara Annual report 2019 
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Strategy
In 2018, we analyzed where we 
create the most value, where we are 
most challenged, and the global 
trends that will shape our industry 
in the long-term. This led to our new 
corporate strategy, which will guide 
our growth for the years to come. 
At the Capital Markets Day in 2019, 
we further detailed how we will 
deliver upon the strategy. Our strategic 
ambition is to be the Crop Nutrition 
Company for the Future, a strategy 
which also enables delivering on the 
company Mission, Vision and Values. 
Value Growth
Based on megatrends and our analysis 
of how and where we create value, the 
strategy implies a shift from volume 
growth to value growth. While global 
scale remains a strategic strength and 
increased volumes is a target, we will 
measure success as added value. 
Several megatrends points towards 
stronger demand for more precise 
and efficient use of crop nutrients, 
rather than commodity driven volume 
growth. Our approach focuses on 
solutions, meaning that we combine 
our crop nutrition, knowledge and 
services in complete offerings. 
Megatrends 
The global environment is rapidly 
evolving, and we have identified 
seven megatrends which impacts 
our business, and which may 
constitute risks or opportunities. 
In our main market, the agricultural 
sector, three biophysical trends will 
create increasing dynamics which 
must be addressed: Climate change, 
water stress and soil degradation. 
These trends can influence the 
demand side for fertilizers, driving 
shifts in agricultural production. 
Our global positioning is a natural 
hedge against downside risks. 
Yara is also positioned to gain 
advantages in the market by providing 
solutions, including reducing carbon 
footprints, water solutions and 
balanced crop nutrition programs. 
Four socioeconomic megatrends will also 
drive developments in our markets: Food 
Industry Integration, Dietary Shifts, 
Circular Economy and Digitalization. 
These are megatrends where Yara has 
a strong position through our global 
reach and advanced knowledge. 
Material Aspects
In addition to the megatrends, there 
are also key value drivers which 
influence Yara’s profitability. The 
main ones are Nitrogen fertilizer 
prices, Natural gas prices, Availability 
of raw materials, Food prices and 
Regulatory developments. 
We recognize our internal capacities 
as materially important for our ability 
to create sustainable value over time: 
Increased production reliability will 
improve our costs and energy efficiency; 
our infrastructure and logistics enable 
flexibility and seasonal arbitrage; our 
global scale and presence drives our 
economy of scale and market reach; 
human capital represents Yara’s unique 
knowledge which differentiates the 
company; our knowledge margin is 
the result of systematically aggregating 
our human capital and long standing 
history; and the Yara Brand represents 
our values and company personality. 
Our license to operate is key for con­
tinued operations and builds on four 
main topics: Ethics and compliance; 
environmental performance; health 
and safety; and product stewardship. 
Value creation narrative 
Our value creation is based on an exten­
sive product portfolio, global positioning 
and unique knowledge, enabling our 
crop nutrition solutions. We produce a 
comprehensive range of nitrogen-based 
fertilizers and industrial products from 
plants and mines in Europe, Australia, 
Asia and North and South America. 
Our global distribution network enables 
consistent and reliable deliveries to 
customers worldwide. Through deeper 
engagement in the food value chain, we 
will enhance our ability to meet farmers' 
and food industry needs, including 
the delivery of higher quality and 
yields, improved nutrient use efficiency 
and lower environmental impacts. 
As part of our strategy, we increasingly 
engage in the agriculture and food value 
chain to explore growth opportunities 
arising from digital solutions, circular 
economy and other trends. Based on our 
knowledge, global positioning and port­
folio of products and solutions, we create 
value based on improved performance 
on yield, quality and sustainability. 
Strategic Priorities 
In order to deliver on the strategy, 
three strategic priorities have been 
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Yara Annual report 2019 
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defined: Advance operational 
excellence, Create scalable solutions 
and Drive innovative growth. 
Operational excellence involves 
continuously working to improve our 
operations to unlock the full value of our 
growth investments, lift productivity, 
and reduce emissions and costs. 
Scalable solutions imply developing 
our offering, provide leading 
solutions ahead of competition and 
create value from our agronomic 
and industrial knowledge, including 
through working in partnerships. 
Innovative growth is about seeking 
profitable growth opportunities to 
leverage our global scale, realize 
synergies and take a lead in developing 
new technologies and solutions. This also 
covers a strategic approach to M&As, 
a focus on regional developments and 
innovation including digital solutions. 
Across the three priority areas, a number 
of key actions have been developed 
as well as a company scorecard. This 
gives clarity on how the strategy will be 
executed and how we measure our degree 
of success. The specific KPIs, goals and 
details on performance are found in the 
performance review section, pages 29-39. 
Strategy implementation 
In 2019 Yara prioritized several 
steps to deliver on its strategy 
to become The Crop Nutrition 
Company for the Future. 
Yara launched an extended improve­
ment program at its Capital Markets 
day on 26 June 2019. As part of this, 
Yara moved to reporting operational 
metrics on a rolling 12-month basis, to 
better reflect underlying performance 
and focus on operational excellence. 
Innovation is key to deliver on 
our strategy, and in 2019 Circular 
Economy and Decarbonize depart­
ments were embedded into Sales 
and Marketing and Production 
segments correspondingly. Yara 
further developed these activities 
by entering into collaboration 
agreements with Veolia on recycling 
of nutrients, Lantmännen on fossil 
free food chain and Engie and Nel on 
hydrogen-based fertilizer production. 
In 2019 Yara scaled up Digital Farm­
ing, reaching more than 10.4 million ha 
farmland under management and more 
than 750 thousand Farmweather users. 
Other Crop Nutrition focused activities 
in 2019 included increasing sales of 
crop solutions generated through 
food companies and continuous focus 
on growing share of our premium 
portfolio, including YaraVita. 
Stakeholders and Commitments 
Yara is committed to doing business 
responsibly. The commitment is 
expressed by being a signatory to 
the UN Global Compact (UNGC), 
embracing and implementing its 
principles covering the areas of 
human rights, labor rights, envi­
ronment and anti-corruption. 
We support the United Nations Guid­
ing Principles on Business and Human 
Rights, the OECD Guidelines for 
Multinational Enterprises, the Interna­
tional Bill of Human Rights, the core 
conventions of the International Labor 
Organization (ILO), UN’s Women 
Empowerment Principles and the 
UN’s LGBTI Standards for Business. 
Yara maintains ongoing multi-stake­
holder dialogues on international 
arenas: in 2019, Yara was actively 
involved at WEF’s Annual Meeting 
in Davos, at its International Business 
Council in Geneva and at WEF’s 
Sustainable Development Impact 
Summit in New York, alongside the 
UN’s COP on Climate Change. Yara is a 
member of the World Business Council 
for Sustainable Development (WBCSD), 
with a specific project focus on Climate 
Smart Agriculture, Natural Climate 
Solutions, Food Reform for Sustain­
ability and Health, as well as the Vision 
2050 Refresh initiative, for which Yara 
hosted a CEO Roundtable discussion 
in Oslo to define what it will take to 
advance sustainable development over 
the next decade. Svein Tore Holsether, 
CEO and President of Yara is a member 
of WBCSD’s Executive Committee, as 
well as the Chair of WBCSD’s Food 
and Nature Board. In 2019, Yara has 
also become an active member of the 
Business for Nature Coalition, advocat­
ing a series of policy improvements to 
support businesses to reduce climate and 
environmental impacts. Yara is member 
of industry associations including the 
International Fertilizer Association. 
Locally and regionally, Yara engages 
with our relevant stakeholders in a 
systematic way. Connecting with 
farmers, the main users of our prod­
ucts, is a core part of Yara’s strategy 
and business model. Both through 
open meetings, surveys and customer 
relations we build our understanding 
of farmers’ needs, which are as 
diverse as the farmer constituency is. 
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Yara Annual report 2019 
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We engage in policy processes 
to share our knowledge about 
production processes and balanced 
crop nutrition. Being part of industry 
associations and communities of 
practice, such as The Fertilizer 
Society, brings us further insights. 
Through our Investor Relations 
function, we are committed to 
serving all our shareholders and 
potential investors by providing 
consistent, open and prompt 
disclosure of relevant information. 
Company position 
At Yara we believe that by offering 
a positive value proposition to our 
customers over time, we can deliver 
attractive returns to our shareholders 
while at the same time creating value 
for society – creating shared value. 
Yara is well positioned to address 
some of the major global challenges 
of our time, particularly within food, 
environment and resources, which 
also represent business opportunities. 
We build on our company infrastruc­
ture with 28 production sites, 200 
infrastructure points across the world 
and 10,800 branded retail stores. 
These assets provide an unmatched 
global scale and flexibility, enabling 
us to align our deliveries with crop 
cycles and market demand, and to 
deliver consistently and on time. 
The human capital and knowledge 
network enable Yara to deliver 
tailored solutions according to 
specific crops and growing conditions, 
leveraging our premium portfolio 
which achieves higher margins 
and adds value for farmers. 
The human capital and knowledge 
assets are being further developed 
through employee engagement and 
R&D activities. In 2019, the R&D 
activities were organized as part of the 
segments’ activities. The main focus 
areas are reliability and efficiency in 
production systems, catalyst technol­
ogy, agronomy and technology devel­
opment including digital solutions. 
We have a strong track record on 
financial performance with high 
credit rating, delivering competitive 
shareholder returns through a 
clear capital allocation policy. 
The Yara Brand represents a strong 
asset, with global recognition. The 
Viking ship logo is associated with 
quality and reliability, which enables 
us to build trust and partner with 
farmers, food industry companies, 
academia and others in order to create 
forward thrust in strategy execution. 
The basis of the production system 
is raw materials which are employed 
and upgraded. Our main input is 
natural gas which is used to produce 
ammonia, the starting point of all 
nitrogen fertilizers. We both source 
and mine phosphorous, and we 
procure potash, both being used for 
complex or blended NPK fertilizers. 
Governance and Risk
An open and active corporate gover­
nance is crucial for aligning the interests 
of shareholders, management, employ­
ees, and other stakeholders. The Board 
of Directors believes that good corporate 
governance drives sustainable business 
conduct and long-term value creation. 
Yara’s Board is committed to upholding 
high standards for ethical conduct 
across the organization, and has zero 
tolerance for unethical behavior and 
violations of Yara’s Code of Conduct.
Sustainability governance 
The environmental and social 
dimensions of sustainability are 
governed through Yara’s steering 
system and defined in our HESQ 
Policy and Code of Conduct, both 
signed by our CEO and President. 
Yara’s ultimate ambition of zero injuries 
is anchored in our Health, Environment, 
Safety and Quality (HESQ) Policy. 
Health and safety are always top prior­
ities, and we continue to set challenging 
KPIs for personnel and process safety. 
Our focus is on actions that will further 
1) 2018 onwards, direct emissions from own 
 
generation of electricity has been included. 
2)  Due to re-classiﬁcation of products, there 
 
may be minor differences in comparability
 
before/afer 2017 
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Yara Annual report 2019 
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develop the safety culture at Yara with 
the aim to reduce exposure to hazards 
through safety leadership and greater 
responsibility for oneself and others. 
The HESQ Policy is maintained 
by the Corporate HESQ function, 
which oversees performance on 
health, safety, quality, security and 
environment. Yara’s production 
system is undergoing ISO certification, 
implementing ISO 9001, 14001, 
50001 and OHSAS 18001. 
In addition, Yara implements the vol­
untary Product Stewardship standards 
from Fertilizer Europe and the Inter­
national Fertilizer Association, safe­
guarding quality control and responsible 
conduct from sourcing through produc­
tion and transport to product delivery. 
The Head of Corporate HESQ 
reports to EVP People and Global 
Functions, presents reports to the full 
Board of Directors and Board’s Audit 
Committee at least once per year and 
has organizational responsibility for 
ensuring that appropriate health, 
safety and security governance is in 
place over the whole of the company. 
Within this framework, Yara’s plants 
and units maintain close control of 
their own health and safety perfor­
mance, local employee involvement, 
compliance with national legislation, 
and adherence to Yara’s high technical 
and operational requirements.
The Ethics & Compliance function 
maintains and implements the 
Code of Conduct through an 
extensive Compliance Program. 
The Code of Conduct includes our 
anti-corruption policies and states 
a clear commitment to respecting 
internationally recognized human 
rights throughout our own operations, 
as well as in our supply chain. 
All new employees must undertake an 
Ethics & Compliance e-learning course 
within three months after enrolling in 
Yara. Additional training for managers 
and others is targeted according to risk 
assessments, and safeguards includes an 
anonymous whistle-blowing function. 
A human rights assessment has been 
performed, and a deeper analysis of 
prioritized areas according to risk is 
being rolled out. Findings from the 
impact assessments performed in 
India, the Philippines and Colombia 
in 2019 show that contracted labor 
performing services for Yara are at 
risk of negative human rights impacts, 
especially where manual labor is 
combined with heat exposure. 
Specific concerns relate to manual labor 
in hot working conditions, piece rate 
pay, living wage, working terms & con­
ditions, freedom of association, griev­
ance channels and right to remedy. The 
mitigating actions remain a local man­
agement responsibility, while the Ethics 
and Compliance department monitors 
implementation and reports on progress. 
Yara’s Ethics and Compliance Depart­
ment plays a key role in the management 
of all risks related to corruption, fraud, 
human rights and business partner 
integrity. Ethics training of employees 
is among the KPIs followed by Yara’s 
Board of Directors. The Chief Compli­
ance Officer reports administratively 
to Yara’s General Counsel, twice 
annually to the Board of Directors, 
the Audit Committee quarterly and 
to the CEO monthly (or on an ad hoc 
basis, as necessary) on matters relating 
to ethics and compliance, including 
human rights and corruption.
Yara has a Compliance Committee, 
which is chaired by the CEO and 
attended by the members of Yara’s 
Executive Management. The Com­
pliance Committee meets quarterly 
and acts as a focal point for matters 
related to ethics and compliance. 
Country by country reporting
Yara's country by country report has 
been developed to comply with legal 
requirements as stated in the Norwe­
gian Accounting Act §3-3d and the 
Norwegian Security Trading Act §5-5a, 
valid from 2014. The full country by 
country reporting can be found on 
the yara.com annual report section. 
Sustainability performance and gover­
nance is anchored with the CFO in Yara 
Finance. This function oversees sustain­
ability reporting and benchmarking, 
as well as implementation of external 
standards according to relevance and 
prioritization. For 2020, internalizing 
the recommendations of the Task 
Force of Climate Related Financial 
Disclosures (TCFD) will be progressed. 
Corporate governance
Principles and practice
The Board of Directors and Executive 
Management of Yara International 
ASA review the company's corporate 
governance annually and report on 
the company's corporate governance 
0
3
6
9
12
15
2019
2018
2017
2016
2015
NOK per share 1)
1) 2019 proposal subjec to AGM approval
Dividends

Yara Annual report 2019 
81
Directors' Report
in accordance with the Norwegian 
Accounting Act § 3-3b and the 
Norwegian Code of Practice for 
Corporate Governance (the "Code"), 
most recently updated 17 October 
2018. The Code contains stricter 
requirements than mandated by 
Norwegian law. The Board of 
Directors' Corporate Governance 
Report is included in page 54-71 in 
this Annual Report and forms part of 
the Report of the Board of Directors. 
» See corporate governance / page 54
Board and Management
Yara’s Board of Directors held 11 
meetings in 2019. The Board consists of 
seven shareholder-elected members and 
four employee-elected members. Three 
of the eight Board members are women.
Yara has decided not to constitute a 
corporate assembly. Consequently, 
the Board of Directors is directly 
accountable to the General Meeting 
and the shareholders. The Board 
has two subcommittees; an HR 
Committee and an Audit Committee.
The following changes were made to 
Yara’s Board of Directors in 2019:
•	 Shareholder-elected Board members 
Kimberley Lein-Mathisen, Adele 
Norman Pran and Håkon Reistad 
Fure and employee-elected Board 
member Eva Safrine Aspvik were 
elected as new board members
•	 Employee-elected Board member Kjer­
sti Aas was replaced by Kari Nøstberg
The following changes were 
made to Yara’s Executive Man­
agement structure in 2019:
•	 EVP New Business Yves Bonte 
took up the role as CEO New 
Business, reporting to an internal 
board of directors chaired by Yara's 
President & CEO, and consequently 
ceased being a member of the Yara 
Corporate Management Team.
•	 Pablo Barrera Lopez assumed 
responsibility for Strategy & Business 
Development in addition to his 
existing role as EVP Supply Chain
•	 EVP Strategy & Business Develop­
ment Terje M. Tollefsen took up the 
position of Newco IPO Lead / SVP 
Strategy & Business Development.
Risk management
Yara’s Board of Directors and 
Executive Management conduct 
risk assessments relating to various 
dimensions and aspects of opera­
tions, to verify that adequate risk 
management systems are in place. 
Yara’s global reach and the nature of 
its operations present a complex risk 
picture. Strategic and operational risks 
include political developments and 
financial conditions as well as compli­
ance-related risks, including a risk of 
failure to comply with all applicable 
international standards and local 
legislation on issues such as human 
rights, labor rights and corruption.
Compliance risk management is done 
through training and education of 
employees, a central and regional 
Ethics and Compliance function, 
and a range of channels for dialogue 
on dilemmas, which include access 
to anonymous whistle-blowing, 
available in 50 languages.
Yara has developed a Code of Conduct 
for business partners that takes into 
account internationally recognized 
and endorsed standards in key areas 
such as human rights, business ethics 
and labor conditions. An Integrity Due 
Diligence (IDD) process for business 
partners is also incorporated in Yara’s 
steering system, identifying potential 
issues including environmental, 
human rights or corruption issues.
Principal risks
Several global trends such as population 
growth, resource scarcity and climate 
change, can be expected to affect Yara’s 
business. At the same time, these chal­
lenges offer a range of business oppor­
tunities where Yara is well positioned to 
develop and offer products and solutions 
that meet new market demands. The 
development of low carbon footprint 
fertilizer products and applications 
and solutions for water-scarce agri­
culture are key examples of Yara’s 
response to such global challenges.
Yara’s most significant market risk is 
linked to the margin between nitrogen 
fertilizer prices and natural gas prices. 
Although there is a positive long-term 
correlation between these prices, in 
the short to medium term margins are 
influenced by the respective supply/ 
demand balances for food and energy.
Yara’s total risk exposure is analyzed, 
evaluated and summarized regularly 
at both segment and corporate level. 
Risk evaluations are also integrated in 
all business activities, both at corporate 
and business unit level, improving Yara’s 
ability to monitor and mitigate risk, and 
identify new business opportunities.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2019
2018
2017
2016
2015
Total Recordable Injuries per million working hours 
for employees and contractors 
TRI rate

Yara Annual report 2019 
82
Directors' Report
The Board oversees the risk 
management process and carries out 
biannual reviews of the company’s 
most important areas of exposure and 
internal control processes. Reference 
is made to page 43-53 in this Annual 
Report for a more comprehensive 
description of Yara’s risk management.
Future prospects
Market prospects
Market developments
The Board of Directors believes 
the long-term fundamentals of 
fertilizer demand are attractive, as 
long-term population growth and 
dietary improvement trends drive 
food demand. At the same time, 
the twin challenges of resource 
efficiency and environmental footprint 
require significant agricultural 
productivity improvements, including 
improved fertilizer efficiency. Yara’s 
crop nutrition focused position 
and strategy is well positioned to 
both address and create business 
opportunities from these challenges.
However, there is significant potential 
for price volatility in agricultural 
commodity markets, where supply is 
limited, and customers have a low sen­
sitivity to price changes. Weather-re­
lated setbacks in agricultural produc­
tion could further increase fertilizer 
demand, while a significant drop in 
agricultural prices, e.g. in the event of 
improved harvest prospects, could lead 
to a temporary slow-down in fertilizer 
deliveries. However, substantial 
harvest increases are required to keep 
pace with trend demand growth.
Following a modest production 
deficit for the 2018/19 season, the US 
Department of Agriculture projects 
a two-day reduction in the global 
stocks-to-use ratio, as production 
is forecast to again fall short of 
consumption. The global farm margin 
outlook and incentives for fertilizer 
application remain supportive 
overall, and the price trend for food 
has been positive during 2018.
Achieving more efficient and balanced 
fertilizer use globally will require 
a change of fertilizer product and 
application practices in many 
markets, which is likely to lead to a 
further increase in differentiation and 
tailoring of fertilizers and related tech­
nologies. However, the extent to which 
individual markets will embrace and 
achieve such efficiency improvements 
is likely to vary strongly, depending 
on the degree of regulation and com­
petition in their agricultural sectors.
Global nitrogen markets remained 
supply-driven during 2019, as 
consumption growth was met with 
increased exports mainly from 
China. For 2020, Chinese urea prices 
continue to be a key reference point 
for global nitrogen pricing, since 
capacity increases outside China 
are forecast to be below historical 
trend consumption growth rates, 
implying that demand for Chinese 
exports may increase going forward.
Company prospects
Taking advantage of its global 
distribution presence, differentiated 
product portfolio and increasing 
innovation efforts, Yara will continue 
to both promote and create profitable 
business opportunities from the needed 
increased emphasis on efficient fertilizer 
and industrial applications. Yara aims 
to achieve this through production 
and distribution growth, technology 
and competence development.
Capital management
Yara’s capital allocation policy is based 
on an overall objective to maintain a 
mid-investment grade credit rating, 
while at the same time providing 
investors with a potential for cyclical 
upside in dividends. Yara’s targeted 
capital structure is a mid- to long-term 
net debt/EBITDA range of 1.5-2.0 and 
a net debt/equity ratio below 0.60. 
Subject to these requirements, Yara’s 
ordinary dividend shall be 50% of 
net income. Shareholder returns are 
distributed primarily as cash, with 
share buybacks as a supplemental 
lever. Yara’s improving cash flow from 
strategy execution, a robust outlook 
and increased hurdle rate for new 
investments may lead to increased 
dividend capacity going forward.

Yara Annual report 2019 
83
Directors' Report
Investment intentions
Yara has initiated significant invest­
ments in recent years, through both 
expansion of existing operations, new 
builds and acquisitions. The Board of 
Directors underlines that Yara’s near-
term focus is on delivering its ongoing 
growth and improvement pipeline, and 
that future growth initiatives shall be 
evaluated with strict capital discipline.
Yara expects to invest approximately 
USD 1.2 billion during 2020 based on 
its current committed maintenance and 
improvement plans and announced 
growth investments. Yara has 
committed USD 600 million of growth 
and improvement investments in 2020, 
primarily for two projects in Brazil:
•	 The Salitre greenfield phosphate 
mining and processing, scheduled 
for completion second half 2021
•	 An expansion and modernization of 
the Rio Grande fertilizer production 
and blending operations scheduled 
for completion at the end of 2020
•	 Approximately USD 200 million 
is allocated for productivity and 
efficiency improvement projects 
in Yara’s production plants
Dividends and buy-backs
Yara’s Board will propose to 
the Annual General Meeting a 
dividend of NOK 15 per share 
for the fiscal year of 2019.
The Board intends to propose 
to the Annual General Meeting 
a new buy-back program along 
the lines of the previous one.
COVID-19 crisis
After the closure of the 2019 account­
ing, the COVID-19 crisis has emerged 
and become global. Yara has set up a 
Crisis Response Team reporting directly 
to the CEO. The company priorities are 
firstly, to safeguard our employees, con­
tractors, partners, neighbors and society 
at large. Secondly, to be a responsible 
company and behave according to gov­
ernment guidelines. And thirdly, to keep 
our operations running, to help support 
continued food supply, as well as supply 
of other essential products to society – 
also in times of crisis. Yara is at the time 
of its annual report publication experi­
encing limited operational impact from 
COVID-19, but the situation is dynamic 
and could change quickly, in particular 
with regard to operational staff and 
logistical challenges. Yara has a strong 
focus on maintaining sufficient financial 
capacity to responsibly mitigate the 
situation and will closely monitor the sit­
uation in the coming weeks and months.
Geir Isaksen
Chairperson
Trond Berger
Board member 
Hilde Bakken
Board member 
Håkon Reistad Fure
Board member 
The Board of Directors of Yara International ASA
Oslo, 17 March 2020
Kimberly Lein-Mathisen
Board member 
Adele Bugge Norman Pran
Board member 
John Thuestad
Board member
Kari-Marie Nøstberg
Board member 
Eva Safrine Aspvik
Board member
Rune Bratteberg
Board member
 Geir O. Sundbø
Board member 
Svein Tore Holsether
President and CEO

Yara Annual report 2019 
84
Theme

Yara Annual report 2019 
85
Theme
Financial 
statements >

86
Yara Annual report 2019
Consolidated financial statements
Financial statements
86	
Consolidated financial statements
87	
Consolidated statement of income
88	
Consolidated statement of comprehensive income
89	
Consolidated statement of changes in equity
90	
Consolidated statement of financial position
92	
Consolidated statement of cash flows
93	
Basis for preparation
95	
Notes to the consolidated financial statements
95	
1	
Key sources of estimation uncertainty, judgments 
	
	
and assumptions
97	
2	
Results for the year
97	
2.1	 Revenues from contracts with customers
100	
2.2	 Other income
100	
2.3	 Segment information
104	
2.4	 Raw materials, energy costs and freight expenses
104	
2.5	 Payroll and related costs
104	
2.6	 Other operating expenses
105	
2.7	 Financial income and expenses
105	
2.8	 Income tax expense
110	
3	
Current assets
110	
3.1	 Inventories
111	
3.2	 Trade receivables
113	
3.3	 Prepaid expenses and other current assets
113	
3.4	 Cash and cash equivalents
114	
4	
Non-current assets
114	
4.1	 Property, plant and equipment
117	
4.2	 Intangible assets
118	
4.3	 Associated companies and joint ventures
121	
4.4	 Joint operations
123	
4.5	 Leases
126	
4.6	 Other non-current assets
126	
4.7	 Impairment on non-current assets
131	
4.8	 Committed future investments
132	
5	
Equity and liabilities
132	
5.1	 Share information
133	
5.2	 Non-controlling interests
134	
5.3	 Interest-bearing debt
136	
5.4	 Employee benefits
142	
5.5	 Trade payables and other payables 
142	
5.6	 Provisions and contingencies
145	
5.7	 Contractual obligations
145	
5.8	 Secured debt and guarantees
146	
6	
Financial risk 
146	
6.1	 Financial risks
150	
6.2	 Hedge accounting
152	
6.3	 Financial instruments
157	
7	
Business combinations and other business 
	
	
initiatives
157	
7.1	 Business combinations
160	
7.2	 Other business initiatives
161	
8	
Other disclosures
161	
8.1	 Related parties
162	
8.2	 Executive management remuneration
166	
8.3	 External audit remuneration
166	
8.4	 Composition of the group
167	
8.5	 Post balance sheet date events
168	
Financial statements for 
	
Yara International ASA
189	
Directors’ responsibility statement
190	
Auditor’s report
196	
Reconciliation of alternative performance 
	
measures in the Yara Group	
» Due to rounding differences, figures or 
percentages may not add up to the total.

87
Yara Annual report 2019  
Consolidated financial statements
Consolidated statement of income
USD millions, except share information
Notes
2019
2018
Revenue from contracts with customers
2.1, 2.3
12,858 
12,928 
Other income
2.2
78 
126 
Revenue and other income
12,936 
13,054 
Raw materials, energy costs and freight expenses
2.4
(9,317)
(10,096)
Change in inventories of own products
(17)
144
Payroll and related costs 
2.5
(1,180)
(1,207)
Depreciation and amortization
4.1, 4.2, 4.5
(922)
(807)
Impairment loss
4.7
(43)
(150)
Expected and realized credit loss on trade receivables
3.2
(7)
(13)
Other operating expenses
2.6
(460)
(523)
Operating costs and expenses
(11,946)
(12,652)
Operating income 
989 
402 
Share of net income in equity-accounted investees
4.3
65 
82 
Interest income and other financial income
2.7
76 
81 
Foreign currency translation gain/(loss)
2.7, 6.1
(145)
(278)
Interest expense and other financial items
2.7
(182)
(153)
Income before tax
803 
134 
Income tax expense
2.8
(214)
6 
Net income
589 
141 
Net income attributable to
Shareholders of the parent
599 
159 
Non-controlling interests
5.2
(10)
(19)
Net income
589 
141 
Basic earnings per share 1)
2.20 
0.58 
Weighted average number of shares outstanding 2)
5.1
272,319,232 
273,169,994 
1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.
2) Weighted average number of shares outstanding was reduced in 4th quarter 2019 due to share buy-back program.

88
Yara Annual report 2019
Consolidated financial statements
Consolidated statement of 
comprehensive income
USD millions
Notes
2019
2018
Net income
589 
141 
Other comprehensive income that may be reclassified to statement of income 
in subsequent periods (net of tax)
Currency translation adjustments
30 
(222)
Hedge of net investments
2.8, 6.2
(9)
(41)
Net other comprehensive income that may be reclassified to statement of income 
in subsequent periods, net of tax
20 
(263)
Other comprehensive income that will not be reclassified to statement of income 
in subsequent periods (net of tax)
Currency translation adjustments 1)
(24)
(126)
Net gain/(loss) on equity instruments at fair value through other comprehensive income
6.3 
(2)
(5)
Remeasurement gain/(loss) on defined benefit plans
2.8, 5.4 
(9)
(73)
Net other comprehensive income that will not be reclassified to statement of income 
in subsequent periods, net of tax
(35)
(203)
Total other comprehensive income, net of tax
(14)
(465)
Total comprehensive income, net of tax
576 
(325)
Total comprehensive income attributable to
Shareholders of the parent
585 
(278)
Non-controlling interests
5.2
(10)
(47)
Total
576 
(325)
1) Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as "foreign operations" to Yara International ASA.

89
Yara Annual report 2019  
Consolidated financial statements
Consolidated statement of changes in equity
USD millions
Notes
Share 
Capital 1)
Premium
 paid-in
 capital
Currency 
translation 
adjust-
ments
Equity 
instruments 
at FVOCI 2)
Cash 
flow
 hedges
Hedge 
of net
 invest- 
ments
Total 
other
 reserves
Retained
 earnings
Attri-
butable 
to share-
holders of 
the parent
Non-
controlling
 interests
Total 
equity
Balance at 31 December 2017
66 
(49)
(1,000)
-
(3)
(159)
(1,161)
10,369 
9,225 
280 
9,505 
IFRS 9 and IFRS 15 implementation effect
- 
- 
- 
- 
- 
- 
- 
(4)
(4)
- 
(4)
Net income
- 
- 
- 
 - 
- 
- 
- 
159 
159 
(19)
141 
Total other comprehensive income, net of tax
- 
- 
(320)
(5)
1 
(41)
(364)
(73)
(437)
(28)
(465)
Transactions with non-controlling interests
5.2
- 
- 
- 
 - 
- 
- 
- 
(7)
(7)
(6)
(13)
Transfer to retained earnings
6.3 
- 
- 
- 
2 
- 
- 
2 
(2)
- 
- 
- 
Treasury shares 3)
5.1 
- 
- 
- 
 - 
- 
- 
- 
(33)
(33)
- 
(33)
Share capital increase in subsidiary, 
non-controlling interest
5.2 
- 
- 
- 
 - 
- 
- 
- 
- 
- 
2 
2 
Dividends distributed
5.1 
- 
- 
- 
 - 
- 
- 
- 
(219)
(219)
(2)
(221)
Balance at 31 December 2018
66 
(49)
(1,319)
(2)
(3)
(199)
(1,523)
10,189 
8,683 
227 
8,910 
Net income
-
-
-
 - 
-
-
-
599 
599 
(10)
589 
Total other comprehensive income, net of tax
-
-
7 
(2)
- 
(9)
(4)
(9)
(14)
- 
(14)
Transactions with non-controlling interests
5.2 
- 
- 
(54)
- 
- 
- 
(54)
(97)
(151)
(137)
(288)
Treasury shares 4)
5.1 
- 
- 
- 
- 
- 
- 
- 
(83)
(83)
- 
(83)
Dividends distributed
5.1 
- 
- 
- 
- 
- 
- 
- 
(203)
(203)
(2)
(205)
Balance at 31 December 2019
66 
(49)
(1,367)
(4)
(2)
(209)
(1,582)
10,395 
8,830 
79 
8,909 
1) Par value NOK 1.70.
2) See note 6.3 Financial instruments.
3) As approved by General Meeting 8 May 2018.
4) As approved by General Meeting 7 May 2019.

90
Yara Annual report 2019
Consolidated financial statements
Consolidated statement of financial position
USD millions
Notes
31 Dec 2019
31 Dec 2018
Assets
Non-current assets
Deferred tax assets
1, 2.8
484 
407 
Intangible assets
1, 4.2
1,031 
1,052 
Property, plant and equipment
1, 4.1
8,614 
8,430 
Right-of-use assets
4.5
428 
-
Associated companies and joint ventures
4.3
970 
1,027 
Other non-current assets
4.6
414 
420 
Total non-current assets
11,940 
11,337 
Current assets
Inventories
3.1
2,360 
2,568 
Trade receivables
3.2
1,564 
1,601 
Prepaid expenses and other current assets
3.3
553 
741 
Cash and cash equivalents
3.4
300 
202 
Non-current assets and disposal group classified as held-for-sale
7.2
9 
206 
Total current assets
4,785 
5,319 
Total assets
16,725 
16,656

91
Yara Annual report 2019  
Consolidated financial statements
Consolidated statement of financial position
USD millions, except share information
Notes
31 Dec 2019
31 Dec 2018
Equity and liabilities
Equity
Share capital reduced for treasury stock
5.1
66 
66 
Premium paid-in capital
(49)
(49)
Total paid-in capital
17 
17 
Other reserves
(1,582)
(1,523)
Retained earnings
10,395 
10,189 
Total equity attributable to shareholders of the parent
8,830 
8,683 
Non-controlling interests
5.2
79 
227 
Total equity
8,909 
8,910 
Non-current liabilities
Employee benefits
1, 5.4
498 
485 
Deferred tax liabilities
2.8
416 
416 
Other long-term liabilities
6.3
247 
201 
Long-term provisions
5.6
303 
238 
Long-term interest-bearing debt
5.3
2,698 
2,776 
Long-term lease liabilities
4.5
337 
-
Total non-current liabilities
4,499 
4,116 
Current liabilities
Trade and other payables
5.5
1,614 
1,835 
Prepayments from customers
2.1
399 
343 
Current tax liabilities
1, 2.8
140 
63 
Short-term provisions
5.6
72 
55 
Other short-term liabilities
6.3
101 
88 
Short-term interest-bearing debt
5.3
494 
397 
Current portion of long-term debt
5.3
398 
824 
Short-term lease liabilities
4.5
98 
-
Liability associated with non-current assets and disposal group classified as held-for-sale
7.2
- 
26 
Total current liabilities
3,317 
3,630 
Total equity and liabilities
16,725 
16,656 
Number of shares outstanding 1)
271,040,624 
272,697,830 
1) Number of shares outstanding was reduced in 4th quarter 2019 due to share buy-back program.
Geir Isaksen
Chairperson
Trond Berger
Board member 
Hilde Bakken
Board member 
Håkon Reistad Fure
Board member 
The Board of Directors of Yara International ASA
Oslo, 17 March 2020
Kimberly Lein-Mathisen
Board member 
Adele Bugge Norman Pran
Board member 
John Thuestad
Board member
Kari-Marie Nøstberg
Board member 
Eva Safrine Aspvik
Board member
Rune Bratteberg
Board member
 Geir O. Sundbø
Board member 
Svein Tore Holsether
President and CEO

92
Yara Annual report 2019
Consolidated financial statements
Consolidated statement of cash flows
USD millions
Notes
2019
2018
Operating activities 
Operating Income
 989 
 402 
Adjustments to reconcile operating income to net cash provided by operating activities
Depreciation and amortization
4.1, 4.2, 4.5
 922 
 807 
Impairment loss
4.7
 43 
 150 
Write down inventory and trade receivables
 12 
 11 
Income taxes paid
 (135)
 (110)
Dividend from equity-accounted investees
4.3
 166 
 155 
Interest and bank charges received/(paid) 1)
 (169)
 (158)
(Gain)/loss on disposal
4.1, 4.2
 (33)
 (13)
Other
 (4)
 (3)
Working capital changes that provided/(used) cash
Trade receivables
 (5)
 (209)
Inventories
 171 
 (468)
Prepaid expenses and other current assets
 (21)
 (125)
Trade and other payables
 (54)
 249 
Other interest-free liabilities
 25 
 66 
Net cash provided by operating activities
 1,907 
 756 
Investing activities
Purchases of property, plant and equipment
4.1
 (1,066)
 (1,336)
Net cash outflow on business combinations
7.1
-
 (648)
Purchases of other long-term investments
4.2
 (30)
 (58)
Proceeds from sales of property, plant and equipment
 13 
 9 
Net cash flow on divested assets
 3 
 - 
Proceeds from sales of other long-term investments
 37 
 34 
Net cash used in investing activities
 (1,044)
 (2,000)
Financing activities
Loan proceeds 2)
5.3
 538 
 1,602 
Principal payments 2)
5.3
 (920)
 (464)
Payments of lease liabilities 3)
4.5
 (108)
 - 
Purchase of treasury shares
5.1
 (65)
 (21)
Dividend 
5.1
 (203)
 (219)
Net cash transfers from/(to) non-controlling interest
5.2
 (1)
-
Net cash provided by financing activities
 (758)
 897 
Foreign currency effects on cash and cash equivalents
 (7)
 5 
Net increase/(decrease) in cash and cash equivalents
 98 
 (341)
Cash and cash equivalents at 1 January
 202 
 544 
Cash and cash equivalents at 31 December 4)
3.4
 301 
 202 
Bank deposits not available for the use of other group companies
3.4
 35 
 52 
1) Including interest expenses on lease liabilities.
2) Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net.
3) In 2018, cash flows related to operational leases according to IAS17 were included in "Net cash provided by operating activities".
4) Excluded expected credit loss provisions on bank deposits, which amounts to USD 0.9 million (2018: USD 0.4 million). See note 3.4 for more information.

93
Yara Annual report 2019  
Consolidated financial statements
Basis for preparation
Corporate information
Yara (the Group) consists of Yara International ASA and its subsidiar­
ies. Yara International ASA is a public limited company incorporated in 
Norway. The Company’s registered office is at Drammensveien 131, 
Oslo, Norway. The principal activities of the Group are described in note 
2.3 Segment information, note 4.3 Associated companies and joint 
ventures, and note 4.4 Joint operations.
The consolidated financial statements consist of the Group and the 
Group’s interests in associated companies and jointly controlled entities. 
Information on the Group's structure is provided in note 8.4 Composition 
of the Group. Information on other related party relationships of the 
Group is provided in note 8.1 Related parties
Statement of compliance
The consolidated financial statements have been prepared in accordance 
with International Financial Reporting Standards (IFRS) as endorsed by 
the European Union (EU) and effective as of 31 December 2019. Yara 
also provides additional disclosures in accordance with requirements in 
the Norwegian Accounting Act. 
The consolidated financial statements have been prepared under the 
historical cost convention; modified to include revaluation to fair value of 
equity instruments, derivative financial instruments, contingent consider­
ation and defined benefit plan assets. 
The consolidated financial statements are presented in US dollars 
(USD). All values are rounded to the nearest USD million, except when 
otherwise indicated. The functional currency of Yara International ASA is 
Norwegian kroner (NOK).
Materiality judgments
These financial statements aim to provide useful financial information 
which meet the common information needs of its primary users. Materi­
ality judgments are necessary to meet this objective, and Yara has made 
such judgments related to recognition, measurement, presentation and 
disclosures. With reference to the complete set of financial statements, 
information is considered material if omitting, misstating or obscuring 
it could reasonably be expected to influence decisions taken by primary 
users based on the information provided. The materiality judgments are 
reassessed at each reporting date and updated based on changed facts 
and Yara specific circumstances.
Basis of consolidation
The consolidated financial statements include Yara International ASA 
and entities controlled by Yara International ASA (its subsidiaries). 
Control is achieved when the Group has power over the investee, is ex­
posed to, or has rights to, variable returns from its involvement with the 
investee, and has the ability to use its power to affect its returns. When 
the Group has less than a majority of the voting rights of an investee, it 
has power over the investee if the voting rights in practice are sufficient 
to unilaterally direct the relevant activities of the investee. The Group 
re-assesses if it controls an investee when facts and circumstances indi­
cate that there are changes to one or more elements of control. 
Consolidation of a subsidiary begins when the Group obtains control 
and ceases when the Group loses control. This means that income and 
expenses of subsidiaries acquired or disposed of are included in the con­
solidated statement of comprehensive income from the effective date of 
acquisition and up to the effective date of disposal, as appropriate. Total 
comprehensive income of subsidiaries is attributed to the owners of 
Yara International ASA and to the non-controlling interests, even if this 
results in the non-controlling interests having a deficit balance.
All intra group transactions, balances, income and expenses are elimi­
nated in full upon consolidation. Accounting policies of subsidiaries are 
changed if necessary to ensure consistency with the policies adopted by 
the Group.
Profit or losses from transactions with associates and joint ventures are 
recognized in the Group’s consolidated financial state­ments only to the 
extent of interest in the associate or joint venture that is not related to 
the Group. 
Changes in the Group’s ownership in subsidiaries that do not result in 
the Group losing control, are accounted for as equity transac­tions. Any 
difference between the amount by which the non-controlling interests 
are adjusted and the fair value of the consideration paid or received, is 
recognized directly in equity and attributed to owners of the Company.
EU Directive 83/349 
Yara GmbH & Co. KG with legal seat in Dülmen, Germany, and its 
directly and indirectly owned subsidiaries, are included in the consoli­
dated finan­cial statement of Yara International ASA as defined by sec. 
291 HGB (German commercial code). For the purpose of sec. 264b 
HGB, Yara GmbH & Co. KG makes use of the relief to not disclose any 
independent financial statement and notes.
Foreign currency translation 
Group companies
The individual financial statements of a subsidiary are prepared in the 
subsidiary’s functional currency. In preparing the consolidated financial 
statements, the financial statements of foreign operations are translated 
using the exchange rates at year-end for statement of finan­cial position 
items and monthly average exchange rates for statement of income 
items. Translation gains and losses, including effects of exchange rate 
changes on transactions designated as hedges of net foreign invest­
ments, are included in other comprehensive income as a separate com­
ponent. The translation difference derived from each foreign subsidiary, 
associ­ated company or jointly controlled entity, is reversed through the 
state­ment of income as part of the gain or loss arising from the divest­
ment or liquidation of such a foreign operation.
Transactions and balances 
In individual companies, transactions in currencies other than the entity’s 
functional currency are recognized by applying the exchange rate at the 
date of transaction. Monetary items denominated in foreign curren­
cies are translated using the exchange rate at the balance sheet date.

94
Yara Annual report 2019
Consolidated financial statements
Non-monetary items that are measured in terms of historical cost in a 
foreign currency are not re-translated. 
All foreign currency translations are recognized in the statement of in­
come except for foreign currency translations on foreign currency borrow­
ings that provide a hedge against a net investment in a foreign entity, or 
monetary items that are regarded as a part of the net investments. Such 
foreign cur­rency translations are recognized as a separate component of 
other comprehensive income, including tax charges and credits attribut­
able to these borrowings and monetary items. When the net investment 
is disposed of, or the monetary item is settled, they are recognized in the 
consolidated statement of income.
Significant accounting policies	
Significant accounting policies are included in the relevant notes to the 
Consolidated Financial Statements as follows:
Accounting Policies
Note
Revenue recognition
2.1
Dividends received
2.7
Interest income
 2.7
Income taxes
 2.8
Inventories
 3.1
Property, plant and equipment
 4.1
Goodwill
 4.2
Intangible assets
 4.2
Research and development expenditures
 4.2
Investments in associates and joint ventures
 4.3
Investments in joint operations
 4.4
Leases
 4.5
Impairment of non-current assets other than goodwill
 4.7
Own shares
 5.1
Dividends paid
 5.1
Employee benefit obligations
 5.4
Provisions
 5.6
Hedge accounting
6.2
Financial Instruments
 6.3
Fair value measurement
 6.3
Business combinations
 7.1
New and revised accounting standards and interpretations
Adopted
The Group has applied the below amendments to IFRS that are effective 
for accounting periods beginning on or after 1 January 2019, and which 
are relevant for Yara. Except for IFRS 16 Leases, Yara has not identified 
significant impact to the Group’s consolidated financial statements as a 
result of the mentioned amendments.
•	IFRS 16 Leases (issued 2016)
IFRS 16 replaced IAS 17 Leases and related interpretations from its ef­
fective date. Please find information on implementation effects in Note 
4.5 Leases. 
•	IFRIC Interpretation 23 Uncertainty over Income Tax Treatments 
(issued 2017) 
The Interpretation addresses the accounting for income taxes when tax 
treatments involve uncertainty that affects the application of IAS 12 
Income Taxes. 
•	Amendments to IFRS 9 Financial Instruments - Prepayment features 
with negative compensation
Under IFRS 9, a debt instrument can be measured at amortized cost 
or at fair value through other comprehensive income, provided that the 
contractual cash flows are ‘solely payments of principal and interest on 
the principal amount outstanding’ (the SPPI criterion) and the instrument 
is held within the appropriate business model for that classification. The 
amendments to IFRS 9 clarify that a financial asset passes the SPPI 
criterion regardless of the event or circumstance that causes an early ter­
mination of the contract and irrespective of which party pays or receives 
reasonable compensation for the early termination of the contract.
•	Amendments to IAS 19 Employee Benefits
	 When accounting for defined benefit plans under IAS 19, the standard 
generally required entities to measure the current service cost using 
actuarial assumptions determined at the start of the annual reporting 
period. Similarly, the net interest was generally calculated by multiply­
ing the net defined benefit liability (asset) by the discount rate, both as 
determined at the start of the annual reporting period. The amendments 
specify that when a plan amendment, curtailment or settlement occurs 
during the annual reporting period, an entity is required to: 
	 1) Determine current service cost for the remainder of the period after 
the plan amendment, curtailment or settlement, using the actuarial 
assumptions used to remeasure the net defined benefit liability (asset) 
reflecting the benefits offered under the plan and the plan assets after 
that event.
	  2) Determine net interest for the remainder of the period after the 
plan amendment, curtailment or settlement using: the net defined 
benefit liability (asset) reflecting the benefits offered under the plan 
and the plan assets after that event; and the discount rate used to 
remeasure that net defined benefit liability (asset). 
	 The amendments apply prospectively to plan amendments, curtail­
ments, or settlements occurring on or after the beginning of the first 
annual reporting period that begins on or after 1 January 2019.
Not yet effective
The below amendments to IFRS applicable to Yara have been issued 
but were not yet effective on the balance sheet date. Yara has at the 
date of the Board approval of these financial statements, not identified 
significant impact to Yara's consolidated financial statements as a result 
of these amendments.
 
•	Amendments to IFRS 3 - Definition of a Business
Amendments to IFRS 3 are issued to help entities determine whether 
an acquired set of activities and assets are a business or not. These 
amendments narrow and clarify the definition of a business, and permit 
a simplified assessment of whether an acquired set of activities and 
assets is a group of assets rather than a business. They are effective 
for annual periods beginning on or after 1 January 2020 and Yara will 
prospectively apply them to transactions that are either business combi­
nations or asset acquisitions for which the acquisition date is on or after 
the effective date.
•	Amendments to IAS 1 and IAS 8 - Definition of Material
Amendments to IAS 1 and IAS 8 are issued to clarify the definition of 
material and how it should be applied by (a) including in the definition

95
Yara Annual report 2019  
Consolidated financial statements
guidance that until now has featured elsewhere in IFRS standards; (b) 
improving the explanations accompanying the definition; and (c) ensur­
ing that the definition of material is consistent across all IFRS standards. 
The amendments are effective for annual periods beginning on or after 1 
January 2020 and Yara will apply them prospectively. 
•	Amendments to IFRS 9, IAS 39 and IFRS 7 - Interest rate 
benchmark reform
Effective for annual periods beginning on or after 1 January 2020, 
amendments to IFRS 9, IAS 39 and IFRS 7 are issued to respond to the 
effects of the interest rate benchmark reforms on financial reporting. The 
amendments to IFRS 9 and IAS 39 provide temporary reliefs which en­
able hedge accounting to continue for affected hedges during the period 
of uncertainty before the interest rate benchmarks are amended as a 
result of the reforms. The amendments to IFRS 7 introduce new disclo­
sure requirements. The amendments are applicable to Yara as the Group 
has fair value hedges exposed to the interest rate benchmarks NIBOR 
and STIBOR as well as net investment hedges exposed to USD LIBOR, 
ref. note 6.2 Hedge accounting. Yara closely monitors the outcome of 
relevant interest rate benchmark reforms to determine the effects for 
Yara. Please see note 6.1 Financial risks for more information on Yara's 
strategy to manage the risk exposure related to the interest rate bench­
mark reforms. Yara will implement the changes from their effective date, 
due to the endorsement by the European Union in January 2020.
•	IFRS 17 Insurance Contracts
IFRS 17 was issued in May 2017 and covers recognition, measurement, 
presentation and disclosure for insurance contracts. This new standard 
is expected to be effective for reporting periods starting on or after 1 
January 2021, with comparative figures required. However, in June 2019 
IASB issued an exposure draft proposing a deferral of the effective date 
for one year to 1 January 2022. Once effective, IFRS 17 will replace IFRS 
4 Insurance contracts. Yara has not yet assessed implications of this new 
standard for the Group.
1 Key sources of estimation uncertainty, 
judgments and assumptions
General
The preparation of consolidated financial statements in accordance with 
IFRS and the use of Yara’s accounting policies requires management to 
make judgments, estimates and assumptions that affect the reported 
amounts of assets, liabilities, revenues and expenses. The estimates and 
underlying assumptions are based on historical experience and various 
other factors that are considered to be reasonable under the circum­
stances. Actual results may differ from these estimates. The estimates 
and the underlying assumptions are reviewed on an ongoing basis. Revi­
sions to accounting estimates are recognized in the period in which the 
estimate is revised if the revision affects only that period, or in the period 
of the revision and future periods if the revision affects both current and 
future periods. The judgments, estimates and assumptions made that 
may significantly differ from actual results and may lead to material 
adjustments to carrying amounts are listed below.
Key sources of estimation uncertainty 
Impairment of assets 
Property, plant and equipment 
Yara has significant carrying amounts related to property, plant and 
equipment recognized in the consolidated statement of financial posi­
tion. The value-in-use of some of these assets could be influenced by 
changes in market conditions in the regions where Yara carries out its 
business. Significant and prolonged adverse market conditions related 
for example to increases in natural gas cost and/or lower market prices 
for products sold could lead to temporary or permanent closures of pro­
duction facilities. Such closures will be considered as an impairment in­
dicator and an impairment test will be carried out. The outcome of such 
impairment tests may be that significant impairment losses are recog­
nized in the statement of income. A reduction to the expected useful life 
of the assets can also lead to periods with higher depreciation expense 
going forward. Yara has carried out impairment tests for certain produc­
tion facilities during 2019, mainly due to uncertain economic conditions 
in local markets. In November 2019, Yara announced the closure of the 
wholly-owned ammonia plant in Point Lisas, Trinidad and consequently 
production ceased in December 2019. The plant was fully impaired in 
2016. No other facilities have been temporarily or permanently closed 
during 2019 due to adverse market conditions. Impairments recognized 
in prior periods have been evaluated for reversals. Total impairment 
recognized on property, plant and equipment in 2019 is USD 26 million. 
The carrying amount of property, plant and equipment at 31 December 
2019 is USD 8,614 million. See note 4.1 and 4.7 for further details. 
Goodwill and other intangible assets 
Determining whether goodwill and other intangible assets are impaired 
requires an estimation of the value-in-use of the cash-generating units 
to which goodwill and other intangible assets have been allocated. The 
value-in-use calculation requires management to estimate the future 
cash flows expected to arise from the cash-generating unit and was a 
suitable discount rate in order to calculate present value. The carrying 
value of goodwill and other intangible assets at 31 December 2019 is 
USD 844 million and USD 187 million, respectively. Yara recognized 
impairment of goodwill of USD 3 million in 2019. Details of recognized 
goodwill are provided in note 4.2 and the impairment information, 
including sensitivity disclosures, is provided in note 4.7. Other intangible 
assets mainly comprises software, customer relationships and patent

96
Yara Annual report 2019
Consolidated financial statements
and trademarks either identified as part of the purchase price allocation 
of new business combinations or internally developed. See note 4.2 and 
4.7 for further details.
Tax assets and liabilities
Yara recognizes deferred tax assets if it is probable that sufficient taxable 
income will be available in the future against which the temporary 
differences and unused tax losses can be utilized. Management has con­
sidered future taxable income in assessing whether these assets should 
be recognized, taking into consideration that stronger evidence for utili­
zation is required for entities with a history of recent tax losses. The car­
rying amounts of deferred tax assets and deferred tax liabilities are USD 
484 million and USD 416 million, respectively, at 31 December 2019. 
The amount of unrecognized deferred tax assets is USD 319 million, of 
which USD 173 million is related to unused tax losses in Brazil. Further 
information about deferred tax is provided in note 2.8. 
Yara’s operations in Brazil also generate tax credits. Recognition of 
these assets are based on Management assumptions related to future 
operating results and timing of utilization. Yara has recognized USD 213 
million of such tax credits which are classified as non-current assets. Un­
recognized amount of the same credits is USD 20 million which reflects 
the challenges of utilizing all credits through ordinary operations. Further 
information is provided in note 4.6. 
Yara is engaged in a number of juridical and administrative proceedings 
related to disputed tax matters with uncertain outcome. Management 
is required to estimate the probability of cash outflow on a case-by case 
basis. The estimated maximum exposure on tax contingencies is ap­
proximately USD 284 million of which USD 151 million is related to tax 
cases in Brazil. The estimated maximum exposure of USD 284 million 
is excluding a separately disclosed case with the Dutch tax authorities. 
Further information is provided in note 5.6.
Yara has operations in multiple countries, each with its own taxation 
regime. Management is required to make judgments, estimates and 
assumptions in relation to tax treatments. In certain cases, it may be un­
clear how tax law applies to a particular transaction or circumstance until 
the relevant taxation authority or court takes a decision in the future. 
Consequently, this may affect tax assets or liabilities. When assessing 
whether uncertainty over tax treatments exists Yara will consider current 
tax law and regulations, general practice, decisions and rulings by the 
court or other relevant authorities as well as tax memorandum prepared 
by internal or external experts. In case of uncertain tax treatments Yara 
will consider the probability that a taxation authority will accept an 
uncertain tax treatment. When concluding that it is not probable that 
the taxation authority will accept an uncertain tax treatment, Yara will 
reflect the effect of uncertainty by using the method that provides better 
prediction resolution of uncertainty. 
Employee benefits obligations
The fair value of pension liabilities is calculated based on several actu­
arial and economic assumptions. Any changes in the assumptions used 
would affect the estimated pension obligation. Changes in the discount 
rate have the most significant impact. The discount rate and other key 
assumptions are determined locally for each individual pension plan, 
based on the economic environment in which the plan is established. 
Assumptions are normally reviewed annually when the actuarial calcu­
lation is carried out, unless there are significant changes during the year. 
The carrying amount of the net pension and other long-term employee 
benefits liabilities at 31 December 2019 is USD 441 million. The gross 
pension and other long-term employee benefits liabilities have a carrying 
value of USD 2,241 million at the same date. Detailed information, 
including sensitivity disclosures, is provided in note 5.4. 
Critical judgments in applying accounting policies 
Assessment of influence and control and classification of joint 
arrangements 
Management has used judgment in relation to the classification of Yara 
Freeport LLC DBA Texas Ammonia and classified it as a joint operation. 
The unit constructed an ammonia plant in the US which opened in April 
2018. The company is owned 68% by Yara but controlled jointly with 
the other owner. The company has been classified as a joint operation 
because the partners have equal number of board representatives and 
because relevant activities that significantly affect the return on the 
investment requires approval of representatives from both partners. 
The same judgment have been made for the 50% owned Yara Pilbara 
Nitrates and the 49% owned Tringen, also on the basis of required con­
sensus when making relevant decisions. See note 4.4 for further details 
on joint operations.

97
Yara Annual report 2019  
Consolidated financial statements
2 Results for the year
2.1 Revenues from contracts with customers
Overview and accounting policies
A description of the nature of external revenues in the Yara Group can be 
found in note 2.3 Segment information. 
Under IFRS 15, Yara recognizes as revenue the agreed transaction price 
in a contract with a customer at the time when the Group transfers the 
control of a distinct product or service to the customer. 
The nature of Yara’s revenue recognition is categorized as follows:
Sale of fertilizer and chemical products 
Yara sells fertilizer and chemical products to customers worldwide. Ordi­
nary purchase orders are normally the contracts with the customer which 
create enforceable rights and obligations. Revenue is recognized when 
control of the products is transferred to the customer. This is normally 
determined by the incoterm used in the sales transactions. The use of 
incoterms varies between regions, markets and customers, but products 
are typically sold ex-warehouse. 
Contracts with larger customers often include sales incentives leading 
to variable consideration amounts. Volume discounts are the dominant 
sales incentives used by Yara. These discounts may have prospective 
or retrospective effect. Volume discounts with retrospective effect are 
systematically accrued and recognized as reduction of revenue based 
on the best estimate of the amounts potentially due to the customer. 
If the discount cannot be reliably estimated, revenue is reduced by the 
maximum potential discount. Discount which qualify as material rights 
are accounted for as separate performance obligations.
Products are normally sold with standard warranties which provide 
protection to the customers that the product have the agreed-upon 
specifications. These standard warranties are accounted for using IAS 37 
Provisions, Contingent Liabilities and Contingent Assets. The Group does 
not have any other significant obligations for returns or refunds.
The majority of sales in the Group have credit terms of less than 90 
days. Normally customer contracts do not include a significant financing 
component. 
Yara does not have significant incremental costs of obtaining or fulfilling 
contracts with customers which the Group expects to recover. 
Freight/insurance services 
Yara arranges delivery to the customer’s location using different inco­
terms. When the Group uses incoterms which transfer the responsibility 
for the goods to the customer before the freight/insurance service is 
delivered (C-incoterms), Yara normally considers the freight/insurance 
service to be a distinct service which shall be accounted for as a separate 
performance obligation. This means that Yara allocates consideration to 
these freight/insurance services based on known or estimated stand­
alone selling prices, and recognizes the corresponding revenue over time 
to the extent the freight/insurance service is performed. However, the 
timing effects are limited since the majority of deliveries to the custom­
er’s location are done within days. Shipping and handling activities that 
occur before customers take control of the goods are considered to be 
part of fulfilling the sale of the goods. 
Other products and services 
Other products and services include a number of different offerings 
including equipment and services to store or handle product, and tech­
nology offerings in Yara’s Environmental Solutions Business. Revenues 
from sale of equipment are recognized upon delivery to the customer. 
Revenues from sale of services are recognized over time as the service is 
performed. Revenues from technology offerings in Yara’s Environmental 
Solutions Business are recognized over time using the percentage of 
completion method if they meet the criteria for over time recognition 
in IFRS 15. The percentage of completion method is an input method 
(based on costs incurred) and provides a faithful depiction of the transfer 
of these offerings since it is reasonably possible to estimate the stages 
of project completion on an ongoing basis. Offerings which represent 
multiple element arrangements are analyzed to identify distinct goods or 
services that shall be accounted for as separate performance obligations. 
Urea sales in India 
The business combination of Tata Chemicals Limited's urea business in 
India was closed 12 January 2018. The acquired business manufactures 
and sells urea to dealers who in turn sell to farmers and retailers. Yara 
sells urea under a pricing scheme policy issued by the Government of 
India (GoI). This policy aims to promote balanced nutrient application and 
sustained agricultural growth by making urea available to farmers across 
India at affordable prices on a timely basis. 
The price at which Yara can sell urea to registered dealers under the 
pricing scheme policy is regulated and determined by GoI. This price is 
generally less than the cost of production and GoI provides a compensa­
tion based on a predefined method considering the sales price set by GoI 
to be charged registered dealers, the cost for natural gas, other variable 
cost (including cost of bags, water, electricity and freight) and fixed cost. 
Control of goods transfers at the time the registered dealer receives the 
goods. The consideration received is based on the dealer's receipt of 
goods and constitutes of the fixed sales price to be paid by the registered 
dealer and the estimated compensation to be paid by GoI. As Yara has 
the inventory risk and controls the goods until they are delivered to the 
registered dealers, the compensation from GoI is presented as revenue in 
the consolidated statement of income.

98
Yara Annual report 2019
Consolidated financial statements
Disaggregation of external revenues by nature
USD millions
Fertilizer and 
chemical products
Freight/ 
insurance services
Other products 
and services
Total
2019
Sales & Marketing
 10,345 
 366 
 18 
 10,729 
New Business
 862 
 87 
 384 
 1,333 
Production
 657 
 68 
 59 
 784 
Other and eliminations
-
 - 
 12 
 12 
Total 
 11,864 
 520 
 473 
 12,858 
2018 Restated 1)
Sales & Marketing
 10,561 
 367 
 13 
 10,941 
New Business
 829 
 85 
 150 
 1,064 
Production
 782 
 64 
 67 
 913 
Other and eliminations
 1 
 - 
 9 
 9 
Total 
 12,173 
 517 
 239 
 12,928 
1) The 2018 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
Disaggregation of external revenues by product group
USD millions
2019
2018
Ammonia
 949 
 1,140 
Urea
 2,710 
 2,864 
Nitrate 
 1,872 
 1,811 
NPK 
 4,131 
 4,165 
CN 
 551 
 545 
UAN 
 301 
 258 
SSP 
 157 
 216 
DAP/MAP 
 269 
 294 
MOP/SOP 
 575 
 452 
Other fertilizer and chemical products
870
945
Other products and services
473
239
Total revenues
 12,858 
 12,928 
Yara serves a large number of customers. No revenues from transactions with any single customer amount to ten percent or more of Yara’s total revenues.
Disaggregation of external revenues by geographical area
USD millions
Europe
Brazil
Latin America 
ex. Brazil
Asia
North America
Africa
Total
2019
Sales & Marketing
 3,416 
 3,481 
 844 
 1,361 
 1,029 
 597 
 10,729 
New Business
 684 
 109 
 73 
 181 
 165 
 121 
 1,333 
Production
 148 
 75 
 31 
 243 
 287 
-
 784 
Other and eliminations
 12 
 - 
-
-
 - 
 - 
 12 
Total 
 4,259 
 3,665 
 948 
 1,785 
 1,482 
 718 
 12,858 
2018 Restated 1)
Sales & Marketing
 3,549 
 3,370 
 995 
 1,494 
 1,001 
 531 
 10,941 
New Business
 503 
 75 
 68 
 141 
 163 
 114 
 1,064 
Production
 128 
 97 
 31 
 311 
 346 
-
 913 
Other and eliminations
 9 
 - 
-
-
 - 
 - 
 9 
Total 
 4,190 
 3,542 
 1,094 
 1,947 
 1,511 
 645 
 12,928 
1) The 2018 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
Revenues from external costumers of an amount of USD 234 million (2018: USD 244 million) are attributed to Norway (Yara's country of domicile).

99
Yara Annual report 2019  
Consolidated financial statements
Customer contract balances and unsatisfied performance obligations
The timing of revenue recognition, billings and cash collections results in 
billed trade receivables, unbilled receivables (contract assets), and pre­
payments and deposits from customers (contract liabilities). Information 
on billed trade receivables can be found in note 3.2. 
Unbilled receivables (contract assets) are limited and refer mainly to 
technology offerings in Yara’s Environmental Solutions Business with 
revenue recognition over time in accordance with the percentage of 
completion method. For such offerings, billing generally occurs upon 
achievement of contractual milestones subsequent to revenue recog­
nition. Contract assets are transferred to receivables when Yara has an 
unconditional right to consideration. 
Prepayments and deposits from customers (contract liabilities) mainly 
refer to Yara’s fertilizer sales in Brazil where prepayments up front of 
the fertilizer season is common practice to reduce price risk for the cus­
tomers. Prepayments in Brazil are normally received less than 90 days 
before delivery of the goods. To a limited extent contract liabilities also 
refer to up-front payments on technology offerings in Yara’s Environmen­
tal Solutions Business.
Unsatisfied performance obligations refers mainly to technology deliv­
eries in Yara's Environmental Solutions Business. For other deliveries 
unsatisfied performance obligations which are part of contracts that 
have an expected value of one year or less are not disclosed. In addition, 
unsatisfied performance obligations are not disclosed when Yara's right 
to consideration corresponds directly with the value to the customer of 
Yara's performance completed to date.
USD millions
Notes
2019
2018
Contract assets
Opening balance 01.01
 42 
 14 
Transferred to receivables in the period
 (117)
 (12)
Increase due to measure of progress in the period
 113 
 40 
Revenue recognized in the period from performance obligations satisfied in previous periods
 - 
 - 
Impairment
 - 
 - 
Currency translation effect
 - 
 (1)
Closing balance 31.12
3.3
 38 
 42 
Contract liabilities
Opening balance 01.01
 343 
 265 
Share of opening balance recognized as revenue in the period
 (319)
 (262)
Cash received not recognized as revenue in the period 1)
 376 
 342 
Currency translation effect
 - 
 (1)
Closing balance 31.12
 399 
 343 
Unsatisfied performance obligations
Initial contract price on signed contracts
 621 
 593 
Aggregate contract revenue incurred to date 2)
 (420)
 (138)
Transaction price allocated to unsatisfied performance obligations
 201 
 456 
Unsatisfied performance obligations to be recognized within 
1 year
 149 
 296 
2-3 years
 52 
 160 
Transaction price allocated to unsatisfied performance obligations
 201 
 456 
1) Presented net of amounts created and released within the same reporting period.
2) Based on the percentage of completion method.

100
Yara Annual report 2019
Consolidated financial statements
2.2 Other income
Accounting policies
A white certificate is an instrument issued by an authorized body 
guaranteeing that a specified amount of energy savings has been 
achieved. Yara receives such instruments from voluntarily participating 
in the white certificate scheme in Italy. The white certificates under this 
scheme is tradable and Yara sells these instruments to energy producers 
in the scheme on a running basis. Yara recognizes the white certificates 
received at zero cost and recognizes a gain equal to the selling price once 
they are sold.
Compensation from insurance companies is recognized in profit and loss 
when it becomes a receivable. The compensation becomes receivable 
when it is "virtually certain" that the it will be received.
Please see separate notes referred to in the table below for the account­
ing for other specified items. 
Specification
USD millions
Notes
2019
2018
Sale of white certificates
 37 
 35 
Insurance compensations
 14 
 27 
Commodity based derivatives gain/(loss)
 6.3
 13 
 4 
Derecognition of deferred consideration related to GICS (former Galvani) 
7.2
 - 
 21 
Change in fair value of contingent consideration related to santa Quiteria
7.2
 - 
 15 
Recognition of take-or-pay compensation from customer 
 - 
 15 
Other
 15 
 9 
Total
78
126
2.3 Segment information
As part of Yara’s crop nutrition focused strategy, Yara has simplified its 
operating model and changed its operating segments effective from 1 Jan­
uary 2019. Yara’s new segment structure is comprised of three segments:
Sales & Marketing
New Business
Production
The new Sales & Marketing segment includes the former Crop Nutrition 
units, in addition to the lines of business of Base Chemicals, Industry 
Reagents and Animal Nutrition (excluding South Africa) which were trans­
ferred from the former Industrial segment.
The New Business segment includes the business units Environmental 
Solutions, Mining Applications, Animal nutrition South Africa and Industri­
al Nitrates from the former Industrial segment.
Yara has moved plants that are operating in local markets from the former 
Crop Nutrition segment to the Production segment. These plants are 
Babrala (India), Rio Grande (Brazil) and Ponta Grossa (Brazil). In addition, 
Yara has moved fertilizer Sales & Marketing activity in GICS and Cubatão 
previously reported within the Production segment to the new Sales & 
Marketing segment.
The operating segments presented are the key components of Yara’s 
business. These segments are managed and monitored as separate and 
strategic businesses which are evaluated on a regular basis by Yara’s Chief 
Executive Officer (CEO) as the Chief Operating Decision Maker.
Financial and operational information is prepared for each segment, and 
the information disclosed is the same as used by the CEO to assess per­
formance and allocate resources.
A separate appendix containing restated segment figures for 2018 was 
published on 20 March 2019. The appendix is available in the Investor re­
lations section on Yara.com. Due to the changes in the segment structure, 
new descriptions of the segments are presented below.
Sales & Marketing
The Sales & Marketing segment offers a comprehensive portfolio of 
nitrogen-based fertilizer including urea, urea ammonium nitrate (UAN), 
calcium ammonium nitrate (CAN), ammonium nitrates (AN), calcium 
nitrates (CN) and compound fertilizer (NPK) that contain all of the three 
major plant nutrients: nitrogen (N), phosphorus (P) and potassium (K) 
as well as foliar and fertigation solutions through micronutrients. The 
segment also sells phosphate and potash-based fertilizers, which to a 
large extent are sourced from third parties. In some markets the segment 
delivers equipment and services to store or handle products.
The variety of fertilizer products are mainly sold spot to distributors based 
on ordinary purchase orders and underlying frame agreements. To a cer­
tain extent the products are also sold directly to farmers, to co-operatives, 
and spot without underlying agreements. The composition and degree of 
customers and products sold differs between local and regional markets, 
and the off-take of product varies throughout the fertilizer seasons in the 
different markets.

101
Yara Annual report 2019  
Consolidated financial statements
In addition to offering nitrogen-based fertilizer, the Sales & Marketing 
segment offers products for animal nutrition and industry solutions. Ani­
mal nutrition deliveries include urea and phosphates that are used as raw 
materials for feed products in both agriculture and aquaculture. Industrial 
solutions include products such as ammonia, urea and nitric acid used as 
input factors for a large range of products and applications. These deliver­
ies have normally less price volatility because of longer term contracts.
The volume sold is mainly purchased from the Production segment based 
on the arm’s length principle. Consequently, the Sales & Marketing seg­
ment mainly increases Yara’s margins through distribution, management 
of working capital, and Sales & Marketing activities, rather than manufac­
turing of product. The segment is therefore characterized by a high capital 
turnover, a relatively low EBITDA margin in relation to revenues, and a 
low ratio of property, plant and equipment to total assets compared to a 
production-oriented fertilizer operation.
New Business
The New Business segment focuses on developing, commercializing, 
and scaling up profitable businesses for the benefit of Yara. Its mandate 
is to grow ideas, to develop new businesses, and to create new reve­
nues streams. The main businesses in the segment sell urea, technical 
ammonium nitrate and calcium nitrate for industrial applications within 
mining applications, environmental solutions and industrial nitrates. These 
products are based on Yara’s core production outputs and the volume sold 
is mainly purchased from the Production segment based on the arm’s 
length principle. The customer contracts are to a large extent medium to 
long-term contracts, however products are also sold spot based on ordi­
nary purchase orders. In some markets the segment delivers equipment 
and services to store or handle products.
Yara’s portfolio of environmental solutions includes total solutions for 
NOx abatement for industrial plants and transport at both land and sea. 
The main external revenues within this area are derived from the product 
AdBlue/Air1 a high concentration urea-based reagent used by heavy-duty 
diesel vehicles to reduce nitrogen oxide emission.
Production
The Production segment comprises the manufacturing plants producing 
ammonia, fertilizer and industrial products. About 90% of the sales in the 
segment are group internal sales. The remaining external sales mainly 
relate to Yara’s global trade and shipping of ammonia.
The Production segment holds ownership interests in associates and 
joint arrangements. The investments in the joint arrangements Trinidad 
Nitrogen Company Ltd, Yara Pilbara Nitrates Pty Ltd and Yara Freeport 
LLC DBA Texas Ammonia are classified as joint operations, for which 
Yara consolidate its share of assets, liabilities, revenues and costs. The in­
vestments in Qatar Fertilizer Company (“QAFCO”) and Libyan Norwegian 
Fertilizer Company (“LIFECO”) are accounted for using the equity method 
of accounting.
The Production segment’s operating results are highly influenced by vol­
ume output. In addition, operating results are strongly linked to its produc­
tion margins. These are primarily driven by the price levels for ammonia, 
urea, nitrates, NPK, phosphoric acid, and the price level of energy and raw 
materials such as phosphate rock and potash. Operating results can also 
be strongly influenced by movements in currency exchange rates.
The fluctuation of the Production segment’s operating results is similar 
to other fertilizer producers. It is typically less stable than the operating 
results of Yara’s Sales & Marketing and New Business segments.
Other and eliminations
In the segment information, “Other and eliminations” consists mainly of 
cross-segment eliminations and Yara’s headquarter costs. Profits on sales 
from Production to Sales & Marketing and New Business are not recognized 
in the Yara consolidated statement of income before the products are 
sold to external customers. These internal profits are eliminated in “Other 
and eliminations”. Changes in “Other and eliminations” EBITDA therefore 
usually reflect changes in Production-sourced stock (volumes) held by Sales 
& Marketing and New Business, but can also be affected by changes in 
Production margins on products sold to Sales & Marketing and New Busi­
ness as transfer prices move in line with arm’s length market prices. With 
all other variables held constant, higher stocks in Sales & Marketing and 
New Business would result in a higher (negative) elimination effect in Yara’s 
results, as would higher Production margins. Over time these effects tend to 
even out, to the extent that stock levels and margins normalize.

102
Yara Annual report 2019
Consolidated financial statements
Consolidated statement of income
USD millions, except percentages
2019
2018 Restated 1)
External revenues and other income
Sales & Marketing
10,748 
10,968 
New Business
1,334 
1,063 
Production
843 
1,017 
Other and eliminations
12 
5 
Total
12,936 
13,054 
Internal revenues and other income
Sales & Marketing
174 
160 
New Business
3 
3 
Production
6,296 
6,183 
Other and eliminations
(6,473)
(6,346)
Total
- 
- 
Revenues and other income
Sales & Marketing
10,922 
11,128 
New Business
1,337 
1,067 
Production
7,139 
7,200 
Other and eliminations
(6,461)
(6,340)
Total
12,936 
13,054 
Operating income 2)
Sales & Marketing
528 
427 
New Business
160 
103 
Production
315 
(35)
Other and eliminations
(14)
(93)
Total
989 
402 
EBITDA 2)
Sales & Marketing
743 
613 
New Business
190 
115 
Production
1,140 
856 
Other and eliminations
22 
(62)
Total
2,095 
1,523 
Effect on EBITDA of implementing IFRS 16 3)
Sales & Marketing
55 
- 
New Business
14 
- 
Production
39 
- 
Other and eliminations
10 
- 
Total
118 
- 
EBITDA on IAS17 basis 3)
Sales & Marketing
688 
613 
New Business
176 
115 
Production
1,102 
856 
Other and eliminations
12 
(62)
Total
1,977 
1,523 
ROIC (12-month rolling average) 2)
Sales & Marketing
15.2%
14.4%
New Business
40.2%
32.9%
Production
3.1%
0.6%
Total 4)
6.6%
3.8%
1) The 2018 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
2) See "Alternative performance measures" section for reconciliation of alternative performance measures in the Yara Group.
3) The effect on EBITDA of implementing IFRS 16 and EBITDA on IAS 17 basis is provided for information purposes only.
4) A normalized operating cash requirement is employed in the ROIC calculation for Yara, but not for the segments. This effect explains the variance in ROIC between Yara and the segments. See "Alternative 
performance measures" section for more information.

103
Yara Annual report 2019  
Consolidated financial statements
Reconciliation of operating income to EBITDA
USD millions
Operating 
Income
Equity-accounted
 investees
Interest income 
and other 
financial income
Depreciation and 
amortization 1)
Impairment 
loss 2)
EBITDA
2019
Sales & Marketing
528 
3 
62 
144 
5 
743 
New Business
160 
2 
1 
24 
3 
190 
Production
315 
60 
4 
727 
34 
1,140 
Other and eliminations
(14)
- 
9 
27 
- 
22 
Total
989 
65 
76 
922 
43 
2,095 
2018 Restated 3)
Sales & Marketing
 427 
 5 
 67 
 86 
 28 
 613 
New Business
 103 
 1 
 1 
 10 
 - 
 115 
Production
 (35)
 76 
 4 
 689 
 122 
 856 
Other and eliminations
 (93)
 - 
 10 
 22 
 - 
 (62)
Total
 402 
 82 
 81 
 807 
 150 
 1,523 
1) Including amortization on excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
3) The 2018 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
Consolidated statement of financial position
USD millions
2019
2018 Restated 1)
Total assets 2)
Sales & Marketing
4,347 
4,514 
New Business
484 
450 
Production
11,412 
11,478 
Other and eliminations
483 
213 
Total
16,725 
16,656 
Current assets 2)
Sales & Marketing
3,187 
3,442 
New Business
345 
326 
Production
1,429 
1,894 
Other and eliminations
(175)
(343)
Total
4,785 
5,319 
Non-current assets 2)
Sales & Marketing
1,160 
1,072 
New Business
139 
124 
Production
9,983 
9,584 
Other and eliminations
658 
557 
Total
11,940 
11,337 
Equity-accounted investees
Sales & Marketing
53 
52 
New Business
29 
27 
Production
887 
947 
Other and eliminations
1 
1 
Total
970 
1,027 
Investments 3)
Sales & Marketing
71 
308 
New Business
4 
9 
Production
1,038 
1,723 
Other and eliminations
20 
41 
Total
1,134 
2,080 
1) The 2018 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
2) Assets excludes internal cash accounts and accounts receivable related to Group relief.
3) Investments comprise property, plant and equipment, intangible assets, equity-accounted investees and other equity investments. The figures presented are capitalized amounts, and may deviate from 
cash flow from investing activities due to timing of cash outflows.

104
Yara Annual report 2019
Consolidated financial statements
Information about geographical areas
Non-current assets 1)
USD millions
2019
2018
Europe
4,512 
4,334 
Brazil
1,928 
1,635 
Latin America ex. Brazil
361 
361 
Asia 2)
2,405 
2,407 
North America
1,683 
1,672 
Africa
289 
263 
Total
11,178 
10,671 
1) The identification of non-current assets and investments is based on location of operation. Excluded from non-current assets are financial instruments, deferred tax assets, post-employment benefit assets, 
and rights arising under insurance contracts.
2) Yara is present in Asia (Qatar) through the investment in QAFCO which is accounted for by the equity method and represents USD 873 million (2018: USD 935 million) of the total non-current assets in Asia.
Non-current assets of an amount of USD 1,183 million (2018: USD 1,127 million) are attributed to Norway (Yara's country of domicile).
Information related to disaggregation of external revenues by geographical area, nature and product group can be found in note 2.1.
2.4 Raw materials, energy costs and freight expenses
USD millions
Notes
2019
2018
Raw material, energy costs and freight expenses
Raw material and energy costs
 (6,968)
 (7,485)
Freight expense
 (942)
 (989)
Other production related costs
 (1,407)
 (1,622)
Total
 (9,317)
 (10,096)
In 2019, Yara provided for energy taxes of USD 32 million and calculated interest cost of USD 3 million after an internal review of a production facili­
ty's compliance with energy tax rules. When the taxation authority issued reassessed taxes and interest charges, these were in line with the provisions 
made. The taxes and interest charges were fully paid during 2019.
2.5 Payroll and related costs
USD millions
Notes
2019
2018
Payroll and related costs
Salaries
8.2
(922)
(942)
Social security costs
8.2
(146)
(146)
Social benefits
8.2
(8)
(9)
Net periodic pension cost 
5.4, 5.6, 8.2
(104)
(110)
Total
(1,180)
(1,207)
2.6 Other operating expenses
USD millions
Notes
2019
2018
Other operating expenses
Selling and administrative expense
(217)
(244)
Expensed leases
4.5
(11)
(41)
Travel expense
(47)
(59)
Fees auditors, lawyers, consultants
8.3
(133)
(122)
Other expenses
(52)
(58)
Total
(460)
(523)
Research costs
4.2
(60)
(43)

105
Yara Annual report 2019  
Consolidated financial statements
2.7 Financial income and expenses
Accounting policies
Interest income is recognized in the statement of income as it is accrued, 
based on the effective interest method. 
Dividends from investments are recognized in the statement of income 
when the Group has a right to receive the dividends. 
Interest expense is recognized as it is accrued.
Capitalized interest expense refers to borrowing costs which are added to 
the cost of PP&E that take a substantial period of time to get ready for 
their intended use or sale ("qualifying assets") if they are directly attribut­
able to the acquisition, construction or production of such assets.
Specification
USD millions
Notes
2019
2018
Net interest income on customer credits
56 
63 
Interest income, other
18 
15 
Dividends and net gain/(loss) on securities
2 
3 
Interest income and other financial income
76 
81 
Net foreign currency translation gain/(loss)
6.1
(145)
(278)
Interest expense 
(197)
(187)
Interest expense on lease liabilities
4.5
(15)
 - 
Capitalized interest
4.1
55 
60 
Net interest on net long-term employee benefit obligations
5.4
(9)
(7)
Other financial expense 
(15)
(19)
Interest expense and other financial items
(182)
(153)
Net financial income/(expense)
(251)
(350)
The foreign currency translation loss this year of USD 145 million comprised a loss of USD 76 million on the US dollar denominated debt positions and a 
loss of USD 69 million on internal positions in other currencies than USD. In 2018, the reported net loss of USD 278 million stemmed mainly from Yara’s 
US dollar denominated debt positions.
2.8 Income taxes
Accounting policies
Income tax expense represents the sum of the tax currently payable and 
deferred tax.
The tax currently payable is based on taxable profit for the year.
Deferred tax is recognized on differences between the carrying amounts of 
assets and liabilities in the financial statements and the corresponding tax 
base used in the computation of taxable profit. It is accounted for by using 
the liability method. Deferred tax liabilities are generally recognized for all 
taxable temporary differences. Deferred tax assets are generally recognized 
for all deductible temporary differences, carry forward of unused tax credits, 
and any unused tax losses. However, deferred tax assets are recognized 
only to the extent these can be utilized against probable taxable profits.
Deferred tax assets and liabilities are not recognized if the temporary differ­
ence arises from goodwill, or from the initial recognition of other assets and 
liabilities in a transaction (other than in a business combination) that affects 
neither the taxable profit nor the accounting profit. 
Deferred tax liabilities are recognized for taxable temporary differences as­
sociated with investments in subsidiaries, associates and interests in jointly 
controlled entities, except where the Group is able to control the reversal of 
the temporary difference and it is probable that the temporary difference 
will not reverse in the foreseeable future. Deferred tax assets arising from 
deductible temporary differences associated with such investments and 
interests, are recognized only to the extent it is probable that sufficient 
taxable profits are expected to reverse in the foreseeable future to utilize the 
benefits of the temporary differences. 
Current and deferred taxes are recognized as expense or income in the 
statement of income, except when they relate to items recognized directly 
in equity or in other comprehensive income. If the tax relates to items rec­
ognized in other comprehensive income or directly in equity, the tax is also 
recognized as other comprehensive income or directly in equity. Uncertain 
tax positions, for example from unresolved disputes with tax authorities, are 
provided for if there are probable cash outflows. In certain cases, it may be 
unclear how tax law applies to a particular transaction or circumstance until 
the relevant taxation authority or court takes a decision in the future. Con­
sequently, this may affect tax assets or liabilities. When assessing whether 
uncertainty over tax treatments exists Yara will consider current tax law 
and regulations, general practice, decisions and rulings by the court or other 
relevant authorities as well as tax memorandum prepared by internal or 
external experts. In case of uncertain tax treatments Yara will consider the 
probability that a taxation authority will accept an uncertain tax treatment. 
When concluding that it is not probable that the taxation authority will ac­
cept an uncertain tax treatment, Yara will reflect the effect of uncertainty by 
using the method that provides better prediction resolution of uncertainty.

106
Yara Annual report 2019
Consolidated financial statements
Yara implemented the new lease standard IFRS 16 on 1 January 2019. In 
tax jurisdictions where the tax deductions are based on rental payments, 
Yara has applied the requirements in IAS 12 to the leasing transaction as 
a whole. No temporary difference was recognized at inception of the new 
lease standard. Subsequently, deferred taxes arise due to timing differenc­
es between IFRS 16 lease cost and deductible rental payments.
The major components of income tax expense for the year ended 31 December:
USD millions
2019
2018
Consolidated statement of income
Current taxes
Current year
(224)
(78)
Prior years adjustment 1)
(40)
11 
Total
(264)
(67)
Deferred taxes
Deferred tax income/(expense) recognized in the current year
67 
100 
Adjustments to deferred tax attributable to changes in tax rates and laws
1 
5 
(Write-downs)/reversal of previous write-downs of deferred tax assets
(18)
(32)
Total
50 
74 
Total tax income/(expense) recognized in statement of consolidated income
(214)
6 
Other comprehensive income
Current tax
Hedge of net investment
3 
12 
Total
3 
12 
Deferred tax
Pensions
5 
21 
Total
5 
21 
Total tax income/(expense) recognized directly in other comprehensive income
8 
33 
Total tax income/(expense) recognized in comprehensive income
(207)
39 
1) Income tax provision of USD 38 million is recognized based on a recent court ruling. See note 5.6.
Taxable income differs from net income before tax as reported in the income statement because it excludes items of income or expense that are taxable
or deductible in future years (temporary differences). It also excludes items that are never taxable or deductible (permanent differences). The Group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

107
Yara Annual report 2019  
Consolidated financial statements
Reconciliation of Norwegian nominal statutory tax rate to effective tax rate
USD millions, except percentages
2019
2018
Income before tax
803 
134 
Expected income taxes at statutory tax rate 1)
22% 
(177)
23% 
(31)
Tax law changes
(0.2%)
1 
(2.8%)
4 
Foreign tax rate differences
(2.6%)
21 
(39.4%)
53 
Unused tax losses and tax offsets not recognized as deferred tax assets 
5.3% 
(43)
44.8% 
(60)
Previously unrecognized and unused tax losses and deductible temporary 
differences now recognized as deferred tax assets 
(1.9%)
15 
(18.7%)
25 
Non-deductible expenses
1.3% 
(11)
10.7% 
(14)
Share of net income equity-accounted investees
(1.7%)
13 
(14.0%)
19 
Tax free income miscellaneous
(2.3%)
22 
(17.5%)
24 
Prior year adjustment 2)
5.1% 
(41)
(8.1%)
11 
Withholding tax
2.5% 
(7)
11.4% 
(15)
Other, net
(0.9%)
(9) 
5.8% 
(8)
Total income tax income/(expense) 
(214)
6 
Effective tax rate
26.7% 
(4.8%)
1) Calculated as Norwegian nominal statutory tax rate of 22% (2018: 23%) applied to income before tax.
2) Income tax provision of USD 38 million is recognized based on a recent court ruling. See note 5.6.
Specification of deferred tax assets/(liabilities)
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient 
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset 
realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax 
liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or 
settle the carrying amount of its assets and liabilities.
2019
USD millions
Opening 
balance
Charged 
to income
Changes in
 tax rate
Recognized 
in other 
comprehen­
sive income
Acquisitions/
disposals
Foreign 
currency
 translation
Closing 
balance
Non-current items
Intangible assets
(7)
(5)
1 
- 
(2)
-
(13)
Property, plant and equipment
(394)
(25)
(2)
- 
(4)
(6)
(431)
Pensions
93 
(2)
(2)
5 
- 
2 
96 
Equity securities
- 
- 
- 
-
- 
-
1 
Other non-current assets
(156)
53 
1 
- 
(3)
2 
(103)
Other non-current liabilities and accruals
115 
23 
(1)
- 
- 
(1)
136 
Total
(348)
43 
(3)
5 
(9)
(2)
(315)
Current items
Inventory valuation
30 
24 
(2)
- 
- 
-
52 
Accrued expenses
41 
(3)
(6)
- 
-
-
31 
Assets classified as held for sale
0 
1 
- 
- 
- 
-
1 
Total
71 
21 
(8)
- 
-
-
84 
Tax loss carry forwards
582 
3 
1 
- 
-
26 
612 
Unused tax credits
5 
(1)
-
- 
- 
-
4 
Valuation allowance
(320)
(18)
12 
- 
-
7 
(319)
Net deferred tax asset/(liability)
(9)
48 
1 
5 
(9)
30 
67

108
Yara Annual report 2019
Consolidated financial statements
2018
USD millions
Opening 
balance
Charged 
to income
Changes in
 tax rate
Recognized 
in other 
comprehen­
sive income
Acquisitions/
disposals
Foreign 
currency
 translation
Closing 
balance
Non-current items
Intangible assets
(16)
13 
- 
- 
(5)
1 
(7)
Property, plant and equipment
(377)
(43)
2 
- 
(3)
27 
(394)
Pensions
81 
- 
6 
21 
(2)
(12)
93 
Equity securities
- 
-
- 
-
- 
- 
- 
Other non-current assets
(115)
(61)
7 
- 
5 
9 
(156)
Other non-current liabilities and accruals
50 
72 
(1)
- 
- 
(5)
115 
Total
(378)
(21)
14 
21 
(5)
21 
(348)
Current items
Inventory valuation
8 
16 
5 
- 
- 
1 
30 
Accrued expenses
35 
11 
- 
- 
- 
(3)
41 
Total
42 
27 
5 
-
- 
(3)
71 
Tax loss carry forwards
525 
93 
(16)
- 
7 
(27)
582 
Unused tax credits
3 
2 
- 
- 
- 
- 
5 
Valuation allowance
(324)
(32)
3 
- 
- 
33 
(320)
Net deferred tax asset/(liability)
(130)
69 
5 
21 
2 
24 
(9)
Valuation allowance on deferred tax assets
USD millions
2019
2018
Unrecognized deferred tax assets are attributable to the following
Tax losses
261 
259 
Deductible temporary differences
58 
61 
Total
319 
320 
Of the unrecognized deferred tax assets related to tax losses, USD 173 million is related to Brazil (2018: USD 178.8 million). Utilization of the tax loss 
carry forwards in Brazil is without time limitation but restricted to 30% of taxable income each year.

109
Yara Annual report 2019  
Consolidated financial statements
Specification of expiration of tax loss carry forwards
USD millions
2019
2020
6 
2021
17 
2022
9 
2023
7 
2024
2 
After 2024
201 
Without expiration
1,966 
Total tax loss carry forwards
2,208 
Deferred tax effect of tax loss carry forwards
612 
Valuation allowance on tax loss carry forwards
(261)
Recognized in the statement of financial position
351 
Yara’s recognized tax losses carry forwards primarily relate to the business in Norway, France, Australia and Brazil, where tax losses are without expira­
tion. The tax losses are mainly related to incurred currency losses, non-recurring transactions and loss from operations. The recognized tax assets for all 
units are all supported by estimated future profit level. 
Deferred tax presented in the statement of financial position
USD millions
2019
2018
Deferred tax assets
484 
407 
Deferred tax liabilities
(416)
(416)
Net deferred tax asset/(liability)
67 
(9)
Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements is amounting to approximately USD 8.2 billion that for the 
main part can be distributed as tax-free dividends. For the expected part of dividend that cannot be distributed as tax-free income, a deferred tax liability 
of USD 2 million is recognized.

110
Yara Annual report 2019
Consolidated financial statements
3 Current assets
3.1 Inventories
Overview
Inventories comprise finished goods, work in progress, raw materials and 
spare parts. Finished goods refer to own produced products and goods 
purchased for resale. Work in progress are partly processed, unfinished 
products. Raw materials include own produced raw materials, mainly 
ammonia and nitric acids, as well as raw materials purchased from exter­
nal parties such as phosphate, potassium and other input factors used in 
the production. Spare parts include packing, operating and maintenance 
supplies. Inventories in stock in the New Business segment comprises 
environmental solutions, scrubbers for the maritime industry, feed phos­
phates, chemicals and other. 
Accounting policies
Inventories are stated at the lower of cost, using weighted average, and 
net realizable value. Net realizable value is the estimated selling price in 
the ordinary course of business, less estimated costs of completion and 
other selling costs. 
All amounts presented are net of write-downs. A write-down is recognized for 
the amount by which the carrying amount exceeds its net realizable value. 
The cost of inventories comprises all costs of purchase, cost of conver­
sion and other costs incurred in bringing the inventories to their present 
location and condition. This include direct materials, direct labor, and an 
appropriate portion of production overhead, or the purchase price of the in­
ventory. Yara is using the standard costing method for cost measurement 
which consider normal levels of materials and supplies, labor, efficiency 
and capacity utilization.
Spare parts held as inventories are spare parts which do not meet the 
criteria for being classified as Property, Plant & Equipment (PP&E).
Yara has internal sales from the production segment to the Sales & Market­
ing segment and the New business segment. These sales create internal 
margins which are eliminated and presented as “other and eliminations”.
Inventory stock 2019
USD millions
Sales & Marketing
New Business
Production
Other and eliminations
Total 31 Dec 2019
Finished goods
1,090 
47 
300 
(125)
1,312 
Work in progress
2 
3 
42 
- 
47 
Raw materials
411 
5 
319 
(2)
733 
Spare parts
5 
1 
261 
- 
267 
Total 
1,509 
56 
921 
(126)
2,360 
Inventory stock 2018
USD millions
Sales & Marketing
New Business
Production
Other and eliminations
Total 31 Dec 2018
Finished goods
1,160 
47 
353 
(145)
1,416 
Work in progress
4 
3 
47 
- 
54 
Raw materials
458 
8 
378 
(2)
842 
Spare parts
7 
1 
248 
- 
256 
Total 
1,629 
59 
1,026 
(147)
2,568

111
Yara Annual report 2019  
Consolidated financial statements
Write-down 2019
USD millions
Sales & Marketing
New Business
Production
Other and eliminations
Total 31 Dec 2019
Balance at 1 January
(11)
(1)
(17)
5 
(24)
New write-downs recognized during the year
(31)
(1)
(24)
16 
(39)
Write-downs reversed due to product sold
15 
1 
9 
(14)
11 
Write-downs reversed, other
12 
1 
10 
- 
23 
Foreign currency translation gain/(loss)
- 
- 
- 
- 
- 
Balance at 31 December
(15)
-
(22)
7 
(30)
Write-down 2018
USD millions
Sales & Marketing
New Business
Production
Other and eliminations
Total 31 Dec 2018
Balance at 1 January
(20)
(1)
(13)
7 
(27)
New write-downs recognized during the year
(19)
(2)
(48)
30 
(40)
Write-downs reversed due to product sold
23 
1 
37 
(32)
29 
Write-downs reversed, other
5 
- 
7 
- 
12 
Foreign currency translation gain/(loss)
- 
- 
1 
- 
1 
Balance at 31 December
(11)
(1)
(17)
5 
(24)
No inventories were pledged as security at end of 2019 or 2018.
3.2 Trade receivables
Accounting policies
Trade receivables are initially recognized according to IFRS 15 at the 
agreed transaction price in the contract with the customer. Subsequently 
they are measured at amortized cost using the effective interest method. 
Short-term receivables are normally not discounted.
In accordance with the expected credit loss model introduced by IFRS 
9, Yara records lifetime expected credit losses on all trade and lease 
receivables (the simplified approach). The calculation of expected credit 
loss (ECL) is based on both historical and forward looking information, and 
is done on local unit level. When calculating ECL for trade receivables not 
yet due and trade receivables less than 90 days overdue, the last 5 years 
historical loss percentage is used as an allowance floor. Forward looking 
information is taken into account by assessing available information on lo­
cal unit level which could indicate an expected future loss that is higher or 
lower than the experience, including regional macroeconomic information. 
Calculation of ECL for trade receivables more than 90 days overdue is 
based on a separate, individual assessment of each receivable.
A receivable is considered to be in default when it is overdue and enforce­
ment activities have started. If there is a reasonable expectation that 
enforcement activities will not lead to recovery, the receivable is credit 
impaired. The receivable is written off when enforcement activities lead to 
objective evidence of the receivable being irrecoverable. 
Specification
USD millions
Notes
2019
2018
Trade receivables
1,664 
1,707 
Allowance for expected credit loss
(101)
(106)
Total 1)
6.3
1,564 
1,601 
1) Of the total balance of USD 1,564 million about USD 752 million refers to credit insured receivables.

112
Yara Annual report 2019
Consolidated financial statements
Movement in allowance for expected credit loss
USD millions
2019
2018
Balance at 1 January
(106)
(107)
Implementation effect IFRS 9
-
(3)
Lifetime expected credit losses recognized for existing business 
(14)
(26)
Change in lifetime expected credit losses due to acquired business during the year
- 
5 
Amounts written off as uncollectible
6 
12 
Lifetime expected credit losses reversed
10 
8 
Foreign currency translation
2 
6 
Other changes
1 
1 
Balance at 31 December
(101)
(106)
Aging analysis of trade receivables at 31 December
Gross trade receivables
Total
Not past due 
gross trade 
receivables 1)
Past due gross trade receivables
USD millions
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2019
1,664 
1,315 
138 
59 
27 
125 
2018
1,707 
1,368 
128 
58 
26 
127 
1) Included in this amount is USD 194 million receivables against the Government of India with no specific due date. Of this amount, USD 78 million is recognized more than 180 days ago. The accounting 
policy for recognition of urea sales in India is provided on page 97.
Net trade receivables
Total
Neither past 
due nor impaired
Past due but not impaired
USD millions
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2019
1,564 
1,313 
137 
55 
25 
32 
2018
1,601 
1,364 
126 
56 
23 
32 
Impairment of trade receivables
Total
Impairment on 
not past due 
receivables
Impairment on past due receivables
USD millions
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2019
(101)
(3)
(1)
(3)
(2)
(92)
2018
(106)
(3)
(2)
(1)
(3)
(95)

113
Yara Annual report 2019  
Consolidated financial statements
3.3 Prepaid expenses and other current assets
USD millions
Notes
2019
2018
Financial instruments:
Foreign exchange contracts
6.1
-
5
Receivables and deposits
6.3
138
117
Contracts assets
2.1
38
42
Expected credit loss on other current assets
6.3
(1)
(1)
Total financial instruments
175
163
Non-financial assets:
VAT and sales related taxes
4.6
123
146
Prepaid income taxes
63
197
Prepaid expenses
192
235
Total non-financial assets
378
577
Total
6.3
553
741
3.4 Cash and cash equivalents
Accounting policies 
Cash and cash equivalents include bank deposits and monetary items which are due in less than three months. They are initially recognized at fair value 
and subsequently measured at amortized cost using the effective interest method. However they are normally not discounted as they are short-term 
items. On deposits, Yara records a 12-month's expected credit loss if there has not been any significant increase in credit risk since initial recognition (the 
general approach). 
Specification	
	

USD millions
Notes
2019
2018
Cash and cash equivalents
6.3
300
202
Expected credit loss provision on bank deposits is USD 0.9 million (2018: USD 0.4 million).	
	
	
	
	
	
External bank deposits that are not available for use by the group at 31 December 2019 have a carrying value of USD 35 million (2018: USD 52 million), 
mainly related to cash held by joint operations. More information about bank deposits and dividend resolutions in subsidiaries with significant non-con­
trolling interests is provided in note 5.2. 	
	
	
The average interest rate for liquid assets is approximately 1.7% as of 31 December 2019 (2018: 2.2%). 	
	
	
Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and international banks with established limits for exposure 
towards each institution.

114
Yara Annual report 2019
Consolidated financial statements
4 Non-current assets
4.1 Property, plant and equipment
Overview
Property, plant and equipment (PP&E) mainly refers to Yara's many produc­
tion plants across the world which is reported in the Production Segment, 
and which hold assets such as land, buildings, machinery, equipment 
and periodic maintenance. In addition, they hold investments in self-con­
structed assets not yet in use and which are categorized as assets under 
construction. The remaining PP&E refers to assets in the Sales & Marketing 
Segment which mainly consists of buildings, machinery and equipment for 
bagging and blending of products, as well as terminals and warehouses. 
PP&E in the New Business Segment is very limited. 
Accounting policies
An item of property, plant and equipment is recognized at cost if it is 
probable that the item will generate future economic benefits for Yara and 
the cost can be measured reliably. The carrying value of PP&E is comprised 
of the historical cost less accumulated depreciation and any impairment 
loss. If a legal or constructive obligation exists to decommission PP&E, the 
carrying value of the assets are increased with the discounted value of such 
obligations. Borrowing costs are added to the cost of assets that take a sub­
stantial period of time to get ready for their intended use or sale (“qualifying 
assets”) if they are directly attributable to the acquisition, construction or 
production of such assets.
Depreciation of an asset begins when it is available for use. An asset 
is available for use when the asset is in the location and condition 
necessary for it to be capable of operating in the manner intended by 
management. Decommissioning obligations and borrowing costs added 
to the carrying amount of PP&E are depreciated over the useful life of 
the respective PP&E. 
PP&E are depreciated on a straight-line basis over their expected useful life. 
Individual parts of PP&E with different useful lives are accounted for and 
depreciated separately. Expected useful lives and residual values are, unless 
immaterial, re-assessed annually. 
Gain or loss due to sale or retirement of PP&E is calculated as the differ­
ence between sales proceeds and the carrying value, and is recognized in 
the statement of income. 
An impairment is recognized if an asset's carrying value is higher than the 
recoverable amount. Non-current assets other than goodwill are tested for 
impairment whenever events or changes in circumstances indicate that 
such carrying amounts may not be recoverable. Please see note 4.7 Impair­
ment of non-current assets.
 
Costs related to periodic maintenance of plants ("turnarounds") and recurring 
investments to extend the current plant performance for a longer period of 
time, are recognized as assets and depreciated on a systematic basis until 
the next periodic maintenance if cycle is more than one year on average. 
Major replacements and renewals are capitalized and depreciated separate­
ly based on their specific useful lives. Replaced assets are derecognized. 
Most of the remaining repair and maintenance costs are expensed as 
incurred.
Removal of mine waste materials ("stripping costs") in the production phase 
of existing mines are capitalized as a component of existing tangible mine 
assets when the activity gives improved access to ore. Stripping activity 
assets are depreciated on a straight-line basis over the useful lives of the 
underlying mine assets.
Capitalization of investments as self-constructed PP&E start when defined 
decision gates are met. These investments are then categorized as assets 
under construction until they are ready for use as intended by management. 
Once they are ready for use they are transferred to the applicable classes of 
PP&E and depreciation starts.
Government grants are recognized in the consolidated financial statement 
when the Group has reasonable assurance that it will comply with condi­
tions attached to them and the grants will be received. Government grants 
that compensate the Group for the cost of an asset are deducted in the 
carrying amount of the asset, and recognized in the statement of income 
on a systematic basis over the useful life of the asset as a reduction to 
depreciation expense.

115
Yara Annual report 2019  
Consolidated financial statements
2019
USD millions, except 
percentages and year
Land
Buildings
Machinery 
and 
equipment
Periodic 
maintenance
Asset under 
construction
Vessels
Other
Total
Cost
Balance at 1 January
321 
 2,245 
 9,730 
 486 
 1,591 
 280 
 73 
 14,726 
Addition at cost
- 
 103 
 254 
 61 
 718 
 - 
 3 
 1,138 
Derecognition
(1)
 (20)
 (132)
 (76)
 (16)
 - 
 (3)
 (249)
Transfers to asset held for sale
(2)
 (5)
 (3)
 - 
 - 
 - 
 - 
 (11)
Other transfers 1)
- 
 167 
 333 
 17 
 (576)
 - 
 - 
 (59)
Foreign currency translation
(8)
 (23)
 (64)
 (8)
 (56)
 - 
 (2)
 (161)
Balance at 31 December 
309 
 2,466 
 10,117 
 481 
 1,660 
 280 
 72 
 15,384 
 - 
Depreciation and impairment
 - 
Balance at 1 January 
(6)
 (889)
 (5,085)
 (239)
 (10)
 (35)
 (32)
 (6,296)
Depreciation 
- 
 (92)
 (569)
 (87)
 - 
 (13)
 (4)
 (765)
Impairment loss 2)
- 
 (5)
 (8)
 (4)
(1)
 - 
 - 
 (18)
Reversed impairment
- 
 - 
 3 
 - 
 - 
 - 
 - 
 3 
Derecognition
- 
 17 
 101 
 65 
 - 
 - 
 4 
 187 
Transfers to asset held for sale
- 
 4 
 2 
 - 
 - 
 - 
 - 
 5 
Other transfers 3)
- 
5
 30 
 - 
1
 - 
 - 
 37 
Foreign currency translation
- 
 12 
 50 
 15 
 - 
 - 
 1 
 77 
Balance at 31 December 
(6)
 (948)
 (5,476)
 (250)
 (10)
 (48)
 (32)
 (6,770)
Carrying value
Balance at 1 January 
315 
 1,356 
 4,645 
 248 
 1,581 
 245 
 41 
 8,430 
Balance at 31 December 
303 
 1,517 
 4,641 
 231 
 1,650 
 232 
 40 
 8,614 
Useful life in years
Indefinite
 10 - 60 
 2 - 40 
2 - 5
 20 
 5 - 25 
Depreciation rate
 2 - 6% 
 3 - 50% 
 15-50% 
5%
 5 - 20% 
1) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects, which is netted off to 0 at total. The total balance refers to transfers from 
PP&E to other accounts. Of the balance, USD (62) million was transferred to Leases per IFRS 16 implementation. Please see note 4.5 Leases for more information.
2) Please see note 4.7 Impairment of non-current assets.
3) Total balance relates to transfers to Leases per IFRS 16 implementation. Please see note 4.5 Leases for more information.
Main changes in 2019
The main additions to assets under construction refers to construction of a 
new plant in Serra do Salitre (Brazil) and an expansion and modernization of 
the Rio Grande plant (Brazil).
The largest transfers from assets under construction to other categories of 
PP&E refer to construction projects related to the production of nitric acid in 
Köping in Sweden and an ammonia tank in Tertre in Belgium.
Idle items of property, plant and equipment
Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next 
to Yara’s ammonia plant in the Pilbara region of Australia. Please refer to 
Note 4.4 Joint operations and note 4.7 Impairment of non-current assets for 
more information.
Assets used as security
PP&E pledged as security was USD 27 million in 2019 (2018: USD 28 
million).
 
Government grants
Government grants related to assets have been recognized as deduction 
to the carrying value by reducing “Addition at cost” with USD 12 million in 
2019 (2018: USD 10 million). 
Borrowing costs
The amount of borrowing cost capitalized amounted to USD 55 million 
in 2019 (2018: USD 60 million). The average rate for the borrowing cost 
capitalized was 4.7% in 1H and 3.7% in 2H 2019.
Compensations
Insurance compensations on PP&E recognized in the consolidated state­
ment of income amounted to USD 3 million in 2019 (2018: USD 5 million).
Contractual commitments
Please find information on contractual obligations on PP&E in note 4.8 
Committed future investments.

116
Yara Annual report 2019
Consolidated financial statements
2018
USD millions, except 
percentages and year
Land
Buildings
Machinery 
and 
equipment
Periodic 
maintenance
Asset under 
construction
Vessels
Other
Total
Cost
Balance at 1 January
235 
 2,153 
 8,699 
 430 
 2,097 
 280 
 121 
 14,016 
Addition at cost
1 
 61 
 372 
 123 
 909 
 - 
 5 
 1,471 
Derecognition
(2)
 (9)
 (200)
 (79)
 (3)
 - 
 - 
 (293)
Acquisitions
119 
 54 
 309 
 - 
 21 
 - 
 - 
 504 
Transfers to asset held for sale
(17)
 (30)
 (31)
 (6)
 (22)
 - 
 (40)
 (146)
Other transfers 1)
14 
 144 
 1,066 
 37 
 (1,277)
 - 
 - 
 (15)
Foreign currency translation
(29)
 (129)
 (485)
 (19)
 (135)
 - 
 (13)
 (810)
Balance at 31 December 
321 
 2,245 
 9,730 
 486 
 1,591 
 280 
 73 
 14,726 
 
Depreciation and impairment
 
Balance at 1 January 
(7)
 (767)
 (4,948)
 (251)
 (10)
 (22)
 (44)
 (6,049)
Depreciation 
- 
 (108)
 (549)
 (78)
 - 
 (13)
 (7)
 (755)
Impairment loss 2)
(3)
 (83)
 (35)
 (5)
 (4)
 - 
 (5)
 (136)
Reversed impairment
1 
 1 
 1 
 - 
 - 
 - 
 - 
 3 
Derecognition
- 
 7 
 177 
 77 
 - 
 - 
 - 
 262 
Transfers to asset held for sale
3 
 9 
 15 
 5 
 4 
 - 
 18 
 54 
Other transfers
- 
 2 
 (3)
 1 
 - 
 - 
 - 
 - 
Foreign currency translation
- 
 50 
 257 
 13 
 - 
 - 
 5 
 325 
Balance at 31 December 
(6)
 (889)
 (5,085)
 (239)
 (10)
 (35)
 (32)
 (6,296)
Carrying value
 - 
Balance at 1 January 
228 
 1,386 
 3,750 
 179 
 2,087 
 258 
 78 
 7,967 
Balance at 31 December 
315 
 1,356 3) 
 4,645 4) 
 248 
 1,581 
 245 
 41 
 8,430 
Useful life in years
Indefinite
 10 - 60 
 2 - 40 
2 - 5
 20 
 5 - 25 
Depreciation rate
 2 - 6% 
 3 - 50% 
 15-50% 
5%
 5 - 20% 
1) Transfers from assets under construction to other categories of PP&E due to completion of construction projects.
2) Please see note 4.7 Impairment of non-current assets.
3) Includes net carrying value related to finance leases of USD 14 million in 2018. 
4) Includes net carrying value related to finance leases of USD 12 million in 2018. 
Main changes in 2018
Additions due to acquisitions refers mainly to the acquisition of Vale Cu­
batão Fertilizantes in Brazil and to the acquisition of Tata Chemicals' urea 
business in India, which comprises the Babrala urea plant and distribution 
business in Uttar Pradesh. Additions to assets under construction refer to 
the establishment of phosphate operations in Serra do Salitre (Brazil) and 
the expansion and moderation of the Rio Grande plant (Brazil).
The largest transfers from assets under construction to other categories 
of PP&E refer to construction projects related to the completion of the 
ammonia plant in Freeport, US as a joint venture with BASF and capacity 
expansions in Porsgrunn, Norway.

117
Yara Annual report 2019  
Consolidated financial statements
4.2 Intangible assets
Accounting Policies
Intangible assets with finite useful lives, and that are acquired sepa­
rately, are carried at cost less accumulated amortization and accumu­
lated impairment losses. Amortization is recognized on a straight-line 
basis over their estimated useful lives. The estimated useful life and 
amortization method are reviewed at the end of each reporting period. 
The effect of any changes in estimate is accounted for on a prospective 
basis. Intangible assets with indefinite useful lives, and that are acquired 
separately, are carried at cost less accumulated impairment losses.
 
Goodwill is initially measured at cost being the excess of the aggregate 
of the consideration transferred, the amount recognized for non-con­
trolling interest, and the fair value of the acquirer’s previously held equity 
interest in the acquiree (if any) over the net identifiable assets acquired 
and liabilities assumed. If this consideration is lower than the fair value 
of the net assets of the subsidiary acquired, the difference is recognized 
in profit or loss. After initial recognition, goodwill is measured at cost less 
any accumulated impairment losses. Useful lives are set as indefinite 
with no amortization as there is no foreseeable limit to the cash flows 
generated by goodwill. Instead of amortization, goodwill is tested for 
impairment. For the purpose of impairment testing, goodwill acquired 
in a business combination is, from the acquisition date, allocated to 
cash-generating units (CGUs) that are expected to benefit from the 
combination. For more information on impairment, please see note 4.7 
Impairment of non-current assets. The Group’s accounting policy for 
goodwill arising on the acquisition of an associate or joint arrangement is 
described in note 4.3 Associated companies and joint ventures.
 
Intangible assets other than goodwill are tested for impairment when­
ever events or changes in circumstances indicate that such carrying 
amounts may not be recoverable. Please see note 4.7 Impairment of 
non-current assets.
 
Expenditures on research activities are expensed in the period in 
which they incur. An internally-generated intangible asset arising from 
development is recognized if, an only if, all of the following have been 
demonstrated;
• The technical feasibility of completing the intangible asset so that it will 
be available for use or sale
• The intention to complete the intangible asset and use or sell it
• The ability to use or sell the intangible asset
• How the intangible asset will generate probable future economic benefits
• The availability of adequate technical, financial and other resources to 
complete the development and to use or sell the intangible asset
• Its ability to measure reliably the expenditure attributable to the intangi­
ble asset during its development
 
Where no internally-generated intangible asset can be recognized, 
development expenditures are recognized in profit or loss in the period in 
which they incur.
2019
USD millions, except percentages
Goodwill
Software
Other 
intangibles 1)
Total
Cost
Balance at 1 January 
883 
185 
408 
1,475 
Addition at cost
- 
11 
15 
26 
Derecognition
- 
(1)
2 
1 
Other transfers
- 
11 
(10)
- 
Foreign currency translation
5 
(3)
(4)
(2)
Balance at 31 December 
887 
203 
411 
1,501 
Amortization and impairment
Balance at 1 January 
(41)
(110)
(274)
(424)
Amortization
- 
(23)
(22)
(46)
Impairment loss
(3)
- 
- 
(3)
Derecognition
- 
- 
(2)
(2)
Foreign currency translation
- 
2 
2 
4 
Balance at 31 December 
(44)
(131)
(296)
(471)
Carrying value
Balance at 1 January 
842 
75 
135 
1,052 
Balance at 31 December 
844 
72 
115 
1,031 
Useful life in years
Indefinite
3 - 5
5 - 40
Amortization rate 
20 - 35%
3 - 35%
1) Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development. 
Expenditures on research and development activities 
Expenditures on research and development activities are expensed in the period of the amount of USD 60 million (USD 43 million in 2018). 
Assets used as security
No intangible assets were pledged as security in 2019 and 2018. See note 5.8 for more information.

118
Yara Annual report 2019
Consolidated financial statements
2018
USD millions, except percentages
Goodwill
Software
Other 
intangibles 1)
Total
Cost
Balance at 1 January 
906 
152 
455 
1,513 
Addition at cost
- 
27 
19 
46 
Derecognition
- 
(12)
(7)
(19)
Acquisition new companies
38 
- 
34 
72 
Transfer to asset held for sale
(7)
- 
(30)
(37)
Other transfers
- 
29 
(31)
(1)
Foreign currency translation gain/(loss)
(55)
(12)
(32)
(99)
Balance at 31 December 
883 
185 
408 
1,475 
Amortization and impairment
Balance at 1 January 
(41)
(102)
(264)
(407)
Amortization
- 
(25)
(27)
(52)
Impairment loss 2)
(9)
- 
(8)
(16)
Derecognition
- 
11 
6 
17 
Transfer to asset held for sale
7 
- 
6 
13 
Other transfer
- 
- 
1 
1 
Foreign currency translation gain/(loss)
2 
6 
13 
21 
Balance at 31 December 
(41)
(110)
(274)
(424)
Carrying value
Balance at 1 January 
866 
50 
191 
1,106 
Balance at 31 December 
842 
75 
135 
1,052 
Useful life in years
Indefinite
3 - 5
5 - 40
Amortization rate 
20 - 35%
3 - 35%
1) Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development. 
2) Impairment loss on goodwill is mainly related to assets held for sale in GICS (former Galvani). For further information, see note 4.7.
4.3 Associated companies and joint ventures
Accounting policies
Associated companies are investments in companies where the Group has 
significant influence, but not control. Significant influence is the power to 
participate in the financial and operating policy decisions of the investee, 
but is not control or joint control over those policies. Significant influence 
normally exists when the Group holds directly or indirectly between 20% 
and 50% of the voting rights. 
A joint arrangement is an arrangement in which two or more parties have 
joint control. Joint control is the contractually agreed sharing of control of an 
arrangement, which exists only when decisions about the relevant activities 
require the unanimous consent of the parties' sharing control. A joint 
arrangement is either a joint operation or a joint venture. The classification 
depends upon rights and obligations of the parties to the arrangement. In a 
joint operation the parties have rights to the assets and obligations for the 
liabilities of the arrangement. In a joint venture the parties have rights to the 
net assets of the arrangement. 
The share of results, assets and liabilities of associated companies and joint 
ventures are incorporated into the consolidated financial statements using 
the equity method of accounting. Under the equity method of accounting, 
the investment is initially recognized at cost and the carrying value is sub­
sequently increased or decreased to recognize Yara’s share of profit or loss 
of the investee after the date of acquisition. Any excess of the cost of ac­
quisition of the Group’s share of the net fair value of the identifiable assets, 
liabilities and contingent liabilities recognized at the date of acquisition is 
recognized as goodwill. The goodwill is included within the carrying amount 
of the investment. The equity-accounted investees are tested for impair­
ment if indications of loss in value are identified. An impairment loss is 
recognized if the recoverable amount, estimated as the higher of fair value 
less costs to sell and value-in-use, is below the carrying value. Accounting 
policies of equity-accounted investees are changed where necessary to 
ensure consistency with the policies adopted by the Yara Group.

119
Yara Annual report 2019  
Consolidated financial statements
2019
USD millions
Balance at 
1 January 
 Investments/
(sale, and 
assets held-
for-sale), net 
and long-
term loans
Share
 of net
 income in
 equity-
accounted
 investees
Dividends/
Repayment
 of capital
Posted
 directly in
 equity
Foreign
 currency
 translation
 and other
Balance 
at 31 
December 
QAFCO
 934 
 41 1)
 55 
 (158)
 - 
-
 873 2) 
Others
 93 
 2 
 10 
 (8)
-
 1 
 97 
Total
 1,027 
 44 
 65 
 (166)
-
 1 
 970 
1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by QAFCO, but refunded by Yara. 
2) Included in the carrying amount is a USD 30 million accrual for income tax payable. Excluding the tax liability, the carrying amount is USD 903 million.
2018
USD millions
Balance at 
1 January 
 Investments/
(sale, and 
assets held-
for-sale), net 
and long-
term loans
Share
 of net
 income in
 equity-
accounted
 investees
Dividends/
Repayment
 of capital
Posted
 directly in
 equity
Foreign
 currency
 translation
 and other
Balance 
at 31 
December 
QAFCO
 1,003 
 2 1)
 71 
 (150)
 1 
 8 
 934 
Others
 94 
-
 11 
 (6)
-
 (7)
 93 
Total
 1,096 
 2 
 82 
 (155)
 1 
 1 
 1,027 
1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by QAFCO, but refunded by Yara.
Ownership, sales and receivables/payables
USD millions, 
except percentages
Place of 
incorporation
and operation
Percentage 
owned by
Yara 2019 1)
Sales from Investees to Yara Group 2)
Yara’s current receivables/ (payables) 
net with investees
2019
2018
2019
2018
LIFECO
Libya
50.0%
 - 
 (87)
 (3)
 (1)
Others
 (22)
 (23)
 2 
 1 
Total
 (22)
 (111)
 (1)
 - 
1) Equals voting rights.
2) Included in raw materials, energy cost and freight expenses.
Business in equity-accounted investees	
QAFCO (Qatar)
Yara is the owner of 25% of Qatar Fertiliser Company (S.A.Q.), (“QAFCO”), 
the owner and operator of a fertilizer complex in Mesaieed in Qatar. The 
remaining 75% of QAFCO is owned by Industries Qatar, a Doha Stock Mar­
ket listed company, owned 51% by Qatar Petroleum, and the rest is shared 
between various Qatari funds and by general public. QAFCO operates six 
ammonia plants and six urea plants. QAFCO 5 and QAFCO 6, the two new­
est ammonia and urea trains, commenced production during 2012. Total 
production capacity for QAFCO is approximately 3.7 and 5.7 million tonnes 
of ammonia and urea, respectively. Yara is buying a significant amount of 
Urea produced by QAFCO from Muntajat, a Qatari company coordinating 
sales and marketing of chemical products produced in Qatar. QAFCO 
has 70% ownership in Gulf Formaldehyde Company, which produces and 
sells Urea Formaldehyde Concentrate, mainly used in the urea production 
process. In addition, QAFCO owns 60% of Qatar Melamine Company, which 
owns a melamine plant located at the QAFCO site, and with a capacity of 
60,000 tonnes per year. 
LIFECO (Libya)	
	
	
	
	
Yara owns 50% in Libyan Norwegian Fertilizer Company ("LIFECO"), 
while Libya’s National Oil Corporation (NOC) and the Libyan Investment 
Authority (LIA) each hold a 25% stake. LIFECO owns and operates two 
urea and two ammonia plants with nominal capacity of approximately 
850,000 tonnes of urea and 120,000 tonnes of merchant ammonia per 
year. More than 90% of the ammonia and urea from LIFECO is exported. 
Yara impaired its investments in LIFECO in 2015. The plant has been op­
erating since then, but with operating losses and limited load primarily due 
to insufficient gas supply and severe repeating technical problems of the 
plant due to the inability to bring foreign contractors to Libya as a result 
of the security situation. Yara is evaluating the security of the operation of 
the plants on an on-going basis in cooperation with the management and 
the other partners, with a view to protect the safety of the employees as 
well as the assets.

120
Yara Annual report 2019
Consolidated financial statements
Financial information
The following table sets forth summarized unaudited financial information of Yara's associated companies and joint ventures based on a 100% combined 
basis. Yara's share of these investments, which is also specified above, is accounted for using the equity method. QAFCO and LIFECO are associated 
companies while others includes both joint ventures and associated companies. 
Financial position	
	
	
31 December 2019
31 December 2018
USD millions (unaudited, 100% basis)
 QAFCO 
 LIFECO
Others 
QAFCO 
LIFECO
Others 
Cash and cash equivalents
 337 
 9 
 33 
 474 
 30 
 29 
Current assets excluding cash and cash equivalents
 480 
 112 
 195 
 514 
 108 
 173 
Non-current assets 
 3,162 
 95 
 121 
 3,324 
 67 
 111 
Current liabilities
 (174)
 (311)
 (143)
 (243)
 (272)
 (142)
Non-current liabilities
 (137)
 - 
 (28)
 (81)
 - 
 (18)
Non-controlling interest
 (39)
 - 
 (1)
 (58)
 - 
 (5)
Net assets
 3,629 
 (95)
 177 
 3,930 
 (67)
 148 
% Share of Yara
25%
50%
25%
50%
Yara's share of total equity 
 907 
 (48)
 92 
 983 
 (34)
 85 
 Reclassified to assets held-for-sale 
 - 
 - 
 - 
 - 
 - 
 - 
 Tax effect of QAFCO 1) 
 (34)
 (48)
 Losses not recognized by Yara 2) 
 - 
 48 
 - 
 - 
 34 
 - 
 Goodwill and fair value adjustments 
 - 
 - 
 6 
 - 
 - 
 8 
Yara's share of total equity (carrying amount)
 873 
 - 
 97 
 934 
 - 
 93 
1) Tax effect is tax on profit attributable to Yara from QAFCO. The tax is paid by QAFCO, but refunded by Yara.
2) Losses in excess of Yara's interest in LIFECO.
Income statement
2019
2018
USD millions (unaudited, 100% basis)
 QAFCO 
 LIFECO
Others 
QAFCO 
LIFECO
Others 
Total operating revenues
 1,563 
 23 
 697 
 1,711 
 91 
 511 
Interest income
 43 
 - 
 - 
 - 
 - 
 3 
Depreciation, amortization & impairment loss
 (289)
 (48)
 (34)
 (289)
 (21)
 (12)
Operating income
 278 
 (72)
 105 
 457 
 (46)
 70 
Interest expense
 (5)
 - 
 (3)
 - 
 - 
-
Income tax expense
 - 
 - 
 (7)
 - 
 - 
 (4)
Non-controlling interest
 3 
 - 
 (1)
 (5)
 - 
 (2)
Net income (100%)
A
 320 
 (72)
 94 
 512 
 (45)
 66 
% Share of Yara
25%
50%
25%
50%
Yara's share of net income
 80 
 (36)
 128 
 (23)
 11 
Tax effect of QAFCO 1)
 (28)
 (50)
Losses not recognized by Yara 2)
 - 
 36 
 - 
 23 
Yara group elimination
 3 
 - 
 (6)
 - 
Currency translation effects 3)
-
 - 
 (2)
 - 
Yara's share of net income (as per books)
 55 
 - 
 9 
 71 
 - 
 11 
Net other comprehensive income that may be reclassified to profit and loss 
account in subsequent period
 - 
 - 
 - 
 - 
 - 
-
Net other comprehensive income that will not be reclassified to profit and loss 
account in subsequent period
 (4)
 - 
 - 
 6 
 - 
 - 
Total other comprehensive income, net of tax (100%)
B
 (4)
 - 
 - 
 6 
 - 
-
% Share of Yara
25%
50%
25%
50%
Yara's share of other comprehensive income, net of tax
 (1)
 - 
 1 
 - 
 11 
Total comprehensive income 
C = A+B
 316 
 (72)
 94 
 518 
 (45)
 66 
1) Tax effect is tax on profit attributable to Yara from QAFCO. The tax is paid by QAFCO, but refunded by Yara.
2) Losses in excess of Yara's interest in LIFECO.
3) Certain financial information from equity-accounted investees is only collected once per year and translated at the average rate for the year. Deviations against figures reported and translated on a monthly 
basis can occur.

121
Yara Annual report 2019  
Consolidated financial statements
4.4 Joint operations
Accounting policies
In a joint operation the parties have rights to the assets and obligations for 
the liabilities of the arrangement. The Group recognizes in relation to its 
interests in a joint operation: 
• Its assets, including its share of assets held jointly; 
• Its liabilities, including its share of any liabilities incurred jointly; 
• Its revenue from the sale of its share of the output arising from the joint 
operation; 
• Its share of the revenue from the sale of the output by the joint operation 
and; 
• Its expenses, including its share of any expenses incurred jointly. 
The Group accounts for these assets, liabilities, revenues and expenses in 
accordance with the applicable IFRSs. 
Yara Pilbara Nitrates Pty Ltd
Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next 
to Yara’s ammonia plant in the Pilbara region of Australia. The plant has 
an annual production capacity of about 330.000 metric tonnes of TAN 
and will primarily supply the mining operations in the region. The company 
is 50% owned by Yara and 50% by Orica. The plant has not been in produc­
tion for most of the year 2019 to allow necessary rectification works to bring 
it to its intended capacity. The plant is scheduled to ramp up and commence 
operations in first half 2020. For further information please see note 4.1.	
	
	
	
	
	
	
Trinidad Nitrogen Co. Ltd. (Tringen)
Tringen owns an ammonia complex consisting of two separate ammonia 
plants which are managed and operated by Yara under a management and 
operating agreement. In addition, Yara provides marketing support through 
sales agency agreements. The two plants have an annual production 
capacity of about 1 million metric tonnes of ammonia which is mainly 
exported to other markets. Yara has a 49% ownership stake in Tringen, the 
remaining 51% of Tringen is owned by National Enterprises Limited, which 
is a publicly listed Company, in which the Government of the Republic of 
Trinidad and Tobago has majority shareholding.
Yara Freeport LLC DBA Texas Ammonia
Yara and the BASF Group have constructed an ammonia plant at BASF's 
site in Freeport, Texas, US. Commercial operations commenced in 2018. 
BASF manages and operates the plant. The plant has an annual produc­
tion capacity of about 750.000 metric tonnes of ammonia and each party 
off-takes ammonia from the plant in accordance with their ownership 
share. The company is 68% owned by Yara and 32% by BASF.

122
Yara Annual report 2019
Consolidated financial statements
The following table shows the effect of consolidating joint operations according to IFRS 11 on Yara’s financial statements. The table is based on unaudited 
financial information of Yara’s joint operations based on their IFRS financial statements.	
Financial position	
	
	
	
	
	
	
	
	
	
	
31 December 2019
31 December 2018
USD millions (unaudited)
Yara 
Pilbara
Nitrates
Tringen
Yara 
Freeport 
LLC DBA 
Texas 
Ammonia
Yara's 
share of 
consolidated 
Joint
 Operations
Yara
 Pilbara
 Nitrates
Tringen
Yara 
Freeport 
LLC DBA 
Texas 
Ammonia
Yara's 
share of 
consolidated 
Joint
 Operations
Assets
Deferred tax assets 
27 
-
-
27 
18 
- 
- 
18 
Intangible assets 
-
- 
- 
-
-
- 
4 
4 
Property, plant and equipment
370 
76 
283 
729 
333 
79 
293 
706 
Right-of-use asset 
1 
- 
4 
5 
Other Non-current assets 
- 
1 
2 
3 
- 
- 
- 
- 
Total Non-current assets
399 
77 
288 
764 
351 
79 
297 
727 
Inventories
3 
13 
3 
18 
3 
12 
3 
18 
External trade receivables 
- 
- 
11 
11 
6 
- 
18 
24 
Internal trade receivables
- 
6 
- 
6 
- 
7 
- 
7 
Prepaid expenses and other current assets 
4 
12 
1 
17 
1 
24 
-
25 
Cash and cash equivalents 
10 
7 
15 
32 
41 
7 
30 
78 
Total Current assets 
17 
38 
31 
85 
51 
50 
51 
152 
Total assets
416 
115 
319 
850 
403 
129 
349 
881 
Total equity 
156 
55 
304 
515 
102 
54 
291 
447 
Liabilities
Employee benefits
- 
12 
- 
12 
- 
13 
- 
13 
Deferred tax liabilities 
- 
7 
-
7 
- 
8 
3 
11
Other long-term liabilities
46 
- 
- 
46 
45 
- 
4 
49 
Long-term provisions
25 
- 
- 
25 
15 
- 
- 
15 
External long-term interest bearing debt
- 
8 
4 
12 
- 
10 
20 
31 
Internal long-term interest bearing debt
162 
- 
- 
162 
218 
- 
- 
218 
Total non-current liabilities
233 
27 
4 
264 
278 
31 
27
337 
External trade and other payables
24 
17 
11 
51 
11 
15 
31 
56 
Internal trade and other payables
1 
2 
- 
3 
1 
1 
- 
2 
Current tax liabilities 
1 
- 
- 
1 
- 
- 
- 
- 
Short-term provisions
1 
- 
- 
1 
- 
- 
- 
- 
Other short-term liabilities 
-
2 
-
2 
11 
2 
- 
13 
Bank loans and other short-term interest-bearing debt
- 
12 
- 
12 
- 
25 
- 
25 
Total current liabilities
27 
33 
11 
71 
23 
44 
31 
98 
Total equity and liabilities
416 
115 
319 
850 
403 
129 
349 
881 
Income statement	
	
	
	
	
	
	
	
	
	
	
2019
2018
USD millions (unaudited)
Yara 
Pilbara
Nitrates 
Tringen
Yara 
Freeport 
LLC DBA 
Texas 
Ammonia
Yara's 
share of 
consolidated 
Joint
 Operations
Yara
 Pilbara
 Nitrates
Tringen
Yara 
Freeport 
LLC DBA 
Texas 
Ammonia
Yara's 
share of 
consolidated 
Joint
 Operations
Revenue and other income
7 
79 
145 
231 
3 
92 
94 
189 
Operating costs and expenses
(46)
(75)
(134)
(255)
(98)
(84)
(88)
(270)
Operating income/(loss)
(39)
4 
11 
(24)
(95)
8 
6 
(81)
Earnings before interest expense and tax
(38)
4 
11 
(23)
(95)
8 
6 
(81)
Income before tax
(49)
2 
11 
(36)
(103)
6 
6 
(91)
Income tax expense
8 
(1)
-
7 
14 
(3)
- 
5 
Net income
(41)
1 
11 
(30)
(88)
4 
6 
(85)

123
Yara Annual report 2019  
Consolidated financial statements
4.5 Leases
Accounting policies
The Yara Group adopted IFRS 16 Leases for reporting periods beginning 
on and after 1 January 2019. IFRS 16 sets out the principles for recognition, 
measurement, presentation and disclosures of leases and replaces IAS 
17 and other previous guidance on lease accounting within IFRS. The new 
standard represents a significant change in Yara’s accounting for leases 
as a lessee, but keeps the accounting model for Yara as a lessor mainly 
unchanged. 
IFRS 16 defines a lease as a contract that conveys the right to control the 
use of an identified asset for a period of time in exchange for consid­
eration. For each contract that meets this definition, IFRS 16 requires 
lessees to recognize a right-of-use asset and a lease liability in the balance 
sheet with certain exemptions for short term and low value leases. Lease 
payments are to be reflected as interest expense and a reduction of lease 
liabilities, while the right-of-use assets are to be depreciated over the 
shorter of the lease term and the assets’ useful life. The portion of lease 
payments representing payments of lease liabilities shall be classified 
as cash flows used in financing activities in the statement of cash flows. 
Payments for short term leases, low value assets and variable amounts 
not included in the measurement of the lease liability, shall be classified 
within operating activities.
Yara has applied the following policies and practical expedients available 
upon transition: 
•	For contracts already assessed under IAS 17, no reassessment of wheth­
er a contract is or contains a lease is done. 
•	The modified retrospective method. 
•	Prior year comparatives are not restated. 
•	Lease liabilities are measured at the present value of remaining lease pay­
ments, discounted using the incremental borrowing rate 1 January 2019. 
•	Right-of-use assets are measured at an amount equal to the lease liabil­
ity, adjusted for prepaid lease payments.
•	Leases for which the lease term ends during 2019 will be expensed as 
short term leases.
 
In addition Yara has taken advantage of the accounting policy choice in 
IFRS 16 to not apply the standard to leases of intangible assets. This 
means that leases of intangible assets will be accounted for by applying 
IAS 38 Intangible assets as before.
Significant lease liabilities for the Group comprise of leases of land, ves­
sels, product storage assets (warehouses, terminals etc.), office buildings 
and other buildings. Other, less significant leases in Yara comprise of 
transportation and logistics assets, machinery and equipment, employee 
cars, IT infrastructure and office equipment. Yara has applied different 
accounting policies to different assets as follows:
•	Yara expenses services and other non-lease components embedded in 
lease contracts for land, vessels, product storage assets, office buildings 
and other buildings. For leases of other assets, Yara capitalizes non-lease 
components subject to fixed payments as part of the lease. 
•	Yara expenses short term leases of machinery, office equipment and 
other equipment in accordance with the general short term exemption 
in IFRS 16. In addition Yara has expensed all other leases which expired 
in 2019 in accordance with the short term exemption available upon 
transition 1 January 2019. 
•	Yara expenses low value leases of office equipment and other equipment 
in accordance with the general low value exemption in IFRS 16.
Lease terms are determined by including extension and termination op­
tions which are reasonably certain to be exercised. Yara strives to consider 
all relevant facts and circumstances that create an economic incentive for 
Yara to exercise such options. However, use of significant judgment may 
be needed.
Yara discounts the lease liability by using incremental borrowing rates. 
However, the interest rate implicit in the lease may be used for selected 
lease arrangements which are material on Group level if the rate can be 
readily determined. The incremental borrowing rates are updated on a 
quarterly basis and are determined for all relevant currencies and lease 
terms taking into account the risk free rate, Yara’s credit risk premium, 
local unit risk premium above Yara's, country risk premium and asset risk 
premium. Updated incremental borrowing rates are applied to new lease 
arrangements recognized during that quarter, as well as for modifications 
of existing leases.
As prior years comparatives are not restated, 2018 comparatives are 
prepared in accordance with IAS 17 and other previous guidance on lease 
accounting within IFRS. Under this previous guidance finance leases were 
accounted for as property, plant and equipment at the present value of min­
imum lease payments, or fair value if this is lower, and depreciated over the 
estimated useful lives of the assets or lease term if shorter. The correspond­
ing finance lease liabilities were initially included in long-term debt and 
subsequently reduced by the amount of lease payments less the effective 
interest expense. Other leases were accounted for as operating leases with 
lease payments recognized as an expense over the lease terms.

124
Yara Annual report 2019
Consolidated financial statements
Right-of-use assets
USD millions
Land
Vessels
Buildings
Product 
storage
Transpor-
tation &
 logistics
Other 
assets
Total
 Carrying value 
 Prepaid lease payments 
 10 
 - 
 - 
 2 
 - 
 - 
 13 
 Leases previously accounted for as PP&E (finance leases) 
 - 
 - 
 14 
 - 
 - 
 11 
 25 
 Leases capitalized due to implementation of IFRS 16 
 113 
 20 
 85 
 83 
 55 
 52 
 409 
 Balance ROU assets at 1 January 2019 
 123 
 20 
 99 
 85 
 55 
 63 
 447 
 Additions and lease modifications 
 30 
 22 
 12 
 13 
31
6
 114 
 Depreciation 
 (7)
 (11)
 (20)
 (30)
 (26)
 (17)
 (111)
 Impairment 
 (17)
 - 
 - 
 - 
 - 
 - 
 (17)
 Foreign currency translation gain/(loss) 
 (1)
 - 
 (2)
 - 
 (1)
 (1)
 (4)
 Balance at 31 December 2019 
 129 
 31 
 89 
 69 
59
50
 428 
Lease liabilities
USD millions
Long term
Short term
Total
 Carrying value 
 Lease obligations under IAS 17 (finance leases) 
 17 
 6 
 23 
 New lease obligations due to implementation of IFRS 16 
 327 
 82 
 409 
 Balance lease obligations at 1 January 2019 
 344 
 88 
 432 
 Additions and lease modifications 
 116 
 - 
 116 
 Reclassification to short term 
 (119)
 119 
 - 
 Lease payments 
 - 
 (108)
 (108)
 Foreign currency translation gain/(loss) 
 (4)
 - 
 (4)
 Balance at 31 December 2019 
 337 
 98 
 435 
The weighted average incremental borrowing rate applied to lease liabilities at initial application 1 January 2019 was 3.8 percent. Interest expense on lease 
liabilities in the period amounts to USD 15 million.
Yara is committed to further lease arrangements not yet commenced as of 31 December 2019 of USD 14 million. 
There are no material restrictions or covenants imposed by leases.	 
Maturity analysis of contractual undiscounted cash flows	
	
	
	
USD millions
2019
 2020
 114 
 2021
 88 
 2022
 55 
 2023
 42 
 2024
 27 
 Thereafter 
 259 
 Total undiscounted lease liabilities at 31 December 2019 
 585 
Leases expensed in the period	
	
	
USD millions
2019
 Expenses relating to variable fee leases not included in the measurement of lease liabilities 
 21 
 Expenses relating to short-term leases 
 43 
 Expenses relating to leased assets of low value, excluding short-term leases 
 3 
 Total leases expensed 
 67

125
Yara Annual report 2019  
Consolidated financial statements
Cash outflows in the period	
	
	
USD millions
2019
 Principal payments on recognized lease liabilities 
 108 
 Interest payments on recognized lease liabilities 
13
 Payments on leases expensed in the period 
 66 
 Total cash outflows for leases 
187
IAS 17 operating lease commitments 31 Dec 2018 compared to IFRS 16 lease liability 1 January 2019	
	
	
USD millions
1 January 2019
 Operating, non-cancellable, nominal lease commitments disclosed according to IAS 17 as of year-end 2018 
 578 
 Discounted using the incremental borrowing rate at 1 January 2019 
 435 
 Finance lease liabilities recognized at 31 December 2018 
 23 
 Accounting policy choices for non-lease components and other adjustments 
 (64)
 Recognition exemption for short term leases 
 (42)
 Recognition exemption for low-value assets 
 (1)
 Extension and termination options reasonably certain to be exercised 
 81 
 Lease liabilities recognized at 1 January 2019 
 432 
IFRS 16 adjustment for each financial statement line item
Consolidated statement of income
2019
 
2019
2018
as reported
Impact
adjusted
as reported
USD millions
(IFRS 16)
IFRS 16
(IAS 17)
(IAS 17)
 Other operating expenses 
 (460)
 (118)
 (578)
 (523)
 EBITDA 1)
 2,095 
 (118)
 1,977 
 1,523 
 Depreciation and amortization 
 (922)
 111 
 (811)
 (807)
 Operating income 1)
 989 
 (7)
 983 
 402 
 Interest expense and other financial items 
 (182)
 15 
 (166)
 (153)
 Income before tax 1)
 803 
 9 
 812 
 134 
1) Impairment of ROU assets has not been assessed in the context of IAS 17.
	
IFRS 16 impact on EBITDA for the Group's operating segments is included in note 2.3 Segment information.
	
Consolidated statement of financial position		
	
 1 Jan 2019
 
31 Dec 2018
31 Dec 2019
 
31 Dec 2019
Opening 
balance
Impact
as reported
as reported
Impact
adjusted
USD millions
(IFRS 16)
IFRS 16
(IAS 17)
(IFRS 16)
IFRS 16
(IAS 17)
 Property, plant & equipment 
 8,404 
 25 
 8,430 
 8,614 
 24 
 8,638 
 Right-of-use assets 
 447 
 (447)
 - 
 428 
 (428)
 - 
 Prepaid expenses and other current assets 
 729 
 13 
 741 
 553 
 12 
 565 
 Total assets 
 17,065 
 (409)
 16,656 
 16,725 
 (392)
 16,334 
 Long-term interest bearing debt 
 2,759 
 17 
 2,776 
 2,698 
 14 
 2,713 
 Long-term lease liabilities 
 344 
 (344)
 - 
 337 
 (337)
 - 
 Short-term interest bearing debt 
 391 
 6 
 397 
 494 
 6 
 500 
 Other short-term liabilities 
 88 
 - 
 88 
 101 
 (2)
 99 
 Short-term lease liabilities 
 88 
 (88)
 - 
 98 
 (98)
 - 
 Total equity and liabilities 
 17,065 
 (409)
 16,656 
 16,725 
 (417)
 16,308

126
Yara Annual report 2019
Consolidated financial statements
4.6 Other non-current assets 
USD millions
Notes
2019
2018
Financial instruments: 
Equity instruments
6.1, 6.3
19 
21 
Receivables and deposits
6.3
83 
56 
Expected credit loss on long-term loans and receivables
6.3
(1)
(1)
Total financial instruments
100 
76 
Non-financial assets:
Prepayments for long-term employee obligations
5.4
57 
59 
Prepayment for property, plant and equipment
43 
72 
Tax and VAT receivables 
213 
212 
Total non-financial assets
313 
344 
Total
414 
420 
Long-term VAT receivables in Brazil
At year-end 2019, Yara has recognized USD 213 million of tax credits relat­
ed to value added taxes in Brazil (2018: USD 207 million). This is included 
in the line “Tax and VAT receivables” in the table above. The Brazilian 
tax system is highly complex. There are a number of taxes by Federal, 
State and Municipal authorities and the legislation is subject to constant 
changes. The indirect taxes, such as value added taxes, are levied at Fed­
eral (PIS/COFINS) and State (ICMS) level. PIS/COFINS are charged over 
gross revenues, with a rate of 1.65% and 7.6%. However, fertilizer sales 
have a PIS/COFINS tax rate of zero. Yara accumulates credits over the 
acquisition of inputs and other costs (mainly bags, services and freights). 
These accumulated credits can be used to offset other federal taxes in 
many circumstances and projections indicate these will be consumed in 
the operation and/or refunded by the tax authorities in the following years, 
without any need of accounting adjustments. 
The general rates for ICMS are 18%, 17%, 12%, 7% and 4%, but a temporary 
benefit granted for fertilizers and other industries reduces these rates to 
0% on internal operations within most of the States and to 4,90% or 8,4% 
on interstate operations. The current legislation results in accumulation 
of ICMS tax credits in a number of States. Yara maintains a provision for 
expected discounts/losses where these credits are not expected to be 
realized in full through normal operations. The provision is USD 20 million 
at year-end 2019 (2018: USD 20 million). 
4.7 Impairment on non-current assets
Accounting policies
Cash-generating units (CGUs) to which goodwill has been allocated are 
tested for impairment annually, or more frequently when there is an 
indication that the unit may be impaired. Any impairment loss is allocated 
first to reduce the carrying amount of goodwill allocated to the CGU, 
and then to the CGU's other assets on a pro rata basis of the carrying 
amounts. An impairment loss recognized for goodwill is not reversed in a 
subsequent period. On disposal of a subsidiary, the attributable amount of 
goodwill is included in the determination of the gain or loss on disposal.
Non-current assets other than goodwill are tested for impairment whenev­
er events or changes in circumstances indicate that such carrying amounts 
may not be recoverable. Indications that could trigger an impairment test 
include for instance:
• Significant underperformance relative to historical or 
projected future results 
• Significant changes in the Group’s use of the assets 
or the strategy for the overall business 
• Significant negative industry or economic trends 
An impairment loss is recognized to the extent that the assets’ carrying val­
ue exceeds its recoverable amount. The recoverable amount is the higher of 
an asset’s fair value less cost to sell and value-in-use. For the purpose of as­
sessing impairment, assets are grouped at the lowest levels for which there 
are separately identifiable cash inflows which are largely independent of the 
cash inflows from other assets or groups of assets (cash-generating units). 
In assessing value-in-use, the estimated future cash flows are discounted to 
their present value using a pre-tax discount rate.
Previously recognized impairment losses, except for impaired goodwill, are 
reversed if the assumptions for impairment are no longer present. Impair­
ment losses are only reversed to the extent that the asset’s carrying value 
does not exceed the carrying value that would have been determined, net 
of depreciation, if no impairment had been recognized.

127
Yara Annual report 2019  
Consolidated financial statements
Recognized impairment loss
USD millions
2019
2018
Asset class
Goodwill
(3)
(9)
Other intangible assets
- 
(8)
Property, plant and equipment
(26)
(136)
Right-of-use assets
(17)
-
Total impairment of non-current assets
(46)
(151)
Reversal of impairment of non-current assets
3 
3 
Net impairment loss
(43)
(150)
USD millions
2019
2018
Segment split
Production
(34)
(122)
Sales & Marketing
(5)
(28)
New Business
(3)
- 
Other
- 
1 
Net impairment loss
(43)
(150)
Impairment charges in 2019
Impairment of property, plant and equipment is mainly related to an 
additional impairment on the Montoir plant in France with USD 10 million, 
and impairment of assets in GICS (former Galvani) previously classified as 
held-for-sale with USD 8 million. More information about the impairment in 
Galvani is provided in note 7.2.
The right-of-use assets for the Montoir plant have also been impaired with 
USD 17 million.
Impairment charges in 2018
Impairment of goodwill and intangible assets was mainly related to assets 
in GICS (former Galvani) reclassified to held-for-sale. More information is 
provided in note 7.2.
The largest impairments of property, plant and equipment was the partial 
impairment of the TAN plant in Pilbara, Australia, which accounts for USD 50 
million of the total amount, and a USD 24 million impairment on Yara's pro­
duction plants in Italy. Property, plant and equipment in GICS (former Galvani) 
reclassified to held-for-sale has also been impaired with USD 21 million. 
More information is provided in note 7.2. 
The remaining impairment charge comprises a number of smaller impair­
ments, of which the largest were related to an additional impairment on the 
Montoir plant in France with USD 13 million, and an impairment of a fertilizer 
distribution terminal in North America with USD 15 million.
Impairment testing 
The mandatory impairment testing of cash generating units with allocated 
goodwill or assets with indefinite useful life are carried out during third quarter 
each year. Yara has also performed testing of other CGUs with various impair­
ment indicators. The recoverable amounts for units with allocated goodwill 
have been determined based on “value-in-use". 
Main assumptions 
Discount rate 
Discount rates used in the calculation of “value-in-use” reflect the current 
market assessment of the risks specific to each cash-generating unit. The 
discount rates were estimated based on the weighted average cost of capital 
for the industry. This rate was further adjusted to reflect the currency in which 
the CGU operates and market assessments of any risk specific to the CGU for 
which future estimates of cash flows have not been adjusted. 
Currency rates and inflation 
The value-in-use calculation is performed in the most relevant currency for 
the CGU. When converting foreign currency cash flows to the testing currency, 
Yara uses the forecasted annual average rates estimated by IHS based on the 
"purchasing power parity" (PPP) principle. The projections include long term 
inflation (CPI) in which each CGU is located. 
Testing of Production plants 
The valuation of Yara’s production plants are based on Yara’s long-term 
commodity and energy price forecasts. Due to the cyclicality of the fertilizer 
industry, Yara includes cash flow projections for a longer period than five 
years. Despite a relatively steady growth in market demand, history shows 
that there are periods with oversupply. Yara's internal commodity forecasts 
reflect its assessment of the supply/demand balance in the short to medium 
term. After a period of maximum eight years, all the main commodity sales 
price assumptions reflect an annual nominal growth that is not exceeding the 
relevant inflation rates. The main assumptions for the impairment testing of 
Yara’s plants are: 
• Fertilizer prices 
The urea price is the most important assumption when testing nitrogen 
fertilizer plants for impairment, as urea is the global price setter for com­
modity nitrogen. Yara’s nitrate and NPK prices are estimated using urea 
as the base adding the estimated premiums on top of the commodity 
value of the nutrient. These premiums reflect an agronomic value-add of 
the products, and the estimated premiums for each plant are based on 
historically achieved premiums above the Yara average premium in main 
markets. For both NPK and nitrates, internally developed forecasts are 
used since there are no active forward markets for these products. Exter­
nal market intelligence reports are used as one of many input factors. 
• Ammonia prices 
	 For a number of Yara’s plants, the ammonia price is a key assumption for 
calculating the value-in-use. Some plants are net buyers of ammonia, in 
which case increased ammonia prices has a negative impact on earnings 
while other plants are net sellers of ammonia and these plants will 
benefit from higher ammonia prices. Internally developed price forecasts

128
Yara Annual report 2019
Consolidated financial statements
are used since there is no active forward market for ammonia. External 
market intelligence reports are used as one of many input factors. 
• Natural gas purchase prices 
	 Natural gas is the most important cost factor for several of Yara’s produc­
tion plants. Yara maximizes the use of observable gas market input for 
the purpose of impairment testing. For certain regions, where no liquid 
market for natural gas exists, Yara prepares internal forecasts based on 
the expected supply/demand balance. 
• Production reliability 
	 Production reliability is important for the plants' profitability as this 
impacts both the production volume and the energy consumption factor 
(energy per tonne produced). The reliability assumption is plant specific, 
taking into consideration the historical experienced reliability and imple­
mented improvement initiatives. 
• Capital expenditures 
	 Ammonia and finished fertilizer plants require significant maintenance 
investments. The estimated amounts reflect past experience and plant 
specific knowledge. To the best of management’s judgment, estimated 
capital expenditures do not include capital expenditures that enhance 
the current performance of assets, and related cash flows have been 
treated consistently. 
Testing of Sales & Marketing and New Business units 
Yara Sales & Marketing markets and distributes a complete range of crop 
nutrition products, technologies and knowledge globally. The New Business 
segment develops and markets environmental solutions and essential prod­
ucts for industrial applications. By combining knowledge with the product, 
both segments are able to create value over and above the commodity value 
of the product. The premiums and earnings generated in these two segments 
are generally more stable than in the Production segment, which is exposed 
to price volatility on both sales prices and input costs. Management forecasts 
are used for a period not exceeding five years with the first year derived from 
the CGU's business plan. After a period of five year, Yara uses a steady growth 
rate that is not exceeding the growth for the products, industry or countries 
in which the CGUs operate. The growth rate is maximum 2% (nominal) after 
year five. 
Cash generating units with goodwill	
	
	
Goodwill acquired through business combinations has been allocated to these CGUs, presented together with the applicable discount rates used for the 
impairment testing:
Segment
Goodwill 
Discount rate pre-tax
USD millions, except percentages
2019
2018
2019
2018
Production Belle Plaine (Canada)
Production
270 
259 
9.4%
10.5%
Pilbara Ammonia (Australia)
Production
111 
111 
8.5%
9.1%
Finland
Production
89 
90 
7.6%
7.7%
Ammonia trade (Switzerland)
Production
55 
55 
7.4%
8.9%
Yara Dallol (Ethiopia)
Production
-
-
13.8%
14.8%
Other Production 1)
Production
8 
8 
Sales & Marketing segment allocation
Sales & Marketing
83 
83 
8.6%
11.2%
Brazil
Production / Sales & Marketing
81 
84 
14.2%
14.5-16.3%
Sales & Marketing Belle Plaine (Canada)
Sales & Marketing
15 
15 
9.3%
9.8%
Latin America
Sales & Marketing
14 
15 
16.8%
17.3%
India
Production / Sales & Marketing
34 
35 
11.1%
11.7%
Other Sales & Marketing 1)
Sales & Marketing
53 
47 
Environmental Solutions Stationary
New Business
5 
8 
9.8%
10.2%
Environmental Solutions Maritime
New Business
18 
18 
7.8%
8.3%
Other New Business 1)
New Business
8 
14 
Total
844 
842 
1) Goodwill presented within “Other” per segment are allocated to various cash-generating units but presented together due to materiality.

129
Yara Annual report 2019  
Consolidated financial statements
Sensitivities for main CGUs with allocated goodwill
Production Belle Plaine (Canada)
The Production site has one ammonia plant, one nitric acid plant and 
one urea granulation plant, with an annual production capacity of 0.7 
million tonnes ammonia, 0.1 million tonnes nitric acid, 1.1 million 
tonnes urea and 0.3 million tonnes UAN. The majority of the ammonia 
and nitric acid produced is used in the production of UAN and granular 
urea, but some of the ammonia is sold for agricultural purposes during 
peak ammonia seasons. The CGU’s value-in-use is significantly higher 
than the carrying amount. No reasonable possible change in any of the 
key assumptions would cause the unit’s recoverable amount to be lower 
than the carrying value. 
Pilbara Ammonia (Australia)
This is an ammonia plant located in Western Australia with an annual 
production capacity of approximately 0.8 million tonnes. The CGU’s val­
ue-in-use is significantly higher than the carrying amount. No reasonable 
possible change in any of the key assumptions would cause the unit’s 
recoverable amount to be lower than the carrying value. 
Finland 
Finland has several production sites. The Siilinjärvi site produces mainly 
NPK fertilizers and phosphoric acid, but also other industrial chemicals. 
It consists of several plants in addition to a mine. Uusikaupunki has three 
nitric acid plants as well as two fertilizer plants producing for the Finnish 
market and for export. Kokkola produces mainly potassium sulfate 
for the Mediterranean and Chinese markets and feed phosphates for 
markets worldwide. The CGU’s value-in-use is significantly higher than 
the carrying amount. No reasonable possible change in any of the key 
assumptions would cause the unit’s recoverable amount to be lower than 
the carrying value. 
Ammonia Trade (Switzerland)
The global ammonia trade and supply unit is supplying and/or off-taking 
the necessary ammonia volumes for Yara's production plants. The CGU 
also includes five Yara owned LPG carriers. The CGU’s value-in-use is 
significantly higher than the carrying amount. No reasonable possible 
change in any of the key assumptions would cause the unit’s recoverable 
amount to be lower than the carrying value. 
Yara Dallol (Ethiopia)
The company is developing a potash resource in Dallol in the Danakil 
Depression of Ethiopia. In February 2015, Yara announced that an 
independent study identified an annual production of 0.6 million tonnes 
sulphate of potash (SOP) over 23 years from the reserves. Yara signed 
a mining agreement with the Ethiopian authorities in 2017. The CGU 
has a remaining carrying amount of USD 218 million. The cash inflow 
for this project starts several years in to the future and there are multiple 
uncertainties related to the project’s profitability, mineability of the re­
serves, financing, and necessary governmental permits and agreements. 
The project is currently on hold, while working on a structural solution for 
the next stage of development of the project. Negative impacts on any 
of the above risks or failure to ensure a structural solution, could result in 
a decision to stop the project, and a resulting impairment loss. 
Sales & Marketing segment allocation 
The goodwill in relation to fertilizer trade and supply is tested on Sales 
& Marketing segment level since the organization is serving all business 
units within the segment. The CGU’s value-in-use is significantly higher 
than the carrying amount. No reasonable possible change in any of the 
key assumptions would cause the unit’s recoverable amount to be lower 
than the carrying value. 
Brazil 
The CGU covers several aspects of fertilizer production and distribution, 
including phosphate mining, production of Single Super Phosphate (SSP) 
as well as blending and distribution of fertilizers, delivering approximate­
ly 9 million tonnes of fertilizers and covering approximately one fourth 
of the Brazilian market demand. The main production and blending 
assets comprised by the CGU are the Salitre plant and the Rio Grande 
plant. The Salitre plant is not operational at the end of 2019. Expected 
completion is during the second half of 2021. After finalization of the 
construction, the Salitre plant, including the mine, will have an annual 
production capacity of approximately 1–1.2 million tonnes of phosphate 
rock and 1 million tonnes of finished fertilizer (SSP equivalents), in addi­
tion to a blending capacity of approximately 1 million tonnes. Currently, 
The Rio Grande plant has a production capacity of 0.8 million tonnes 
of finished fertilizer (NPK and SSP depending on market demand), in 
addition to a blending capacity of approximately 1.6 million tonnes. 
However, there is an ongoing expansion project at the Rio Grande plant, 
which is expected to be finalized during the end of 2020. After finaliza­
tion of the expansion project, the Rio Grande plant will have an annual 
production capacity of approximately 1.1 million tonnes of finished 
fertilizer (NPK and SSP depending on market demand), in addition to a 
blending capacity of approximately 2.2 million tonnes.
 
CGU Brazil comprises the former Crop Nutrition Brazil and Production 
GICS (former Galvani). During 2019, a reassessment of the CGU has 
taken place, resulting in these two former CGUs being combined into 
one. The triggering event for the reassessment was the acquisition of 
the 40% non-controlling interest. More information about the acquisi­
tion is provided in note 7.2. As a result of the acquisition, Yara has been 
able to fully integrate the GICS (former Galvani) business into the value 
chain, which would not have been possible with the previous partner­
ship arrangement. Going forward the main asset of the former Galvani 
business, the Salitre plant, will channel more than half of its output of 
phosphate rock into the former Crop Nutrition business, and thereby re­
placing raw material volumes that were sourced externally or from other 
Yara plants under the previous partnership arrangement. As a result of 
the full vertical value chain integration, the two former CGUs are from 
now on considered as one.
 
The CGU’s value-in-use is significantly higher than the carrying amount. 
No reasonable possible change in any of the key assumptions would 
cause the unit’s recoverable amount to be lower than the carrying value.
Latin America 
Business unit Latin America comprises 14 blending units with a total 
capacity of around 2 million tonnes, and a distribution network that 
includes Mexico, Guatemala, Costa Rica, Panama, Colombia, Ecuador, 
Peru, Bolivia, Chile and Argentina. The production facility in Cartagena 
has one ammonia plant, three nitric acid plants, one NPK plant, three 
ammonium nitrate solution units and one calcium nitrate plant. The 
CGU has a carrying amount of USD 573 million and a value-in-use 
that is 25% higher. The business plan for 2020 is the most important 
input factor, together with the discount rate and the annual growth rate. 
An isolated reduction to the estimated EBITDA during the projected 
period of 14%, a reduction to the terminal growth rate after year five

130
Yara Annual report 2019
Consolidated financial statements
of 5 percentage points or an increase to the post-tax discount rate of 3 
percentage points would reduce the headroom to nil.
India
Yara acquired Tata Chemicals Limited’s urea business in India on 12 
January 2018 which included the Babrala urea plant and the related dis­
tribution business. The plant produces 0.7 million tonnes ammonia and 
1.2 million tonnes urea. The CGU includes Yara’s preexisting Crop Nu­
trition activity. The CGU has a carrying amount of USD 455 million and 
a value-in-use that is 36% higher. The premium product sales growth 
is the most important assumption together with the discount rate. The 
premium product sales growth is estimated for the first five years and 
a terminal growth of 2% has been used in the valuation model. Should 
the estimated premium product sales growth not materialize, and the 
growth from 2020 only be 2%, it would trigger an impairment of approx­
imately USD 70 million. An isolated increase to the post-tax discount 
rate of 3 percentage points would reduce the headroom to nil.
Sensitivities for main CGUs with no allocated goodwill 
Yara has performed testing of several CGUs with impairment indicators. 
The impairments recognized during 2019 are explained above.
Some of the CGUs that were tested based on impairment indicators 
presented low headroom between the recoverable value, calculated 
based on value-in-use, and their carrying values. The main CGUs that 
are sensitive are described below: 
Production Yara Pilbara Nitrates 
The joint operation Yara Pilbara Nitrates owns a TAN plant in Austra­
lia. Carrying value of the CGU is USD 359 million, representing Yara's 
50% ownership stake. The plant has not been in production for most 
of the year 2019 to allow necessary rectification works to bring it to its 
intended capacity. The plant is scheduled to ramp up and commence op­
erations during the first half of 2020. An impairment of USD 50 million 
was recognized in 2018, and the investment is still highly sensitive for 
additional impairments at the end of 2019. The key assumptions are the 
TAN margin above ammonia cost, which is estimated for the TAN mar­
ket in Western Australia, and the discount rate (9.6% on pre-tax basis). 
An individual reduction to the margin above ammonia cost of 10% would 
trigger an additional impairment of USD 79 million. An increase in the 
post-tax discount rate of 1 percentage point would trigger an additional 
impairment of USD 57 million.
Production Italy 
Production Italy comprises two sites, with an annual production capacity 
of 0.6 million tonnes ammonia, 0.4 million tonnes nitrates, 0.6 million 
tonnes urea and 0.4 million tonnes NPK. The CGU has a carrying value 
of USD 251 million. An impairment of USD 24 million was recognized 
in 2018, and the CGU is still highly sensitive for additional impairments 
at the end of 2019. The projected fertilizer prices, natural gas purchase 
price and the discount rate (10.4% on pre-tax basis) are the key assump­
tions. An individual reduction to the fertilizer prices of 10% for all years 
would trigger an additional impairment of USD 178 million. An increase 
in the natural gas purchase price of 10% would trigger an additional 
impairment of USD 164 million. An increase in the post-tax discount 
rate of 1 percentage point would trigger an additional impairment of 
USD 1 million.
Production Tertre
Yara's production site in Tertre, Belgium comprises one ammonia plant, 
one nitric acid plant and one nitrates plant, with an annual production 
capacity of 0.4 million tonnes ammonia, 0.7 million tonnes nitric acid 
and 1 million tonnes nitrates. The majority of the ammonia and nitric 
acid produced is used in the production of nitrates, which are sold to 
various European markets. The CGU has a carrying amount of USD 261 
million and a value-in-use that is 24% higher. The key assumptions for 
the testing are the urea price, the natural gas cost and the discount rate. 
An individual reduction of the urea price of 3% for all years, an increase 
of the natural gas cost of 6% or an increase of the post-tax discount rate 
of 1 percentage point would reduce the headroom to nil. 
Future potential reversals of impairment 
Yara has recognized impairment losses on several CGUs over time. 
These impairments will be reversed, fully or partly, when and if the situ­
ation improves and the recoverable value is determined to be higher than 
the carrying amount. The increased carrying amount cannot exceed the 
carrying amount that would have been determined (net of amortization 
or depreciation) had no impairment loss been recognized in prior periods. 
The table below provides an overview of the main CGUs with impair­
ments, presented with the maximum amount of potential reversals at 
year-end 2019 and the key conditions for such reversals to materialize. 
USD millions
Asset class
Potential 
reversals 
YE 2019
Key conditions for reversals
Montoir plant (France)
Property, plant and equipment, 
right-of-use assets
 88 
Fertilizer price increase
Yara Pilbara Nitrates
Property, plant and equipment
 47 
Stable production and TAN price increase
LIFECO (Libya)
Equity-accounted investee (associate)
 16 
Improved political situation in Libya, more stable gas supply and urea price increase
QAFCO (Qatar)
Equity-accounted investee (associate)
29
Melamine price increase
Production Italy
Property, plant and equipment
 18 
Volume increase, fertilizer price increase and reduced natural gas purchase price
Impairment related to assets held-for-sale in GICS (former Galvani), as described in note 7.2, is not included in the table above.

131
Yara Annual report 2019  
Consolidated financial statements
4.8 Committed future investments
USD millions
Investments 2020
Investments
 thereafter
Investments total
Contract commitments for investments in property, plant and equipment
336 
12 
348 
Contract commitments for acquisition or own generated intangible assets
21 
- 
21 
Total
357 
12 
369 
Yara has publicly communicated committed growth investments of USD 400 million in 2020 which corresponds to investments that passed decision 
gate that commits fund but for which external contracts are not necessarily signed. These investments are related to projects in Brazil (Rio Grande and 
the Salitre mining project). USD 183 million of these investments are included as contractual commitments in the table above.
Commitments related to equity-accounted investees
USD millions
Investments 2020
Investments 
thereafter
Investments total
Contract commitments for investments in property, plant and equipment
43 
48 
92 
Total
43 
48 
92 
Figures in the table above are presented on a 100% basis. Yara’s share of committed investments related to equity-accounted investees in 2019 is USD 
23 million. The commitments are mainly related to investments in QAFCO.

132
Yara Annual report 2019
Consolidated financial statements
5 Equity and liabilities
5.1 Share information
The Annual General Meeting in May 2019 approved a dividend for 2018 
of NOK 1,772 million (NOK 6.50 per share), which was paid out during 
second quarter 2019 (USD 203 million). Dividends are recognized as 
a liability in the period that they are declared by the Annual General 
Meeting.
In May 2019, the Annual General Meeting authorized the Board of Direc­
tors to acquire up to 13,620,131 shares in the open market and from the 
Norwegian State. Shares may be purchased within a price range from 
NOK 10 to NOK 1,000. The shares shall be subsequently cancelled. Yara 
has renewed its agreement with the Norwegian State according to which 
the State's shares will be redeemed on a pro-rata basis to ensure the 
State’s ownership is unchanged in the event of a cancellation of shares 
bought back. Yara has purchased 1,362,013 own shares under the 2019 
buy-back program for a total consideration of NOK 486 million (USD 53 
million). Pursuant to the agreement with the Norwegian State, total eq­
uity attributable to the shareholders of the parent has been reduced with 
an additional NOK 273 million (USD 30 million) for the commitment to 
redeem 773,187 shares from the Norwegian State.
In 2018, Yara purchased 520,000 own shares under the 2018 buy-back 
program for a total consideration of NOK 181 million (USD 21 million). 
These shares were cancelled at the Annual General meeting on 7 May 
2019. Pursuant to the agreement with the Norwegian State, total equity 
attributable to the shareholders of the parent was reduced with an addi­
tional NOK 103 million (USD 12 million) for the redemption of 295,193 
shares from the Norwegian State.
When own shares are repurchased the amount of consideration paid, 
including directly attributable costs, is recognized as a change in equity. 
Repurchased shares are classified as treasury shares and presented as 
a deduction from total equity. Gain/loss from the sale of own shares is 
recognized as a change in equity.
Yara has one class of shares, all with equal voting rights and the right to 
receive dividends. 
Ordinary shares
Own shares
Number of 
shares outstanding
Total at 31 December 2017
273,217,830 
- 
273,217,830 
Treasury shares - share buy-back program 1)
- 
(520,000)
(520,000)
Total at 31 December 2018
273,217,830 
(520,000)
272,697,830 
Redeemed shares Norwegian State 2)
(295,193)
- 
(295,193)
Shares cancelled 2)
(520,000)
520,000 
- 
Treasury shares - share buy-back program 2)
(1,362,013)
(1,362,013)
Total at 31 December 2019
272,402,637 
(1,362,013)
271,040,624 
1) As approved by the General Meeting 8 May 2018.
2) As approved by the General Meeting 7 May 2019.

133
Yara Annual report 2019  
Consolidated financial statements
5.2 Non-controlling interests
Summarized financial information in respect of each of the Group's subsidiaries that has material non-controlling interests is set out below.	
	
2019
USD millions
Total at 
1 January
Share 
of profit
Dividend
 distributed
Disposals
Share 
capital 
increase
Foreign 
currency 
translation
Total at 31
 December 
GICS Indústria, Comércio e Serviços S.A. 1)
 148 
 (9)
 - 
 (139)
 - 
 - 
 - 
Yara Dallol B.V.
 69 
 (2)
 - 
 - 
 - 
 - 
 67 
Other
 10 
 1 
 (2)
 2 
 - 
 - 
 12 
Total
 227 
 (10)
 (2)
(137)
 - 
 - 
 79 
2018
USD millions
Total at 
1 January
Share 
of profit
Dividend
 distributed
Disposals
Share 
capital 
increase
Foreign 
currency 
translation
Total at 31
 December 
GICS Indústria, Comércio e Serviços S.A. 1)
 194 
 (17)
 (2)
 - 
 - 
 (28)
 148 
Yara Dallol B.V.
 69 
 (2)
 - 
 - 
 2 
 - 
 69 
Other
 16 
 - 
 - 
 (6)
 - 
 - 
 10 
Total
 280 
 (19)
 (2)
 (6)
 2 
 (28)
 227 
Place of incorporation and percentage of non-controlling interests
Company name
Place of incorporation
Percentage non-controlling 
interests 2) 2019
Percentage non-controlling 
interests 2) 2018
GICS Indústria, Comércio e Serviços S.A.1)
Brazil
-
40.00%
Yara Dallol B.V.3)
The Netherlands
41.83% 4)
45.89%
1) Galvani Industria, Comercio e Servicos S.A. changed name to GICS Industria, Comercio e Servicos S.A. in 2019.
2) Equals voting rights.
3) Place of operations is Ethiopia. 
4) The ownership percentage of non-controlling interests is reduced by 4.06 percentage points in 2019 (2018: 0.99 percentage points).
Restrictions and other information related to significant 
non-controlling interests
The shareholders in Yara Dallol have agreed that no dividends shall be 
distributed from the company before the start of production. After that, 
the company shall pay out as much as permitted by applicable law and 
possible restrictions in future financing agreements. At 31 December 
2019, Yara Dallol held USD 3 million in cash and cash equivalents (2018: 
USD 5 million).
Financial position for companies with significant non-controlling interests	
	
	
	
	
	
	
2019
2018
USD millions
Yara Dallol
Galvani
Yara Dallol
Current Assets
 5 
 100 
 8 
Non-current assets
 227 
 966 
 212 
Current liabilities
 (12)
 (633)
 (10)
Non-current liabilities
 (25)
 (38)
 (25)
Equity attributable to owners of the company
 (129)
 (422)
 (117)
Non-controlling interests
 (67)
 (148)
 (69)

134
Yara Annual report 2019
Consolidated financial statements
Income statement for companies with significant non-controlling interests
2019
2018
USD millions
Yara Dallol
Galvani
Yara Dallol
Total operating revenues and other income
 - 
 238 
 - 
Expenses
 (5)
 (280)
 (5)
Net income/(loss)
 (5)
 (42)
 (5)
Net income attributable to shareholders of the parent 
 (3)
 (25)
 (3)
Net income attributable to non-controlling interests
 (2)
 (17)
 (2)
Net income/(loss)
 (5)
 (42)
 (5)
Other comprehensive income attributable to shareholders of the parent
 - 
 (43)
 - 
Other comprehensive income attributable to non-controlling interests
 - 
 (28)
 - 
Other comprehensive income/(loss) for the year
 - 
 (71)
 - 
Total comprehensive income attributable to shareholders of the parent
 (3)
 (68)
 (3)
Total comprehensive income attributable to non-controlling interests
 (2)
 (45)
 (2)
Total comprehensive income/(loss) for the year
 (5)
 (113)
 (5)
Net cash inflow/(outflow) from operating activities
 (1)
 542 
 (2)
Net cash inflow/(outflow) from investing activities
 (15)
 (183)
 (15)
Net cash inflow/(outflow) from financing activities
 14 
 (342)
 12 
Net cash inflow/(outflow)
 (2)
 17 
 (4)
5.3 Interest-bearing debt
Accounting policies
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the 
effective interest method. 
Specification
Notes
Maturity
Weighted 
average
 interest rates
Denominated amounts 2019
Carrying amounts
USD millions, except percentages and denominated 
amounts
Currency millions
USD millions
2019
2018
NOK (Coupon NIBOR + 0.70%) 
6.1
2019
- 
 - 
 - 
 - 
 254 
USD (Coupon 7.88%) 
6.1
2019
- 
 - 
 - 
 - 
 500 
NOK (Coupon 2.55%) 
6.1
2021
2.6%
 700 
 80 
 79 
 80 
NOK (Coupon NIBOR + 0.75%) 
6.1
2022
2.6%
 1,250 
 142 
 142 
 144 
SEK (Coupon STIBOR + 1.00%) 
6.1
2022
0.8%
 450 
 48 
 48 
 50 
SEK (Coupon 1.10%) 
6.1
2022
1.2%
 800 
 86 
 86 
 89 
NOK (Coupon 3.00%) 
6.1
2024
3.0%
 600 
 68 
 68 
 69 
NOK (Coupon 2.45%) 
6.1
2024
2.5%
 1,000 
 114 
 111 
 113 
USD (Coupon 3.80%) 
6.1
2026
3.9%
 500 
 500 
 498 
 498 
NOK (Coupon 2.90%) 
6.1
2027
2.9%
 1,000 
 114 
 111 
 112 
USD (Coupon 4,75%) 
6.1
2028
4.8%
 1,000 
 1,000 
 996 
 996 
Total unsecured debenture bonds
 2,139 
 2,905 
USD
2.9%
2.9%
2.9%
 933 
 933 
 933 
 631 
BRL
- 
- 
- 
 - 
 - 
 - 
 17 
Total unsecured bank loans
 933 
 648 
Mortgage loans
 21 
 22 
Other long-term debt
 3 
 3 
Total
 24 
 24 
Outstanding long-term debt
 3,096 
 3,577 
Less: Current portion
 (398)
 (824)
Total
 2,698 
 2,753

135
Yara Annual report 2019  
Consolidated financial statements
The carrying values include issuance discount, capitalized issuance costs 
and fair value hedge accounting adjustments as indicated above (see 
also note 6.3 for further information about fair value of financial instru­
ments). 	
At 31 December 2019, the fair value of the long-term debt, including 
the current portion, is USD 3,195 million and the carrying value is USD 
3,096 million.
Yara builds its funding on a negative pledge structure with the basic 
funding ranging pari passu. Substantially all unsecured debenture bonds 
and unsecured bank loan agreements therefore contain provisions re­
stricting the pledging of assets to secure future borrowings.
Of the long-term debt at the end of 2019, USD 1,500 million in bond 
debt originates from Yara's June 2018 and June 2016 bond issues in the 
US market according to 144A/Regulation S. Further, NOK 1,300 million 
originates from Yara's December 2014 bond issues in the Norwegian 
market while NOK 3,250 million and SEK 1,250 million originate from 
Yara's December 2017 bond issues in the Norwegian market. The entire 
NOK and SEK denominated bond debt is converted to USD exposure 
through cross-currency swaps. Bond debts of USD 500 million and NOK 
2,200 million were repaid upon maturity in June 2019 and December 
2019 respectively.	
Yara's additional long-term funding is based on bank loans. Yara's term 
loan from the Nordic Investment Bank has been reduced to USD 60 
million through scheduled downpayments, and linear installments will 
continue until December 2023. Likewise, the loan facility established in 
January 2018 with partial support by a guarantee from The Norwegian 
Export Credit Guarantee Agency (GIEK) has been reduced to USD 214 
million through scheduled downpayments, and semi-annual installments 
will continue until August 2026. Both the USD 150 million term loan 
due 2022 from the International Finance Corporation and the USD 150 
million term loan due 2024 from Svensk Exportkredit AB remain fully 
drawn at year-end 2019. A further minor portion of the long-term bank 
loans is borrowed in emerging markets. 	
Yara has undrawn revolving credit facilities totaling USD 1,100 million 
due 2025 and USD 250 million due 2021. The former replaced the 
revolving credit facility due 2020 as from July 2019. 
Of the fixed interest rate debenture bonds, NOK 3,300 million and SEK 800 
million are exposed to floating interest rates through interest rate swaps, see 
note 6.1 Financial risks.
Contractual payments on long-term debt
USD millions
Debentures 1)
Bank Loans
Other 
long-term loans
Total 2)
2020
 - 
 397 
-
 398 
2021
 79 
 53 
 2 
 134 
2022
 277 
 194 
-
 471 
2023
 - 
 45 
-
 45 
2024
 179 
 180 
-
 359 
Thereafter
 1,605 
 63 
 21 
 1,689 
Total
 2,139 
 933 
 24 
 3,096 
1) Yara International ASA is responsible for the entire amount.
2) Including current portion.
Short-term interest bearing debt	
USD millions, except percentages
Notes
2019
2018
Credit facilities
 418 
 237 
Overdraft facilities
 26 
 93 
Other
 50 
 67 
Total 
6.3
 494 
 397 
Weighted Average Interest Rates 1)
Credit facilities
4.3%
5.9%
Overdraft facilities
9.5%
8.6%
Other
 
2.5%
2.7%
1 Repricing minimum annually.

136
Yara Annual report 2019
Consolidated financial statements
Reconciliation of liabilities arising from financing activities
31 Dec 
2018
Cash 
flows
Non-cash changes
31 Dec
 2019
USD millions
Debt
 assumed 
as part of
 acqui-
sition
Transfer 
to liability
 held-for-
 sale
Foreign 
exchange 
move-
ment
Amorti-
zation 1)
Other 2)
Reclassi-
fication
Long-term interest-bearing debt
 2,776 
 350 
 - 
 - 
 (10)
 2 
 (23)
 (396)
 2,698 
Short-term interest-bearing debt
 397 
 80 
 - 
 - 
 (2)
 - 
 19 
 - 
 494 
Current portion of long-term debt
 824 
 (811)
 - 
 - 
 (11)
 - 
 - 
 396 
 398 
Total liabilities from financing activities
 3,997 
 (381)
 - 
 - 
 (23)
 2 
 (4)
 - 
 3,590 
1) Amortization of transaction cost.	
	
2) Including lease liabilities reclassified to Long-term lease liabilities in the statement of financial position and provision for buy-back of the Norwegian State's shares.
See note 4.5 Leases for reconciliation of liabilities arising from leasing activities.
5.4 Employee benefits
Overview
The Group companies provide various retirement plans in accordance 
with local regulations and practices in the countries in which they oper­
ate. 

Defined benefit plans are generally based on years of service and 
average or final salary levels, offering retirement benefits in addition to 
what is provided by state pension plans. Most of the defined benefit plan 
obligations are covered by external insurance companies or by pension 
funds. By definition, both investment risk and actuarial risk (i.e. the 
actual level of benefits to be paid in the future) are retained by the Group 
companies. 

Defined contribution plans require the companies to make agreed 
contributions to a separate fund when employees have rendered services 
entitling them to the contributions. The companies have no legal or 
constructive obligation to pay further contributions. 

Some companies make contributions to multi-employer pension plans 
included in a joint arrangement with others. All multi-employer plans are 
accounted for as defined contribution plans.

Some companies have recognized provisions for jubilee benefits, which 
are classified as Other long-term employee benefits.
Accounting policies
Defined benefit plans 
The Group’s net obligation in respect of defined benefit plans is calcu­
lated separately for each plan. The amount is an estimation of future 
benefits that the employees have earned in return for their service in 
current and prior periods. The benefit is discounted to determine its 
present value, and the fair value of plan assets is deducted. The discount 
rate is the yield at the balance sheet date on high quality corporate 
bonds or government bonds where no market for high quality corporate 
bonds exists. If the bond has a different maturity from the obligation, the 
discount rate is adjusted. Qualified actuaries using the projected credit 
unit method perform the calculations. 

Past service costs arising from the amendment of plan benefits are 
recognized immediately in profit or loss. Remeasurement gains and 
losses are recognized as retained earnings through other comprehensive 
income in the period they occur, and will not be reclassified to profit or 
loss in subsequent periods. 
Defined contribution plans 
Obligations for contributions to defined contribution plans are recognized 
as an expense in the statement of income when employees have ren­
dered services entitling them to the contributions. Prepaid contributions 
are recognized as an asset to the extent that a cash refund or deduction 
in future payments is available. 
Other long-term benefits
The Group’s obligation in respect of other long-term benefits is the 
amount of future benefits that the employees have earned in return for 
their service in current and prior periods. The obligation is discounted 
based on the same principles as defined benefit plans.

137
Yara Annual report 2019  
Consolidated financial statements
Long-term employee benefit obligations recognized in the statement of financial position
USD millions
Notes
2019
2018
Defined benefit plans
(480)
(468)
Surplus on funded defined benefit plans
57 
59 
Net liability for defined benefit plans
(424)
(410)
Termination benefits
(3)
(3)
Other long-term employee benefits
(14)
(14)
Net long-term employee benefit obligations recognized in Statement of financial position
(441)
(426)
Of which classified as Prepayments for long-term employee obligations
4.6 
57 
59 
Of which classified as Long-term employee benefit obligations
(498)
(485)
Expenses for long-term employee benefit obligations recognized in the statement of income
USD millions
Notes
2019
2018
Defined benefit plans
(48)
(49)
Defined contribution plans
(30)
(31)
Multi-employer plans
(9)
(9)
Termination benefits
(23)
(19)
Other long-term employee benefits
(2)
(9)
Net expenses recognized in Statement of income
(113)
(117)
Of which classified as Payroll and related costs
2.5 
(104)
(110)
Of which classified as Interest expense and other financial items
2.7 
(9)
(7)
 
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have incurred 
obligations under a funded defined benefit plan. The pension plan was 
closed to new entrants in 2006 and employees below the age of 55 at 
that time received a paid-up policy for previously earned benefit entitle­
ments. The defined benefit plan was replaced by a defined contribution 
plan from the same date. Further pension obligations in Norway include 
certain unfunded pension arrangements as well as early retirement 
schemes. Retirement age is flexible from age 62 to age 67.
A majority of Yara’s obligations under defined benefit plans are related to 
subsidiaries within the Eurozone: 
Employees of Yara’s Dutch subsidiaries hired before 1 August 2014 
are members of a funded Defined Benefit pension plan. Employees 
born before 1950 and who were in service before 2006 are entitled to 
a pension scheme based on final salary at the age of retirement. The 
other employees are members of an Average Pay scheme. Retirement 
age is 68. The funded Defined Benefit pension plan has been closed for 
new members from 1 August 2014. New hires are enrolled in a Defined 
Contribution pension plan from the same date. 
Obligations in Finland include the statutory TyEL pension scheme, as 
well as a voluntary defined benefit plan which is closed to new entrants. 
Both schemes are covered by pension funds. The TyEL pension scheme 
provides for a flexible retirement age from 63 to 68 based on the 
employee’s salary each year and with accelerated earning of retirement 
benefits beyond the age of 63. A reform of the Employees Pensions 
Act was agreed in 2017, which will gradually increase the minimum re­
tirement age from 63 to 65 while also gradually increase the maximum 
retirement age from 68 to 70. Further, accrual rates will change and 
retirement age will be linked to life expectancy (from year 2027). The 
voluntary pension plan regulations have also been amended in order to 
adapt to the revised pension legislation.
Subsidiaries of Yara are also liable to retirement benefits in France, 
Germany, Belgium and Italy within the Eurozone.
Yara sponsors a funded defined benefit pension plan for qualifying UK 
employees. Under the fund, employees are entitled to annual pensions 
on retirement at age 62 of 1/57th of final pensionable salary for each 
year of service (some members have a retirement age of 65 and accrue 
at a rate of 1/60). Benefits are also payable on death and following other 
events such as withdrawing from active service. The plan was closed 
for new members from 2001. Broadly, about 16% of the liabilities are 
attributable to current employees, 21% to former employees and 63% to 
current pensioners. 
Other defined benefit plan obligations include employees of subsidiaries 
in Sweden, Trinidad and South Africa.
Most defined benefit plans include benefits in case of disability, death in 
service and death after retirement, which are included in the valuation of 
liabilities. 
The provision for defined benefit plans also includes liabilities for medical 
plans in Great Britain, Trinidad, Brazil and South Africa with a total of 
USD 16 million (2018: USD 17 million).

138
Yara Annual report 2019
Consolidated financial statements
Pension cost recognized in Statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the following year to determine the net pension cost. The 
discount rate is used to calculate the interest income from plan assets.
The following items have been recognized in the Statement of income
USD millions
2019
2018
Current service cost
 (37)
 (39)
Contribution by employees
3 
3 
Administration cost
(2)
(2)
Past service cost
(3)
(4)
Social security cost
(1)
(1)
Payroll and related costs
(39)
(42)
Interest expense on obligation
(46)
(46)
Interest income from plan assets
37 
39 
Net interest expense on the net obligation
(9)
(7)
Net pension cost recognized in Statement of income
(48)
(49)

USD millions
2019
2018
Payroll and related costs
Finland
(6)
(6)
The Netherlands
(14)
(13)
Great Britain
(2)
(6)
Norway
(5)
(6)
Net interest income/(expense) on the net obligation/asset
Finland
(1)
- 
The Netherlands
(1)
1 
Great Britain
(1)
(1)
Norway
(1)
(1)
Remeasurement gains/ losses) recognized in other comprehensive income
USD millions
2019
2018
Remeasurement gains/ losses) on obligation for defined benefit plans
(165)
(11)
Remeasurement gains/(losses) on plan assets for defined benefit plans
157 
(65)
Increase in recognized net liability due to minimum funding requirement and asset ceiling limit 1)
(8)
(8)
Net remeasurement gains/(losses) for defined benefit plans
(17)
(84)
Change in deferred tax related to remeasurement gains/(losses) for defined benefit plans 2)
8 
10 
Remeasurement gains/(losses) recognized from equity-accounted investees (net of tax)
- 
1 
Total remeasurement gains/(losses) recognized in other comprehensive income
(9)
(73)
1) Yara (UK) Ltd is committed to pay an annual contribution until 2022 in order to make good a funding deficit. Present value of future contributions will lead to an unrecognized surplus based on current IAS 
19 valuation, and as Yara does not have an unconditional right to recoup any surplus arising in the Fund, an additional liability needs to be recognized. The value of plan assets is also reduced to restrict the 
funded status to zero (asset ceiling limit).
2) Includes impact from reduction of tax percentage.
Remeasurement gains and losses include experience adjustments, reflecting the difference between estimated and actual changes in obligations and 
plan assets during the year, as well as the impact of change in demographic and financial assumptions when measuring the present value of pension 
liabilities at year-end with revised assumptions. Remeasurement gains and losses are permanently recognized directly in retained earnings in the period 
in which they occur.

139
Yara Annual report 2019  
Consolidated financial statements
Actuarial valuations provided the following results
USD millions
2019
2018
Present value of fully or partially funded liabilities for defined benefit plans
(1,948)
(1,799)
Present value of unfunded liabilities for defined benefit plans
(250)
(248)
Present value of liabilities for defined benefit plans
(2,198)
(2,047)
Fair value of plan assets
1,836 
1,688 
Adjustment in respect of minimum funding requirement
(26)
(34)
Unrecognized asset due to asset ceiling limitation
(19)
- 
Social security tax liability on defined benefit plans
(17)
(16)
Net liability recognized for defined benefit plans
(424)
(410)
Defined benefit obligations and plan assets by origin
2019
2018
USD millions
Obligations
Assets
Obligations
Assets
Finland
(334)
310 
(341)
307 
The Netherlands
(753)
683 
(679)
620 
Other Eurozone
(289)
114 
(266)
103 
Great Britain 1)
(444)
417 
(412)
377 
Norway 2)
(306)
227 
(288)
220 
Other
(115)
65 
(111)
61 
Total
(2,240)
1,816 
(2,097)
1,688 
1) Including liability for minimum funding requirement and asset ceiling adjustment.
2) Including social security tax liability.

Development of defined benefit obligations
USD millions
2019
2018
Defined benefit obligation at 1 January
(2,047)
(2,123)
Current service cost
(37)
(39)
Interest cost
(46)
(46)
Experience adjustments
15 
8 
Effect of changes in financial assumptions
(189)
(37)
Effect of changes in demographic assumptions
9 
18 
Past service cost
(3)
(4)
Benefits paid
84 
83 
Obligation assumed upon acquisition of business 1)
- 
(5)
Transfer of obligation (in)/out
- 
(3)
Foreign currency translation on foreign plans
16 
100 
Defined benefit obligation at 31 December
(2,198)
(2,047)
1) Related to the acquisition of Cubatão
Development of plan assets
USD millions
2019
2018
Fair value of plan assets at 1 January
1,688 
1,835 
Interest income from plan assets
37 
39 
Administration cost on plan assets
(2)
(2)
Return on plan assets (excluding the calculated interest income)
157 
(65)
Employer contributions
34 
32 
Employees' contributions
3 
3 
Benefits paid
(72)
(71)
Transfer of plan assets in/(out)
- 
3 
Foreign currency translation on foreign plans
(10)
(88)
Fair value of plan assets at 31 December
1,836 
1,688

140
Yara Annual report 2019
Consolidated financial statements
Depending on local regulations, Yara may be required to ensure a certain 
funding level of the pension plans. In the UK Yara is paying an annual con­
tribution until 2022 in order to make good a funding deficit determined 
in the actuarial valuation of 2017. In The Netherlands, an agreement is 
in place in which Yara will need to ensure a minimum level of funding by 
making additional contribution to the fund. On the other hand, Yara will be 
able to recover parts of the contribution which has been paid to the fund, 
in case the funding ratio reaches a certain level. In Norway, Yara may be 
required to increase the capital buffer of the pension fund.
The pension funds have the legal form of foundations, independently gov­
erned by their Board of Directors or Board of Trustees. It is the responsi­
bility of the Board to determine the investment strategy, and to review the 
administration of plan assets and the funding level of the pension plans.
Yara’s defined benefit plan obligations are inherently exposed to inflation 
risk, interest rate risk and longevity risk. The investment strategies of the 
pension funds ensure diversement of investments in order to keep market 
volatility risk at a desired level. An exception is the pension fund of Yara in 
Finland, which has invested about 1/3 of the fair value of plan assets into 
shares of non-listed Pohjolan Voima Oy, a company producing electricity 
and heat for its shareholders on an at cost-basis. The Boards of the pen­
sion funds are targeting a satisfactory level of risk and return correspond­
ing to the maturity profile of future pension benefit payments.
At the end of the year, the plan assets were invested as follows
USD millions, except percentages
2019
2018
Cash and cash equivalents
24 
1%
22 
1%
Shares
515 
28%
456 
27%
Other equity instruments
37 
2%
18 
1%
High yield debt instruments
81 
4%
106 
6%
Investment grade debt instruments
711 
39%
665 
39%
Properties
72 
4%
72 
4%
Other quoted plan assets 1)
259 
14%
212 
13%
Total investments quoted in active markets
1,700 
93%
1,550 
92%
Shares and other equity instruments
95 
5%
99 
6%
Other plan assets 2)
41 
2%
38 
2%
Total unquoted investments
136 
7%
137 
8%
Total plan assets
1,836 
1,688 
1) Other quoted plan assets include insurance policies, hybrid funds and other fund investments.
2) Other unquoted plan assets is mainly a loan to Yara Suomi Oy.
Contributions expected to be paid to the defined benefit plans for 2020 are USD 46 million (including benefits to be paid for unfunded plans). 
Contributions paid in 2019 were USD 46 million. 
Duration of liabilities at the end of the year
Duration of liabilities (in years)
2019
Finland 
15 
The Netherlands
20 
Great Britain
17 
Norway
13 
Total 1)
17 
1) Weighted average.
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographical assumptions and taking into account the relevant eco­
nomic environment of each pension plan. 
The discount rate is a weighted average of the yields at the balance sheet date on high quality corporate bonds, or government bonds where no deep 
market exists for high quality corporate bonds. The discount rate is adjusted by extrapolation if necessary, to take into account differences in maturities.

141
Yara Annual report 2019  
Consolidated financial statements
The following financial assumptions have been applied for the valuation of liabilities
Discount rate (in %)
2019
2018
Finland
0.9
1.8
The Netherlands
1.1
1.8
Great Britain
2.0
2.9
Norway
2.1
2.7
Total 1)
1.5
2.2
1) Weighted average.
Expected salary increase (in %)
2019
2018
Finland
2.1
2.3
The Netherlands
2.3
2.3
Great Britain
3.7
3.9
Norway
2.2
2.6
Total 1)
2.6
2.8
1) Weighted average.
Expected pension indexation (in %)
2019
2018
Finland
1.0
1.5
The Netherlands
1.6
1.6
Great Britain
3.0
3.0
Norway
1.0
1.1
Total 1)
1.8
1.9
1) Weighted average.
The following table presents indicators of life expectancy of the mortality tables applied for valuation of the obligations, by showing expected longevity of 
a current employee aged 45 today from the date he or she reaches age 65, and the expected longevity of a current retiree aged 65.
Expected longevity (in years)
Current employee
Current retiree
Finland
25.9
23.4
The Netherlands
24.8
22.7
Great Britain
23.9
22.2
Norway
25.0
23.2
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of assumptions and estimates. The table below indicates 
the sensitivity of the most significant assumptions applied to the defined benefit obligation, by showing the estimated result from a reasonable increase 
or decrease in any one of the key assumptions applied. Holding all other assumptions constant represents a limitation of the analysis, as some of the 
assumptions may be correlated. The methods used in preparing the analysis are consistent with previous years.
USD millions
2019
2018
Actual valuation
(2,198)
(2,047)
Discount rate +0.5%
(2,044)
(1,912)
Discount rate -0.5%
(2,370)
(2,200)
Expected rate of salary increase +0.5%
(2,218)
(2,065)
Expected rate of salary increase -0.5%
(2,178)
(2,030)
Expected rate of pension increase +0.5%
(2,324)
(2,161)
Expected rate of pension increase -0.5%
(2,085)
(1,947)
Expected longevity +1 year
(2,280)
(2,084)
Expected longevity -1 year
(2,116)
(1,975)

142
Yara Annual report 2019
Consolidated financial statements
5.5 Trade payables and other payables
Accounting policies 
Trade payables are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term 
payables are normally not discounted. 
Specification
USD millions
Notes
2019
2018
Trade payables
1,285 
1,475 
Payroll and value added taxes
259 
259 
Other liabilities 1)
70 
101 
Total 
6.3
1,614 
1,835 
1) Included in Other liabilities is USD 11 million regarding short-term derivative instruments (at fair value) and USD 26 million regarding short-term contingent consideration.
Trade payables are non interest-bearing and have an average term of 60 days. Payroll and value-added taxes are mainly settled bimonthly or on a quar­
terly basis. Other payables are non interest-bearing and normally settled within 12 months.
5.6 Provisions and contingencies
Accounting policies
A provision is recognized when the Group has a present obligation (legal 
or constructive) following a past event, it is probable that an outflow of 
resources embodying economic benefits will be required to settle the 
obligation, and a reliable estimate can be made of the amount of the 
obligation. 
The amount recognized as a provision is the best estimate of the con­
sideration required to settle the present obligation at the balance sheet 
date, taking into account the risks and uncertainties surrounding the 
obligation. When a provision is measured using the cash flows estimated 
to settle the present obligation, its carrying amount is the present value 
of the cash flows. 
A restructuring provision is recognized when the Group has developed a 
detailed formal plan for the restructuring, and has raised a valid expectation 
that it will carry out the restructuring by starting to implement the plan 
or announcing its main features to those affected by it. The restructuring 
provision includes only the direct expenditures arising from the restructur­
ing. These expenditures are those that are both necessarily entailed by the 
restructuring and not associated with the ongoing activities of the entity. 
Present obligations arising under onerous contracts are recognized and 
measured as provisions. An onerous contract is considered to exist where 
the Group has a contract where the unavoidable costs of meeting the ob­
ligations under it exceeds the economic benefits expected to be received 
from the contract.
Decommissioning refers to the process of dismantling and removing 
equipment and site restoration when a site is closed down. A liability is 
recognized as soon as a decommissioning obligation arises. The obligation 
can be legal or constructive, and is accounted for based on a best estimate 
discounted to the present value. The discounted provision is progressively 
unwound, with the unwinding charge presented as a finance cost. The 
unwinding charge takes the provision from its current net present value to 
its future end value. 
If an obligation exits to decommission PP&E, the carrying value of the 
assets is increased with the discounted value of the obligation. This is also 
the case if an obligation arises during construction or due to new legal 
requirements. The decommissioning asset is depreciated over the useful 
life of the asset. If an obligation arises as a result of day-to-day operations 
where the asset has been used to produce inventory, the cost is expensed 
as incurred. 
Decommissioning provisions are updated when new information becomes 
available. 
 Yara is party to a number of lawsuits related to laws and regulations in 
various jurisdictions arising out of the conduct of its business. Legal claims 
are assessed on an individual basis and provisions are recognized if the 
specific claims give rise to present, probable obligations and the costs can 
be reliably measured. 
When a legal or constructive environmental obligation arises as a result 
of a past event, and the cost can be reliably measured, a provision is 
recognized. 
Due to EU regulations in regard to greenhouse gas emissions, Yara 
receives annual emissions rights. These emission rights can be used to 
settle the Group’s obligation that arises as a result of actual emissions. 
Granted emission rights received in a period are initially recognized at 
nominal value (nil value). Purchased emission rights are initially rec­
ognized at cost (purchase price) within intangible assets. A provision is 
recognized when the level of emissions exceeds the level of allowances 
granted. If Yara’s emissions are less than the emission rights allocated to 
its operations, these may be sold in the market. Gains are recognized if 
and when such transactions occur.

143
Yara Annual report 2019  
Consolidated financial statements
2019
USD millions
Environmental
Restructuring
Legal Claims
Decommission
Other
Total
Balance at 1 January 2019
75 
48 
23 
122 
24 
292 
Additional provision in the year
13 
21 
10 
45 
43 
133 
Interest expense on liability
(2)
- 
2 
- 
- 
1 
Unused provision
- 
- 
(5)
- 
(3)
(9)
Utilization of provision
(7)
(13)
(4)
(2)
(12)
(38)
Companies purchased/(sold)
- 
- 
- 
- 
- 
- 
Currency translation effects
(2)
(1)
- 
(1)
1 
(4)
Balance at 31 December 2019
77 
55 
25 
164 
54 
375 
2018
USD millions
Environmental
Restructuring
Legal Claims
Decommission
Other
Total
Balance at 1 January 2018
48 
34 
16 
79 
28 
205 
Additional provision in the year
15 
23 
12 
31 
18 
100 
Interest expense on liability
- 
- 
2 
3 
- 
5 
Unused provision
1 
(1)
(3)
(5)
(8)
(16)
Utilization of provision
(8)
(6)
(2)
(2)
(13)
(32)
Companies purchased/(sold)
22 
- 
- 
27 
- 
48 
Currency translation effects
(3)
(2)
(2)
(10)
- 
(17)
Balance at 31 December 2018
75 
48 
23 
122 
24 
292 
Provisions presented in the consolidated statement of financial position
USD millions
2019
2018
Current liabilities
72 
55 
Non-current liabilities
303 
238 
Total
375 
292 
Provisions
Environmental provisions 
Yara’s future cost for environmental remediation depends on a number of 
uncertain factors, such as changes in regulations or authorities approval 
for the extent of actions. The estimates are followed up frequently. Due 
to the uncertain nature to define the exact levels of pollution and precise 
needs for cleanup, it is possible that they could be revised in the near 
term. In addition, conditions which could require future expenditures may 
be determined to exist for various sites, including Yara’s major production 
facilities and warehouses. 
Restructuring provisions 
In November 2019, Yara provided for closure costs of USD 20 million 
following the announcement to close the wholly-owned ammonia plant in 
Point Lisas, Trinidad. The cost is reflected in Yara's Production segment. 
The Yara Trinidad plant is one of the three ammonia plants operated by 
Yara Trinidad Ltd. The remaining two plants, Tringen I and Tringen II, are 
jointly owned by Yara International ASA and National Enterprises Ltd 
(NEL). The Trinidad plant is one of Yara's smallest ammonia plants, with 
an annual production capacity of approximately 270,000 tonnes ammonia. 
In addition to small scale, the plant has a lower energy efficiency than 
Yara's average. Plant profitability has also been impacted by lower ammo­
nia prices, and in addition negotiations with The National Gas Company 
of Trinidad and Tobago (NGC) has failed to reach an agreement that could 
sustain plant operations. The plant ceased production of ammonia in 
December 2019 and has been fully impaired in previous periods. 
For comparison did Yara recognize a provision of USD 19 million in 2018 
related to centralization of certain supply chain functions in Europe, where 
USD 10 million was reported in the Crop Nutrition segment and USD 9 
million in the Industrial segment. 
Restructuring mainly relates to closure or significant reorganization of 
business locations in a country or region. The provision is a best estimate 
based on the detailed formal plan for the business and location affected. 
Legal claims 
Yara is party to a number of lawsuits in various jurisdictions arising out 
of the conduct of its business. None of these lawsuits, individually or in 
aggregate, are anticipated to have a material adverse effect on Yara. 
Decommission provisions 
Provisions have been made for where Yara has legal obligation for decom­
missioning. Most significant decommissioning provisions relate to contrac­
tual obligations for operations on leased land, the main ones being plants 
in Australia, France and UK. The increase in decommission provisions 
during 2019 is mainly due to reduced discount rates. 
Other provisions 
Other include onerous contracts, liquidated damages, warranties and 
various other provisions. The main reason for the increase in other provi­
sions is higher warranty provisions due to increased deliveries by Yara’s 
Maritime business.

144
Yara Annual report 2019
Financial statements for Yara International ASA
Contingencies 
Legal contingencies 
Yara is party to a number of lawsuits related to laws and regulations 
in various jurisdictions arising out of the conduct of its business. While 
acknowledging the uncertainties of litigation, Yara is of the opinion that 
based on the information currently available, these matters will be solved 
without material adverse effect. 
On 21 January 2020, Yara announced that the Comisión Nacional de los 
Mercados y la Competencia (CNMC) has initiated an investigation against 
Yara Iberian SA of possible infringements of the Spanish Competition Act. 
Yara cooperated fully with the CNMC during the dawn raid.
In connection with Yara Fertiliser India Pvt Ltd’s acquisition of Tata 
Chemical Ltd’s urea business, stamp duty may be payable on the lease of 
the Babrala plant site. Yara’s position is that the stamp duty on this lease 
is less than USD 1 million. In order to ascertain the amount of stamp duty 
payable, Yara sought adjudication of the amount by the local tax author­
ities. On 18 January 2019, the authority assessed stamp duty on the lease 
at approximately USD 36 million. Yara is of the view that the authority’s 
decision is incorrect, and remains of the view that the correct amount of 
stamp duty is less than USD 1 million. 
Yara Fertiliser India Pvt Ltd are of the view that the authority’s decision 
is incorrect and have filed a written petition in the high court of Uttar 
Pradesh in March 2019 to seek the court’s decision and affirmation of 
our position. State of Uttar Pradesh has filed its response to the Petition 
filed by Yara Fertilisers India Pvt Ltd. No date has yet been scheduled for 
substantial hearing of the petition. It may take up to 5 years to receive a 
decision from the Uttar Pradesh State Court. 
In addition to the stamp duty on the lease, Yara has also sought adjudica­
tion of stamp duty in the same state on the court order for the acquisition. 
Yara’s position is that the stamp duty payable is less than USD 6 million. 
As of today, the relevant authority has not yet issued its decision. The 
provisions made for stamp duties in the Uttar Pradesh state corresponds 
to Yara’s assessment.
Further information related to two ongoing environmental cases in Brazil, 
where Yara is a part due to the acquisition of Adubos Trevo from the 
Trevisa Group in the year 2000, is provided below since it is not possible to 
provide a reliable estimate of the maximum potential exposure: 
• Yara has together with other companies related to the Trevisa Group 
been sued by an association representing approximately 1,300 potential 
victims in two separate lawsuits. The lawsuits are related to mine and 
lead industry activities performed by the company Plumbum Comércio 
e Representações de Produtos Mineirais e Industriais (Plumbum) in the 
cities Santo Amaro da Purificação and Boquira in Bahia state in Brazil. 
Plumbum was formerly part of the Trevisa Group. Adubos Trevo has 
not been involved in any of the activities included in the lawsuits. The 
lawsuits include claims for various personal losses, damage to proper­
ties, institution of relief funds, environmental restoration and clean-up 
activities. The lawsuits were filed in 2011 and 2012 but are still in the 
initial phase. Yara denies liability for any potential damage caused by the 
activities of Plumbum and has not made any provision for the claims. 
• Yara is together with 22 other companies, defendants in a lawsuit filed 
by São Paulo Public Attorney in 1985 with a claim for compensation for 
environmental damage related to former activities by the defendants 
in the Cubatão industrial district. The defendants deny the claim on the 
basis that necessary actions have already been taken to recover potential 
damages from former activities. In September 2017, the court of first 
instance ruled against the defendants determining that the defendants 
were jointly liable to repair the damage. The nature of and amount of po­
tential damages have not been determined and will be calculated by an 
expert. Yara has made a provision related to this case of USD 1.8 million. 
Yara and the other defendants have appealed the decision.
Tax contingencies 
In relation to an ongoing tax dispute and to safeguard their taxation rights, 
the Dutch tax authorities issued in 2018 a new tax assessment for business 
restructuring (“exit tax assessment”). The tax assessment would increase 
the tax cost with USD 500 million, plus USD 200 million in accumulated 
interest. It is Yara’s position that the tax assessment is unreasonable and 
unfounded, and no provision has been made for the exit tax claim. The tax 
authorities principal claim is significantly lower and Yara has considered 
that claim separately from the exit tax assessment. Yara expects that the 
exit tax assessment will not trigger any immediate payment and that tax 
payments will be deferred until the case has been fully resolved or the tax 
assessment has been withdrawn.
Several subsidiaries are engaged in juridical and administrative proceed­
ings related to various disputed tax matters where the probability of cash 
outflow is not considered probable. A majority of these contingencies are 
related to indirect taxes in Brazil, with an estimated maximum exposure 
of approximately USD 151 million. Tax contingencies outside Brazil and 
excluding the above-mentioned exit tax assessment in the Netherlands 
have an estimated maximum exposure of approximately USD 83 million. 
In 2019, Yara recognized a USD 38 million income tax provision and a USD 
13 million provision for interest expense related to a previously reported 
contingency outside Brazil. The provisions are based on a recent court 
ruling against one of Yara’s subsidiaries. Yara has appealed the ruling. 
In 2019, Yara International ASA received a notification and request for 
information from the Norwegian Tax Authorities in relation to a trans­
fer price audit. In the notification and request for information, the Tax 
Authorities have stated that they consider changing the company’s tax 
assessment for the years 2015, 2016 and 2017. Yara International ASA has 
recently submitted its response. The Tax Authorities have not disclosed 
any potential amount or provided guidance on how a potential change will 
impact the tax assessment for these years. 
Contingent assets 
Contingent assets are typically related to insurance compensation. As of 
year-end 2019 there are no significant contingent assets.

145
Yara Annual report 2019
Financial statements for Yara International ASA
5.7 Contractual obligations
Take-or-pay and long-term contracts
Yara has entered into take-or-pay and long-term contracts providing for future payments to transportation capacity, raw materials and energy.
	
	
	
	
	
The non-cancellable future obligations at 31 December 2019 (undiscounted amounts)	
	
	
	
	
USD millions
Total
2020
487 
2021
257 
2022
154 
2023
105 
2024
63 
Thereafter
661 
Total
1,727 
Future “take-or-pay” obligations are included in the table above only if they 
are non-cancellable and the contractually agreed pricing is fixed or may 
otherwise deviate from observable market prices at the time of delivery.
Yara did not need to pay any significant amount to fulfill take-or-pay 
clauses in 2019.
For further information regarding future obligations, see note 5.4 for fu­
ture obligations related to pensions, note 5.6 for provisions and contingen­
cies and 4.5 for future commitments related to lease arrangements.
5.8 Secured debt and guarantees
USD millions
2019
2018
Amount of secured debt
26
28
Assets used as security for debt
Machinery and equipment, etc.
4
5
Buildings and structural plant
23
24
Total
27
28
Assets used as security for non-financial liabilities
Buildings and structural plant
22
23
Total
22
23
Guarantees (off-balance sheet)
Contingency for discounted bills
1
1
Contingency for sales under government schemes
57
72
Non-financial parent company guarantees
723
684
Non-financial bank guarantees
236
228
Total
1,016
985
Off-balance sheet guarantees consist mainly of commercial guarantees relat­
ed to contract obligations (Bid Bonds, Performance Guarantees and Payment 
Guarantees) and various mandatory public guarantees (Customs Guarantees, 
Receivable VAT Guarantees). These guarantees are issued on behalf of Yara 
International ASA, its subsidiaries and equity-accounted investees. The guar­
antor could be required to perform in the event of a default of a commercial 
contract or non-compliance with public authority regulations. 
Guarantees of debt issued on behalf of consolidated companies are not 
included since the drawings under such credit lines are included in the 
consolidated statement of financial position. The guarantee obligation 
under such guarantees is at any time limited to the amount drawn under 
the credit facility.
Guarantees related to pension liabilities are included to the extent such 
guarantees exceed the liability included in the consolidated statement of 
financial position.	
Guarantees issued to public authorities covering tax and VAT liabilities are 
not included as these obligations are already included in the consolidated 
statement of financial position.	
Contingent liabilities related to the de-merger from Norsk Hydro ASA
Yara is contingently liable for unfunded pension liabilities accrued prior to 
the consummation of the de-merger from Norsk Hydro ASA (Hydro) as a 
matter of the joint and several liability provided by Norwegian law. Hydro's 
unfunded pension liabilities, calculated in accordance with Hydro's ac­
counting policies, amounted to approximately NOK 2 billion at demerger 
March 24, 2004 and have been reduced by payments thereafter.

146
Yara Annual report 2019
Consolidated financial statements
6 Financial risk 
6.1 Financial risks
Risk management policies
Risk management in Yara is based on the principle that risk evaluation is an 
integral part of all business activities. Yara's strategic approach is to determine 
appropriate risk levels or limits for the main risks and to constantly maintain 
and develop tools and procedures for monitoring the associated exposures. 
The Group’s policies, approved by the Board of Directors, thus provide written 
principles on funding risk, currency risk, interest rate risk, credit risk, and 
the investment of excess liquidity. In general, risks arising from operational 
activities may either be accepted or reduced. The policies restrict transactions 
that will increase the Group's exposure beyond the level stemming from 
operations. 
 
Yara's Executive Management is responsible for reviewing and operation­
alizing the board defined policies, while the operating segments and expert 
organizations act as risk owners. The financial risks related to the operations 
of the Group are thus monitored and managed by Yara's Finance, Treasury & 
Insurance function through internal risk reports that analyze each exposure by 
degree and magnitude of risk. These risks include market risks such as curren­
cy and interest rate risk, credit risk and liquidity risk. The Finance, Treasury & 
Insurance function reports regularly to the Group’s Executive Management.
Based on the overall evaluation of risk, Yara may seek to reduce its inherent 
exposures by using insurance policies, trade finance contracts, guarantees or 
derivative instruments such as forward contracts, options and swaps. The use 
of such instruments is also governed by Board approved policies. 
Yara may designate and document the use of certain derivatives and other 
financial assets or liabilities as hedging instruments against changes in fair 
value of recognized assets and liabilities (fair value hedges), highly probable 
forecast transactions (cash flow hedges) and net investments in foreign op­
erations (net investment hedges). The prospective effectiveness of any such 
hedge is assessed at inception and verified on a quarterly basis. Derivatives 
not designated in a hedging relationship are classified as undesignated deriv­
atives and acquired and managed within the framework and policies defined 
by the Board of Directors also when hedge accounting is not applied.
There were no principal changes in the Group’s approach to capital manage­
ment during the years ending 31 December 2019 and 31 December 2018. 
Yara's liquidity surplus, kept as short-term bank deposits, increased in 2019 
compared with the year before. 
	
Funding risk
The capital structure of the Group consists of interest-bearing debt as 
disclosed in note 5.3, cash and cash equivalents as disclosed in note 3.4 plus 
equity attributable to equity holders of the parent, comprising paid-in capital 
and retained earnings as disclosed in note 5.1 and statement of changes in 
equity.
Yara is focused on maintaining a sound funding structure. Main elements 
of the funding strategy are to keep a long-term debt base and to uphold the 
security and flexibility obtained through using diversified capital sources, 
avoiding dependency on single institutions or markets.
Yara does not have specific debt ratio targets and the only financial cove­
nant is to have a debt to equity ratio, calculated as net interest-bearing debt 
divided by shareholders’ equity plus non-controlling interests, below 1.4. At 
the end of 2019, the ratio was 0.42 compared with 0.43 at the end of 2018. 
The Group is not subject to any externally imposed capital requirements.
	
	
	
	
	
	
Through its financial structure, Yara has the necessary flexibility to capture the 
right industrial opportunities when they arise. As such opportunities typically 
materialize in periods characterized by industry margins and earnings below 
peak levels, Yara will seek to maintain adequate financial capacity throughout 
the business cycle. Yara aims to maintain a long-term mid investment grade 
rating level, i.e. minimum BBB according to Standard & Poor’s methodology 
and Baa2 according to Moody’s methodology. During 2019, Yara did maintain 
both the Baa2 rating by Moody’s and the BBB rating by Standard & Poor’s.
Currency risk
Prices of Yara’s most important products are either directly denominated or 
determined in US dollars. In markets outside the US, local prices will general­
ly adjust to fluctuations in the US dollar exchange rate, however with a certain 
time lag. Yara’s raw materials costs, such as natural gas used in the produc­
tion of ammonia, are either denominated in US dollars or highly correlated 
to changes in the US dollar exchange rate. In order to hedge Yara’s long-term 
exposure to fluctuations in the US dollar exchange rate, Yara incurs most of 
its debt in US dollars. Throughout the year, the part of Yara’s US dollar debt 
constituting a hedge of future earnings increased gradually from around USD 
2,000 million to around USD 2,600 million (2018: increased gradually from 
around USD 1,500 million to around USD 2,000 million). A certain portion 
of the total debt is kept in various local currencies in order to finance local 
currency exposed business positions. 
	
	
	
Yara thus primarily manages currency risks by adjusting the composi­
tion of the debt or liquidity portfolios to changes in Yara’s overall risk 
exposure. Derivative instruments may also be used to manage currency 
risk related to future cash flows or to offset short-term liquidity needs 
in one currency with surplus liquidity in another currency. Such forward 
contracts are not designated as hedging instruments for accounting 
purposes. Changes in fair value are therefore recognized in 
the income statement.

147
Yara Annual report 2019  
Consolidated financial statements
Sensitivity - net income	
	
	
	
	
USD millions
2019
2018
A 10% weakening 1) of the US dollar at the reporting date would have increased/(decreased) net income by
241
259 
A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) net income by
(263)
(270)
1) Against functional currencies.
This analysis is done for illustrative purposes only, taking into consideration only the effect on the value of financial instruments in the balance sheet as 
at year-end. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income, EBITDA or 
equity. The analysis was performed on the same basis for 2018.	
	
	
	
	
	
	
	
	
	
	
A 10% strengthening of the currencies above at 31 December would have had the opposite effect of the amounts shown above.	
	
	
	
	
	
	
	
	
	
	
Sensitivity - Other comprehensive income	
	
	
	
	

USD millions
2019
2018
A 10% weakening 1) of the Norwegian krone at the reporting date would have increased/(decreased) other comprehensive income by
(259)
(279)
A 10% weakening 1) of the Canadian dollar at the reporting date would have increased/(decreased) other comprehensive income by
(116)
(103)
A 10% weakening 1) of the Brazilian real at the reporting date would have increased/(decreased) other comprehensive income by
(58)
(80)
A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) other comprehensive income by
(7)
7 
1) Against US dollar (presentation currency of the Group).

This analysis is done for illustrative purposes only, taking into consideration only the effect on equity in foreign operations as at year-end. Since all 
other variables are assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same 
basis for 2018.
Interest rate risk
Yara’s exposure to changes in interest rates is mainly linked to fair value risk and cash flow risk from its debt portfolio as disclosed in note 5.3 Interest-bearing debt. 
	
	
	
	
	
	
	
	
	
	
	
Yara has a defined framework for fair value risk arising from exposure towards fixed interest rates. In accordance with that framework, all bank loans have been bor­
rowed at floating rates. A portion of the bond debt has been retained at fixed interest rates, while the remaining part of the bond debt has been converted to floating 
rates through interest rate swaps and cross-currency swaps. Consequently, the interest expense related to the converted (hedged) part of the bond debt will fluctuate 
in line with market changes. At the reporting date, the interest rate exposure arising from the bonds issued at fixed interest rates can be summarized as follows:
Notes
Maturity
Denominated
 amounts 2019
Conversion to floating rates
Carrying 
amounts 2019
Carrying 
amounts 2018
USD millions
Fixed 
interest 
rate
Basis for 
exposure 
hedged
Receive 
fixed interest 
payments
Pay floating 
interes 
rate 1)
Fixed 
interest 
rate
Floating 
interest 
rate
Fixed 
interest
 rate
Floating 
interest 
rate
Floating interest rate bonds
NOK (Coupon NIBOR + 0.70%) 
5.3
2019
 - 
 - 
 - 
 - 
 254 
NOK (Coupon NIBOR + 0.75%) 
5.3
2022
 142 
 - 
 142 
 - 
 144 
SEK (Coupon STIBOR + 1.00%) 
5.3
2022
 48 
 - 
 48 
 - 
 50 
Fixed interest rate bonds
USD (Coupon 7.88%) 
5.3
2019
 - 
 - 
 - 
 - 
 - 
 500 
 - 
NOK (Coupon 2.55%) 
5.3, 6.2
2021
 80 
2.55%
 80 
2.55%
USD LIBOR 
3M +1,14% 
 - 
 79 
 - 
 80 
SEK (Coupon 1.10%) 
5.3, 6.2
2022
 86 
1.10%
 86 
1.10%
USD LIBOR 
3M +1,00% 
 - 
 86 
 - 
 89 
NOK (Coupon 3.00%) 
5.3, 6.2
2024
 68 
3.00%
 68 
3.00%
USD LIBOR 
3M +1,33% 
 - 
 68 
 - 
 69 
NOK (Coupon 2.45%) 
5.3, 6.2
2024
 114 
2.45%
 114 
2.45%
USD LIBOR 
3M +1,18% 
 - 
 111 
 - 
 113 
USD (Coupon 3.80%) 
5.3
2026
 500 
3.80%
 - 
 498 
 - 
 498 
 - 
NOK (Coupon 2.90%) 
5.3, 6.2
2027
 114 
2.90%
 114 
2.90%
USD LIBOR 
3M +1,44% 
 - 
 111 
 - 
 112 
USD (Coupon 4,75%) 
5.3
2028
 1,000 
4.75%
 - 
 - 
 996 
 - 
 996 
 - 
Total unsecured 
debenture bonds
 2,153 
 462 
 1,494 
 645 
 1,994 
 911 
1) Through a combination of interest rate swaps and cross-currency swaps.

148
Yara Annual report 2019
Consolidated financial statements
Interest rate profile of the Group’s interest-bearing financial instruments
USD millions
Notes
2019
2018
Net interest-bearing debt at 31 December 1)
 3,725 
 3,794 
Portion of bonds with fixed interest rate
5.3
 1,495 
 1,994 
Net interest-bearing debt/(deposits) less portion of bonds with fixed interest rate
 2,230 
 1,800 
1) For definition of net interest-bearing debt, please see chapter Financial performance in the Financial review section of the Annual report. 
Sensitivity
USD millions
2019
2018
An increase of 100 basis points in USD interest rates at the reporting date would have increased/(decreased) net income by 
 (15)
 (13)
An increase of 100 basis points in BRL interest rates at the reporting date would have increased/(decreased) net income by 
-
 (2)
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on financial instruments 
in the balance sheet as at year-end. The analysis was performed on the same basis for 2018. A decrease of 100 basis points at the reporting date would 
have increased profit or loss with similar, but opposite amounts.
Specific risks associated with the upcoming interest 
rate benchmark reform
Within its hedge accounting relationships, the Group is exposed to NIBOR, 
STIBOR and USD LIBOR (collectively "IBORs") interest rate benchmarks 
subject to interest rate benchmark reform. As listed in note 6.2 Hedge 
accounting, the hedged items include issued NOK and SEK fixed rate debt 
plus foreign currency translation risk associated with Yara’s net investment 
in USD denominated foreign operations.
Yara Finance, Treasury & Insurance has established an IBOR transition 
program to understand the specific exposures and prepare an action plan 
in order to enable a smooth transition to alternative benchmark rates. 
Risks hitherto identified include, but may not be limited to, the items 
listed in below table.
Risk
Potential impact
Lack of standardized alternative term rates
Cash flow uncertainty, operational challenges
Economic difference vs. IBORs and alternative rates
Changes in fair value of affected contracts
Different speed of transition across products and currencies
Basis risk on hedge accounting relations
Operational adjustments required
Upgrade of IT systems, renegotiation of agreements
As none of Yara’s current IBOR linked contracts already include fall back provisions in case the referenced benchmark interest rate ceases to be available, 
Yara monitors the output from the various working groups managing the transition to new benchmark rates carefully and will look to implement appropri­
ate fall back language in due course.	
Credit risk	
Yara has a well-established system for customer credit risk management 
with established limits at both customer and country level. Yara’s geo­
graphically diversified portfolio reduces the overall credit risk of the Group. 
Credit risk arising from the inability of the counterparty to meet the terms 
of Yara’s derivative financial instruments is generally limited to amounts, if 
any, by which the counterparty’s obligations exceed Yara’s obligations. 

The exposure to credit risk is represented by the carrying amount of 
each class of financial assets, including derivative financial instruments, 
recorded in the statement of financial position and as disclosed in note 6.3 
Financial instruments.
Yara’s policy is to enter into financial instruments with various interna­
tional banks with established limits for transactions with each institution. 
Yara also has agreed limits for credit exposure (collateral agreements) 
with most of its main banks. At the end of the reporting period, Yara had 
deposited USD 74.8 million (2018: USD 82.8 million) in cash with its 
counterparties to mitigate exposure from financial liabilities covered by 
such agreements. These deposits are reported as "other current assets" in 
the consolidated statement of financial position. Collateral deposits are 
made at overnight terms and required collateral is being reassessed twice 
every month. 
Yara may undertake a number of measures to reduce credit risk of partic­
ular receivables. Such measures include letters of credit, bank guarantees 
and credit insurance agreements. The effect of credit risk reduction from 
these measures is not considered to be material for the Group.
Liquidity risk
Yara manages liquidity risk by maintaining adequate reserves and 
committed bank facilities and by continuously monitoring forecasted and 
actual cash flows. Yara aims at an even debt repayment schedule and has 
secured committed undrawn credit facilities to provide sufficient reserves 
to meet unforeseen liquidity needs. 
Note 5.3 Interest-bearing debt includes a list of undrawn facilities that the 
Group has at its disposal.

149
Yara Annual report 2019  
Consolidated financial statements
Contractual maturities of financial liabilities, including estimated interest payments
31 December 2019
USD millions
Carrying 
amount
Contractual
 cash flows
On 
demand
6 months 
or less
6-12 
months
1-2 years
2-5 years
More than 
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt
 (494)
 (519)
 (40)
 (383)
 (97)
-
 - 
 - 
Long-term interest-bearing debt 1)
 (3,096)
 (3,731)
 (2)
 (426)
 (78)
 (223)
 (1,150)
 (1,852)
Accrued interest expense
 (14)
 (16)
 - 
 (14)
-
 - 
 (2)
 - 
Trade payables
 (1,285)
 (1,302)
 (3)
 (1,270)
 (29)
-
 - 
 - 
Payroll and value added taxes
 (259)
 (259)
 (1)
 (226)
 (32)
-
 - 
-
Other short-term liabilities
 (59)
 (59)
-
 (52)
 (7)
 - 
 - 
 - 
Other long-term liabilities
 (133)
 (144)
 - 
 (1)
 (19)
 (45)
 (67)
 (13)
Derivative financial instruments
Freestanding financial derivatives
 (79)
Outflow
 (1,139)
 - 
 (343)
 (12)
 (112)
 (539)
 (133)
Inflow
 1,052 
 - 
 334 
 9 
 96 
 489 
 124 
Commodity derivatives
 (20)
Outflow
 (23)
 - 
 (2)
 (2)
 (10)
 (10)
 - 
Inflow
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Hedge designated derivatives
 (7)
Outflow
 (64)
 - 
 (6)
 (6)
 (12)
 (28)
 (11)
Inflow
 58 
 - 
 - 
 11 
 11 
 25 
 10 
 Total 
 (5,446)
 (6,147)
 (45)
 (2,388)
 (262)
 (295)
 (1,281)
 (1,875)
1) Includes current portion of long-term interest bearing debt amounting to USD 398 million. 
See note 4.5 for contractual maturities of lease liabilities.
31 December 2018
USD millions
Carrying 
amount
Contractual
 cash flows
On 
demand
6 months 
or less
6-12 
months
1-2 years
2-5 years
More than 
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt
 (397)
 (502)
 (128)
 (367)
 (7)
 - 
 - 
 - 
Long-term interest-bearing debt 1)
 (3,600)
 (4,283)
 (2)
 (108)
 (868)
 (154)
 (921)
 (2,230)
Accrued interest expense
 (29)
 (29)
 - 
 (18)
 (11)
 - 
 - 
 - 
Accounts payable
 (1,475)
 (1,506)
 (3)
 (1,471)
 (32)
 - 
 - 
 - 
Payroll and value added taxes
 (259)
 (259)
 (11)
 (220)
 (28)
 - 
 - 
 - 
Other short-term liabilities
 (46)
 (49)
 (3)
 (33)
 (12)
 - 
 - 
 - 
Other long-term liabilities
 (79)
 (83)
 - 
 (4)
 - 
 (50)
 (16)
 (13)
Derivative financial instruments
Freestanding financial derivatives
 (107)
Outflow
 (1,476)
 - 
 (374)
 (301)
 (20)
 (439)
 (342)
Inflow
 1,449 
 - 
 358 
 261 
 49 
 461 
 320 
Commodity derivatives
 (37)
Outflow
 (36)
 - 
 - 
 (5)
 (10)
 (21)
 - 
Inflow
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Hedge designated derivatives
 (6)
Outflow
 (76)
 - 
 (3)
 - 
 (1)
 (2)
 (70)
Inflow
 70 
 - 
 - 
 11 
 11 
 29 
 19 
 Total 
 (6,035)
 (6,780)
 (147)
 (2,240)
 (992)
 (175)
 (910)
 (2,316)
1) Includes current portion of long-term interest bearing debt amounting to USD 824 million.

150
Yara Annual report 2019
Consolidated financial statements

Derivative instruments
USD millions
Notes
2019
2018
Total fair value of derivatives
Forward foreign exchange contracts
6.3
 (7)
 (46)
Cross-currency swaps
6.3
 (72)
 (62)
Interest rate swaps designated for hedging
6.3
 (7)
 (6)
Embedded commodity derivatives 
6.3
 (20)
 (37)
Balance 31 December
 (106)
 (151)
Derivatives presented in the statement of financial position
Non-current assets
 1 
 - 
Current assets
-
 5 
Non-current liabilities
 (96)
 (101)
Current liabilities
 (11)
 (55)
Balance 31 December
 (106)
 (151)

Outstanding committed forward foreign exchange contracts at 31 December
USD millions
2019
2018
Forward foreign exchange contracts, notional amount
 427
 730 
All outstanding forward foreign exchange contracts at 31 December 2019 have maturity in 2020, except non-deliverable forward contracts totaling INR 
4,622 million that mature in 2021. Buy positions are mainly in US dollars against Norwegian kroner or Brazilian reals. Sell positions are in various operat­
ing currencies towards Norwegian kroner.	
	
	
	
	
	
	
	
	
	
6.2 Hedge accounting
A description of the Group's general risk management policies and princi­
ples can be found in note 6.1 Financial risks.
Accounting policies
Yara applies hedge accounting according to IFRS 9 and designates certain 
derivatives as either hedges of the fair value of recognized assets or 
liabilities (fair value hedges), hedges of foreign currency risk of recognized 
assets or liabilities (cash flow hedges), or hedges of net investments in 
foreign operations.
Changes in fair value of financial instruments designated as fair value 
hedges are recognized in the consolidated statement of income. The car­
rying amount of the hedged item is adjusted for changes in the fair value 
attributable to the hedged risk. 	
Changes in fair value of financial instruments used as hedging instruments 
in cash flow hedges are recognized in equity until the hedged transactions 
are recognized. Any ineffective part of a hedge is recognized in the Con­
solidated statement of income. 
Changes in fair value of financial instruments used as hedges of net 
investment in foreign operations are recognized as other comprehensive 
income. Any ineffective part of a hedge is recognized in the Consolidated 
statement of income.	
Hedge accounting ceases when the hedging instrument expires, is sold, ter­
minated or exercised. Hedge accounting also ceases if the hedge relationship 
for some reason no longer fulfill the requirements for hedge accounting. 
Fair value hedges	
In December 2014, Yara designated a portfolio of long-term NOK fixed-to-
floating interest rate swaps as hedging instruments. The hedged risk is the 
change in fair value due to changes in risk-free interest rates (NIBOR) of the 
NOK 700 million and NOK 600 million fixed rate bond debt from 2014. 
In December 2017, Yara designated a portfolio of long-term NOK and SEK 
fixed-to-floating interest rate swaps as hedging instruments. The hedged 
risk is the change in fair value due to changes in risk-free interest rates 
(NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed rate bond 
debt and the change in fair value due to changes in risk-free interest rates 
(STIBOR) of the SEK 800 million fixed rate bond debt, all from 2017. 
Subsequent to initial recognition, Yara measures interest-bearing borrow­
ings at amortized cost. However, the designation of interest rate swaps 
as hedging instruments and use of hedge accounting enables Yara to 
include the fair value of changes in interest rates in the carrying value of 
the bonds. The corresponding adjustment in the Consolidated statement 
of income offsets the effects of the recognized interest rate swaps, leading 
to less volatility in net income.
As the key parameters of the hedging instruments (interest basis, in­
ception dates and maturity dates) are identical to the respective hedged 
items, no ineffectiveness has been identified.

151
Yara Annual report 2019  
Consolidated financial statements
Cash flow hedges
Yara had no cash flow hedges in 2019 or 2018. However, Yara has used 
derivative instruments to hedge cash flows of planned transactions in the 
past and may do so also in the future. 
Net investment hedges
At 31 December 2019, Yara has designated in total USD 930 million 
(2018: USD 930 million) of its USD denominated interest-bearing debt as 
hedges of net investments in foreign (USD based) entities. The hedging 
instruments comprise USD denominated bonds, term loans and the cur­
rency component of a portion of the Group's cross-currency swap portfolio. 
The designation of interest-bearing debt as hedges of net investments 
leads to changes of foreign currency translation (gain/loss) being recog­
nized in the Consolidated Statement of Comprehensive income instead of 
in the Consolidated Statement of Income.
As both the hedged net investments and the hedging instruments are 
sensitive only to fluctuations in the USD/NOK spot rate, no ineffectiveness 
has been identified.
Effect on financial position and performance in 2019
Currency
Hedge 
rates
Carrying amount of 
the hedged item 1)
Accumulated amount of 
hedge adjustment on the 
hedged item 4)
Line item in the 
Consolidated 
statement of fi­
nancial position in 
which the hedged 
item is included
Line item in the 
Consolidated 
statement of 
financial position 
in which the hedging 
instrument is 
included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness
This year's 
change 
in value of 
the hedging 
instrument
Hedge 
ineffectiveness 
recognized in 
Consolidated 
statement of 
income
USD millions
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK 
bonds (2014)
NOK
3M 
NIBOR
-
 147 
 1 
-
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 1 
 (1)
 - 
- Fixed interest, NOK 
bonds (2017)
NOK
3M 
NIBOR
-
 221 
 6 
-
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
-
-
 - 
- Fixed interest, SEK 
bonds (2017)
SEK
3M 
STIBOR
-
 86 
-
-
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
-
-
 - 
Net investment hedges
Foreign exchange risk
- Net equity in 
subsidiaries 2)
USD
Spot 
USD
NOK
 930 
-
-
 209 
Other 
reserves
Long-term 
interest-bearing 
debt 3 )
9
 (9)
 - 
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) Amounts are after tax. See note 2.8 Income tax expense for the tax effect.
3) Includes USD 1 million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other long-term liabilities.
4) Included in the carrying amount of the hedged item on fair value hedges.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Effect on financial position and performance in 2018
Currency
Hedge 
rates
Carrying amount of 
the hedged item 1)
Accumulated amount of 
hedge adjustment on the 
hedged item 4)
Line item in the 
Consolidated 
statement of fi­
nancial position in 
which the hedged 
item is included
Line item in the 
Consolidated 
statement of 
financial position 
in which the hedging 
instrument is 
included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness
This year's 
change 
in value of 
the hedging 
instrument
Hedge 
ineffectiveness 
recognized in 
Consolidated 
statement of 
income
USD millions
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, 
NOK bonds (2014)
NOK
3M 
NIBOR
-
 149
-
-
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
2
 (2)
 - 
- Fixed interest, 
NOK bonds (2017)
NOK
3M 
NIBOR
-
 224 
 6 
-
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 2 
 (2)
 - 
- Fixed interest, 
SEK bonds (2017)
SEK
3M 
STIBOR
-
 89 
-
-
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 (1)
 1 
 - 
Net investment hedges
Foreign exchange risk
- Net equity 
in subsidiaries 2)
USD
Spot 
USD
NOK
930
-
-
199
Other 
reserves
Long-term 
interest-bearing 
debt 3)
41
 (41)
 - 
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) Amounts are after tax. See note 2.8 Income tax expense for the tax effect.
3) Includes USD 20 million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other long-term liabilities.
4) Included in the carrying amount of the hedged item on fair value hedges.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.

152
Yara Annual report 2019
Consolidated financial statements
6.3 Financial instruments
Accounting policies
A financial instrument is any contract that gives rise to a financial asset 
of one entity and a financial liability or equity instrument of another 
entity. Financial assets and financial liabilities are recognized when the 
Group becomes party to the contractual obligations of the instrument.
 
Under IFRS 9 Financial Instruments, Yara classifies financial assets 
based on the business model in which they are managed and their 
contractual cash flows. The principal categories are amortized cost, 
fair value through other comprehensive income (FVOCI) and fair value 
through profit or loss (FVTPL). 
 
Derivatives
The Group uses derivative financial instruments to hedge exposure against 
currency risk, interest rate risk and commodity price risk arising in operating, 
financing and investment activities. These derivatives are initially recognized 
at fair value and subsequently measured at fair value through profit or loss at 
each balance sheet date. Embedded derivatives are separated and treated as 
derivatives when the risks and characteristics of the derivative are not closely 
related to the host contract, and the host contract is not measured at fair 
value with changes in fair value recognized in the consolidated statement of 
income. Embedded derivatives may refer to financial transactions and sale 
and purchase transactions for gas, ammonia and other commodities. 
Fair value on derivatives is measured based on quoted market prices 
when these are available. When quoted prices from active markets are 
not available, the Group estimates fair value by using valuation models 
that make maximum use of observable market data. The resulting 
change in fair value is recognized immediately in the statement of 
income. If the derivative is designated and effective as a hedging 
instrument, the timing of the recognition in the consolidated statement 
of income depends on the nature of the hedge relationship. A derivative 
is classified as non-current if the remaining maturity of the derivative is 
more than 12 months, and as current if the remaining maturity of the 
derivative is less than 12 months.
All commodity contracts are bilateral contracts, or embedded deriva­
tives in bilateral contracts, for which there are no active markets. Fair 
value of all items in this category, is therefore calculated using valuation 
techniques with maximum use of market inputs and assumptions that 
reasonably reflect factors that market participants would consider in 
setting a price, relying as little as possible on entity-specific inputs. Fair 
values of commodity contracts are especially sensitive to changes in 
forward commodity prices. None of the derivatives in this category are 
designated in hedge relationships.
Receivables and deposits
See note 3.2 for information on Trade receivables and note 3.4 for Cash 
and Cash equivalents.
Other short-term and long-term receivables and deposits are initially 
recognized at fair value. Subsequently they are measured at amortized 
cost using the effective interest method. Short term items are normally 
not discounted. The carrying amounts of receivables and deposits are 
adjusted for expected credit losses and are considered to represent rea­
sonable estimates on fair value. Interest-free receivables are discounted 
if it has a material impact on fair value. Yara records 12-months expected 
credit losses if there has not been any significant increase in credit risk 
since initial recognition (the general approach). If there has been a sig­
nificant increase in credit risk, lifetime expected credit loss is recorded. 
The 12-months expected credit loss reflect loss from default events 
that are possible within the next 12 months. They are calculated as the 
Probability of Default based on the credit rating of different counterparts 
multiplied with the Loss Given Default based on listed corporate bonds. 
If a significant increase in credit risk since initial recognition is identified, 
a lifetime expected credit loss for the specific receivable or deposit will 
be recognized based on an individual assessment. The credit risk has 
normally increased significantly when a receivable is defaulted. 
A receivable is considered to be in default when it is overdue and 
enforcement activities have started. If there is a reasonable expectation 
that enforcement activities will not lead to recovery, the receivable is 
credit impaired. The receivable is written off when enforcement activities 
lead to objective evidence of the receivable being irrecoverable. 
Yara’s expected credit loss on receivables and deposits are limited. As a 
result, disclosures are reduced due to materiality. 
Equity instruments
The Group has equity shares within the scope of IFRS 9 to a limited extent. 
These are initially recognized at fair value. Subsequently they are measured 
at fair value through other comprehensive income (no recycling). 
Financial liabilities
Trade payables are initially recognized at fair value. Subsequently they 
are measured at amortized cost using the effective interest method. 
Short term payables are normally not discounted. However, short-term 
payables and other short-term debt are discounted if it has material im­
pact on fair value. Fair value of these liabilities are assumed to be equal 
to their carrying amounts.
Interest-bearing borrowings are initially recognized at fair value less 
direct transaction costs. Subsequently they are measured at amortized 
cost using the effective interest method. Fair value on long-term inter­
est-bearing debt and other long-term liabilities differs from the carrying 
amounts since the USD debenture bonds are held with fixed interest 
rates and are not subject to hedge accounting. For these USD deben­
ture bonds with fixed interest rates and for other long term liabilities, 
no active market is available and fair value is calculated based on the 
present value of future principal and interest cash flows. Cash flows are 
estimated by using LIBOR with different maturities as a benchmark, 
and adding a credit margin derived from recent transactions or other 
information available. 
See note 4.5 for information on lease liabilities.
 
Contingent consideration is initially recognized at fair value and sub­
sequently measured at fair value through profit or loss. Fair value of 
contingent consideration is calculated considering the present value of 
expected payments, discounted using a risk-adjusted discount rate. The 
expected payment is determined by considering the possible scenarios 
of financial performance, the amount to be paid under each scenario and 
the probability of each scenario.

153
Yara Annual report 2019  
Consolidated financial statements
Financial instruments at fair value
Financial instruments at fair value (FV) refer to derivatives at FV through 
profit and loss (P&L), equity instruments at FV through OCI (other 
comprehensive income) and financial liabilities at FV through P&L. They 
are valued according to different levels in the fair value hierarchy in IFRS. 
The different levels are defined as follows:
Level 1: 	
Quoted prices (unadjusted) in active markets for identical 
	
assets or liabilities. 
Level 2: 	
Inputs other than quoted prices included within Level 1 
	
that are observable for the asset or liability, either directly 
	
(i.e., as prices) or indirectly (i.e., derived from prices). 
Level 3:	
Inputs for the asset or liability that are not based on 
	
observable market data (unobservable inputs).
Carrying amounts and fair value per category
31 December 2019
Notes
Derivatives
Receivables 
and deposits
Equity 
instruments
Financial 
liabilities 
Non-financial 
assets/liabilities
Total
USD millions
Fair value
through P&L
Designated 
for hedging
Amortized
 cost
FV through OCI 
(no recycling) 
Amortized 
cost
Fair value 
through P&L
Historic cost
Non-current assets
Other non-current assets
4.6
-
-
82
19 
- 
-
312
414 
Current assets
Trade receivables 
3.2
- 
- 
1,564 
- 
- 
- 
-
1,564 
Prepaid expenses and other current assets
3.3
-
- 
176 
- 
- 
- 
377 
553
Cash and cash equivalents
3.4
- 
- 
300 
- 
- 
- 
- 
300
Sum financial assets
1 
-
2,121
19 
- 
-
689
2,830 
Non-current liabilities
Other long-term liabilities
6.2
(89)
(7)
- 
- 
(116)
(17)
(18)
(247)
Long-term interest-bearing debt
5.3
- 
- 
- 
- 
(2,698)
- 
-
(2,698)
Long-term lease liabilities
4.5
- 
- 
- 
- 
(337)
- 
-
(337)
Current liabilities
Trade and other payables
5.5
(11)
- 
- 
- 
(1,577)
(26)
-
(1,614)
Prepayments from customers
- 
- 
- 
- 
- 
- 
(399)
(399)
Other short-term liabilities
- 
- 
- 
- 
(14)
- 
(87)
(101)
Short-term interest-bearing debt
5.3
- 
- 
- 
- 
(494)
- 
- 
(494)
Current portion of long-term debt
5.3
- 
- 
- 
- 
(398)
- 
- 
(398)
Short-term lease liabilities
4.5
- 
- 
- 
- 
(98)
- 
-
(98)
Sum financial liabilities
(100)
(7)
- 
- 
(5,732)
(43)
(505)
(6,386)
Total net balance
(99)
(7)
2,121
19 
(5,732)
(43)
185
(3,556)
Fair value
(99)
(7)
2,121
19 
(5,830)
(43)
Unrecognized gain/(loss)
- 
- 
- 
- 
(98)
- 
Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 for 
details. 
Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. Equity instruments as 
of year-end 2019 refer mainly to shares in Pohhjolan Voima Oyj. These investments are long term and not held for trading. No dividend is received in 2019.

154
Yara Annual report 2019
Consolidated financial statements
31 December 2018
Notes
Derivatives
Receivables 
and deposits
Equity 
instruments
Financial 
liabilities 
Non-financial 
assets/liabilities
Total
USD millions
Fair value
through P&L
Designated 
for hedging
Amortized
 cost
FV through OCI 
(no recycling) 
Amortized 
cost
Fair value 
through P&L
Historic cost
Non-current assets
Other non-current assets
4.6
- 
- 
56 
21 
- 
- 
343
420 
Current assets
Trade receivables
3.2
- 
- 
1,601 
- 
- 
- 
- 
1,601 
Prepaid expenses and other current assets
3.3
5 
- 
159 
- 
- 
- 
577 
741 
Cash and cash equivalents
3.4
- 
- 
202
- 
- 
- 
- 
202 
Sum financial assets
5 
- 
2,018 
21 
- 
- 
920 
2,964 
Non-current liabilities
Other long-term liabilities
6.2
(95)
(6)
- 
- 
(61)
(17)
(22)
(201)
Long-term interest-bearing debt
5.3
- 
- 
- 
- 
(2,776)
- 
- 
(2,776)
Current liabilities
Trade and other payables
5.5
(55)
- 
- 
- 
(1,774)
(6)
 - 
(1,834)
Prepayments from customers
- 
- 
- 
- 
- 
- 
(343)
(343)
Other short-term liabilities
- 
- 
- 
- 
(29)
- 
(60)
(88)
Short-term interest-bearing debt
5.3
- 
- 
- 
- 
(397)
- 
- 
(397)
Current portion of long-term debt
5.3
- 
- 
- 
- 
(824)
- 
- 
(824)
Sum financial liabilities
(149)
(6)
- 
- 
(5,861)
(23)
(424)
(6,464)
Total net balance
(144)
(6)
2,018
21 
(5,861)
(23)
496
(3,499)
Fair value
(144)
(6)
2,018 
21 
(5,855)
(23)
Unrecognized gain/(loss)
 - 
- 
- 
- 
6 
- 
Unrecognized gain on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 for 
details. 
Financial instruments at fair value
31 December 2019
USD millions
Level 1
Level 2
Level 3
Total
Equity instruments
- 
- 
19 
19 
Derivatives, net
- 
(84)
(22)
(106)
Financial liabilities
- 
(6)
(37)
(43)
Net total balance
- 
(90)
(40)
(130)
There were no transfers between Level 1 and Level 2 in the period.
31 December 2018
USD millions
Level 1
Level 2
Level 3
Total
Equity instruments
- 
- 
21 
21 
Derivatives, net
- 
(116)
(35)
(151)
Financial liabilities
- 
(6)
(17)
(23)
Net total balance
- 
(122)
(31)
(153)
There were no transfers between Level 1 and Level 2 in the period.

155
Yara Annual report 2019  
Consolidated financial statements
Reconciliation of fair value instruments at Level 3 from opening to closing balance
USD millions
2019
2018
Balance at 1 January
 (31)
(77)
Total gains or (losses):
in income statement
 16 
9 
in other comprehensive income
 (2)
(1)
Payments made
 1 
- 
Disposals or (additions)
 (23)
24 
Reclassification from level 3 to level 2 of the fair value hierarchy
 - 
6 
Foreign currency translation
(2)
8 
Balance at 31 December
(40)
(31)
Sensitivity of fair value measurement of financial instruments at Level 3 at 31 December 2019
Effect on profit or loss
Effect on other 
comprehensive income
USD millions
Favorable
(Unfavorable)
Favorable
(Unfavorable)
Derivatives (20% decrease/(increase) in ammonia price)
12 
(18)
- 
- 
Equity instruments (20% increase/(decrease) in electricity price)
2 
(4)
2 
- 
Financial liabilities (20% decrease/(increase) in Yara DAP price)
3 
(5)
- 
- 
Total
17 
(27)
2 
- 
The favourable and unfavourable effects on derivatives refer to em­
bedded derivatives in energy contracts. The effects are calculated by 
decreasing/increasing the input of ammonia prices by 20 percent for the 
whole contract period, also for long-term contracts. All other variables 
remain constant.
 
The favourable and unfavourable effects on equity instruments refer to 
fair value of unlisted equity securities. The effects are calculated based 
on a valuation model for estimation of fair value, increasing/decreasing 
the forward electricity prices used in the model by 20 percent. All other 
variables remain constant.
The favourable and unfavourable effects on financial liabilities refer to 
contingent consideration regarding the binding agreement with the for­
mer non-controlling interest in Galvani (former Galvani). The effects are 
calculated by decreasing/increasing Yara DAP price. All other variables 
remain constant. In addition to these effects, there is a conditional future 
payment of maximum USD 30 million related to future project success 
in GICS (see note 7.2 for details). Fair value of this future payment is 
included as contingent consideration, but it is not included in the sensi­
tivity analysis.

156
Yara Annual report 2019
Consolidated financial statements
Gains and losses from financial instruments recognized in the Consolidated statement of income and Consolidated statement of 
comprehensive income
2019
Notes
Derivatives 
Equity 
instruments
Financial liabilities
Total
USD millions
Fair value 
through P&L
Designated for 
hedging
FV through
 OCI 
(no recycling)
Amortized cost
Fair value
 through P&L
Consolidated statement of income 1)
6.1, 6.2
(17)
-
- 
- 
2 
(15)
Consolidated statement of comprehensive income 2)
6.2
- 
-
(2)
(12)
- 
(14)
Total
(17)
-
(2)
(12)
2 
(29)
1) Effects of foreign currency translation on other financial instruments than derivatives are not included in the overview.
2) Amounts are presented before tax. Please see note 2.8 for specification of taxes. 
2018
Notes
Derivatives 
Equity 
instruments
Financial liabilities
Total
USD millions
Fair value 
through P&L
Designated for 
hedging
FV through
 OCI 
(no recycling)
Amortized cost
Fair value
 through P&L
Consolidated statement of income 1)
6.1, 6.2
(71)
(3)
- 
- 
26 
(48)
Consolidated statement of comprehensive income 2)
6.2
- 
1 
(5)
(52)
- 
(56)
Total
(71)
(2)
(5)
(52)
26 
(104)
1) Effects of foreign currency translation on other financial instruments than derivatives are not included in the overview.
2) Amounts are presented before tax. Please see note 2.8 for specification of taxes.

157
Yara Annual report 2019  
Consolidated financial statements
7 Business combinations 
and other business initiatives
7.1 Business combinations 
Accounting policies
Acquisitions of businesses are accounted for using the acquisition method. 
The cost of an acquisition is the aggregate of the consideration transferred 
measured at acquisition date fair value, and the amount of any non-con­
trolling interests in the acquiree. Acquisition-related costs are recognized in 
profit or loss as incurred. 
Identifiable assets acquired and liabilities assumed are recognized at their ac­
quisition date fair values, if not otherwise stated. The non-controlling interest 
is measured either at fair value or at the proportionate share of the acquiree’s 
identifiable net assets.
If the business combination is achieved in stages, the acquisition date fair 
value of Yara’s previously held equity interest in the acquiree is re-measured 
to the fair value at the acquisition date. Any gain or loss is recognized in profit 
or loss or other comprehensive income, as appropriate.
If the initial accounting for a business combination is incomplete by the end of 
the reporting period in which the combination occurs, the Group reports provi­
sional amounts for the items where the accounting is incomplete. Those pro­
visional amounts are adjusted within the next 12 months from the acquisition 
date to reflect new information obtained about facts and circumstances that 
existed at the acquisition date, and which would have affected the amounts 
recognized at that date. 
Any contingent consideration is recognized at fair value at the acquisition 
date as part of the consideration transferred in exchange for the acquiree. 
Contingent considerations classified as assets or liabilities are subsequently 
measured at fair value at each reporting date with changes in fair value 
recognized in profit or loss. Contingent consideration classified as equity is not 
re-measured and its subsequent settlement is accounted for within equity. 
Changes in the fair value of a contingent consideration are adjusted retrospec­
tively in goodwill within 12 month from the acquisition date if the changes 
relate to additional information on facts and circumstances that existed at the 
acquisition date.
Business combinations
During 2019 Yara had no business combinations. All the information below 
are related to the operations in 2018.	
	
	
	
The business combination of Tata Chemicals Limited's urea business in India 
was closed 12 January 2018. The acquired business comprises the Babrala 
urea plant and distribution business in Uttar Pradesh. The plant has an annual 
production of 0.7 million tonnes ammonia and 1.2 million tonnes urea. The 
plant was commissioned in 1994, and is the most energy efficient plant in 
India. The primary reason for the business combination is to further accel­
erate Yara's growth in India by creating an integrated position in the world's 
second-largest fertilizer market. The acquisition is reported in the Production 
segment. 

The business combination of the Vale Cubatão Fertilizantes complex in Brazil 
was closed 15 May 2018. The Cubatão asset is a nitrogen and phosphate 
complex with an annual production capacity of approximately 0.2 million 
tonnes of ammonia, 0.5 million tonnes of nitrates and 0.7 million tonnes of 
phosphate fertilizer. The acquisition brings nitrogen production assets into 
Yara's growing portfolio in Brazil, strengthening and growing Yara's integrated 
position within both industrial and fertilizer markets. The plant is reported in 
the Production segment, while sales are reported in Sales & Marketing and 
New Business segments.	
Consideration paid during 2018
USD millions
Babrala
Cubatão
Cash transferred
 421 
 255 
Net working capital adjustment
 (9)
 (12)
Total consideration
 412 
 243 
Acquisition costs of USD 1 million for the Cubatão acquisition and 
USD 9 million for the Babrala acquisition have been excluded from the 
consideration transferred and recognized as an expense within "Other 
operating expenses" in the consolidated statement of income in 2018. 
Transaction costs related to the Babrala acquisition are mainly related to 
stamp duties and may be subject to change. Contingent liability related 
to stamp duties is described in note 5.6. Integration and acquisition-re­
lated costs for the Babrala acquisition of USD 2 million have been 
recognized previous years.

158
Yara Annual report 2019
Consolidated financial statements
Identifiable assets acquired and liabilities recognized at the date of acquisition (fair value)
USD millions
Babrala
12 January 2018
Cubatão
15 May2018
Assets
Deferred tax asset
 - 
 2 
Distribution network
 31 
 - 
Intangible assets
 - 
 4 
Property, plant and equipment
 234 
 270 
Inventories
 4 
 67 
Trade receivables 1)
 113 
 18 
Prepaid expenses and other current assets
 16 
 3 
Cash and cash equivalents
 - 
 13 
Other liquid assets
 - 
 - 
Total assets
 398 
 377 
Liabilities
Employee benefits
 3 
 5 
Long-term provisions
 - 
 48 
Trade and other payables
 17 
 9 
Prepayments from external customers / deferred revenue
 1 
 23 
Other short-term liabilities
 2 
 5 
Short-term provisions
 - 
 3 
Bank loans and other interest-bearing short-term debt
 - 
 41 
Total liabilities
 23 
 134 
Total identifiable net assets at fair value
 374 
 243 
1) For Babrala acquisition, the amount consists mainly of receivables under the pricing scheme policy of Government of India. See accounting policies on page 97. The receivables acquired in the business 
combination of Babrala have a fair value of USD 11 million lower than the gross contractual amount of USD 124 million. The receivables acquired in the business combination of Vale Cubatão have a gross 
contractual amount approximately equal to their fair value.
Goodwill arising on acquisition
USD millions
Babrala
12 January 2018
Cubatão
15 May2018
Total consideration
 412 
 243 
Fair value of net identifiable assets acquired
 374 
 243 
Goodwill arising on acquisition
 38 
 - 
Goodwill of the Babrala acquisition consists of Yara specific synergies and future benefits from the assembled workforce, in addition to a willingness to 
pay to get an integrated position in the world's second-largest fertilizer market. The goodwill will be deductible for tax purposes.
Net cash outflow on acquisition
USD millions
Babrala
12 January 2018
Cubatão
15 May2018
Consideration paid in cash at date of acquisition
 (421)
 (255)
Net working capital settlement
 7 
 11 
Paid stamp duties
 (3)
 - 
Cash and cash equivalent balances acquired
 - 
 13 
Net cash outflow on acquisition of subsidiaries
 (416)
 (231)
Net cash outflow is presented as part of "Cash outflow on business combinations" in the consolidated statement of cash flows.

159
Yara Annual report 2019  
Consolidated financial statements
Impact of the acquisition on total assets of the Group recognized 2018
USD millions
Babrala
12 January 2018
Cubatão
15 May2018
Consolidated identifiable assets
 398 
 377 
Goodwill arising on the acquisition
 38 
 - 
Total impact on the total assets of the Group
 435 
 377 
Impact of the acquisition on the results of the Group in 2018
USD millions
Babrala
12 January 2018
Cubatão
15 May2018
Included in year-to-date consolidated figures
Revenues
 394 
 326 
 of which internal revenues
 - 
 (64)
EBITDA
 34 
 48 
Net income before tax
 (6)
 38 
The Babrala result is negatively impacted by USD 9 million in stamp duties directly related to the business combination. 
	
Pro-forma figures
If the acquisition of Cubatão had taken place at the beginning of the year, the effect on Yara's "pro-forma" year-to-date consolidated income before tax for 
2018 would have been: 	
	
	
	
	
USD millions
Cubatão
 Revenues 
 117 
 Consolidated income before tax 
 (13)
In determining the pro-forma revenues and net income before tax, the following adjustments have been made:
• calculated depreciation of tangible and intangible assets acquired on the basis of fair values arising in the initial accounting for the business combination 
rather than the carrying amounts recognized in the pre-acquisition financial statements
• calculated increased interest expense on debt used for financing the acquisition of shares
• calculated unwinding expense of decommissioning liabilities based on liabilities recognized at acquisition rather than on decommissioning liabilities
recognized in the pre-acquisition financial statements
• eliminated sales from Vale Cubatão to Yara Brazil during the period 1 January to 15 May 2018
If the acquisition of Babrala had taken place at the beginning of the year, rather than on 12 January 2018, the effect on Yara's "pro-forma" year-to-date 
consolidated income before tax would not be material.

160
Yara Annual report 2019
Consolidated financial statements
7.2 Other business initiatives
Minority buy-out
In 2018, Yara signed an agreement with the non-controlling interest 
in GICS (GICS Indústria, Comércio e Serviços S.A., former Galvani) to 
acquire their 40% equity interest. Assets and liabilities related to GICS 
were classified as held-for-sale at the end of 2018. The transaction was 
closed on 10 July 2019. As part of the consideration, the non-controlling 
interest took full ownership to certain assets and liabilities in GICS, 
including the production unit in Luis Eduardo Magalhães, the mining 
units in Angico dos Dias and lrece (all three in the state of Bahia) and 
the Santa Quiteria greenfield phosphate project. The fair value of the 
disposal group was determined to be lower than its carrying amount and 
an impairment of USD 33 million was recognized upon reclassification 
to disposal group held-for-sale in 2018. A further assessment led to an 
additional impairment of USD 8 million in 2019.
 
In addition to fair value of assets and liabilities transferred, consideration 
includes a cash payment of USD 70 million over a three-year period 
from closing and a conditional future payment related to project success 
of maximum USD 30 million. Yara through GICS also provided a capital 
contribution to the new entity of USD 30 million as starting capital, 
minus adjustments for a normalized level of working capital (USD 2.6 
million). The remaining cash flow will follow the payment schedule over 
a three-year period.
 
The carrying amount of the non-controlling interest in GICS at the date 
of closing (10 July 2019) was USD 139 million. The difference between 
the carrying amount and the consideration, including fair value of assets 
and liabilities that have been transferred, was recognized in equity attrib­
utable to shareholders of the parent. Effect on equity attributable to the 
shareholders of the parent was a reduction of USD 151 million.
Equity transactions with the non-controlling interest in GICS (former Galvani)	
USD millions
GICS
Carrying amount of non-controlling interests acquired/(divested)
 139 
Consideration
 (290)
Increase/(decrease) in equity attributable to owners to the group
 (151)
Presented in the statement of changes in equity:
Increase/(decrease) to other reserves
 (54)
Increase/(decrease) to retained earnings
 (97)
Total
 (151)
Major classes of assets and liabilities held-for-sale	
USD millions
2019
2018
Deferred tax assets
 - 
 1 
Intangible assets
 - 
 31 
Property, plant and equipment
 9 
 111 
Other non-current assets
 - 
 6 
Inventories
 - 
 27 
Trade receivables
 - 
 28 
Prepaid expenses and other current assets
 - 
 1 
Assets held-for-sale
 9 
 206 
Deferred tax liabilities
 - 
 10 
Long-term provisions
 - 
 5 
Trade and other payables
 - 
 10 
Liabilities directly associated with assets held-for-sale
 - 
 26 
Net assets held-for-sale
 9 
 180 
Other business initiatives
Yara has announced it is evaluating an IPO or spin-off of its industrial nitrogen business in 2019. The IPO/spin-off evaluation and scope assessment is expect­
ed to be completed by mid 2020.

161
Yara Annual report 2019  
Consolidated financial statements
8 Other disclosures
8.1 Related parties
The Norwegian State
At 31 December 2019, the Norwegian State owned 98,640,995 shares, 
representing 36.21% of the total number of shares issued. On the same date, 
the National Insurance Fund, Norway owned 17,893,478 shares, represent­
ing 6.57% of the total number of shares issued. 
Yara Pension fund
One of Yara International ASA’s pension plans is arranged through Yara 
Pension Fund. This plan has been closed for new members since July 2006. 
During 2019, Yara has contributed to the pension fund through deductions 
from premium fund.
Equity-accounted investees
Transactions with equity-accounted investees are described in note 4.3. 
Board of Directors
Members of the Board of Directors are elected for two year terms. Their 
rights and obligations as board members are solely and specifically provided 
for the company’s articles of association and Norwegian law. The company 
has no significant contracts in which a Board Member has a material interest.
Executive Management
Executive Management remuneration is disclosed in note 8.2.

Board of Directors compensation 2019 and number of shares owned 31 December 2019	 	
	
 
USD thousands, except number of shares
Compensation
 earned in 2019 5)
Number of shares
Geir Isaksen, Chairperson 1)
 76 
84 
Trond Berger 2)
 61 
3,000 
Hilde Bakken 1)
 42 
800 
John Gabriel Thuestad 4)
 53 
1,200 
Rune Asle Bratteberg 2) 3)
 49 
326 
Geir O. Sundbø 1) 3)
 42 
298 
Håkon Reistad Fure (from 7 May 2019) 4)
 41 
22,500 
Adele Bugge Norman Pran (from 7 May 2019) 2)
 32 
10 
Kimberly Lein-Mathiesen (from 7 May 2019)
 25 
- 
Eva Safrine Aspvik (from 7 May 2019) 3)
 25 
531 
Kari Marie Nøstberg (from 1 September 2019) 3)
 13 
447 
Maria Moræus Hanssen (till 7 May 2019) 2) 4)
 23 
n/a
Kjersti Aass (till 1 September 2019)
 25 
n/a
1) Member of the HR Committee in 2019. 	
	
2) Member of the Audit Committee in 2019.	
	
3) Interest-free loan of USD 1.346 given through a trust in accordance with a Yara share purchase offer for employees.	
	
4) John Gabriel Thuestad, Håkon Reistad Fure and Maria Moræus Hanssen receive an additional remuneration for Board members resident outside Scandinavia, currently NOK 23.000 per meeting.
5) Compensation in NOK translation rate to USD: 0,1137.
Compensation of Board of Directors was USD 509 thousand in 2019 compared to USD 431 thousand in 2018.	
	
	
	
The Chairperson and the members of the Board have no agreements for further compensation due to termination or changes in the position.	
Compensation 2019 and number of shares owned by the deputy Board Members at 31 December 2019	
	
 
USD thousands, except number of shares
Compensation
 earned in 2019
Number of shares
Inge Stabæk 1)
 - 
483 
Toril Svendsen
 - 
- 
Vidar Viskjer 1)
 - 
326 
Morten Ødegård 1)
 - 
905 
Maiken Sandland
 - 
85 
Tove Marie Fløtten (from 7 May 2019) 1)
 - 
219 
Veronique Revoy (from 7 May 2019)
 - 
997 
1) Interest-free loan of USD 1.346 given through a trust in accordance with a Yara share purchase offer for employees.

162
Yara Annual report 2019
Consolidated financial statements
8.2 Yara Executive Management remuneration	
	
	
	
	
Yara Executive Management: Compensation and number of shares owned at 31 December 2019	
	
	
	
	
USD thousands, except number of shares
Salary 2)
Shared Based 
Remuneration 1)
Other 
benefits
Pension
 benefits
Short-term 
incentive 
payout 
accrued 4)
Sum
Number 
of shares
Short-term 
incentive 
payout 
paid 3)
Svein Tore Holsether 5) 7)
768 
231 
30 
224 
353 
1,606 
34,613 
311 
Tove Andersen 5) 7)
401 
100 
26 
27 
133 
686 
7,862 
140 
Terje Knutsen 5) 7)
376 
93 
53 
178 
130 
830 
9,531 
136 
Lair Hanzen 8)
521 
148 
1 
57 
334 
1,062 
16,081 
471 
Kristine Ryssdal 5) 7)
349 
69 
31 
15 
110 
576 
5,795 
94 
Lene Trollnes 5) 7)
389 
97 
29 
15 
138 
669 
12,861 
138 
Pablo Barrera Lopez 5) 7) 
345 
94 
33 
16 
147 
635 
3,337 
103 
Lars Røsæg 5) 7)
372 
97 
24 
15 
151 
659 
3,442 
78 
Yves Bonte (till June 30, 2019) 6) 9)
367 
- 
2 
43 
142 
554 
n/a
271 
Terje Morten Tollefsen (till August 22, 2019) 5) 6) 7)
229
- 
15 
35 
59 
338 
n/a
82
1) Fixed cash amount as part of Shared Based Remuneration (see description on page 163). 
2) For Yara Executive Management employed in Norway, no salary increase was applied. For Yara Executive Management member employed in Belgium, an inflation increase of 2% was applied, no salary 
increase was applied. For Yara Executive Management member employed in Brazil, a salary increase of 0,02% in line with the minimum increase under Brazil collective agreement was applied. The devel­
opment in base salary and actual paid salary may differ from one year to the next due to effects of the Norwegian holiday pay system, where a change in number of days holiday taken and/or annual holiday 
allowance impact salary paid.
3) Short-term incentive payout earned in 2018, paid in 2019.
4) Estimated short-term incentive payout (excluding holiday allowance) earned in 2019 to be paid in 2020.
5) Interest-free loan of USD 1,346 given through Yara International ASA in accordance with a Yara share purchase offer.
6) The numbers presented are for the period as member of Yara Executive Management in 2019.
7) Salary in NOK translation rate to USD: 0,1140.
8) Salary in BRL translation rate to USD: 0.2536.
9) Salary in EUR translation rate to USD: 1.1302.
Yara Executive Management: Compensation and number of shares owned at 31 December 2018	
	
	
	
	
USD thousands, except number of shares
Salary 2)
Shared Based 
Remuneration 1)
Other 
benefits
Pension
 benefits
Short-term 
incentive 
payout 
accrued 4)
Sum
Number 
of shares
Short-term 
incentive 
payout 
paid 3)
Svein Tore Holsether 5) 7)
821 
249 
45 
198 
299 
1,613 
31,908 
180 
Tove Andersen 5) 7)
427 
107 
29 
25 
134 
723 
6,646 
102 
Terje Knutsen 5) 7)
411 
111 
54 
101 
131 
809 
8,278 
63 
Yves Bonte 9)
744 
189 
9 
90 
247 
1,280 
15,979 
179 
Lair Hanzen 8)
561 
153 
3 
60 
487 
1,264 
13,484 
295 
Kristine Ryssdal 5) 7)
382
75 
41 
17 
90 
605
4,935 
55 
Terje Morten Tollefsen 5) 7)
380 
75 
33 
31 
78 
597 
7,033 
60 
Lene Trollnes 5) 7)
405 
105 
35 
17 
132 
694 
11,557 
95 
Pablo Barrera Lopez (from April 1, 2018) 5) 6) 7)
260 
88 
21 
13 
99 
481 
2,320 
- 
Lars Røsæg (from November 19, 2018) 5) 6) 7)
48 
- 
4 
2 
75 
129 
474 
- 
Petter Østbø (till November 19, 2018) 6) 7) 10)
402 
114 
20 
21 
- 
557 
n/a
109 
Alvin Rosvoll (till March 21, 2018) 6) 7)
70 
- 
24 
22 
- 
116 
n/a
36 
Torgeir Kvidal (till March 21, 2018) 6) 7)
76 
- 
7 
20 
- 
104 
n/a
58 
Pierre Herben (till March 21, 2018) 6) 9) 11)
56 
- 
5 
18 
- 
79 
n/a
37 
1)	 Fixed cash amount as part of Shared Based Remuneration (see description on page 163). 
2)	 The base salaries of Yara Executive Management employed in Norway increased with 6.6% on weighted average. For Yara Executive Management member employed in Belgium, an increase of 1.5% was 
applied in addition to an inflation increase of 2%. For Yara Executive Management member employed in Brazil, an inflation increase of 4% was applied, no salary increase was applied due to salary moder­
ation applicable in Brazil. The development in base salary and actual paid salary may differ from one year to the next due to effects of the Norwegian holiday pay system, where a change in number of days 
holiday taken and/or annual holiday allowance impact salary paid.
3)	 Short-term incentive payout earned in 2017, paid in 2018. 
4)	 Estimated short-term incentive payout (excluding holiday allowance) earned in 2018 to be paid in 2019. 
5)	 Interest-free loan of USD 1,453 given through Yara International ASA in accordance with a Yara share purchase offer. 
6)	 The numbers presented are for the period as member of Yara Executive Management in 2018. 
7)	 Salary in NOK translation rate to USD: 0.1227.
8)	 Salary in BRL translation rate to USD: 0.2726.
9)	 Salary in EUR translation rate to USD: 1.1777.
10)	In addition to the figures above, a termination settlement with Petter Østbø amounts to USD 362 thousand and is related to six months period of notice without obligation to work and compensation for 
three months of parental leave that was not taken.
11)	In addition to the figures above, a termination settlement with Pierre Herben amounts to USD 373 thousand equal to 7.75 months of total remuneration according to Belgian legislation.

163
Yara Annual report 2019  
Consolidated financial statements
CEO Remuneration 2019
Svein Tore Holsether‘s remuneration consist of the following elements:
 
Annual Base Salary
The Annual Base Salary is USD 769,356 (NOK 6,758,400). No ad­
justment of his base salary was made during 2019 and it has remained 
unchanged since June 2018. 
 
Short-Term Incentive Plan
The CEO is eligible for Short-Term Incentive payout according to the plan 
described below. The Target payout is 40% with a capped payout of 50% 
of Annual Base Salary.
 
Share Based Remuneration
The CEO is entitled to Share Based Remuneration of 30% of Annual Base 
Salary according to the plan described below.
 
Pension Plans and Personal Insurance Plans 
Svein Tore Holsether is member of the following pension plans:
 
•	A funded Defined Contribution (DC) plan providing contribution equal
to 7% of part of pensionable salary up to 7.1 times Norwegian Social 
Security Base Amount (G) plus 18% of salary between 7.1G and 12G; 
•	An unfunded DC plan for salaries above 12G with contribution equal to 
25% of pensionable salary exceeding 12G
 
Provided that he is employed by Yara at age 65 he will be entitled to an 
Age Limit Compensation. This provides a benefit equal to 65% of his 
Annual Base Salary at that time until age 67. In case he would be entitled 
to Severance Pay or if it is mutually agreed between him and the Yara 
Board of Directors to continue the employment beyond age 65 he will not 
be entitled to the Age Limit Compensation. 
 
The CEO is member of the personal insurance schemes applicable to Yara 
employees in Norway.
 
Other compensation elements
The CEO is granted benefits in kind according to the applicable market 
standard, the main element being a fixed car allowance of USD 19,921 
(NOK 175,000) annually.
 
Comments to remuneration of other members 
of Executive Management in 2019
Lair Hanzen has Short-Term Incentive Pay in line with market conditions 
for Brazil. His setup consists of one Short Term Incentive scheme with 
60% Incentive Target and an additional scheme with 40 Incentive Target 
where a three-year vesting period applies. The Short-Term Incentive Pay-
out is not limited to 50% of annual base salary as for the other members 
of Yara Executive Management. He is member of the Yara Brazil pension 
plan which is a DC pension plan providing 12% employer contribution.
Other members of Yara Executive Management are included in Yara’s 
plans for employees in Norway. Since 2006 Yara in Norway has tran­
sitioned from Defined Benefit Pension Plans to DC pension plan and 
simplified the pension plans. This work was completed in 2015 and new 
hires are now enrolled in one DC pension plan covering salary up to 12 
times Norwegian Social Security Base Amount (G). When former pension 
plans were closed, existing members have been offered transitional or 
compensation arrangements.
Guidelines for remuneration of executives in Yara
The Board of Directors determines the remuneration of the President 
and CEO based on a proposal from the HR Committee and approves the 
general terms of the company's incentive plans for Executive Manage­
ment and other key employees. The President and CEO determines the 
compensation to the other members of Yara's Executive Management.
The statement is prepared in accordance with the Public Limited Com­
panies Act section 6-16a. Pursuant to the Public Limited Companies Act 
section 5-6 (3) the statement will be presented to the Annual General 
Meeting (AGM) for advisory vote except for the parts regarding Share-
Based Remuneration (SBR) and Voluntary Share Purchase Program 
which will be presented to the AGM for approval. The Ministry of Trade, 
Industry and Fisheries disclosed amended guidelines for remuneration of 
executives in state-owned and partly state-owned companies with effect 
from 13 February 2015. Yara’s remuneration principles applying to the 
Executive Management comply with these guidelines. For executives 
employed by Yara companies in other countries remuneration may deviate 
from the guidelines depending on local market conditions. There is cur­
rently one member of Yara’s Executive Management who is employed by 
a non-Norwegian Yara company. 
General Principle
Yara’s policy concerning remuneration of the CEO and other members of 
Yara’s Executive Management is to provide remuneration opportunities 
which:
•	Are attractive to recruit and retain executives;
•	Are responsible as well as competitive but not market leading;
•	Reward the executives’ performance, measured as their contribution to 
the overall success of Yara; 
•	Support the creation of sustainable value to Yara’s shareholders and 
other stakeholders
Total compensation for each member of Executive Management is com­
pared to the relevant market on a regular basis. Yara’s remuneration of the 
Executive Management includes the following elements:
Base Salary
Base Salary is reviewed once a year as per 1st June along with the Annual 
Salary Review for all employees in Yara. The development of basic salary 
for Executive Management is based on the following:
•	Annual salary adjustment for employees in Yara International ASA and 
Norwegian subsidiaries;
•	Benchmark of Executive Management Salaries in peer companies
Share Based Remuneration
The main purpose of the Share Based Remuneration (SBR) is to support 
the alignment between executives and shareholder interests and to ensure 
retention of key talent in the company. The SBR provides a cash amount 
to eligible executives, who are required to invest the net amount after tax 
in Yara shares within a period of one month after the grant, and to retain 
the shares for minimum 3 years. After the lock-in period, executives are 
free to keep or sell the shares at their discretion. Executives who resign 
from Yara must reimburse to the company at the time of resignation the 
net proceeds of the selling of the shares that are still within the lock-in pe­
riod. The grant of SBR is conditional on Yara’s Net Result excluding special 
items and currency gain/loss being positive over the last three years.

164
Yara Annual report 2019
Consolidated financial statements
Yara's CEO can in any case decide that SBR shall not be granted in a 
given year and Yara's Board of Directors can decide that SBR shall not 
be granted to the CEO. Such an evaluation will amongst other factors 
be evaluated against Yara’s performance towards its strategic targets of 
sustainable value creation, hereunder Key Performance Indicators (KPIs) 
linked to environmental, social and financial performance. The amount 
granted is linked to the responsibility in the position. For Yara CEO, SBR is 
30% of Base Salary. For the other members of Executive Management, 
SBR is 20% or 25%.
Short-Term Incentive Plan
Yara has defined and communicated long-term strategic targets. Those 
targets form the basis for the annual Business Plan. The annual KPIs are 
ambitious and stretched and are taken from Yara's business plan for the 
current year as a step towards achieving the company's long-term strate­
gic targets. The relationship between the long-term strategic targets and 
the Key Performance Indicators is illustrated in the table below. 
Strategic Priorities
Long-term targets
KPIs
Advance 
operational 
excellence
Delivering improved operations and 
superior profits
Yara Improvement Program 
EBITDA improvements > MUSD 
600 in 2023 vs 2018
Fixed Cost
Produced Volumes
Energy Efficiency in production
Inventory Days
Credit Days
Customer satisfaction
EBITDA impact by Business Unit
Procurement savings
Driving quality and diversity 
through an engaged and respected 
workforce
Engagement index >80% by 2025, 
and >20% female top managers by 
2020 and >25% by 2025
Total Recordable Injuries (TRI)	
% Female senior Leadership 
position holders 	
% Employee engagement
Protecting the planet by aiming for 
climate neutrality by 2050
>10% decline in kg CO2e/kg N 
produced by 2025
Tonne CO2 eqv./tonne N 
Create 
scalable 
solutions
Improving margins and nitrogen 
use efficiency through premium 
product growth
>3.5 million tonnes premium 
products growth and >100 million 
units of YaraVita sales by 2025, 
improving overall EBITDA/t in 
Sales & Marketing
Product deliveries (kt)
Commercial CB1/t
EBITDA/t 
Build profitable global food chain 
partnerships
>2 million tonnes of crop solution 
sales generated through food 
companies by 2025
Product deliveries (kt)
Drive 
innovative 
growth
Building closeness to farmers 
through scaling up digital farming 
>10 million ha under management 
in 2020 and positive EBITDA from 
digital farming in 2022
KPI's driving progress towards 
successful completion of defined 
development projects
Solving global challenges and 
growing profitable business through 
innovation
Shaping the industry by delivering 
sustainable and profitable 
innovations with de-carbonization 
and circular economy
The Short-Term Incentive Plan depends on four main factors;
•	A trigger which must be met for any incentive at all to be paid out, 
the trigger is having a net income above zero
Provided this is in place, the other three factors are multipliers defining 
the pay-out to each member of the plan;
•	Target Incentive as a percentage of Base Salary;
•	Yara Financial Performance measured by Yara’s Return on Invested 
Capital (ROIC) excluding Special Items; 
•	Executive Management’s contribution to the achieved results of 
the KPIs and strategic targets. The KPIs should express ambitious
 and stretched goals
These three elements are described in further detail below:
Target Incentive
The Target Incentive is linked to the responsibility in the position and 
comparison with the market. The Target Incentive is 40% of base salary 
for Yara CEO and 28% to 35% of base salary for the other members of 
Executive Management on Norwegian employment contracts. For execu­
tives employed by Yara companies in other countries the Target Incentive 
sometimes deviate from the above depending on local market conditions.
Yara Financial Performance
Given that Yara’s net income is above zero, the financial performance multipli­
er will be in the range of 0 up to maximum 125% depending on the targeted 
and achieved ROIC. The multiplier scale is shown in the table below.

165
Yara Annual report 2019  
Consolidated financial statements
The basis for setting the ROIC target is Yara's long-term strategic target of 
10% return on capital employed. The target for an individual year will vary 
depending on where we are in the industry cycle and will for some years 
be lower and for other years higher than the strategic target. The annual 
target for ROIC is approved by Yara International ASA Board of Directors. 
Yara ROIC 
In %
0
25
50
75
100
125
150
 ROIC for
Yara Net 
Income =0
Target
 ROIC
ROIC 30%
above target
Financial Performance Multiplier
 
Note: Yara Net Income and ROIC are both excluding special items and currency effects
Special Items are substantial, one-time expenses or sources of income not being expected to recur in 
future years. For example, restructuring costs, earnings from discontinued operations, etc. In addition, 
significant events affecting ROIC not considered in the target setting might cause negative or positive 
adjustments subject to BoD approval. Such events are mainly:
•	 Change in gas prices
•	 Change in nitrogen commodity prices
Executive Management Performance
The Executive Management Performance multiplier is based on measur­
able KPIs, the promotion of Yara’s Mission, Vision and Values and demon­
strated behaviors. The relationship between Yara's long-term strategic 
targets and the annual KPIs is shown in the table above.
To achieve 100% multiplier on Executive Management Performance, 
all the KPI targets must be fully achieved and the executive must have 
demonstrated behavior according to Yara’s Values. 
Short-Term Incentive Payout
For executives on Norwegian employment contracts the maximum Short-
Term Incentive Payout is capped at 50% of Annual Base Salary. It is not 
permitted to accrue any calculated payout in excess of the capped amount 
to future year where the payment may be less than 50% of Base Salary. 
For executives employed by Yara companies in other countries the payout 
may exceed 50% depending on local market conditions. For the year 2016 
to 2018 the annual payouts for Yara CEO varied between 21% and 36% of 
Base Salary. The average annual payouts for the other executives on Norwe­
gian employment contracts varied between 16% and 31% of Base Salary. 
Benefit Plans
Company paid Pension Plans
Pension Plans in Yara should be defined contribution (DC) plans. Executive 
Management on Norwegian employment contracts are eligible to the 
company paid DC Pension Plan applicable for all Yara employees in Nor­
way. The contribution rates to this plan is 7% of part of pensionable salary 
up to 7.1 times Norwegian Social Security Base Amount (G) and 18% of 
pensionable salary between 7.1G and 12G.
Yara has a DC Pension Plan covering salary in excess of 12G applicable 
for employees on Norwegian employment contracts. From December 
2015 this plan was closed for new members. For internal recruits to the 
Executive Management who are members of the plan at commencement, 
future contribution to the plan stops and they become deferred members 
of the plan. Current members of the Executive Management at 3 Decem­
ber 2015 remain active members of the plan with future contributions.
For employees on Norwegian employment contracts, the upper retirement 
age is 70 years with the possibility for flexible retirement from age 62 in the 
company paid DC plans. Yara has a defined benefit early retirement plan for 
executives on Norwegian employment contracts covering the period from age 
65 to 67 with a defined benefit equal to 65% of final salary limited to 12G. 
From 1st January 2015, the plan was closed for new members and ceased 
for employees below age 50. A DC pension plan was established to compen­
sate members for the shortfall. Executives who were previously members of 
other Defined Benefit Pension Plans being terminated or converted to DC 
plans might have cash allowances to compensate for the shortfall.
Executives employed by Yara companies in other countries will be covered 
by company paid pension plans according to national plans and markets.
Personal Insurance Schemes
The executives are members of the personal insurance schemes appli­
cable to all Yara employees. These are Group Life Insurance, Disability 
Pension, lump-sum payment in the event of disability, occupational dis­
eases, occupational and non-occupational accident and Health Insurance. 
In addition, they are provided with a Travel Insurance covering both the 
executive and family.
Other compensation elements
Executives are granted benefits in kind according to the applicable market 
standard. These are typically cell phone, internet connection and company 
car, alternatively fixed car allowance.
Members of Yara Executive Management on Norwegian contracts are 
entitled to a severance pay equal to six months basic salary on certain 
conditions. The severance pay is calculated from the end of the notice pe­
riod. Other income the executive receives during the severance pay period 
will be deducted from the severance pay.
Voluntary Share Purchase Program
Executive Management members employed in Norway can take part in 
the annual offer to all permanent Yara employees in Norway where they 
can buy Yara shares to a value of NOK 7,500 alternatively NOK 15,000 
with a tax-exempt discount of NOK 1,500 in the first alternative and NOK 
3,000 in the latter. Yara offers the employees an interest-free loan with 
repayment of one year for the purchase of the shares. This plan comes in 
addition to the SBR.
Salary and other benefits earned in 2019 are disclosed above. For addi­
tional information about existing pension plans see note 5.4.
Covid-19
In light of the demanding situation globally related to the Covid-19 virus, 
Yara's Executive Management will for the second year running abstain 
from any salary increase in 2020. Furthermore, short-term incentive pay­
out for Executive Management accrued for 2019 which would normally be 
paid out in April 2020 will be frozen. A conclusion on whether to cancel 
or pay the bonuses will be made once the macro-economic situation has 
normalized.

166
Yara Annual report 2019
Consolidated financial statements
8.3 External audit remuneration 
Deloitte AS (Deloitte) is Yara’s auditor. A few subsidiaries of Yara International ASA have appointed other audit firms. The following table shows total 
audit and other services delivered to the group by the appointed auditor. 
USD thousands
Audit fee
Assurance 
services
Tax services
Other 
non-audit 
services
Total
2019
Deloitte Norway
643 
105 
- 
51 
799 
Deloitte abroad
3,413 
71 
384 
120 
3,988 
Total Deloitte
4,056 
176 
384 
171 
4,787 
Others
207 
72 
110
31 
421
Total
4,262 
249 
494
202 
5,208 
2018
Deloitte Norway
573 
267 
28 
62 
931 
Deloitte abroad
3,680 
138 
278 
17 
4,112 
Total Deloitte
4,253 
405 
306 
79 
5,043 
Others
189 
6 
89 
67 
351 
Total
4,442 
411 
396 
146 
5,394 


8.4 Composition of the group
The consolidated financial statement of Yara comprises 134 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the 
table below, including the main parent(s). This list also includes major holding companies. 	
	
	
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Argentina S.A.
100%
Argentina
Yara Iberian S.A.U. 
Yara Australia Pty Ltd.
100%
Australia
Yara Technology B.V.
Yara Nipro Pty Ltd.
100%
Australia
Yara Australia Pty Ltd.
Yara Pilbara Fertilisers Pty Ltd.
100%
Australia
Chemical Holdings Pty Ltd.
Chemical Holdings Pty Ltd.
100%
Australia
Yara Australia Pty Ltd.
Yara Environmental Technologies GmbH
100%
Austria
Yara Investment GmbH
Yara Barbados Inc.
100%
Barbados
Fertilizer Holdings AS
Yara Belgium S.A./N.V.
100%
Belgium
Yara Nederland B.V.
Yara Tertre S.A.
100%
Belgium
Yara Belgium S.A./N.V.
Yara Trinidad Ltd.
100%
Bermuda
Yara Caribbean Ltd.
GICS Indústria, Comércio e Serviços S.A.
100%
Brazil
Yara Brasil Fertilizantes S.A.
Yara Brasil Fertilizantes S.A.
100%
Brazil
Yara South America Investments B.V.
Yara Belle Plaine Inc.
100%
Canada
Yara Canada Holding Inc.
Yara Canada Holding Inc.
100%
Canada
Fertilizer Holdings AS
Yara Canada Inc.
100%
Canada
Fertilizer Holdings AS
Yara Trading (Shanghai) Co. Ltd.
100%
China
Yara Asia Pte Ltd.
Yara Colombia S.A.
99.4%
Colombia
Yara International ASA (70,4%) and OFD Holding S. de R.L. (29%)
Yara Costa Rica S. de R.L.
87.6%
Costa Rica
Yara Iberian S.A.U.
Yara Danmark A/S
100%
Denmark
Fertilizer Holdings AS
Yarecuador Compania Ltd.
100%
Ecuador
Yara Colombia S.A.
Yara Dallol B.V.
58.2%
Ethiopia
Yara Nederland B.V.
Yara Phosphates Oy
100%
Finland
Yara Suomi Oy
Yara Suomi Oy
100%
Finland
Yara Nederland B.V.
Yara France SAS
100%
France
Yara Nederland B.V.
Yara Besitz GmbH
100%
Germany
Yara GmbH & Co. KG
Yara Brunsbüttel GmbH
100%
Germany
Yara GmbH & Co. KG
Yara GmbH & Co. KG
100%
Germany
Yara Investments Germany SE 
Yara Investment GmbH
100%
Germany
Yara GmbH & Co. KG
Yara Investments Germany SE
100%
Germany
Yara Nederland B.V.
Yara Ghana Ltd.
100%
Ghana
Yara Nederland B.V.
Yara Hellas S.A.
100%
Greece
Yara Nederland B.V.
Yara Guatemala S.A.
100%
Guatemala
Yara International ASA
Yara Hungaria Gyarto es Kereskedelmi KFT
100%
Hungary
Yara Suomi Oy
Yara Fertilisers India Pvt. Ltd.
100%
India
Yara Asia Pte Ltd.
P.T. Yara Indonesia
100%
Indonesia
Yara Asia Pte Ltd.
Yara Insurance DAC
100%
Ireland
Fertilizer Holdings AS
Yara Italia S.p.A.
100%
Italy
Yara Investment GmbH (72,3%) and Yara Nederland B.V. (27,7%)
Table continues >>

167
Yara Annual report 2019  
Consolidated financial statements
>> Table continued
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Côte d'Ivoire S.A.
100%
Ivory Coast
Fertilizer Holdings AS
Yara East Africa Ltd.
100%
Kenya
Yara Overseas Ltd.
Yara International (M) Sdn. Bhd.
70.0%
Malaysia
Yara Asia Pte Ltd.
Yara México S. de R.L. de C.V.
99.9%
Mexico
OFD Holding S. de R.L. (70,7%) and Yara Nederland B.V. (29,2%)
Yara Mozambique Lda.
100%
Mozambique
Yara Nederland B.V.
Fertilizer Holdings AS
100%
Norway
Yara International ASA
Herøya Nett AS
100%
Norway
Yara Norge AS
Yara Marine Technologies AS
100%
Norway
Marine Global Holding AS
OFD Holding S. de R.L.
100%
Norway
Fertilizer Holdings AS
Yara AS
100%
Norway
Fertilizer Holdings AS
Yara Birkeland AS
100%
Norway
Fertilizer Holdings AS
Yara Norge AS
100%
Norway
Yara International ASA
Yara LPG Shipping AS 
100%
Norway
Fertilizer Holdings AS
Yara Peru R.L.
100%
Peru
OFD Holding S. de R.L.
Yara Fertilizers Philippines Inc.
100%
Philippines
Yara Asia Pte Ltd.
Yara Poland Sp.zo.o
100%
Poland
Yara Nederland B.V.
Yara Asia Pte Ltd.
100%
Singapore
Yara International ASA
Yara Animal Nutrition South Africa (Pty) Ltd.
100%
South Africa
Yara Phosphates Oy
Yara Africa Fertilizers (Pty) Ltd.
100%
South Africa
Yara Nederland B.V.
Yara Iberian S.A.U.
100%
Spain
Yara Nederland B.V.
Yara Marine Technologies AB
100%
Sweden
Yara Marine Technologies AS
Yara AB
100%
Sweden
Fertilizer Holdings AS
Yara Switzerland Ltd.
100%
Switzerland
Yara Nederland B.V.
Yara Tanzania Ltd.
100%
Tanzania
Fertilizer Holdings AS
Yara Thailand Ltd.
100%
Thailand
Yara Asia Pte Ltd.
Yara Holding Netherlands B.V.
100%
The Netherlands
Fertilizer Holdings AS
Yara Nederland B.V.
100%
The Netherlands
Yara Holding Netherlands B.V.
Yara Sluiskil B.V.
100%
The Netherlands
Yara Nederland B.V.
Yara South America Investments B.V.
100%
The Netherlands
Yara Nederland B.V.
Yara Technology B.V.
100%
The Netherlands
Yara Nederland B.V.
Yara Vlaardingen B.V.
100%
The Netherlands
Yara Nederland B.V.
Yara Caribbean Ltd.
100%
Trinidad and Tobago
Yara Barbados Inc.
Yara UK Ltd. 
100%
United Kingdom
Fertilizer Holdings AS
Yara North America Inc.
100%
United States
Yara International ASA
Freeport Ammonia LLC
100%
United States
Yara North America Inc.
Yara West Sacramento Terminal LLC
100%
United States
Yara North America Inc.
Yara Fertilizer Zambia Ltd.
100%
Zambia
Yara Nederland B.V.
8.5 Post balance sheet date events
On 21 January 2020, Yara announced that the Comisión Nacional de los 
Mercados y la Competencia (CNMC) had initiated an investigation against 
Yara Iberian S.A.U. of possible infringements of the Spanish Competition 
Act. Yara cooperated fully with the CNMC during the dawn raid.
Yara's Board will propose to the Annual General Meeting a dividend of NOK 
15 per share for 2019, which amounts to a total of NOK 4,054 million.
On 8 March 2020, Yara announced that it had signed a share purchase 
agreement with Qatar Petroleum (QP) to sell its 25% share in Qatar 
Fertiliser Company (QAFCO). The parties have agreed on a purchase price 
of USD 1 billion for Yara’s shares in QAFCO. The transaction is conditional 
on obtaining necessary local regulatory approvals and customary closing 
conditions. As QAFCO has been classified as an associated company 
of Yara, the investment has been accounted for based on the equity 
method. Yara has reported its share of QAFCO in its Production segment. 
More information about the investment is provided in note 4.3. In first 
quarter 2020, Yara has reclassified the investment to held-for-sale and 
stopped recognizing its share of the result in QAFCO. Derecognition of 
the investment will take place at closing. Following the closing, Yara will 
evaluate potential extraordinary dividends and/or share buy-backs, in line 
with its policy of maintaining a mid to long-term net debt/EBITDA 1) range 
of 1.5-2.0.
Covid-19 crisis
After the closure of the 2019 accounting, the Covid-19 crisis has emerged 
and become global. Yara has set up a Crisis Response Team reporting 
directly to the CEO. The company priorities are firstly, to safeguard our 
employees, contractors, partners, neighbors and society at large. Sec­
ondly, to be a responsible company and behave according to government 
guidelines. And thirdly, to keep our operations running, to help support 
continued food supply, as well as supply of other essential products to 
society – also in times of crisis.
 
Yara is at the time of its annual report experiencing limited operational 
impact from COVID-19, but the situation is dynamic and could change 
quickly, in particular with regard to operational staff and logistical challeng­
es. Yara has a strong focus on maintaining sufficient financial capacity to 
responsibly mitigate the situation and will closely monitor the situation in 
the coming weeks and months.
1) Definition is provided on page 197.

168
Yara Annual report 2019
Consolidated financial statements
Financial statements
Financial statements for Yara International ASA
169	 Yara International ASA Income statement
170	 Yara International ASA Balance sheet
172	 Yara International ASA Cash flow statement
173	 Notes to the financial statements
173	 Accounting policies
174	 1 Employee benefits
178	 2 Remuneration and other
179	 3 Intangible assets, property, plant and equipment
180	 4 Specification of items in the income statement
180	 5 Financial income and expenses
181	 6 Income taxes
182	 7 Shares in subsidiaries
182	 8 Specification of balance sheet items
182	 9 Guarantees
183	 10 Financial risks and hedge accounting
185	 11 Number of shares outstanding, shareholders, equity reconciliation etc.
186	 12 Long-term debt
187	 13 Transactions with related parties
189	
Directors’ responsibility statement
190	
Auditor’s report
196	
Reconciliation of alternative performance 	measures in the Yara Group
	
» Due to rounding differences, figures or 
percentages may not add up to the total.

169
Yara Annual report 2019
Financial statements for Yara International ASA
NOK millions
Notes
2019
2018
Revenues
4
 2,107 
 2,690 
Other income
 1 
 1 
Revenues and other income
 2,108 
 2,691 
Raw materials, energy costs and freight expenses
 (10)
 (7)
Change in inventories of own production
 (7)
 2 
Payroll and related costs
2
 (1,035)
 (1,003)
Depreciation, amortization and impairment loss
3
 (171)
 (134)
Other operating expenses
4
 (1,986)
 (1,933)
Operating costs and expenses
 (3,209)
 (3,075)
Operating income
 (1,102)
 (384)
Financial income/(expense), net
5
 (331)
 2,772 
Income before tax 
 (1,432)
 2,388 
Income tax expense
6
 294 
 217 
Net income
 (1,138)
 2,605 
Appropriation of net income and equity transfers
Dividend proposed
 4,054 
 1,771 
Retained earnings
 (5,192)
 834 
Total appropriation
11
 (1,138)
 2,605 
YARA INTERNATIONAL ASA
Income statement

170
Yara Annual report 2019
Financial statements for Yara International ASA
NOK millions
Notes
31 Dec 2019
31 Dec 2018
ASSETS
Non-current assets
Deferred tax assets
6
 1,141 
 820 
Intangible assets
3
 697 
 674 
Property, plant and equipment
3
 83 
 74 
Shares in subsidiaries
7
 19,853 
 19,855 
Intercompany receivables
13
 44,927 
 45,118 
Other non-current assets
8
 411 
 399 
Total non-current assets
 
 67,111 
 66,939 
 
Current assets
Inventories
8
 12 
 22 
Trade receivables
 9 
 4 
Intercompany receivables
13
 9,202 
 12,119 
Prepaid expenses and other current assets
10
 829 
 864 
Cash and cash equivalents
 1,189 
 375 
Total current assets
 
 11,240 
 13,384 
Total assets
 
 78,351 
 80,324 
YARA INTERNATIONAL ASA
Balance sheet

171
Yara Annual report 2019
Financial statements for Yara International ASA
NOK millions
Notes
31 Dec 2019
31 Dec 2018
Liabilities and shareholders' equity
Equity
Share capital reduced for treasury stock
 459 
 463 
Premium paid-in capital
 117 
 117 
Total paid-in capital
 
 577 
 580 
Retained earnings 
 14,981 
 20,225 
Treasury shares
 (1,037)
 (283)
Shareholders' equity
11
 14,521
 20,522 
Non-current liabilities
Employee benefits
1
 965 
 894 
Long-term interest-bearing debt
12
 23,035 
 23,108 
Other long-term liabilities
 
 705 
 602 
Total non-current liabilities
 
 24,705 
 24,604 
 
Current liabilities
Trade and other payables
 213 
 242 
Short-term interest-bearing debt
8
 2,519 
 1,759 
Current portion of long-term debt
12
 3,342 
 6,798 
Dividends payable
11
 4,054 
 1,771 
Intercompany payables
13
 28,615 
 23,836 
Current income tax
6
 10 
 - 
Other current liabilities
 370 
 792 
Total current liabilities
 
 39,124 
 35,197 
Total liabilities and shareholders' equity
 
 78,351
 80,324 
YARA INTERNATIONAL ASA
Balance sheet
Geir Isaksen
Chairperson
Trond Berger
Board member 
Hilde Bakken
Board member 
Håkon Reistad Fure
Board member 
The Board of Directors of Yara International ASA
Oslo, 17 March 2020
Kimberly Lein-Mathisen
Board member 
Adele Bugge Norman Pran
Board member 
John Thuestad
Board member
Kari-Marie Nøstberg
Board member 
Eva Safrine Aspvik
Board member
Rune Bratteberg
Board member
 Geir O. Sundbø
Board member 
Svein Tore Holsether
President and CEO

172
Yara Annual report 2019
Financial statements for Yara International ASA
YARA INTERNATIONAL ASA
Cash flow statement
NOK millions
Notes
2019
2018
Operating activities 
Operating Income
 (1,102)
 (384)
Adjustments to reconcile operating income to net cash provided by operating activities
Depreciation, amortization and impairment loss
3
 171 
 134 
Write-down inventory and trade receivables
 - 
 1 
Tax received/(paid)
 6
 (2)
 52 
Group relief received
 4,500 
 12,723 
Interest and bank charges received/(paid)
 (751)
 (660)
Other
 (4)
 4 
Change in working capital
Trade receivables
 (4)
 5 
Short term intercompany receivables/payables
 13
 4,037 
 (21,553)
Prepaid expenses and other current assets
 62 
 (379)
Trade payables
 (13)
 (62)
Other current liabilities
 (477)
 (56)
Net cash provided by operating activities
 6,417 
 (10,174)
Investing activities
Acquisition of property, plant and equipment
 3
 (20)
 (12)
Acquisition of other long-term investments 
 3
 (204)
 (286)
Net cash from/(to) long-term intercompany loans
 13
 138 
 (1,964)
Proceeds from sales of long-term investments
 1 
 (1)
Net cash provided by/(used in) investing activities
 (86)
 (2,263)
Financing activities
Loan proceeds
12
 3,039 
 10,128 
Principal payments
 (6,198)
 1,315 
Purchase of treasury stock
 11
 (586)
 (181)
Dividend paid
 11
 (1,772)
 (1,776)
Net cash used in financing activities
 (5,518)
 9,485 
Foreign currency effects on cash and cash equivalents
 - 
 29 
Net increase/(decrease) in cash and cash equivalents
 814 
 (2,922)
Cash and cash equivalents at 1 January
 375 
 3,298 
Cash and cash equivalents at 31 December
 1,189 
 375

173
Yara Annual report 2019
Financial statements for Yara International ASA
Notes to the financial statements
Accounting policies
General
The financial statements for Yara International ASA have been prepared in 
accordance with the Norwegian Accounting Act and generally ac­cepted ac­
counting principles in Norway (NGAAP). Preparation of financial statements 
requires management to make estimates and assumptions that affect the 
reported amounts of assets, liabilities, revenues and ex­penses as well as 
disclosures of contingencies. Actual results may differ from estimates. 
Yara International ASA primarily holds shares in subsidiaries and provides 
financing to entities in the Yara Group. Please note that the information in 
note 5.3 to the consolidated financial statements related to payments on 
long-term debt also applies to Yara International ASA. Revenue mainly 
stem from allocation of costs related to intragroup services provided. 
The accompanying notes are an integral part of the financial statements. 
Shares in subsidiaries 
Shares in subsidiaries are presented according to the cost method. Div­
idends and Group reliefs are recognized in the income statement when 
these are proposed by the subsidiary. Group relief received is included in div­
idends. Shares in subsidiaries are reviewed for impairment whenever events 
or changes in circumstances indicate that the carrying amount may exceed 
the fair value of the investment. Indications may be oper­ating losses or ad­
verse market conditions. Fair value of the investment is estimated based on 
valuation model techniques. If it is considered probable that the fair value is 
below Yara’s carrying value, the invest­ment is impaired. The impairment is 
reversed if the impairment situation is no longer present. 
Foreign currency transactions 
The functional currency of Yara International ASA is Norwegian kroner 
(NOK). Transactions in currencies other than the functional currency are 
recorded at the exchange rate at the date of transaction. Monetary items 
denominated in foreign currencies are translated at the exchange rate at 
the balance sheet date. Non-monetary items that are measured in terms of 
historical cost in a foreign currency are not re-translated. 
Realized and unrealized currency gains and losses on transactions, as­sets 
and liabilities, denominated in a currency other than the functional currency, 
and that do not qualify for hedge accounting treatment, are included in net 
income. 
Revenue 
In all material respects, revenue stem from sale of intercompany ser­vices. 
These are recognized when the services are delivered based on intragroup 
allocation of costs. 
Interest income is recognized in the income statement as it is accrued, 
based on the effective interest method. 
Receivables 
Trade receivables and short-term intercompany receivables are recog­nized 
at nominal value, less the accrual for expected losses of receiv­ables. The 
accrual for losses is based on an individual assessment of each receivable. 
Cash and cash equivalents 
Cash and cash equivalents include bank deposits and monetary items which 
are due in less than three months. 
The cash held by Yara International ASA reflects that most external bank 
deposits are channeled through the group treasury function. Consequent­
ly, the level of cash held should be seen in context with the intercompany 
receivables and payables. 
Payables 
Trade payables and short-term intercompany payables are recognized at 
nominal value. 
Financial assets and liabilities 
Financial assets, other than derivatives, are initially recognized in the bal­
ance sheet at fair value (cost) and subsequently at the lower of cost or fair 
value. Financial liabilities are initially recognized in the balance sheet at fair 
value (cost) and subsequently at amortized cost. 
Cost of sales and other expenses 
Cost of sales and other expenses are recognized in the same period as the 
revenue to which they relate. If there is no clear connection between the 
expense and revenue, an estimated allocation is done. Other excep­tions to 
the matching criteria are disclosed where appropriate. 
Income taxes 
Income tax expense represents the sum of the tax currently payable and 
deferred tax. 
The tax currently payable is based on taxable profit for the year. 
Deferred income tax expense is calculated using the liability method in 
accordance with the preliminary Norwegian Accounting Standard on Income 
Taxes (“NRS Resultatskatt”). Under this standard, deferred tax assets and 
liabilities are measured based on the differences between the carrying val­
ues of assets and liabilities for financial reporting and their tax basis, which 
is considered temporary in nature. Deferred income tax expense represents 
the change in deferred tax asset and liability balances during the year, 
except for deferred tax related to items charged to equity. Changes resulting 
from amendments and revisions in tax laws and tax rates are recognized 
when the new tax laws or rates are adopted.

174
Yara Annual report 2019
Financial statements for Yara International ASA
Intangible assets 
Intangible assets acquired individually or as a group are initially recognized 
at fair value, and subsequently amortized on a straight-line basis over their 
useful life. They are tested for impairment whenever indica­tions of impair­
ment are present. 
Research costs are expensed as incurred. Costs incurred in development of 
internally generated intangible assets are capitalized if defined recognition 
criteria are met. If these recognition criteria is not met, development cost 
are expensed in the period they incur.
Property, plant and equipment 
Property, plant and equipment are carried at cost less accumulated depre­
ciation. Depreciation is determined using the straight-line method over the 
assets' useful life. Assets are reviewed for impairment whenever events 
or changes in circumstances indicate that the carrying amount may not be 
recoverable. 
Inventories 
Inventories are valued at the lower of cost, using weighted average, and net 
realizable value. The cost of inventories comprise all costs incurred in bring­
ing the inventories to their present location and condition, including direct 
materials, direct labor, and an appropriate portion of production overhead, or 
the purchase price of the inventory. 
Leased assets 
Assets which are leased on conditions which substantially transfer all the 
economic risks and rewards to Yara (finance lease) are accounted for as 
property, plant and equipment at the present value of minimum lease pay­
ments, or fair value if this is lower. The corresponding finance lease liabili­
ties are initially included in long-term debt. Property, plant and equipment 
are depreciated over the estimated useful lives of the assets or lease term if 
shorter. The related liabilities are reduced by the amount of lease payments 
less the effective interest expense. 
Other leases are accounted for as operating leases with lease payments 
recognized as an expense over the lease term. 
Forward currency contracts 
Forward currency contracts are initially recognized in the balance sheet at 
fair value. Subsequent changes in fair value are recognized in the income 
statement. 
Interest rate and foreign currency swaps 
Interest income and expense relating to swaps that are not designated as 
hedge instruments are recognized as net income or expense over the life of 
the contract. Foreign currency swaps are translated into Norwegian kroner 
at the applicable exchange rate at the balance sheet date with the resulting 
unrealized currency translation gain or loss re­corded in “Financial income/
(expense), net” in the income statement. 
Shared-based remuneration 
Yara has a shared-based remuneration program which provides a fixed cash 
amount to eligible top executives. Yara purchases the shares on behalf of 
the executives at market prices. The executives holds all shareholder rights 
from the date of pur­chase but cannot sell the shares in the three years 
vesting period. This program does not have dilutive effect since it represents 
ordinary shares outstanding. 
The fair value of the purchased shares is recognized as reduction in equi­ty. 
The costs for the Shared Based Remuneration program is expensed in the 
year when the shares are granted. However, the costs are re-invoiced within 
the same year to Yara units globally as part of the shared cost model. The 
employee tax is calculated and expensed at the grant date. 
The Company also gives employees the possibility to purchase shares in 
Yara at a reduced price. The related cost is recognized when the employ­ee 
exercises this option. 
Employee retirement plans 
Employee retirement plans are measured in accordance with IAS 19 Em­
ployee Benefits, as this is permitted by the Norwegian accounting standard 
on pensions (“NRS 6 Pensjonskostnader”). Past service cost is recognized 
immediately in the Statement of income together with any gains and losses 
arising from curtailments and settlements. Remeasure­ment gains and 
losses are recognized directly in retained earnings.
1 Employee benefits
Yara International ASA has incurred obligations under a funded defined 
benefit plan. The pension plan was closed to new entrants in 2006 and 
employees below the age of 55 received a paid-up policy for previously 
earned benefit entitlements. The defined benefit plan was replaced by a 
defined contribution plan from the same date, which requires Yara Interna­
tional ASA to make agreed contributions when employees have rendered 
service entitling them to the contributions. Yara International ASA has no 
legal or constructive obligation to pay further contributions. This new plan 
applies to the future pension earnings of existing employees below the 
age of 55 in 2006 and all new employees. Pension liabilities for defined 
benefit plans also include certain unfunded obligations.
Other long-term employee benefits include a provision for jubilee benefits.
Yara International ASA is obliged to and does fulfill the requirements 
of the act regarding mandatory occupational pension scheme ("Lov om 
obligatorisk tjenestepensjon").
Defined benefit plans 
The Company's net obligation in respect of defined benefit plans is calcu­
lated separately for each plan. The amount is an estimation of future ben­
efits that the employees have earned in return for their service in current 
and prior periods. The benefit is discounted to determine its present value, 
and the fair value of plan assets is deducted. The discount rate is the yield 
at the balance sheet date on high quality corporate bonds or government 
bonds where no market for high quality corporate bonds exists. If the bond 
has a different maturity from the obligation, the discount rate is adjusted. 
Qualified actuaries using the projected credit unit method perform the 
calculations. 
Past service costs arising from the amendment of plan benefits are 
recognized immediately in profit or loss. Remeasurement gains and losses 
are recognized as retained earnings through other comprehensive income 
in the period they occur, and will not be reclassified to profit or loss in 
subsequent periods.

175
Yara Annual report 2019
Financial statements for Yara International ASA
Defined contribution plans 
Obligations for contributions to defined contribution plans are recognized 
as an expense in the statement of income when employees have rendered 
services entitling them to the contributions. Prepaid contributions are rec­
ognized as an asset to the extent that a cash refund or deduction in future 
payments is available. 
Other long-term benefits 
The Company's obligation in respect of other long-term benefits is the 
amount of future benefits that the employees have earned in return for 
their service in current and prior periods. The obligation is discounted 
based on the same principles as defined benefit plans.  
Long-term employee benefit obligations recognized in the Statement of financial position
NOK millions
Notes
2019
2018
Pension liabilities for defined benefit plans
 (956)
 (885)
Termination benefits and other long-term employee benefits
 (9)
 (9)
Surplus on funded defined benefit plan
8
 348 
 351 
Net long-term employee benefit obligations
(617)
(543)
Expenses for long-term employee benefit obligations recognized in the Statement of income
NOK millions
2019
2018
Defined benefit plans
 (42)
 (44)
Defined contribution plans
 (57)
 (53)
Termination benefits and other long-term employee benefits
 (11)
 (10)
Net expenses recognized in Statement of income
(110)
(107)
Defined benefit plans
Yara International ASA is the sponsor of Yara Pensjonskasse, a funded 
pension plan which also covers employees of its subsidiary Yara Norge 
AS. Plan benefits are based on years of service and final salary levels. 
Determination of the required annual contribution to Yara Pensjonskasse 
from each of the participating legal entities is defined by the bylaws of the 
pension fund, and is based on actuarial calculations. The distribution of 
pension costs to the participating entities is based on the same calcula­
tions. At 31 December 2019, the number of active participants in the 
funded defined benefit plan who were employed by Yara International 
ASA, was 1 and the number of retirees was 134. In addition, 366 current 
and previous employees of Yara International ASA have earned paid-up 
policies in the pension fund.
Yara International ASA participates in a multi-employer plan (AFP - 
"Avtalefestet pensjon") which entitles most of its employees the right to 
retire from the age of 62. Participating entities are required to pay an 
annual fee for each of its active employees. As the information required to 
account for this part of the plan as a defined benefit plan is not available 
from the plan administrator, it is accounted for as if it were a defined con­
tribution plan. The provision for defined benefit plans includes however the 
calculated obligation to pay a percentage of benefits paid to its employ­
ees who have chosen early retirement under this plan. A further defined 
benefit obligation is recognized to account for a gratuity offered by Yara 
International ASA to its employees who retire with the AFP scheme.
Norwegian employees at position level of department manager or above 
are members of an unfunded early retirement plan. The plan covers the 
period from age 65 to 67 with a defined benefit equal to 65% of final sal­
ary. From 2006 accrual of pension in this plan has been limited to a salary 
of 12G (i.e. 12 times the Norwegian Social Security Base Amount, which 
from 1 May 2019 was NOK 99,858).
Effective 1 January 2015 Yara International ASA implemented changes 
to the early retirement schemes, both the AFP gratuity plan and the plan 
for early retirement from 65 to 67 for positions as department manager or 
above, in which all employees below age 50 were transferred to new con­
tribution-based plans which offer increased contribution rates compared to 
the ordinary defined contribution plan, as well as compensation contribu­
tions, where applicable. Employees aged 50 or above retained their rights 
from the old plans, however with the option to choose a transfer to the 
new contribution-based plans. As the compensation contribution plans 
are unfunded and Yara International ASA retains investment risk, they are 
accounted for as defined benefit plans. 
All Norwegian employees with salary above 12G as of 3 December 2015 
are members of an unfunded plan which requires Yara International ASA 
to contribute with an amount equal to 25% of pensionable salary in excess 
of 12G for each year of service, with the addition of annual return on 
the accumulated balance. The plan was closed to new members from 3 
December 2015. As the plan is unfunded and investment risk is retained 
by Yara International ASA, the plan is included in the obligation for defined 
benefit plans. 
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated 
financial and demographical assumptions and taking into account relevant 
economic environment factors. 
It is the opinion of the management of Yara International ASA that there 
is a sufficiently deep market for high quality corporate bonds in Norway, 
which is therefore used as reference for determination of the discount rate. 
Normal assumptions for demographical and retirement factors have been 
used by the actuary when calculating the obligation. Estimated future 
mortality is based on published statistics and mortality tables. The actuary 
has used the K2013BE mortality table. According to K2013BE a current 
employee aged 45 today would be expected to live 25.0 years after 
reaching the retirement age of 65, whereas an employee aged 65 today 
would on average be expected to live 23.2 years.

176
Yara Annual report 2019
Financial statements for Yara International ASA
The following financial assumptions have been applied for the valuation of liabilities
In percentages
2019
2018
Discount rate
 2.1 
 2.7 
Expected rate of salary increases
 2.2 
 2.6 
Future rate of pension increases
 1.0 
 1.1 
Actuarial valuations provided the following results
NOK millions
2019
2018
Present value of unfunded obligations
 (838)
 (776)
Present value of wholly or partly funded obligations
 (765)
 (713)
Total present value of obligations
 (1,602)
 (1,489)
Fair value of plan assets
 1,113 
 1,065 
Social security on defined benefit obligations
 (118)
 (109)
Total recognized liability for defined benefit plans
 (608)
 (534)
Duration of liabilities at the end of the year
Duration of liabilities (in years)
2019
Funded plan
 15.9 
Unfunded plans
 11.2 
Pension cost recognized in Statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the following year to determine the net pension cost. 
The discount rate is used to calculate the interest income from plan assets.
The following items have been recognized in the Statement of income
NOK millions
2019
2018
Current service cost
 (23)
 (25)
Administration cost
 (2)
 (2)
Social security cost
 (6)
 (6)
Payroll and related costs
 (31)
 (33)
Interest on obligation
 (39)
 (37)
Interest income from plan assets
 28 
 26 
Interest expense and other financial items
 (11)
 (10)
Total expense recognized in income statement
 (42)
 (44)

177
Yara Annual report 2019
Financial statements for Yara International ASA
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of assumptions and estimates. Below table indicates the 
sensitivity of the most material financial assumptions applied to the defined benefit obligation, by showing the result from an increase or decrease in any 
one of the assumptions applied (all other assumptions held constant).
NOK millions
2019
2018
Actual valuation
 (1,602)
 (1,489)
Discount rate +0.5%
 (1,514)
 (1,407)
Discount rate -0.5%
 (1,699)
 (1,579)
Expected rate of salary increase +0.5%
 (1,616)
 (1,498)
Expected rate of salary increase -0.5%
 (1,590)
 (1,480)
Expected rate of pension increase +0.5%
 (1,686)
 (1,567)
Expected rate of pension increase -0.5%
 (1,526)
 (1,418)
Expected longevity +1 year
 (1,658)
 (1,540)
Expected longevity -1 year
 (1,546)
 (1,438)
Development of defined benefit obligations
NOK millions
2019
2018
Defined benefit obligation as of 1 January
 (1,489)
 (1,498)
Current service cost
 (23)
 (25)
Interest cost
 (39)
 (37)
Experience adjustments
 (14)
 19 
Effect of changes in financial assumptions
 (98)
 (8)
Benefits paid
 61 
 60 
Defined benefit obligation as of 31 December
 (1,602)
 (1,489)
Development of plan assets
NOK millions
2019
2018
Fair value of plan assets as of 1 January
 1,065 
 1,073 
Interest income from plan assets
 28 
 26 
Administration cost
 (2)
 (2)
Return on plan assets (excluding calculated interest income)
 51 
 (5)
Benefits paid
 (29)
 (28)
Fair value of plan assets as of 31 December
 1,113 
 1,065 
Yara Pensjonskasse (the pension fund) is a separate legal entity, independently governed by its Board of Directors. It is the responsibility of the pension 
fund's Board of Directors to determine the investment strategy, and to review the administration of plan assets and the funding level of the pension fund. 
If needed, Yara International ASA will be required to increase the capital buffer of the pension fund.
Yara International ASA's defined benefit plan obligations are inherently exposed to inflation risk, interest rate risk and longevity risk. The investment 
strategies of the pension fund ensures diversement of investments in order to keep market volatility risk at a desired level. The pension fund Board of 
Directors is targeting a satisfactory level of risk and return corresponding to the maturity profile of future pension benefit payments.

178
Yara Annual report 2019
Financial statements for Yara International ASA
At the end of the year, the plan assets were invested as follows
NOK millions, except percentages
2019
2019
2018
2018
Cash and cash equivalents
33
3%
 33 
3%
Shares
388
35%
 349 
33%
Other equity instruments
95
9%
 82 
8%
Investment grade debt instruments
575
52%
 578 
54%
Properties
20
2%
 22 
2%
Total plan assets
1,113
100%
 1,065 
100%
Yara Pensjonskasse (the pension fund) does not hold any investments that do not have a quoted market price in an active market. Nor does it hold any 
financial instruments issued by Yara Group companies.
Contributions expected to be paid by Yara International ASA to the defined benefit plans for 2020 are NOK 26 million. The amount includes any premium 
to be paid to Yara Pensjonskasse and all benefits to be paid for unfunded plans.
Remeasurement gains/(losses) recognized in retained earnings
NOK millions
2019
2018
Cumulative amount recognized directly in retained earnings pre-tax at 1 January
 (152)
 (158)
Remeasurement gains/(losses) on obligation for defined benefit plans
 (112)
 10 
Remeasurement gains/(losses) on plan assets for defined benefit plans
 51 
 (5)
Social security on remeasurement gains/(losses) recognized directly in equity this year
 (7)
 1 
Cumulative amount recognized directly in retained earnings pre-tax at 31 December
 (219)
 (152)
Deferred tax related to remeasurement gains/(losses) recognized directly in retained earnings
 48 
 33 
Cumulative amount recognized directly in retained earnings after tax at 31 December
 (171)
 (118)
2 Remuneration and other
Remuneration and direct ownership of shares of the chairperson and of 
the board of directors are disclosed in note 8.1 to the consolidated finan­
cial statement.
Remuneration to the President and Yara management, as well as number 
of shares owned and Shared Based Remuneration program, are disclosed 
in note 8.2 to the consolidated financial statements.	
	
	
	
Partners and employees of Yara's independent auditors, Deloitte AS, own 
no shares in Yara International ASA, or in any of its subsidiaries. Yara In­
ternational ASA's fee to Deloitte AS (Norway) for ordinary audit was NOK 
4,996 thousand (2018: NOK 3,908 thousand), fee for assurance services 
NOK 952 thousand (2018: NOK 1,704 thousand), NOK 54 thousand 
for tax services (2018: NOK 245 thousand) and NOK 416 thousand for 
non-audit services (2018: NOK 535 thousand). Audit remuneration for 
the group is disclosed in note 8.3 to the consolidated financial statement.	
	
At 31 December 2019, the number of employees in Yara International 
ASA was 599 (2018: 639)	
	
	
	
NOK millions
2019
2018
Payroll and related costs
Salaries
 (821)
 (799)
Social security costs
 (115)
 (108)
Net periodic pension costs
 (99)
 (97)
Total
 (1,035)
 (1,003)
Yara provided a guarantee for unsecured loans which were granted from 
external banks to the Norwegian employees. Yara did not compensate the 
banks for these services. At 31 December 2019, the aggregate balance 
of all the outstanding loans for which Yara is providing a guarantee is 
approximately NOK 0.2 millions, and the number of loans are 1. The 
scheme in question ceased to apply and the loans are expected to be 
settled within 1 year.	 	
Yara continued to give employees in Norway an opportunity to take part in 
a share purchase program in 2019. All permanent employees in Norway 
have been offered shares with a discount and given an interest-free loan 
with a 12-month repayment profile. In order to handle this arrangement in 
an efficient way, Yara has established a foundation for employees' shares 
in Yara. The foundation has purchased 40,200 shares during 2019. In 
total 40,439 shares have been sold during 2019 to 965 persons, 48 per­
sons were allotted 21 shares and 917 persons were allotted 43 shares. 
As at 31 December 2019, the foundation owns 157 shares in Yara.

179
Yara Annual report 2019
Financial statements for Yara International ASA
3 Intangible assets, property, plant and equipment
2019
 NOK millions, except percentages and years
Intangible assets 1)
Property, plant 
and equipment 2)
Total 
Cost
Balance at 1 January 
1,170 
168 
1,339 
Addition at cost
181 
23 
203 
Derecognition
(1)
(1)
(2)
Balance at 31 December 
1,350 
190 
1,541 
Depreciation, amortization and impairment loss
Balance at 1 January 
(497)
(95)
(590)
Depreciation and amortization
(158)
(13)
(171)
Balance at 31 December 
(654)
(107)
(761)
Carrying value
Balance at 1 January 
674 
74 
748 
Balance at 31 December 
697 
83 
780 
Useful life in years
3 - 5 
4 - 50
Depreciation rate 
20 - 35%
2 - 25%
1) Intangible assets mainly consist of computer software systems and capitalized technology assets.
2) Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as security at 31 December 2019.
2018
 NOK millions, except percentages and years
Intangible assets 1)
Property, plant 
and equipment 2)
Total 
Cost
Balance at 1 January 
900 
171 
1,071 
Addition at cost
306 
12 
318 
Derecognition
(35)
(15)
(50)
Balance at 31 December 
1,170 
168 
1,339 
Depreciation, amortization and impairment loss
Balance at 1 January 
(402)
(98)
(500)
Depreciation and amortization
(123)
(11)
(134)
Derecognition
29 
15 
44 
Balance at 31 December 
(497)
(95)
(590)
Carrying value
Balance at 1 January 
497 
73 
570 
Balance at 31 December 
674 
74 
748 
Useful life in years
3 - 5 
4 - 50
Depreciation rate 
20 - 35%
2 - 25%
1) Intangible assets mainly consist of computer software systems and capitalized technology assets.
2) Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as security at 31 December 2018.

180
Yara Annual report 2019
Financial statements for Yara International ASA
4 Specification of items in the income statement
Revenue 
Information about sales to geographical areas

2019
2018
NOK millions
 External 
 Internal 
 Total 
 External 
 Internal 
 Total 
Norway 
 - 
 91 
 91 
 - 
 98 
 98 
European Union 
 38 
 1,715 
 1,753 
 22 
 2,258 
 2,280 
Europe, outside European Union 
 - 
 4 
 4 
 - 
 3 
 3 
Africa 
 - 
 21 
 21 
 - 
 23 
 23 
Asia 
 - 
 57 
 57 
 - 
 45 
 45 
North America 
 - 
 35 
 35 
 - 
 45 
 45 
Latin America 
 - 
 126 
 126 
 - 
 176 
 176 
Australia and New Zealand 
 - 
 20 
 20 
 2 
 17 
 19 
Total
 38 
 2,069 
 2,107 
 25 
 2,665 
 2,690 
Other operating expenses
NOK millions
2019
2018
Selling and administrative expense
 (1,508)
 (1,341)
Rental and leasing 1)
 (58)
 (65)
Travel expense
 (49)
 (65)
Other
 (371)
 (461)
Total
(1,986)
(1,933)
Of which research costs 2)
(506)
(328)
1) Expenses mainly relate to office and lease contracts for company cars.
2) Over the last few years, Yara has focused on orienting research and development resources towards commercial activities, both with respect to process and product improvements and agronomical activities.
5 Financial income and expenses
NOK millions
Notes
2019
2018
Dividends and Group relief from subsidiaries 
 900 
 4,500 
Write-down shares in subsidiaries 1)
 - 
 (466)
Loss on sale of shares in subsidiaries 2)
(2)
-
Interest income group companies
13
 1,017 
 1,094 
Other interest income
 34 
 53 
Interest expense group companies
13
 (274)
 (319)
Other interest expense
 (1,367)
 (1,165)
Interest expense defined pension liabilities
1
 (39)
 (37)
Return on pension plan assets
1
 28 
 26 
Net foreign exchange gain/(loss)
 (613)
 (875)
Other financial income/(expense)
 (15)
 (40)
Financial income/(expense), net
(331)
2,772
1) Yara Colombia S.A.
2) Yara Costa Rica S. de RL.

181
Yara Annual report 2019
Financial statements for Yara International ASA
6 Income taxes
Specification of income tax expense
NOK millions
2019
2018
Current tax expense 1)
 (12)
 (11)
Deferred tax income/(expense) recognized in the current year
 306 
 227 
Income tax income/(expense)
 294 
 216 
1) Withholding taxes and prior years adjustment, see specification in the table below.

Reconciliation from nominal statutory tax rate to effective tax rate
NOK millions
2019
2018
Income before taxes
 (1,432)
 2,388 
Statutory tax rate
22%
23%
Expected income taxes at statutory tax rate
 315 
 (549)
The tax effect of the following items:
Group relief received from subsidiary with no tax effect
 - 
 920 
Withholding taxes
 (7)
 (16)
Prior years adjustment
 (5)
 5 
Tax law changes
 - 
 (36)
Non-deductible expenses
 (16)
 (107)
Other
7
 (1)
Income tax income/(expense)
 294 
 216 
Effective tax rate
21% 
9% 

Specification of deferred tax assets/(liabilities)
NOK millions
Opening 
balance
Charged 
to income
Reclassified 
from equity to
 profit or loss
Charged 
to equity
Closing 
balance
Non-current items
Intangible assets
 - 
Property, plant and equipment
 6 
-
 7 
Pension liabilities
 156 
 (51) 
14
120
Other non-current assets
 (1,189)
 440
1
 (748)
Other non-current liabilities and accruals
 650 
 (151)
 499 
Total
 (379)
239
1
14
 (125)
Current items
Accrued expenses
 27 
 1 
 29 
Total
 27 
 1 
 - 
 29 
Tax loss carry forwards
 1,173 
 63 
 - 
 1,236 
Net deferred tax asset/(liability)
 820 
 303
1
14
 1,140 
Tax loss carry forwards are expected to be fully utilized by taxable interest income on group funding and taxable group contributions from Yara’s operating 
companies in Norway.		
In 2019, Yara International ASA received a notification and request for information from the Norwegian Tax Authorities in relation to a trans­fer price audit. 
In the notification and request for information, the Tax Authorities have stated that they consider changing the company’s tax assessment for the years 
2015, 2016 and 2017. Yara International ASA has recently submitted its response. The Tax Authorities have not disclosed any potential amount or provid­
ed guidance on how a potential change will impact the tax assessment for these years.

182
Yara Annual report 2019
Financial statements for Yara International ASA
7 Shares in subsidiaries
Company name
Ownership 1)
Ownership 
by other 
group 
companies
Registered
 office
Functional 
currency
Total equity in 
the company 
2019 functional 
currency millions
Net income/
(loss) 2019 in 
functional 
currency 
millions
Carrying 
value 
2019 
NOK 
millions
Carrying 
value 
2018 
NOK 
millions
Subsidiaries owned by Yara International ASA
Fertilizer Holdings AS
100%
-
Norway
NOK
 28,984 
 701 
 16,178 
 16,178 
Yara Norge AS
100%
-
Norway
NOK
 2,058 
 1,083 
 1,303 
 1,303 
Yara Asia Pte. Ltd. 
100%
-
Singapore
USD
 1,301 
 107 
 1,114 
 1,114 
Yara Colombia S.A.
70.39%
29%
Colombia
COP
 390,583 
 335 
 763 
 763 
Yara North America Inc. 
100%
-
USA
USD
 366 
 (20) 
 468 
 468 
Yara Guatemala S.A.
100%
-
Guatemala
GTQ
 200 
 14 
 24 
 24 
Yara Lietuva, UAB
100%
-
Lithuania
EUR
 (4)
 (4)
 1 
 1 
Yara International Employment Co. AG
100%
-
Switzerland
EUR
 2 
 - 
 1 
 1 
Profesionistas AAL
0.04%
99.96%
Mexico
MXN
 - 
 2 
 - 
 - 
Operaciones BPT
10%
90%
Mexico
MXN
 - 
 - 
 - 
 - 
Yara Costa Rica S. de RL. 2)
-
87.56%
Costa Rica
CRC
-
-
-
 2 
Total
 19,853 
 19,855 
1) Percentage of shares owned equals percentage of voting shares owned. A number of the above mentioned companies also own shares in other companies as specified in their annual reports. 
See also note 8.4 to the consolidated financial statements.
2) Disposed of in 2019, shares were sold to Yara Iberian S.A.
	
	
8 Specification of balance sheet items
NOK millions
Notes 
2019
2018
Other non-current assets
Surplus on funded defined benefit plans
1
348
351
Long-term fair value derivative hedging instrument
2
-
Interest rate swap designated for hedging (external)
4
4
Other
57
43
Total
411
399
Inventories
Finished goods
11
18
Raw materials
1
3
Total
12
22
Short-term interest-bearing debt
External loans
12
2,379
1,317
Bank overdraft
141
441
Total
2,519
1,759
9 Guarantees
NOK millions
2019 
2018 
Guarantees (off-balance sheet)
Guarantees for debt in subsidiaries
 5,749 
 5,645 
Non-financial guarantees
 9,658 
 6,684 
Total
 15,408 
 12,329 
Yara International ASA provides guarantees arising in the ordinary course of business, including performance bonds and various payment or financial 
guarantees. See note 5.8 Secured debt and guarantees to the consolidated financial statements for further information about guarantees.

183
Yara Annual report 2019
Financial statements for Yara International ASA
10 Financial risks and hedge accounting
Financial risks in Yara and the use of derivative instruments are described in note 6.1 to the consolidated financial statement. The exposure to credit risk is 
represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the balance sheet.
Liquidity risk
Yara International ASA manages liquidity risk by continuously monitoring forecasted and actual cash flows. Non-current intercompany receivables are 
related to funding of subsidiaries and have a maturity profile matching the external debt maturities (see note 12 for details). Current intercompany 
receivables and payables mainly reflect intercompany current account balances and will fluctuate with fertilizer seasons. Committed liquidity reserves are 
maintained to meet unforeseen events.
Yara International ASA has the following derivative instruments outstanding at 31 December
NOK millions
2019
2018
Fair value of derivatives
Forward foreign exchange contracts (external)
(31)
 (388)
Forward foreign exchange contracts (Yara Group internal)
7 
 358 
Cross currency swaps (external)
(631)
 (534)
Interest rate swaps designated for hedging (external)
(61)
 (54)
Balance at 31 December
(716)
(618)
Derivatives presented in the balance sheet
Non-current assets
6 
 4 
Current assets
10 
 379 
Non-current liabilities
(697)
 (592)
Current liabilities
(35)
 (408)
Balance at 31 December
(716)
(618)
Forward foreign exchange contracts
Yara is committed to the following outstanding forward foreign exchange contracts
NOK millions
2019
2018
Forward foreign exchange contracts (external), notional amount
2,268 
5,172 
Forward foreign exchange contracts (Yara Group internal), notional amount
6,939 
7,585 
All outstanding forward foreign exchange contracts at 31 December 2019 have maturity in 2020, except non-deliverable forward contracts totaling NOK 
572 million that mature in 2021. External buy positions are mainly in US dollars against Norwegian kroner or Brazilian reals. External sell positions are in 
various operating currencies towards Norwegian kroner.	 	
	
Hedge accounting
Fair value hedges
In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk is the 
change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 700 million and NOK 600 million fixed rate bond debt from 2014. The 
swaps have different interest payment dates (quarterly vs. annually), but identical interest basis and maturity as the hedged debt and are assessed to be 
highly effective. 
In December 2017, Yara designated a portfolio of long-term NOK and SEK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk 
is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed rate bond debt and the 
change in fair value due to changes in risk-free interest rates (STIBOR) of the SEK 800 million fixed rate bond debt, all from 2017. The swaps have dif­
ferent interest payment dates (quarterly vs. annually), but identical interest basis and maturity as the hedged debt and are assessed to be highly effective. 
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation of interest rate swaps as 
hedging instruments and use of hedge accounting enables Yara to include the fair value of changes in interest rates in the carrying value of the bonds. 
The corresponding adjustment in the Consolidated Statement of Income offsets the effects of the recognized interest rate swaps, leading to less volatility 
in net income.

184
Yara Annual report 2019
Financial statements for Yara International ASA
Cash flow hedges
Yara had no cash flow hedges in 2019 or 2018. However, Yara has used derivative instruments to hedge cash flows of planned transactions in the past 
and may do so also in the future. 
In 2007, Yara used treasury locks to hedge the future cash flows of a USD 300 million portion of the June 2009 bond issue. The loss on these contracts 
was recognized directly in equity and was proportionally reclassified into interest expense and deferred tax until 2019 when the bond expired. Amount 
reclassified to interest expense in 2019 was NOK 5 million after tax (2018: NOK 5 million).
	
	
	
	
	
	
	
Effect on financial position and performance in 2019
Currency
Hedge 
rates
Carrying amount of 
the hedged item 1)
Accumulated amount of 
hedge adjustment on the 
hedged item included in 
the carrying amount of 
the hedged item
Line item in the 
balance sheet in 
which the hedged 
item is included
Line item in the 
balance sheet in 
which the hedging 
instrument is 
included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness 2)
Change in value 
of the hedging 
instrument 2) 
Hedge 
ineffectiveness 
recognized 
in income 
statement
NOK millions
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, 
NOK bonds (2014)
NOK
3M 
NIBOR
 - 
 1,288 
 11 
 - 
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 9 
 (9)
 - 
- Fixed interest, 
NOK bonds (2017)
NOK
3M 
NIBOR
 - 
 1,946 
 52 
 - 
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 1 
 (1)
 - 
- Fixed interest, 
SEK bonds (2017)
SEK
3M 
STIBOR
 - 
 756 
 - 
 2 
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 (2)
 2 
 - 
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) All amounts are pre-tax. 
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Effect on financial position and performance in 2018
Currency
Hedge 
rates
Carrying amount of 
the hedged item 1)
Accumulated amount of 
hedge adjustment on the 
hedged item included in 
the carrying amount of 
the hedged item
Line item in the 
balance sheet in 
which the hedged 
item is included
Line item in the 
balance sheet in 
which the hedging 
instrument is 
included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness 2)
Change in value 
of the hedging 
instrument 2) 
Hedge 
ineffectiveness 
recognized 
in income 
statement
NOK millions
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, 
NOK bonds (2014)
NOK
3M 
NIBOR
 - 
 1,297 
 2 
 - 
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 11 
 (11)
 - 
- Fixed interest, 
NOK bonds (2017)
NOK
3M 
NIBOR
 - 
 1,946 
 51 
 - 
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 17 
 (17)
 - 
- Fixed interest, 
SEK bonds (2017)
SEK
3M 
STIBOR
 - 
 775 
-
 - 
Long-term 
interest-bearing 
debt
 Other long-term 
liabilities 
 (5)
 5 
 - 
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) All amounts are pre-tax. 
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Specific risks associated with the upcoming interest rate benchmark reform
Within its hedge accounting relationships, the Yara is exposed to NIBOR, STIBOR and USD LIBOR (collectively "IBORs") interest rate benchmarks subject 
to interest rate benchmark reform. The hedged items include issued NOK and SEK fixed rate debt plus foreign currency translation risk associated with 
Yara’s net investment in USD denominated foreign operations.

185
Yara Annual report 2019
Financial statements for Yara International ASA
Yara Finance, Treasury & Insurance has established an IBOR transition program to understand the specific exposures and prepare an action plan in order 
to enable a smooth transition to alternative benchmark rates. Risks hitherto identified include, but may not be limited to, the items listed in below table.	
	
	
	
	
	
	
	
	
	
	
Risk
Potential impact
Lack of standardized alternative term rates
Cash flow uncertainty, operational challenges
Economic difference vs. IBORs and alternative rates
Changes in mark-to-market value of affected contracts
Different speed of transition across products and currencies
Basis risk on hedge accounting relations
Operational adjustments required
Upgrade of IT systems, renegotiation of agreements
As none of Yara’s current IBOR linked contracts already include fall back provisions in case the referenced benchmark interest rate ceases to be available, 
Yara monitors the output from the various working groups managing the transition to new benchmark rates carefully and will look to implement appropri­
ate fall back language in due course.
11 Number of shares outstanding, shareholders, equity reconciliation etc.
Yara International ASA was established 10 November 2003. The company was established with a share capital of NOK 108,610,470 consisting of 
63,888,512 shares at NOK 1.70 per share. At 31 December 2019, the company has a share capital of NOK 463,084,483 consisting of 272,402,637 
ordinary shares at NOK 1.70 per share. 
Yara owns 1,362,013 own shares at 31 December 2019. For further information on these issues see note 5.1 to the consolidated financial statement.
Shareholders holding 1% or more of the total 272,402,637 shares issued as of 31 December 2019 are according to information from Nasdaq.	
Name
Number of shares
Holding (%)
Ministry of Trade, Industry and Fisheries
 98,640,995 
36.2%
Norwegian National Insurance Scheme fund
 17,893,478 
6.6%
Sprucegrove Investment Management, Ltd.
 6,496,700 
2.4%
The Vanguard Group, Inc.
 5,203,959 
1.9%
BlackRock Institutional Trust Company, N.A.
 5,104,435 
1.9%
Fidelity Management & Research Company
 4,875,087 
1.8%
TemplexInvestment Counsel, L.L.C.
 4,807,414 
1.8%
Polaris Capital Management, LLC
 4,440,776 
1.6%
SAFE Investment Company Limited
 3,652,404 
1.3%
KLP Forsikring
 3,640,472 
1.3%
DNB Asset Management AS
 3,410,541 
1.3%
Capital World Investors
 3,321,609 
1.2%
Storebrand Kapitalforvaltning AS
 3,248,079 
1.2%
Nordea Funds Oy
 3,225,947 
1.2%
Pelham Capital Ltd
 3,174,733 
1.2%
State Street Global Advisors (US)
 3,083,417 
1.1%

186
Yara Annual report 2019
Financial statements for Yara International ASA
Shareholders' equity
NOK millions
Paid-in-capital
Retained 
earnings
Total 
shareholders
 equity
Balance 31 December 2017
 582 
 19,382 
 19,963 
Net income of the year
 - 
 2,605 
 2,605 
Dividend proposed
 - 
 (1,771)
 (1,771)
Cash flow hedges
 - 
 5 
 5 
Actuarial gain/(loss) 1)
 - 
 3 
 3 
Treasury shares 2)
 (1)
 (283)
 (284)
Balance 31 December 2018
 581 
 19,942 
 20,522 
Net income of the year
 - 
 (1,138)
 (1,138)
Dividend proposed 5)
 - 
 (4,054)
 (4,054)
Cash flow hedges
 - 
 2 
 2 
Actuarial gain/(loss) 1)
 - 
 (53)
 (53)
Adjustment to proposed dividend previous years
 - 
 (2)
 (2)
Treasury shares 3) 4)
 (4)
 (754)
 (757)
Balance 31 December 2019
 577 
 13,943 
 14,521 
1) Yara International ASA has decided to use the option in NRS 6A to adopt IAS19. For further information, see the accounting policies on page 173.	
2) As approved by General Meeting 8 May 2018.
3) As approved by General Meeting 7 May 2019.
4) See note 5.1 to the consolidated financial statement for more information.
5) Based on total shares issued less 1.362.013 own shares less commitment to redeem 773.187 shares from the Norwegian State.
12 Long-term debt
Notes
Maturity
Weighted 
average
 interest rates
Denominated amounts 2019
Carrying amounts
NOK millions, except percentages and denominated amounts
Currency millions
NOK millions
2019
2018
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.70%)
- 
 - 
 - 
 - 
 2,199 
Unsecured debenture bonds in USD (Coupon 7.88%)
6.1
0.0%
 - 
 - 
 - 
 4,338 
Unsecured debenture bonds in NOK (Coupon 2.55%)
6.1
2021
2.6%
 700 
 700 
 693 
 698 
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.75%)
2022
2.6%
 1,250 
 1,250 
 1,250 
 1,248 
Unsecured debenture bonds in SEK (Coupon STIBOR + 1.00%)
2022
0.8%
 450 
 426 
 425 
 436 
Unsecured debenture bonds in SEK (Coupon 1.10%)
6.1
2022
1.2%
 800 
 756 
 756 
 775 
Unsecured debenture bonds in NOK (Coupon 3.00%)
6.1
2024
3.0%
 600 
 600 
 595 
 599 
Unsecured debenture bonds in NOK (Coupon 2.45%)
6.1
2024
2.5%
 1,000 
 1,000 
 974 
 977 
Unsecured debenture bonds in USD (Coupon 3.80%)
6.1
2026
3.9%
 500 
 4,397 
 4,378 
 4,319 
Unsecured debenture bonds in NOK (Coupon 2.90%)
6.1
2027
2.9%
 1,000 
 1,000 
 972 
 969 
Unsecured debenture bonds in USD (Coupon 4.75%)
6.1
2028
4.8%
 1,000 
 8,793 
 8,752 
 8,637 
Unsecured bank loans in USD
2.9%
 545 
 4,790 
 7,584 
 4,711 
Outstanding long-term debt
 26,377 
 29,906 
Less: Current portion
 (3,342)
 (6,798)
Total
 23,035 
 23,108 
At 31 December 2019, the fair value of the long-term debt, including the current portion, is NOK 27,254 million and the carrying value is NOK 26,377 
million. See notes 5.3 Interest-bearing debt and 6.1 Financial risks to the consolidated financial statements for further information about long-term debt.

187
Yara Annual report 2019
Financial statements for Yara International ASA
Payments on long-term debt fall due as follows	
	
	
NOK millions
Debentures
Bank loans
Total 1)
2020
 - 
 3,342 
 3,342 
2021
 693 
 264 
 958 
2022
 2,430 
 1,577 
 4,006 
2023
 - 
 264 
 264 
2024
 1,568 
 1,583 
 3,152 
Thereafter
 14,102 
 553 
 14,655 
Total
 18,793 
 7,584 
 26,377 
1) Including current portion.
13 Transactions with related parties
Transactions with related parties are mainly associated with the group treasury function and rendering of group services by the employees of 
Yara International ASA.	
	
	
NOK millions
Notes
2019
2018
Income statement
Yara Belgium S.A.
 1,297 
 1,744 
Yara Norge AS
 88 
 104 
Yara Sluiskil B.V.
 80 
 94 
Yara Brasil Fertilizantes S.A.
 67 
 89 
Other
 537 
 634 
Internal revenues
4
 2,069 
 2,665 
Yara Norge AS
 900 
 500 
Fertilizer Holdings AS
 - 
 4,000 
Dividends and Group relief from subsidiaries
5
 900 
 4,500 
Yara Nederland B.V.
 274 
 401 
Yara Holding Netherlands B.V.
 261 
 234 
Yara Norge AS
 177 
 154 
Yara Sluiskil B.V.
 61 
 59 
Yara AB 
 32 
 28 
Yara Suomi Oy
 32 
 30 
Other
 181 
 189 
Interest income group companies
5
 1,018 
 1,095 
Fertilizer Holdings AS
 (47)
 (174)
Yara Switzerland Ltd
 (47)
 (17)
Yara Asia Pte Ltd
 (33)
 (23)
Yara Caribbean Ltd
 (32)
 (38)
Yara Canada Holding Inc.
 (30)
 (15)
Other
 (85)
 (52)
Interest expense group companies
5
 (274)
 (319)

188
Yara Annual report 2019
Financial statements for Yara International ASA
NOK millions
Notes
2019
2018
Non-current assets
Yara Holding Netherlands B.V.
 18,796 
 18,862 
Yara Norge AS
 4,831 
 4,770 
Yara Sluiskil B.V.
 4,505 
 4,544 
Yara Nederland B.V.
 4,196 
 7,942 
Yara Investments Germany SE
 3,166 
 2,446 
Yara Suomi Oy
 3,105 
 3,132 
Yara Investment GmbH
 1,648 
 - 
Yara AB
 1,547 
 1,582 
Other
 3,132 
 1,841 
Intercompany receivables
 44,927 
 45,118 
Current assets
Yara AS
 3,575 
 2,411 
Yara France SAS
 1,080 
 939 
Yara Norge AS
 999 
 721 
Freeport Ammonia LLC
 523 
 589 
Yara LPG Shipping AS
 467 
 608 
Yara Phosphates Oy
 456 
 361 
Yara Belgium S.A.
 349 
 25 
Fertilizer Holdings AS
 - 
 4,000 
Other
 1,752 
 2,465 
Intercompany receivables
 9,202 
 12,119 
Current liabilities
Yara Nederland B.V.
 (6,579)
 (4,329)
Yara Asia Pte Ltd
 (3,181)
 (1,923)
Yara Switzerland Ltd
 (2,536)
 (780)
Yara Canada Holding Inc.
 (2,007)
 (661)
Yara Tertre S.A.
 (1,985)
 (2,029)
Fertilizer Holdings AS
 (1,912)
 (4,343)
Other
 (10,416)
 (9,771)
Intercompany payables
 (28,615)
 (23,836)
Trinidad Nitrogen Company Ltd.
 (118)
 (105)
Yara Freeport LLC DBA Texas Ammonia
 (198)
 (383)
Yara Pilbara Nitrates Pty Ltd
 (12)
 (287)
Other
 (17)
 (5)
Short-term interest-bearing loans from Group associates and joint arrangements
 (345)
 (780)
Remuneration to the Board of Directors and Yara Management is disclosed in notes 8.1 and 8.2 to the consolidated financial statements. 
Yara International ASA has transactions with Yara Pensjonskasse (pension fund). See note 1 for more information.

189
Yara Annual report 2019
Directors’ responsibility statement 
Directors’ responsibility statement
2019
WE CONFIRM TO THE BEST OF OUR KNOWLEDGE THAT:
• 	 The consolidated financial statements for 2019 have been prepared in accordance with IFRS as adopted by the EU, as well as additional information 
requirements in accordance with the Norwegian Accounting Act, and that
•	
The financial statements for the parent company for 2019 have been prepared in accordance with the Norwegian Accounting Act and generally 
accepted accounting practice in Norway, and that
•	
The information presented in the financial statements gives a true and fair view of the Company’s and Group’s assets, liabilities, financial position 
and result for the period viewed in their entirety, and that
•	
The Board of Directors’ report gives a true and fair view of the development, performance and financial position of the Company and Group, and 
includes a description of the principle risks and uncertainties
•	
That the country by country report for 2019 has been prepared in accordance with the Norwegian Accounting Act § 3-3d and the Norwegian Security 
Trading Act § 5-5a.	
Geir Isaksen
Chairperson
Trond Berger
Board member 
Hilde Bakken
Board member 
Håkon Reistad Fure
Board member 
The Board of Directors of Yara International ASA
Oslo, 17 March 2020
Kimberly Lein-Mathisen
Board member 
Adele Bugge Norman Pran
Board member 
John Thuestad
Board member
Kari-Marie Nøstberg
Board member 
Eva Safrine Aspvik
Board member
Rune Bratteberg
Board member
 Geir O. Sundbø
Board member 
Svein Tore Holsether
President and CEO

190
Yara Annual report 2019
 
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To the General Meeting of Yara International ASA 
INDEPENDENT AUDITOR’S REPORT 
Report on the Audit of the Financial Statements 
Opinion 
We have audited the financial statements of Yara International ASA, which comprise: 
• 
The financial statements of the parent company Yara International ASA (the Company), which 
comprise the balance sheet as at 31 December 2019, the income statement and cash flow 
statement for the year then ended, and notes to the financial statements, including a summary of 
significant accounting policies, and 
• 
The consolidated financial statements of Yara International ASA and its subsidiaries (the Group), 
which comprise the consolidated statement of financial position as at 31 December 2019, the 
consolidated statement of income, consolidated statement of comprehensive income, consolidated 
statement of changes in equity and consolidated statement of cash flows for the year then ended, 
and notes to the financial statements, including a summary of significant accounting policies. 
 
In our opinion: 
• 
The financial statements are prepared in accordance with the law and regulations. 
• 
The accompanying financial statements give a true and fair view of the financial position of the 
Company as at 31 December 2019, and its financial performance and its cash flows for the year 
then ended in accordance with the Norwegian Accounting Act and accounting standards and 
practices generally accepted in Norway. 
• 
The accompanying consolidated financial statements give a true and fair view of the financial 
position of the Group as at 31 December 2019, and its financial performance and its cash flows for 
the year then ended in accordance with International Financial Reporting Standards as adopted by 
the EU. 
 
Basis for Opinion 
We conducted our audit in accordance with laws, regulations, and auditing standards and practices 
generally accepted in Norway, including International Standards on Auditing (ISAs). Our 
responsibilities under those standards are further described in the Auditor’s Responsibilities for the 
Audit of the Financial Statements section of our report. We are independent of the Company and the 
Group as required by laws and regulations, and we have fulfilled our other ethical responsibilities in 
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion. 
Key Audit Matters  
Key audit matters are those matters that, in our professional judgment, were of most significance in 
our audit of the financial statements of the current period. These matters were addressed in the 
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we 
do not provide a separate opinion on these matters.  
The key audit matters identified in our audit are:  
• Tax assets and liabilities  
• Impairment of goodwill and property, plant and equipment 
 
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Page 2 
Independent Auditor’s Report – 
Yara International ASA 
Tax assets and liabilities  
Key audit matter 
How the matter was addressed in the audit 
As detailed in note 1 and 2.8, the Group has 
recognized deferred tax assets of USD 484 million. 
Total unrecognized deferred tax assets are USD 
319 million, of which USD 173 million represent 
unused tax losses in Brazil. Furthermore, Yara’s 
operations in Brazil also generate tax credits. As 
disclosed in note 1 and 4.6, the Group has 
recognized an amount of USD 213 million in tax 
credits related to the operations in Brazil. 
Recognition of these assets are based on 
management assumptions related to future 
operating results and timing of utilization. 
As detailed in note 1, and 2.8, management 
applies judgment to determine to what extent 
these deferred tax assets and tax credits qualify 
for recognition in the statement of financial 
position. This involves judgment as to the 
likelihood of the realization of deferred tax assets 
and tax credits. The expectation that the benefit 
of these deferred tax assets and tax credits will be 
realized is dependent on sufficient taxable profits 
in future periods and the ability to utilize the tax 
credits. Recoverability of the tax credits is also 
dependent on interpretation of laws and 
regulations, which may be subject to change over 
time. 
As detailed in note 1 and 5.6, the Group is 
engaged in a number of juridical and 
administrative proceedings related to disputed tax 
matters with uncertain outcome.  Management is 
required to make certain judgments and estimates 
to recognize and measure the effect of uncertain 
tax positions.  
Due to the significant management judgment 
involved in estimation and recognition of deferred 
tax assets, uncertain tax positions and tax credits, 
we have assessed this to be a Key Audit Matter. 
Our audit procedures included the following, among 
others: 
 
• We evaluated relevant controls associated with 
accounting for tax balances, including deferred tax 
assets, tax credits and uncertain tax positions.  
• We involved our tax specialists in evaluating 
management’s judgments and conclusions. 
• We challenged the appropriateness of management’s 
assumptions and estimates in relation to the likelihood 
of generating future taxable profits to support the 
recognition of deferred tax assets. We evaluated the 
forecasted taxable profits and consistency of these 
forecasts with historical performance.  
• We evaluated management’s assessment of the 
probable outcome related to uncertain tax positions. 
• We reviewed applicable third-party evidence and 
correspondence with tax authorities. 
• We considered the adequacy of the Group’s 
disclosures related to uncertain tax positions, deferred 
tax assets and tax credits. 
 
 
 
 
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Page 3 
Independent Auditor’s Report – 
Yara International ASA 
Impairment of goodwill, property, plant and equipment 
Key audit matter 
How the matter was addressed in the audit 
As disclosed in note 1, 4.1 and 4.2, the Group has 
recognized goodwill of USD 844 million and 
property, plant and equipment (PP&E) of USD 
8,614 million. The Company’s goodwill is tested 
for impairment on an annual basis while PP&E is 
tested for impairment when events or changes in 
circumstances indicate that the carrying amount 
of the asset may not be recoverable. 
 
Determining whether goodwill and PP&E are 
impaired requires estimation of the value in use. 
As disclosed in note 4.7, the value in use 
calculation requires management to make 
significant estimates and assumptions related to 
future commodity prices, gas prices as well as 
assumptions related to discount rates, future 
production levels and capital expenditures. 
Changes in these assumptions could have a 
significant impact on the value of goodwill and 
PP&E. 
Net impairment losses of USD 43 million were 
recognized in the year ended 31 December 2019. 
Due to the significant judgment involved in 
determining the assumptions used in the testing 
for impairment of goodwill, property, plant and 
equipment we have assessed this to be a Key 
Audit Matter. 
Our audit procedures included the following, among 
others: 
 
• We evaluated relevant controls associated with the 
impairment review process.  
• We challenged management’s key assumptions used 
in the cash flow forecasts included within the 
impairment models.  
• We challenged specifically the urea- and ammonia 
prices, gas prices, assumed production levels, capital 
expenditure and discount rate assumptions, including 
consideration of the risk of management bias.  
• We compared urea- and ammonia and gas prices to 
third party publications. 
• We used internal valuation specialists in assessing 
discount rate assumptions used and testing the 
models. 
• We validated the mathematical accuracy of cash flow 
models, and agreed relevant data to the latest 
production plans and approved budgets.  
• We considered the adequacy of the disclosures 
provided by the Group in relation to its impairment 
reviews. 
 
 
 
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Page 4 
Independent Auditor’s Report – 
Yara International ASA 
Other information 
Management is responsible for the other information. The other information comprises information in 
the annual report, except the financial statements and our auditor's report thereon. 
Our opinion on the financial statements does not cover the other information and we do not express 
any form of assurance conclusion thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent with the 
financial statements or our knowledge obtained in the audit or otherwise appears to be materially 
misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this 
other information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of the Board of Directors and the President and CEO for the Financial Statements 
The Board of Directors and the President and CEO (Management) are responsible for the preparation in 
accordance with law and regulations, including fair presentation of the financial statements of the 
Company in accordance with the Norwegian Accounting Act and accounting standards and practices 
generally accepted in Norway, and for the preparation and fair presentation of the consolidated 
financial statements of the Group in accordance with International Financial Reporting Standards as 
adopted by the EU, and for such internal control as management determines is necessary to enable the 
preparation of financial statements that are free from material misstatement, whether due to fraud or 
error.  
In preparing the financial statements, management is responsible for assessing the Company’s and the 
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern. The financial statements of the Company use the going concern basis of accounting insofar as 
it is not likely that the enterprise will cease operations. The consolidated financial statements of the 
Group use the going concern basis of accounting unless management either intends to liquidate the 
Group or to cease operations, or has no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Financial Statements  
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee 
that an audit conducted in accordance with laws, regulations, and auditing standards and practices 
generally accepted in Norway, including ISAs will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in 
aggregate, they could reasonably be expected to influence the economic decisions of users taken on 
the basis of these financial statements. 
 
 
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Page 5 
Independent Auditor’s Report – 
Yara International ASA 
As part of an audit in accordance with laws, regulations, and auditing standards and practices generally 
accepted in Norway, including ISAs, we exercise professional judgment and maintain professional 
skepticism throughout the audit. We also: 
• 
identify and assess the risks of material misstatement of the financial statements, whether due to 
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for one resulting from error, 
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override 
of internal control.  
• 
obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Company's or the Group's internal control. 
• 
evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management. 
• 
conclude on the appropriateness of management’s use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to events 
or conditions that may cast significant doubt on the Company and the Group's ability to continue 
as a going concern. If we conclude that a material uncertainty exists, we are required to draw 
attention in our auditor’s report to the related disclosures in the financial statements or, if such 
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence 
obtained up to the date of our auditor’s report. However, future events or conditions may cause 
the Company and the Group to cease to continue as a going concern. 
• 
evaluate the overall presentation, structure and content of the financial statements, including the 
disclosures, and whether the financial statements represent the underlying transactions and events 
in a manner that achieves fair presentation. 
• 
obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the consolidated financial statements. 
We are responsible for the direction, supervision and performance of the group audit. We remain 
solely responsible for our audit opinion. 
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and 
other matters that may reasonably be thought to bear on our independence, and where applicable, 
related safeguards. 
From the matters communicated with those charged with governance, we determine those matters 
that were of most significance in the audit of the financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse consequences 
of doing so would reasonably be expected to outweigh the public interest benefits of such 
communication. 
 
 
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Page 6 
Independent Auditor’s Report – 
Yara International ASA 
Report on Other Legal and Regulatory Requirements 
Opinion on the Board of Directors’ report and the statements on Corporate Governance and Corporate 
Social Responsibility 
Based on our audit of the financial statements as described above, it is our opinion that the 
information presented in the Board of Directors’ report and in the statements on Corporate Governance 
and Corporate Social Responsibility concerning the financial statements and the going concern 
assumption is consistent with the financial statements and complies with the law and regulations. 
Opinion on Registration and Documentation 
Based on our audit of the financial statements as described above, and control procedures we have 
considered necessary in accordance with the International Standard on Assurance Engagements (ISAE) 
3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, it is 
our opinion that management has fulfilled its duty to produce a proper and clearly set out registration 
and documentation of the Company’s accounting information in accordance with the law and 
bookkeeping standards and practices generally accepted in Norway. 
 
Oslo, 17 March 2020 
Deloitte AS 
 
 
 
 
Aase Aa. Lundgaard 
State Authorised Public Accountant (Norway)

196
Yara Annual report 2019
Reconciliation of alternative performance 
measures in the Yara Group
Yara makes regular use of certain non-GAAP alternative financial 
performance measures (APMs), both in absolute terms and comparatively 
from period to period. The APMs used are the following:
•	Operating income
•	EBITDA
•	EBITDA exclusive special items
•	EBITDA per tonne Sales & Marketing segment
•	Return on invested capital (ROIC)
•	Fixed cost
•	Net operating capital (days)
•	Net interest-bearing debt
•	Net debt/equity ratio
•	Net debt/EBITDA exclusive special items
•	Basic earnings per share exclusive currency and special items
Definitions and explanations for use of the APMs are described below. 
Reconciliations of the APMs to the most directly reconcilable line item, 
subtotal or total presented in the financial statements are provided on the 
following pages.
Operating income
Operating income is directly identifiable from Yara’s consolidated 
statement of income and is considered to be key information in order 
to understand the Group’s financial performance. It provides performance 
information which covers all activities which normally are to be 
considered as “operating”. Share of net income in equity-accounted 
investees is however not included.
EBITDA
Earnings before interest, tax, depreciation and amortization (EBITDA) 
is used for providing consistent information on Yara’s operating 
performance and debt servicing ability which is relative to other 
companies and frequently used by securities analysts, investors and other 
stakeholders. EBITDA, as defined by Yara, includes operating income, 
interest income from external customers, other financial income and share 
of net income in equity-accounted investees. It excludes depreciation, 
amortization and impairment loss, as well as amortization of excess 
values in equity-accounted investees. Yara’s definition of EBITDA 
may differ from that of other companies.
EBITDA exclusive special items
EBITDA exclusive special items is an adjusted EBITDA measurement 
which is used in the internal financial reporting to management and which 
Yara also considers to be relevant for external stakeholders. It aims to 
better mirror the underlying performance in the reported period, adjusting 
for items which are not primarily related to the period in which they are 
recognized. See section “Financial performance” page 39 for details on 
special items.
EBITDA in USD per tonne Sales & Marketing segment 
One of Yara’s strategic priorities is to improve margins by promoting 
sustainable solutions using nitrate-based products (premium products). 
Nitrate-based products maximize agricultural productivity and nitrogen 
use efficiency, reducing greenhouse gas emissions and increasing farm 
profitability. This strategic priority is measured by the 12-months rolling 
EBITDA per tonne in the Sales & Marketing segment, which is defined as 
the EBITDA for this segment excluding special items divided by the total 
deliveries by this segment.
ROIC
With effect from 2019, Yara replaced the previous CROGI and ROCE 
performance measures with Return on Invested Capital (ROIC). The 
rationale for the change is that ROIC enables better benchmarking with 
comparable companies and businesses, both for internal and external 
stakeholders.
ROIC is defined as Net Operating Profit After Tax (NOPAT) divided by 
average invested capital calculated on a 12-months rolling average basis. 
NOPAT is defined as operating income excluding amortization and 
impairment of intangible assets, plus interest income from external 
customers, minus tax cost calculated on the previous mentioned items 
with a 25% flat rate, and plus net income from equity-accounted 
investees. Average invested capital is defined as total current assets 
excluding cash and cash equivalents, plus a normalized cash level of USD 
200 million, minus total current liabilities excluding bank loans and other 
interest-bearing short-term debt and current portion of long-term debt, 
plus property, plant and equipment, plus right-of-use assets, plus goodwill 
and plus equity-accounted investees.
NOPAT and average invested capital are defined and reconciled as 
components in reporting ROIC as an APM. They are not considered to be 
separate APMs.
Reconciliation of alternative performance measures

197
Yara Annual report 2019
Basic earnings per share excluding currency and special items
Earnings per share excluding currency and special items is an adjusted 
EPS measurement which Yara considers to be relevant for both internal 
and external stakeholders as it aims to mirror the underlying performance 
in the reported period, adjusting for currency effects and items which are 
not primarily related to the period in which they are recognized. This APM 
represent net income after non-controlling interests, excluding foreign 
currency translation gain/loss and special items after tax, divided by 
average number of shares outstanding in the period. Tax effect on foreign 
currency and special items is calculated based on relevant statutory tax 
rate for simplicity.
Capital structure measures
Yara reports the Group’s net interest-bearing debt, net debt/equity ratio 
and net debt/EBITDA excluding special items ratio to provide information 
on the Group’s financial position as reference to the targeted capital 
structure as communicated in Yara’s financial policy. In addition, Yara’s 
reporting of net interest-bearing debt highlights key development factors 
which are considered to be relevant supplements to the consolidated 
statement of cash flows. Net interest-bearing debt is defined by Yara 
as cash and cash equivalents, reduced for short-term and long-term 
interest-bearing debt, including current portion, and lease liabilities. The 
net debt/equity ratio is calculated as net interest-bearing debt divided 
by shareholders’ equity plus non-controlling interests. The net debt/
EBITDA ratio is calculated as net interest-bearing debt divided by EBITDA 
exclusive special items on a 12-months rolling basis.
Yara Improvement Program (YIP)
Yara has established a corporate program to drive and coordinate existing 
and new improvement initiatives, the Yara Improvement Program. At its 
Capital Markets Day on 26 June 2019, Yara launched an extended version 
of this program which distinguish between three defined pillars; a) higher 
production returns and lower variable costs, b) leaner cost base, and c) 
smarter working capital management. At the same time, Yara moved 
to reporting operational metrics on underlying value drivers to provide 
information on project performance to management, and which Yara also 
considers to be relevant for external stakeholders. The operational metrics 
are reported on a rolling 12-months basis and include:
•	production volume (kt),
•	energy efficiency (Gj/T),
•	fixed cost (USD millions),
•	net operating capital (days).
The fixed cost and net operating capital measures represent financial 
alternative performance measures and are defined below. The production 
volume and energy efficiency are physical measures and is defined and 
reported on page 36.
Fixed cost is defined as the subtotal “operating costs and expenses” in 
the consolidated income statement minus variable product cost (raw 
materials, energy, freight), other variable operating expenses, depreciation, 
amortization and impairment loss. The reported amounts are adjusted 
for items which are not considered to be part of underlying business 
performance for the period (see section “Financial performance” page 
39 for details on special items), currency effects, and items which relate 
to portfolio and structural changes. The currency effects are calculated 
by converting from local currency to reporting currency using baseline 
exchange rates as of 2018. The portfolio and structural changes refer to 
the acquisition of the Vale Cubatão Fertilizantes complex in Brazil and the 
ammonia plant in Freeport. Furthermore, the fixed cost amount reported 
for 2018 is adjusted for the effects of implementing IFRS 16 in 2019.
Net operating capital days are reported on a 12-months average basis 
and is defined as the net of credit days, inventory days and payable days. 
Credit days are calculated as trade receivables, adjusted for VAT payables, 
relative to total revenue and interest income from customers. Inventory 
days are calculated as the total inventory balance relative to product 
variable costs. Payable days are calculated as trade payables relative to 
supplier related operating costs and expenses.
Reconciliation of alternative performance measures

198
Yara Annual report 2019
Reconciliation of alternative performance measures
Reconciliation of operating income to EBITDA excluding special items
USD millions
2019
2018
Operating income
 989 
 402 
Share of net income in equity-accounted investees
 65 
 82 
Interest income and other financial income
 76 
 81 
Earnings before interest expense and tax (EBIT)
 1,130 
 566 
Depreciation and amortization 1)
 923 
 807 
Impairment loss 2)
 43 
 150 
Earnings before interest, tax and depreciation/amortization (EBITDA)
 2,095 
 1,523 
Special items included in EBITDA 3)
 70 
 2 
EBITDA, excluding special items
 A 
 2,165 
 1,525 
1) Including amortization of excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
3) See section "Variance analysis and special items" for details on special items.
Reconciliation of operating income to net operating profit after tax
USD millions
2019
2018
Operating income
 989 
 402 
Amortization and impairment of intangible assets
 46 
 60 
Interest income from external customers
 60 
 69 
Calculated tax cost (25% flat rate) on items above
 (274)
 (133)
Share of net income in equity-accounted investees
 65 
 82 
Net operating profit after tax (NOPAT)
B
 886 
 481 
Reconciliation of net income to net operating profit after tax
USD millions
2019
2018
Net income
 589 
 141 
Amortization and impairment of intangible assets
 46 
 60 
Interest income from external customers
 60 
 69 
Interest income and other financial items
 (76)
 (81)
Interest expense and other financial items
 182 
 153 
Foreign currency translation (gain)/loss
 145 
 278 
Income tax, added back
 214 
 (6)
Calculated tax cost (25% flat rate)
 (274)
 (133)
Net operating profit after tax (NOPAT)
B
 886 
 481

199
Yara Annual report 2019
Reconciliation of alternative performance measures
Reconciliation of invested capital and ROIC calculation
12-months average
USD millions
2019
2018
Total current assets 
 5,375 
 5,281 
Cash and cash equivalents
 (306)
 (573)
Normalized level of operating cash
 200 
 200 
Total current liabilities
 (3,738)
 (3,255)
Bank loans and other interest-bearing short-term debt 
 430 
 467 
Current portion of long-term debt
 726 
 373 
Short-term lease liabilities
 83 
 - 
Property, plant and equipment
 8,386 
 8,277 
Right-of-use assets
 389 
 - 
Goodwill
 841 
 913 
Equity-accounted investees
 1,007 
 1,041 
Capital employed 12-month average
 C 
 13,395 
 12,725 
Return on invested capital (ROIC)
 D=B/C 
6.6%
3.8%
Reconciliation of EBITDA to income before tax
USD millions
2019
2018
EBITDA
 2,095 
 1,523 
Depreciation and amortization 1) 
 (923)
 (807)
Impairment loss 2)
 (43)
 (150)
Foreign currency translation gain/(loss)
 (145)
 (278)
Interest expense and other financial items
 (182)
 (153)
Income before tax
 803 
 134 
1) Including amortization of excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
Reconciliation of EBITDA in USD per tonne Sales & Marketing segment
USD millions (except deliveries shown in thousand tonnes)
2019
2018
EBITDA Sales & Marketing segment 1)
 743 
 613 
Special items within Sales & Marketing EBITDA 2)
 3 
 (29)
EBITDA Sales & Marketing excl. special items
 740 
 641 
Total deliveries Sales & Marketing segment 3)
 30,540 
 31,622 
EBITDA (excl. special items) in USD per tonne Sales & Marketing segment
 24.24 
 20.28 
1) Reference to note 2.3 Segment information. 
2) See section "Variance analysis and special items" for details on special items.
3) See section "Deliveries" for details on deliveries.

200
Yara Annual report 2019
Reconciliation of operating costs and expenses to fixed cost
USD millions
2019
2018
Operating costs and expenses
 11,946 
 12,652 
Variable part of Raw materials, energy costs and freight expenses
 (8,714)
 (9,259)
Variable part of Other operating expenses
 (25)
 (36)
Depreciation and amortization 1)
 (923)
 (807)
Impairment loss 2)
 (43)
 (150)
Currency effects (using baseline exchange rates as of 2018)
 102 
 - 
Special items within fixed cost
 (53)
 (44)
Estimated IFRS 16 effects
 - 
 (110)
Adjustment for portfolio and structural changes
 - 
 68 
Fixed cost
 2,291 
 2,314 
1) Including amortization of excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
Reconciliation of Net operating capital days
USD millions
2019
2018
Trade receivables as reported 
 1,564 
 1,601 
Adjustment for VAT payables
 (64)
 (90)
Adjustment for 12-months average
 186 
 (14)
Adjusted trade receivables (12-months average) 
 E 
 1,686 
 1,497 
Revenue from contracts with customers
 12,858 
 12,928 
Interest income from external customers
 60 
 69 
Total revenue and interest income from customers
 F 
 12,918 
 12,997 
Credit days
 G=(E/F)*365 
 48 
 42 
Inventories as reported
 2,360 
 2,568 
Adjustment for 12-months average
 140 
 (146)
Inventories (12-months average)
 H 
 2,500 
 2,422 
Raw materials, energy costs and freight expenses
 9,334 
 9,952 
Fixed product costs and freight expenses external customers
 (1,564)
 (1,683)
Product variable costs
 I 
 7,770 
 8,269 
Inventory days
 J=(H/I)*365 
 117 
 107 
Trade and other payables as reported
 1,614 
 1,835 
Adjustment for other payables
 (329)
 (360)
Adjustment for 12-months average
 137 
 (72)
Trade payables (12-months average)
 K 
 1,422 
 1,403 
Operating costs and expenses 
 11,946 
 12,652 
Depreciation and amortization 1)
 (923)
 (807)
Impairment loss 2)
 (43)
 (150)
Other non-supplier related costs
 (701)
 (745)
Operating costs and expenses, adjusted
 L 
 10,280 
 10,950 
Payable days
 M=(K/L)*365 
 50 
 47 
Net operating capital days
 N=G+J-M 
 115 
 102 
1) Including amortization of excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
Reconciliation of alternative performance measures

201
Yara Annual report 2019
 Net operating capital
USD millions
31 Dec 2019
31 Dec 2018
Trade receivables
 1,564 
 1,601 
Inventories
 2,360 
 2,568 
Trade payables 1)
 (1,285)
 (1,475)
Prepayments from customers
 (399)
 (343)
Net operating capital 2)
 2,240 
 2,352 
1)	Trade and other payables in the statement of financial position also includes payables related to payroll and value added taxes, which is not included in the calculation of net operating capital above.
2)	Change in net operating capital as presented in the table above does not reconcile to change in net operating capital as presented in the Condensed consolidated interim statement of cash flows due to 
currency effects and items included in trade payables which are related to investments.	
	
	
	
	
	
	
	
	
	
	
Net interest-bearing debt
USD millions
31 Dec 2019
31 Dec 2018
Cash and cash equivalents
 300 
 202 
Short-term interest-bearing debt
 (494)
 (397)
Current portion of long-term debt
 (398)
 (824)
Short-term lease liabilities
 (98)
 - 
Long-term interest-bearing debt
 (2,698)
 (2,776)
Long-term lease liabilities
 (337)
 - 
Net interest-bearing debt
O
 (3,725)
 (3,794)

Net debt/equity ratio
USD millions
31 Dec 2019
31 Dec 2018
Net interest-bearing debt
O
 (3,725)
 (3,794)
Total equity
P
 (8,909)
 (8,910)
Net debt/equity ratio
 Q=O/P 
 0.42 
 0.43 
Net debt/EBITDA excluding special items ratio
USD millions
31 Dec 2019
31 Dec 2018
Net interest-bearing debt
O
 (3,725)
 (3,794)
EBITDA, excluding special items (last 12 months)
A
 2,165 
 1,525 
Net debt/EBITDA excluding special items ratio
 R=(O)/A 
 1.72 
 2.49 
Earnings per share
USD millions, except earnings per share and number of shares
2019
2018
Weighted average number of shares outstanding
 S 
 272,319,232 
 273,169,994 
Net income attributable to shareholders of the parent
 T 
 599 
 159 
Foreign currency translation gain/(loss)
 U 
 (145)
 (278)
Tax effect on foreign currency translation
 V 
 38 
 77 
Non-controlling interest share of foreign currency translation (gain)/loss, net after tax
 W 
 (1)
 (3)
Special items within income before tax 1)
 X 
 (126)
 (148)
Tax effect on special items
 Y 
 23 
 37 
Special items within income before tax, net after tax
 Z=X+Y 
 (102)
 (112)
Special items within income tax 2)
 AA 
 (38)
 - 
Non-controlling interest's share of special items, net after tax
 AB=T–U–V+W–Z+AA 
 (2)
 (9)
Net income excluding currency and special items
 AC=T–U–V+W–Z-AA+AB 
 842 
 460 
Basic earnings per share
 AD=T/S 
 2.20 
 0.58 
Basic earnings per share excluding foreign currency translation and special items
 AE=AC/S 
 3.09 
 1.68 
1) See section "Variance analysis and special items" for details on special items, totaling to USD 113 million in 2019 (within operating income). In addition to this, an amount of USD 13 million relates to 
interest on the USD 38 million tax provision recognized in fourth quarter 2019. See note 5.6 Provisions and contingencies for more information. 	
	
	
	
2) The full amount of USD 38 million relates to the income tax provision recognized in fourth quarter 2019. See note 5.6 Provisions and contingencies for more information. 	
	
	
	
	
	
	
Reconciliation of alternative performance measures

202
Yara Annual report 2019
Yara has signed the United Nations Global Compact, 
embracing its principles. The UN GC is a strategic policy 
initiative for businesses committed to aligning their 
operations and strategies with ten universally accepted 
principles in the areas of human rights, labor, environ­
ment and anti-corruption.
WBCSD is a global, CEO-led organization of over 200 
leading businesses working together to accelerate the 
transition to a sustainable world. We help make our 
member companies more successful and sustainable by 
focusing on the maximum positive impact for sharehold­
ers, the environment and societies.

Text: Yara and Styrkr
Photo: Ole Walter Jacobsen, CF Wesenberg, Kolonihaven (www.kolonihaven.no) Getty Images and Yara
Design and production: Artbox AS
Print: Printbox AS
AdBlue is a registered trademark of VDA.

Yara International ASA
Drammensveien 131 
P. O. Box 343, Skøyen
NO–0277 Oslo Norway
Tel: +47 24 15 70 00
Fax: +47 24 15 70 01
www.yara.com

Growing a climate 
positive food future
Yara Integrated Report 2020

The food system comes with an enormous hidden cost. We 
have shattered the planetary boundaries, creating a climate 
emergency.
Yara operates a global leading ammonia and nitrates 
capacity, and we are the only truly global crop nutrition 
company. Our crop nutrition solutions, digital capabilities 
and deep agronomic knowledge are what enable us to work 
towards a climate positive future. We are focusing our efforts 
on decarbonizing food and building a resilient and fair food 
system, while also using our knowledge to decarbonize other 
energy intensive industries and supporting a clean hydrogen 
economy. We do this in a number of different ways: 
•	 By providing innovative and resource efficient digital tools 
suitable for any farmer around the world
•	 By developing fossil-free and low-carbon fertilizers
•	 By driving initiatives that will incentivize farmers to 
sequester carbon and thereby create green revenue streams 
•	 By using technology to help consumers make low-carbon 
choices
To succeed in this, we are leading the way in a behavioral
shift, towards stronger public-private partnerships, open 
data platforms and the creation of truly shared value. Yara
is a company driven by knowledge, science, and a strong 
sense of purpose. We aim to build long-term value while 
delivering on the UN Sustainable Development Goals.
This is what we mean, when we speak about our 
ambition of growing a climate-positive food future.
Growing a 
climate positive 
food future

Key figures
8.0%
Return on invested capital 
(6.6% in 2019) 1)
1,176
MUSD 
Operating income (989 in 2019) 1)
74%
Diversity and inclusion index 
(73% in 2019)
17.7
million tonnes
Scope 1+2 CO2e emissions 
(18.5 in 2019) 
SHORTCUT
Go to the Financial 
Statements for 2020 here
52
Total cash returns per share
paid and proposed for 2020
NOK
2020
2019
Prosperity performance
Revenue and other Income
USD million
11,728
12,936
Operating income 1)
USD million
1,176
989
EBITDA 1) 2)
USD million
2,223
2,095
Net income attributable to 
shareholders of the parent 
USD million
691
599
Investments 3)
USD million
933
1,134
Debt/Equity ratio 1) 4)
0.36
0.42
Net cash flow from operations
USD million
2,047
1,907
Basic earnings per share 5)
USD
2.58
2.2
People performance 
Engagement rate
Percent
79
73
TRI rates 6)
Per million 
hours worked
1.3
1.4
Planet performance
GHG intensity 7)
GHG/tonne 
produced
3.0
3.0
Energy use 7)
Petajoules
279
285
16,818
employees
TRI
0
0.5
1.0
1.5
2.0
2.5
ROIC (Percent)
0
2
4
6
8
10
2020
2020
2016
2016
2017
2017
2018
2018
2019
2019
1)	 See page 249 for definitions, 
explanations and reconciliations of 
alternative Performance Measures 
(APMs). 
2)	EBITDA, as defined by Yara, 
includes operating income, 
interest income, other financial 
income and share of net income 
in equity-accounted investees. It 
excludes depreciation, amortization 
and impairment loss, as well as 
amortization of excess values in 
equity-accounted investees.
3)	Investment in property, plant and 
equipment, long-term securities, 
intangibles, long-term advances 
and investments in non-
consolidated investees.
4)	Net interest-bearing debt divided 
by shareholders’ equity plus non-
controlling interests.
5)	Yara currently has no share-based 
compensation program that results 
in a dilutive effect on earnings per 
share.
6)	TRI: Number of Total Recordable 
Injuries per million hours worked, 
contractors included.
7)	The GHG intensity indicator covers 
scope 1, 2 and parts of scope 3 
emissions from suppliers, but does 
not represent a complete carbon 
footprint. Measured against tonnes 
nitrogen in Yara’s products.
About Yara
Yara grows knowledge to responsibly feed the 
world and protect the planet. Supporting our 
vision of a world without hunger and a planet 
respected, we pursue a strategy of sustainable
value growth, promoting climate-friendly crop 
nutrition and zero-emission energy solutions. 
Yara’s ambition is focused on growing a climate
positive food future that creates value for our 
customers, shareholders and society at large 
and delivers a more sustainable food value chain.
To achieve our ambition, we have taken the 
lead in developing digital farming tools for 
precision farming, and work closely with 
partners throughout the food value chain to 
improve the efficiency and sustainability of 
food production. Through our focus on clean 
ammonia production, we aim to enable the 
hydrogen economy, driving a green transition 
of shipping, fertilizer production and other 
energy intensive industries.
 
Founded in 1905 to solve the emerging famine
in Europe, Yara has established a unique position
as the industry’s only global crop nutrition 
company. We operate an integrated business 
model with around 17,000 employees and 
operations in over 60 countries, with a proven 
track record of strong returns. In 2020, Yara 
reported revenues of USD 11.6 billion.
8.0
8.0
6.60
3.80
4.00
2.5
1.8
1.4
1.4
1.3

es
&D sites
retail outlets around the world
1)
160
200
60
28
10,800
Global presence
Countries with sales
Terminals, warehouses, blending 
units and bagging facilities
Countries with 
operations
Production plants
+
Yara-branded retail outlets around the world
Yara is the industry’s most global player. 
We combine production of premium products 
with a farmer-centric approach, turning a 
century of agronomic knowledge into value 
for millions of farmers around the globe.
Countries with sales 1)
Head office
Yara Plants
Smaller sites 2)
Phosphate mines
Joint ventures
Sales offices, R&D sites 
Digital Hub
1)	 More than 10,800 Yara-branded retail 
	
outlets around the world
2)	Yara operated terminals and logistical
	
production sites

Content
01
‌THIS IS YARA
Broadening 
our core
‌CEO message
07
‌2020 Highlights
10
‌Company presentation
11
‌How we create value
13
‌Partnering for people, planet 
‌and prosperity
14
‌Megatrends
17
‌Our strategy
19
‌Strategic goals
24
‌Strategic risks
25
‌Clean Ammonia opportunities
28
‌Managing outcomes
29
‌Engaging with our stakeholders
31
‌Materiality
36
02
‌YEAR IN REVIEW
Responsible 
performance
‌PEOPLE
40
‌Women in Agronomy
41
‌People performance
43
‌People risks
46
 
‌PLANET
48
‌Making digital farming simple
49
‌Planet performance
50
‌Planet risks
53
 
‌PROSPERITY
55
‌Cracking the reliability code
56
‌Prosperity performance
58
‌Prosperity risks
66
‌The Yara share
69
 
‌External framework guidance
72
03
‌FROM THE BOARDROOM
Delivering on our 
commitment
‌Corporate governance
76
‌Group Executive Board
90
‌Board of Directors
94
‌Board message
99
‌Risk management
108
04
‌FINANCIAL STATEMENTS
Transparent 
performance
‌Consolidated financial statements 110
‌Financial statements for 
‌Yara International ASA
214
‌Statement from the Board and the 
‌CEO of Yara International ASA
241
‌Auditor’s report
244
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group
249
About the report
This is Yara International ASA’s 2020 
Integrated Report. It represents Yara’s first 
integrated report, building on the guiding 
principles set out in the International <IR> 
Framework from the International Report 
Council (IIRC). The report outlines Yara’s 
business model and strategy, describes how 
we create value, and documents our People, 
Planet and Prosperity performance in 2020. 
Additional information on sustainability topics 
is available in the separate Sustainability 
report available on yara.com.
One of 12 leading companies in a review of 
305 food- and agribusinesses
Number one in a review of ESG disclosures 
from the 100 largest companies on the Oslo 
Stock Exchange
Listed as one of the 100 most sustainably 
managed companies in the world
Medium risk and number one of 56 
Agri-Chemicals companies
Won the Stockman award 
for best IR team amongst all 
Norwegian listed companies
Copyright ©2020 Sustainalytics. All rights reserved. This [publication/ article/ section] 
contains information developed by Sustainalytics (www.sustainalytics.com). Such 
information and data are proprietary of Sustainalytics and/or its third party suppliers (Third 
Party Data) and are provided for informational purposes only. They do not constitute an 
endorsement of any product or project, nor an investment advice and are not warranted to 
be complete, timely, accurate or suitable for a particular purpose. Their use is subject to 
conditions available at https://www.sustainalytics.com/legal-disclaimers.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

06
THIS IS YARA
Broadening 
our core
We are broadening our core as a leading food 
solutions company, based on driving sustainable 
performance. Utilizing our position as a global 
leading ammonia company, we will enable the 
hydrogen economy.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

07
A triple responsibility
From the very start of the Covid crisis, we were clear on Yara having 
a triple responsibility; Firstly, to safeguard our employees and con­
tractors. Secondly, to be a responsible business and behave according 
to government guidelines. And thirdly, to run our operations in a way 
that ensured that our business could continue to help feed the world, 
also in times of crisis – if not, we could have experienced a reduction 
of 50% in crop yield. 
Thanks to the dedication and efforts by our more than 16,000 
employees, we managed to keep our plants running and made sure 
our lifesaving products reached farmers at a crucial point in time. In 
my view, this shows the true value of being a purpose driven company.
Working in such a company encourages all of us to go those many 
extra miles, to make sure we deliver. 
Last year was truly extraordinary, and we had to tackle it through 
an exceptional effort. It has been said that a crisis shows what 
you’re made of, that it shows your true colors. When faced with a 
seemingly impossible task, you can either back down and give up 
or you can roll up your sleeves and tackle it head on. In Yara, we 
did the latter, and that is why I was both proud and very satisfied 
when we closed the books on a year that will go down in history 
as an annus horribilis. 
CEO COMMENT
The true value of being 
purpose driven
“I was proud and 
very satisfied when we 
closed the books on a 
year that will go down 
in history as annus 
horribilis.”
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

•	 
08
In Yara’s case, we know that our solutions contribute 
directly to solving some of the biggest challenges of our 
time. Our nitrate-based crop nutrition solutions not 
only increase the yield for the farmers but do so in the 
most resource efficient way. Our digital tools also make 
agronomic knowledge available to smallholder farmers – 
knowledge that earlier was reserved for only the largest 
commercial players – thereby contributing to fighting 
hunger and poverty. In short, our solutions lead to more 
food, reduced waste, increased livelihood in vulnerable
communities and making carbon positive farming a reality.
Doing well by doing good
In Yara, we do well by doing good. We believe shareholder
value creation is higher when the perspectives of people, 
planet and prosperity are combined, and in 2020 we 
improved our employee engagement and continued to 
reduce our GHG emissions. Our volumes of premium 
products are increasing and the results of our investments 
in digital solutions are showing exponential growth. Last 
year was also a year that once again demonstrated the 
strength of our integrated business model. By channeling 
products also to our Industrial Solutions units, we are able 
to optimize production streams and create added value.
With this in mind, it also feels rewarding to continue to 
deliver improved prosperity through improving capital re­
turns for 10 consecutive quarters and improving our free 
cash flow by USD 1.4 billion compared to 2019 1). This 
has enabled us to increase the level of dividend, even in 
such a challenging year as 2020 was, with total dividends 
and share buybacks committed or paid at NOK 52/share. 
Through our strong focus on capital allocation and 
discipline, we are also able to invest in growth areas, such 
as green ammonia, utilizing our number one positions as 
ammonia producer, trader and transporter. 
Food as a foundation for peace
Looking back, the pandemic revealed a broken food 
system, hitting hardest those that were already most vul­
nerable. It put food production and food supply front and 
center of the global discourse. Adding to this, the Nobel 
Peace Prize was awarded to the World Food Programme. 
It confirmed how food is the foundation for peace and 
stability, and why it is crucial to build a fair and resilient 
food system.
It is especially encouraging for us in Yara to see the 
celebration of WFP’s great work, as we have joined forces 
both in the fields and on global arenas to bring about 
systemic change. When I spoke with WFP Executive 
Director David Beasley in April last year, asking him how 
Yara could contribute in the pandemic, he was crystal 
clear: “Make sure you get your product out to the farm­
er”. If not, the health crisis could be followed by a hunger 
catastrophe “of biblical proportions,” as he put it. 
A month later, we established Action Africa, supported 
by the WFP – a relief program to reach 250,000 farmers 
in the most vulnerable parts of East Africa with 40,000 
tonnes of donated premium fertilizers to provide food for 
1 million people for a year. 
Through this, we have also managed to create a digital 
platform, reaching 2 million smallholder farmers with 
agronomic support and advice.
40,000
tonnes fertilizer
donated to aid 250,000 farmers 
in East Africa during the pandemic
1)	 Net cash provided by operating activities minus net cash used in investing activities in Consolidated statement of cash flows. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

09
Our widened responsibility
A company cannot be evaluated solely on financial results
in an isolated period. More important is the long-term 
value creation, and it is our firm belief that there is 
no contradiction between purpose and profit. In fact, 
having a clear purpose and operating in a sustainable 
way, is a pre-requisite for sustaining profit.
The past years, and in particular last year, it has 
become evident that the boundaries for a company’s 
responsibility expands way beyond what has been the 
norm under the “business as usual”- model that 
dominated for many decades. This is something we 
have embraced in Yara. In addition to centering our 
business model around the UN Sustainable Development
Goals, we have also introduced global standards and 
benefits for our employees, to bridge the gap between 
the safety net we have in some countries and the 
complete lack of safety net in other countries. 
That is why we, for example, introduced an income
security policy, guaranteeing all employees and full-time
contractors up to three months’ pay in this challenging
crisis. Another example, is a new global minimum 
standard for parental leave, covering 6 months full 
pay for primary caregiver and 1-month full pay for 
secondary caregiver. A third example is our work on 
diversity and inclusion, which includes a specific 
project related to black talent. 
Ten years ago, many of these efforts related to diversity
and inclusion, would most likely only see the cost 
element of these measures. But today, it is obvious that 
this makes sense also from a pure business point of 
view. We must make use of all the talent in the com­
pany, from all backgrounds, to be able to solve the 
challenges ahead. Safe and satisfied employees with a 
significant degree of autonomy leads to satisfied cus­
tomers, which in turn leads to satisfied shareholders. 
It’s as simple as that.
I urge every one of our stakeholders – be it investor or 
regulator – to study our comprehensive Sustainability 
Report, to learn more about how we have integrated 
these aspects into our business.
Low carbon opportunities
Yara operates in an environment that is affected by 
strong external forces and megatrends. A wave of new 
regulatory and political initiatives aimed at addressing
climate change are coming. However, the climate 
emergency is wider than only GHG emissions, as 
more scrutiny is also being put on biodiversity, water 
usage and soil health. Another strong force for change 
is consumer demand, combined with strong actions 
taken from food companies, which the past years have 
launched targets for climate-neutrality. 
With great shifts come great risks and great oppor-
tunities, and we have the strategy both to mitigate 
these risks while acting on the opportunities. Going 
forward we have two very clear strategic priorities: 
Accelerating operational excellence and expanding our 
reach and offering.
A key word for us, will be decarbonization. Yara is 
dedicated to working for a carbon free future, and this 
will materialize in several ways; through technology
and digital tools, we are able to accelerate carbon 
positive farming, by making agriculture more resource 
efficient, productive and environmentally friendly; 
through dedicated partnerships, we are introducing 
full transparency in the food value chain and thereby 
creating green revenue streams for the farmers and fi­
nally enabling carbon labelling of food, to let consum­
ers make carbon positive choices; through our ammo­
nia expertise and global infrastructure, we will drive 
the commercialization of green ammonia and open the 
gateway to a clean hydrogen economy.
Despite an extremely challenging 2020, there is now 
a unique opportunity worldwide to rebuild the world 
economy. Making it more inclusive, more sustainable 
and more resilient.
Yara has the dedication and roadmap to play our part.
Svein Tore Holsether
President and CEO
“Food is a 
foundation 
for peace and 
stability”
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

10
2020
Highlights
2020
Q1
Q2
Q4
Q3
1) The ambition was launched in December 2020, while the business unit was established in February 2021. 
2)	Net cash provided by operating activities minus net cash used in investing activities in cash flow statement Q3 report. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
•	 Sustaining operations through 
Covid-19 is a top priority
•	 Turnarounds, improvement and proj­
ect activity optimized to reduce risk
•	 Decision to develop “Industrial 
Holding” within Yara
•	 Yara and IBM launched an open col­
laboration for farm and field data to 
advance sustainable food production
Q1
•	 Action Africa strengthens food 
security in East Africa during 
COVID-19 
•	 Yara moves to regional 
organizational structure 
•	 COVID-19 response: Paid sick leave 
and guaranteed full pay for three 
months in case of temporary layoffs
Q2
•	 Record NPK deliveries 
•	 USD 2.5 billion free cash flow rolling 
four quarters 2)
•	 Yara receives top score for ESG 
in annual reporting 
•	 Yara initiates share buy-back
•	 Completion of Qafco transaction
Q3
•	 Commitment letter for setting Science
Based Target on GHG emissions 
•	 Total NOK 52 per share cash returns 
paid and proposed for 2020
•	 Taking steps to enable the hydrogen 
economy, establishing Yara Clean 
Ammonia 1)
•	 8.0% ROIC, up from 6.6% a 
year earlier
•	 ESG Seminar with strategy update
Q4

11
COMPANY PRESENTATION
The organization
Our new organizational structure reinforces strategy 
execution. Empowering local operations, strengthening 
accountability and driving customer centricity. 
Chief Financial Officer
Lars Røsæg
Farming Solutions
Terje Knutsen
Europe
Tove Andersen
Africa & Asia
Fernanda Lopes Larsen
Americas
Chrystel Monthean
Legal & HR
Kristine Ryssdal
Communications & Procurement
Pablo Barrera Lopez
REGIONAL UNITS
Global Plants &
Operational Excellence
Pål Hestad
Yara International ASA
Svein Tore Holsether
Industrial Solutions
Jorge Noval
Clean Ammonia
Magnus Ankarstrand
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

12
Americas
COMPANY PRESENTATION
Regional units
10,116
thousand tonnes
14,108
thousand tonnes
4,821
thousand tonnes
477
USD million
563
USD million
162
USD million
3,380
6,665
1,797
Our three regional units Europe, Americas and Africa & Asia, operate 
in a fully integrated setup, comprising production, supply chain and 
commercial operations, producing and delivering Yara’s existing 
fertilizer solutions in addition to commercializing and selling new 
offerings under the guidance of Farming Solutions.
Deliveries
Deliveries
Deliveries
EBITDA
EBITDA
EBITDA
Employees
Employees
Employees
Europe
Tove Andersen
EVP, Europe
Americas
Chrystel Monthean
EVP, Americas
Africa
& Asia
Fernanda Lopes Larsen
EVP, Africa & Asia
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

13
HOW WE CREATE VALUE
From field to fork
INPUT
We employ
We produce
We supply
We deliver
OUTPUT
We create
Yara employs an array of resources 
and assets to create value and deliver 
on our mission.
We produce a 
comprehensive range of 
nitrogen-based fertilizers 
and industrial products.
Our global footprint enables 
consistent and reliable 
deliveries to customers 
worldwide.
We deliver complete crop 
nutrition solutions for the 
farming community and 
food industry, as well as 
nitrogen-based solutions for 
industrial use.
Our business model combines production, sales and marketing in one, global system.
It enables us to deliver premium products, share knowledge and develop innovative 
solutions to farmers, distributors and food value chains worldwide.
People
A safe and inspiring 
workplace, helping to 
feed 262 million people
Planet
Sustainable farming and 
food solutions, based on 
ambitious climate targets
Prosperity
Superior shareholder 
returns from efficient 
operations along with 
new and greener revenue 
streams. 
Production
Grower needs
and insight
Crop nutrition 
solutions
Distribution
Farmer
Energy
Materials
Infrastructure
Knowledge
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
•	 Natural gas 
to produce 
ammonia
•	 Minerals to 
produce crop 
nutrition
Financials 
Brand 
•	 Strong track 
record
•	 High credit rating
•	 Liquid share
•	 Global 
recognition
•	 Quality and 
reliability
•	 # 1 producer of nitrates 
and NPK
•	 # 2 producer of ammonia
•	 Flexible and scalable 
production system
•	 Global network of sales 
offices, terminals and 
warehouses
•	 Timely deliveries aligned 
with crop cycles and 
demand
•	 Sales to 20 million farmers
•	 Agronomists worldwide
•	 Complete package of 
premium products, 
knowledge and digital tools 
for modern farming
•	 Unique agronomic 
and industrial 
knowledge
•	 16.818 
employees 
representing 
great diversity
•	 28 production 
plants
•	 200 infrastruc­
ture points 
globally
•	 10,800 
Yara-branded 
retail outlets 
worldwide

14
CASE
Partnering for people, 
planet and prosperity
A 2019 Food and Land Use Coalition report concluded that the food 
system destroys more value than it creates, due to hidden costs related 
to health, environment, food waste and rural welfare. 
If we don’t compensate farmers for the increased costs related to 
producing in a more sustainable way, we are asking the farmer to pay 
the price for climate change.
However, agriculture is becoming increasingly integrated into the food
value chain. Input providers are joining forces, farms are growing 
in scale and professionalism, the food industry is moving upstream, 
conscious consumers are putting pressure on the food and agriculture 
industry to achieve new levels of sustainability, and the food companies
are increasingly vocal about their ambitions of climate-neutrality.
In a new farm-level pilot project, Nestlé and Yara are 
collaborating to improve sustainability, productivity, and 
profitability in dairy farming.
“Although 
still early days, 
the results so far 
have been very 
promising for 
all partners 
– the farmer, 
Nestlé and 
Yara”
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‌How we create value
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‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
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Working with the world’s largest buyer 
of milk
A case in point is Yara’s pilot project in Colombia
with global food company Nestlé. By collabo­
rating from soil to supermarket, sustainability 
in dairy production is improved, farmer prof­
itability increased, and consumer demands for 
sustainable dairy products met. 
As the world’s largest buyer of milk, Nestlé has 
led the effort to improve sustainability in the 
dairy supply chain for a long time, and this pilot
project with Yara is one of many projects to 
foster agripreneurship and reduce the environ­
mental impact of dairy farming. 
For the project, four farms in the regions César 
and Caquetá in Colombia were selected. The 
farms “Génesis” and “Panorama” produced 
milk with intensive grazing and the farms “El 
Rosario” and “Nido de Amor” produced milk 
with traditional grazing. 
The farmers have valuable local expertise and 
knowledge of the challenges facing tropical 
dairy production. Yara’s agronomists supported
them with premium crop nutrition products, 
agronomic knowledge, and digital tools for 
precision farming.
“The purpose of the project is to demonstrate 
the improved sustainability, productivity and 
profitability that is possible with an integrated 
solution that includes best practice crop 
nutrition, knowledge transfer and tech innova­
tion,” says Food Chain Specialist in Yara, 
Estefania Chaves Chaves, who has worked 
closely with the trial farmers. 
Promising results
“Although still early days, the results so far 
have been very promising for all partners – the 
farmer, Nestlé and Yara,” Estefania continues.
By increasing grass yields and quality, the cows 
became healthier and milk quantities and 
farmer profitability increased. 
“Before, I was giving vitamins and concentrates 
to the cows, but I was neglecting the soil. When 
I fertilize the soil correctly, my cows don’t 
need extra vitamins. It also led to a decrease 
in diseases, and thus in use of medicines,” says 
one of the pilot farmers, Carlos Rodríguez 
Padilla, at El Rosario farm. 
Pilot farmer Saul-Alexánder Trujillo of the 
Genesis farm agrees on the importance of 
healthy soil and grass. “Strong forage crops 
have helped our cows reach their full genetic 
potential”, Trujillo says. 
“Fertilizing optimally has contributed to 
multiplying our dairy production. We started 
with one trial plot, but after seeing the results, 
we chose to expand this practice to all plots,” 
Trujillo says. 
“We started with one trial
plot, but after seeing the results, 
we chose to expand this practice 
to all plots”
Saul-Alexánder Trujillo – Genesis farm
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“Through our combined technical expertise, 
and by working with farmers for farmers, this 
partnership has proven that there are solutions 
that enable the sustainable intensification of 
milk production in a tropical environment,” 
says Pascal Chapot, Group Head of Sustainable 
Agriculture Development at Nestlé.
Sustainable profits
Even more impressive are the environmental 
results. After 9 months, the two intensive 
grazing farms reduced the CO2 emissions per 
litre milk by 21%. The traditional 
grazing farms reduced their CO2 emissions per 
litre milk by 5%.
By growing the production using sustainable 
solutions, farmer income increases, while the 
environmental impact of food production is 
reduced, and consumer demands are met. Yara 
can play an important role in an increasingly 
integrated food value chain, providing sustain­
able solutions to create value for the farmers, 
food companies and the planet.
“Nestlé and Yara share the ambition of making 
farming more sustainable environmentally, 
socially and economically. It starts with the 
field and the farmer: Together we can create a 
more sustainable food system, and it is natural 
that we join forces in the field to support farm­
ers to make the change towards new, sustain­
able practices,” says Chrystel Monthean, EVP 
Yara Americas.
“The Colombia pilot underlines the value of 
collaboration in the interest of farmers, the 
consumers, society and ultimately the planet. 
We strongly believe in the need to leverage 
partnerships to solve supply chain challenges 
in the food industry,” says Robert M. Erhard, 
Sustainable Agriculture Development – Global 
Lead Dairy at Nestlé.
“The goal in 2021 is to spread the message 
about these best practices and their successes to 
all Nestlé farmers in the region, and ultimately, 
to lay the foundations of sustainable dairy 
production in all of Colombia,” concludes 
Estefania Chaves Chaves. 
21%
CO2 emission pr liter
After 9 months of 
intensive grazing 
Estefania Chaves Chaves
Yara Food Chain Specialist
Yara Integrated Report 2020
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‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
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17
» See how the megatrends are disrupting business as usual 
Agriculture, the food value chain and industries are 
undergoing profound changes. These are the megatrends 
significantly shaping our industry and markets. 
MEGATRENDS
The world is changing fast
	
Water stress
Water is crucial for plant growth. There 
is no substitute. Agriculture is a huge 
consumer of water, and lack thereof is a 
major stress factor in crop production. 
Climate change disrupts precipitation 
patterns, while extensive irrigation 
taps aquifers and reduces water quality 
through salination. 
	
Soil degradation
Roughly one third of the world’s soil is 
degraded, and soil erosion, biodiversity 
loss and pollution are high on the list 
of causes. Farming without adequate 
replenishment of nutrients adds to 
the problem. Best farming practices, 
however, focus on soil health, carbon 
capture and regenerative agriculture. 
	
	
Food industry 
	
	
integration
Agriculture and the food value chain is 
becoming increasingly integrated. Input 
providers are joining forces, farms are 
growing in scale and professionalism, 
the food industry is moving upstream, 
and the whole industry is under pressure
to achieve new levels of sustainability.
	
Dietary shifts
Conscious consumers, particularly in 
high income countries, are increasingly 
driving diets towards healthier and 
sustainable choices, and more plant-
based nutrition. Globally, however, 
the trend towards higher calorie and 
animal protein intakes continues.
	
Circular economy
Resource scarcity, growing sustainability
awareness and increased consumer 
pressure is creating a push towards a 
circular economy. It creates a push for 
recycling of nutrients in agriculture and 
food value chains, as well as for organic 
fertilizers.
	
Digitalization
Digital innovation and technological 
transformation are fundamentally 
changing strategies and practices in 
decision making, fertilizer application, 
farm automation and traceability. It 
has started to impact the entire food 
value chain.
Changing climatic patterns are set 
to impact agricultural production 
throughout the world, mainly impeding
plant growth. Across most sectors, there
are increasing pressure and expectations
for climate actions and reduction of 
greenhouse gas emissions. 
>20% 
of global greenhouse gas emission
stem from agriculture, forestry 
and land use change
	
Climate change
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Megatrends and industry developments are disrupting business as usual.
MEGATRENDS
What the changes mean to us
Climate emergency and political response
A wave of new regulatory and political initiatives 
addressing climate change is reaching shore. The ‘EU 
Green Deal’ positions Europe as a front-runner in 
the global food and industry transformation. It aims 
to reduce nutrient losses by half and expand organic 
farming to include a quarter of all farmland. 
Decarbonizing food from field to fork
Consumer demand is driving food companies to 
concrete actions. The traceability of food products, 
their origin and environmental and carbon footprint, 
are key issues for consumers. The food value chain 
needs to provide healthier and more sustainable food. 
Leading food companies have moved the decarbonizing 
of food to the top of the agenda. We can help them meet 
expectations by providing sustainable food solutions. 
Commoditization and slower demand
China’s ‘Zero Growth’ strategy aims to stop further 
growth of nitrogen consumption after 2020. We expect 
demand growth in Latin America, Brazil, and Africa, 
but capacity additions have created an over-supply. 
Overall, we expect the global demand growth in the 
next 10 years to slow down. 
Alternatives to natural gas are approaching
We expect natural gas to remain our main feedstock 
in the coming years. Nevertheless, decarbonized 
alternatives will likely challenge fossil fuel over time. 
Players are looking into alternative energy carriers 
to decarbonize hard-to-abate sectors. In the shipping 
industry, green hydrogen and ammonia is regarded as 
the most promising zero-emissions fuel. 
The 4th agricultural revolution is digital
The next agricultural revolution has started, enabled 
by digital tools, big data and artificial intelligence to 
support farming best practices. Digital tools currently 
have a relatively small impact on the profitability of 
farms, but our studies have identified the potential for 
3-7% yield increase and up to 14% nitrogen fertilizer 
savings.
» Learn about our strategic responses
1
2
5
4
3
Yara Integrated Report 2020
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‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
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19
Our strategy
We entered this decade with an updated strategy and the overarching 
goal of becoming a leading partner for farmers and food companies. 
Over the past two decades, Yara’s business model has 
developed from focusing on our asset and product base 
– what we have - to focusing on farmers and complete 
solutions – how we can contribute. 
This development is reflected and emphasized in our 
latest strategy update, which we conducted in 2020. 
Essentially, our ambition is to be a leading partner to 
farmers and food companies by providing sustainable 
solutions to help them thrive and meet their goals 
and commitments. We will continue to improve our 
fertilizer production and competitive edge – what we 
have – but we are increasingly aiming to expand this 
core - tapping into the opportunities emerging in our 
business environment – how we can contribute. 
Strategic priorities
The outcome of the 2020 update was also a more 
streamlined strategy as we distilled our previous three 
strategic priorities down to two pillars. 
These two strategic pillars represent equally sized val­
ue creation potential and form the foundation for our 
strategic responses:
» 1. Accelerate operational excellence
» 2. Expand our commercial reach and offerings
Yara is broadening its business model
Broadening 
our core 
towards food 
solutions
Diverse and 
inclusive culture
Clear capital 
allocation
Active portfolio 
management
Driving sustainable performance
Enabling the 
hydrogen 
economy
Our 
competitive edges
People 
Knowledge
Connection to Farm 
Global footprint
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‌2020 Highlights
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‌How we create value
‌Partnering for people, planet 
‌and prosperity
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‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
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‌Engaging with our stakeholders
‌Materiality
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20
Operational excellence is paramount to unlock 
the potential of our strategy. It ensures a robust 
financial position as we expand our reach and 
offering and develop new business models. Our 
approach to operational excellence is multidi­
mensional and covers our culture and people 
as well as the efficiency and footprint of our 
operations. 
Culture and people
Our strategy will lead us into new territory. 
To succeed with new customers, new business 
models, new partners, and new solutions, we 
will invest in a culture of entrepreneurship and 
continuous improvement. Employee engage­
ment, leadership, cultural evolvement, diversity 
and inclusion, and dynamic upskilling are all 
topics of high priority. Our responsible busi­
ness conduct remains integral, safeguarding 
health, safety, ethics, and the environment.
Efficient operations
Efficient operations form the very backbone of 
our business. Our work in this field is centered 
around the Yara Improvement Program 2.0. A 
number of initiatives have been rolled out since 
2015, and while the overall effect on volumes 
and energy efficiency have yet to reach its full 
potential, we are seeing value creation from 
several of these initiatives, not least the digital 
production program and from production op­
timization. Going forward, the largest contri­
butions are expected to come from improved 
reliability and plant steering. 
Holistic performance management
We will manage and measure our value 
creation along the three axes People, Planet 
and Prosperity, taking a holistic approach to 
our performance management to integrate 
sustainability. As an early mover in mitigating 
USD 500 million in 
improvements have been realized 
since the launch of the first Yara 
Improvement Program in 2015.
STRATEGIC PRIORITITES
Accelerate 
operational
excellence
We are embarking on a significant 
change journey, requiring shifts in 
mindset and behavior as well as 
efficiency.
Yara Integrated Report 2020
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‌2020 Highlights
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‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
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21
GHG emissions, we are well positioned to meet the EU 
Commission target of 55% reduction by 2030 compared 
to 1990 levels. Our ambition is to become climate neutral 
by 2050, and we have initiated several projects that will 
reduce the emissions by another 10-15% from today’s 
level. With the required public co-funding and regulatory
framework in place, we have an ambition to reduce our 
scope 1 & 2 emissions by 30% in 2030. A pathway for 
scope 3 emissions will be defined through the process of 
establishing a Sectoral Decarbonization Approach for our 
industry.
We have also adapted our governance structure to drive 
holistic thinking and will move forward with a strategic 
review of our asset base and stricter prioritization of 
activities.
“Our ambition is to become climate 
neutral by 2050, and we have initiated 
several projects that will reduce the 
emissions by another 10-15% from 
today’s level.”
Our 
priorities 
2021
Improve the 
reliability of 
our production 
plants
Develop change 
management 
activities to 
support 
cultural 
change
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
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22
To reach our ambitions, we will build on our 
core as a leading food solutions company to 
expand our reach and offering. Developing new 
commercial offerings and business models will 
be decisive to evolve our revenue base. 
New commercial offerings
Yara Farming Solutions and our regional units 
will explore four concrete avenues to expand 
our reach and offerings:
1. New revenue models
Our combination of knowledge, digital tools 
and crop nutrition enable us to pursue new 
revenue models to unlock potential for higher 
margins and decouple our products from glob­
al commodity prices. New models can include 
outcome-based business models, new pricing 
models, such as subscriptions or charge per 
hectare, or establishing low-carbon, organic 
and organo-mineral offerings which we do not 
have today. 
2. Selling services
We will commercialize and monetize Yara’s 
knowledge through digitally enabled services, 
primarily subscription based. Our goal is to 
gain access to recurring revenue streams that 
have yet to be captured. Sustainability services 
along with digital agronomy services and farm-
to-fork connectivity services are among the 
services that can be commercialized this way. 
3. New geographies or segments
We will target new geographies and segments 
to leverage new revenue models and services. 
This will include stepping up in regions where 
we have a broader presence as well as entering 
new markets, such as organic farming, which is 
particularly prominent in Europe. 
4. Channel transformation
New digital platforms can shift sales to higher-
margin channels and enable new digital integra­
tion with retailers. Farmer surveys conducted
during the Covid-19 pandemic suggest an 
increasing desire to buy inputs online. We will 
explore both direct-to-farm online business 
platforms and direct-to-retailer online platforms. 
New business opportunities
Yara’s founders were entrepreneurs who took 
great risk when faced with a significant business
opportunity. In their spirit we want to explore 
two business opportunities with fundamentally 
different value drivers. 
STRATEGIC PRIORITITES
Expand our 
reach and 
offering
We will continue to operate with 
commercial excellence across 
markets every day, while broadening 
our core and enabling a hydrogen 
economy.
We have an ambition to 
generate an incremental USD 
300–600 million EBITDA from 
new business models by 2025.
Yara Integrated Report 2020
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‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
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23
1. Clean carbon marketplace
Our portfolio, global footprint and 
knowledge about climate-smart farming
represent a great starting point to set up 
a carbon business. By reducing emissions
and sequestering carbon at farms, we 
can create new revenue streams from 
carbon credits– an opportunity that 
will also reward farmers for climate-
smart practices. We launched a carbon 
venture team to run a pilot in 2020 and 
aim to generate the first credits in 2021, 
with a rapid scaling perspective.
2. Clean ammonia
The drive for a clean hydrogen and 
ammonia-based economy has quickly 
gained momentum. Clean ammonia is 
regarded as the most promising zero-
emissions alternative to fossil fuels by 
the shipping industry, which is likely 
to be the first sector to use ammonia at 
scale. We are well positioned to become 
the credible clean ammonia champion by
leveraging our strengths in production, 
logistics and trading. By running initial 
green ammonia production pilots in 
Pilbara (Australia), Sluiskil (the Nether­
lands) and Porsgrunn (Norway) we will 
build knowledge and support market 
development. 
Focused growth
We need scale to lead the development 
of more sustainable food production, 
to be a relevant commercial partner, 
and to be a discussion partner for key 
stakeholders. Successful implementation 
of our strategy also requires growth. To 
this end, our growth agenda sets three 
priorities. Firstly, we will seek growth 
to strengthen our Farming Solutions 
offering, such as in digital technology 
and reach, and in recycled and organic 
nutrients. Secondly, we will consider 
value-adding assets, such as NPK and 
high-value products. And finally, we 
will seek scale in markets of strategic 
importance. 
Disruptive innovation in 
adjacent sectors
We believe that the strategic value of 
doing venture investments is high. If 
done right, they can create measurable 
value for Yara and our shareholders. 
We will direct venture investments into 
clearly defined themes such as climate 
smart crop solutions, decarbonization 
of fertilizer production, farm connectivity 
and new revenue models in agriculture.
Our 
priorities 2021
Evolve our commercial 
offering through the Farming 
Solutions strategy
Launch a carbon marketplace
Establish a green 
ammonia business
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
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24
Planet
People
Prosperity
YARA KPI
2025 Target
Measure
Strive towards zero accidents
<1.0
TRI 
Engagement index
Top quartile 
Index 
Diversity and inclusion index
Top quartile 
Index 
Female senior managers
>35% 
%
YARA KPI
2025 Target
Measure
Energy efficiency 
32.7 1) 2)
GJ/t NH3
GHG emissions, intensity 
2.7
t CO2e /t N
GHG emissions, scope 1+2
-30 2)
% CO2e 
Hectares under 
management 
150
MHa
Carbon marketplace 
TBD
YARA KPI
2025 Target
Measure
Ammonia production 1)
8.9 
Mt
Finished fertilizer production 1)
23.9
Mt 
Premium generated 2)
TBD
Revenues from new 
business models 2)
1.5
BUSD
Revenues from online sales 2)
1.2
BUSD
Working capital
92
Days 
Capital return (ROIC)
>10
%
Fixed costs 1)
2,314
MUSD 
Capex
1200
MUSD
Net debt / EBITDA
1.5 – 2.0 
Ratio 
MSCI rating
A
Score 
Sustainalytics rating
Med
Score 
Strategic goals
1)	 Energy efficiency target is for 2023.
2) 	GHG absolute emissions scope 1+2 target is for 2030 from 	a 2019 baseline.
1)	YIP target for 2023. 
2)	Documentation for the KPIs that were launched at the ESG 
	 seminar in December 2020 is ongoing.
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‌Engaging with our stakeholders
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Risk appetite
Risk appetite is broadly defined as the 
level of risk an entity deems acceptable 
in the pursuit of overall goals. Deter­
mined by the Board, these risk appetite 
statements set boundaries for strategic 
initiatives, guide resource allocation 
and aid decision-making within the 
company.
Exposure to global nitrogen 
price dynamics
We optimize our business model by 
seeking exposure to fertilizer market 
prices for own produced products.
Exposure to new business areas 
outside current core operation
Yara invest funds in a defined set of 
new business areas to mitigate risk in 
core business and to develop new rev­
enue streams. The company is willing 
to be exposed to uncertainty around 
future revenue generation, but the an­
nual resources employed are considered 
moderate and reviewed on an annual 
basis.
Cost curve position in 
production portfolio
Yara seeks investments in new produc­
tion capacity which strengthens Yara’s 
position on the cost curve compared to 
peers, and that have a good strategic 
fit (value-added assets and assets the 
enable to expand our offering). Invest­
ments in current production portfolio 
are prioritized based on cost competi­
tiveness and strategic fit of the assets.
Exposure to natural gas price markets
Securing access to, and stable supply of, 
favorably priced natural gas is imper­
ative to our operations and competi­
tiveness. In regions with efficient gas 
markets, we will seek exposure to spot 
market prices unless exceptional market 
circumstances clearly give reason for 
deviation. In regions without efficient 
gas markets, Yara seeks to enter into 
longer term contracts if favorable gas 
prices are obtainable.
Information and cyber security exposure
Yara has a low appetite for risk expo­
sure to cyber incidents in the office and 
production environment. Yara seeks 
high level of protection to mitigate 
exposure to safety, environmental and 
reliability issues in our production sites, 
in addition to leakage of confidential 
data, legal and regulatory compliance 
violations, insider threat from dismissed 
employees or contractors and loss or 
malicious modification of business-crit­
ical data.
Risk factors 
Yara’s business is closely interlinked 
with the major global challenges of 
resource scarcity, food insecurity and 
global warming. Execution of our strat­
egy for sustainable, profitable growth 
depends on our ability to manage stra­
tegically important risk and opportuni­
ties relevant to our industry and arising 
from our business environment.
Strategic risks 
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Strategic risks
Factor
Mitigation
Market dynamics – Nitrogen commodity 
fertilizer prices
A large part of our business consists of sales of fertilizer products used 
in agriculture. While a growing world population, economic growth 
and changing dietary patterns are driving overall demand for food and 
fertilizer, fluctuations in agricultural prices along with changes in global 
and regional fertilizer production capacity could significantly impact our 
profitability
Yara’s business model, with a mix of Own Produced Products and Third-Party 
Products marketed by our global commercial organization, offers flexibility to adjust 
to supply and demand fluctuations. We increasingly focus on expanding sales of 
differentiated products where pricing and demand is less volatile. Yara invests in 
developing farmer centric solutions that integrate knowledge, digital tools and 
services with our product portfolio to further differentiate our offering to the farmer. 
Yara also conducts global optimization with risk reduction in mind, e.g. prioritizing a 
global presence, counter-seasonality and market flexibility in addition to short-term 
profitability. Third Party Products exposure limits have been established and are 
closely monitored for the most Third-Party Products intensive countries.
Market dynamics – natural gas prices
Due to natural gas being a key raw material in the production of nitrogen-
based chemicals and fertilizer products, the pricing and availability of 
natural gas across regions is a strategic factor for Yara. Securing access 
to and stable supplies of favorably priced natural gas is imperative to our 
operations and competitiveness.
Yara’s risk exposure towards energy sourcing is minimized through global purchasing 
activities, based on our energy strategy. Executing this strategy, we are continuously 
monitoring options for additional and alternative sources of favorably priced natural 
gas in existing and new areas of production. All our European gas contracts are hub-
based contracts, and we are well positioned to cover the risk of spot exposure. In some 
of our plants we have the operational flexibility to reduce gas purchases and import 
ammonia for fertilizer production if gas prices peak, and we benefit from a natural 
hedge in the correlation between nitrogen fertilizer prices and global energy prices. 
Raw materials availability
Yara is sourcing a wide range of raw materials for fertilizer production 
from third parties, e.g. phosphate and potash (P&K). Terminations, 
material change, political/sanction risk or failure of delivery in these 
arrangements can have a negative impact on Yara’s operations.
With respect to raw materials, as one of the world’s largest buyer of phosphate and 
potash, we benefit from scale advantages in sourcing. To mitigate the risk of failure in 
sourcing of these key raw materials, Yara aims for long-term relationships with a wide 
network of suppliers, continuously aiming to optimize the company’s raw material 
balance. Yara currently evaluates several options for increasing the company’s degree 
of self-sufficiency.
Investments and integration
Yara has an ambition to grow profitably, through broadening our core 
business model and enabling a hydrogen economy, while driving a 
sustainable performance. The profitability of future strategic initiatives 
relies on long-term price assumptions and future operational and financial 
performance. Investments in new business areas and integration of new 
companies poses a risk of not being able to capture operational and 
financial benefits and synergies.
Yara has a well-defined capital value process that ensure projects are properly 
evaluated, verified and sufficiently mature at specific decision gates. 
A comprehensive, annual strategy update process secure a review of ongoing 
initiatives and potential gaps in delivering on our long term strategy. This includes 
updates of key information such as energy and global pricing, as well as strategic 
assessments of specific opportunities or concerns. The integration of new businesses 
is managed and monitored based on accumulated learning from several large business 
integrations completed during recent years. Yara maintains a conservative investment 
approach, through strong focus on capital discipline.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

27
Strategic risks
Factor
Mitigation
Political risks
Our investments and operations may be affected as a result of changes in 
political leadership, policies and regulations as well as political and social 
instability in a country or a region. Such changes could represent threats 
as well as opportunities for Yara.
Yara has established an effective system involving key expert functions globally 
for monitoring and reporting of political related risks. Yara utilizes, in addition to 
internal resources, external sources for monitoring and reporting of matters that 
may impact the company. Further, Yara’s Integrity Due Dilligence (IDD) screens all 
business partners, and on a risk-basis business partners are selected for additional 
due diligence. Business partner and transactions are continuously monitoring through 
screening against sanctions and compliance databases.
Information and Cyber Security 
New and increasingly sophisticated computer viruses and new digital 
crime models combined with the significantly increased internet exposure 
of our computerized industrial control systems may result in safety and 
reliability risks at any of our production and product handling sites. 
Leakage of confidential data, legal and regulatory compliance violations 
loss or malicious modification of business-critical data can negatively 
impact any and all of our business processes.
In the process of addressing risks of cyber-incidents, Yara is actively focusing on to 
ensuring proactive monitoring of threats, vulnerabilities and effectiveness of security 
controls for high value assets throughout the company and raising awareness of cyber 
risks and threats for our employees globally. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

28
Hydrogen is strongly positioned as a key solution for decarbonizing 
the energy systems of the future. But hydrogen is challenging to store 
and transport. This is where ammonia comes in as the easiest way of 
transporting and storing hydrogen. 
“I am pleased that we have announced the next steps to enable the hy­
drogen economy, establishing a new global unit – Yara Clean Ammonia
– to capture growth opportunities within carbon-free food solutions, 
shipping fuel and other clean ammonia applications, leveraging Yara’s 
unique existing positions within ammonia production, trade and 
shipping,” said the CEO and President Svein Tore Holsether. 
Yara is a leading global ammonia producer, and we operate a global 
platform for trade and storage with a market share above 20%. Yara 
can enable clean energy utilization based on hydrogen through its 
ammonia trading, distribution and storage. 
Yara has teamed up with several clean energy companies to enable 
production of green ammonia. This will lead to production of carbon 
free fertilizers. In addition, it will serve as clean fuel for the shipping 
industry and enable decarbonization of other energy intensive industries.
CASE 
Clean Ammonia 
opportunities
Yara is uniquely positioned to enable the hydrogen economy.
We are the largest global trader of ammonia – which can 
efficiently transport hydrogen as energy to markets. 
The most promising clean energy 
shipping fuel
•	 IMO has set a target to halve GHG 
emissions by 2050 and reduce carbon 
intensity of international shipping by 
40% by 2030
•	 Shipping majors, class society and 
consultants are pointing towards 
ammonia as the most promising 
clean fuel candidate 
PROPERTIES
Liquid H2 
Temperature - 253°
Energy density 2.00
Liquid NH3 
Temperature - 33°
Energy density 3.75
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

29
Managing outcomes 
and value creation
Sustainability is embedded in our strategic priorities and actions. Simply put, our 
approach is to minimize any negative impacts from our activities while maximizing 
our contribution to feeding the world responsibly. While improvements are always 
ongoing, we believe that the bottom line is a solid net positive
Impacts
Response
Value creation
We use natural gas, electricity 
and minerals to make our 
fertilizers. The majority of our 
raw materials comes from 
non-renewable sources. 
•	 239,061,933 MMBtu natural gas/
hydrocarbons 
•	 2.0 mill tonnes phosphate
Transportation of fertilizer causes 
emissions to air and water, and 
involves risks of incidents
and spills. 
•	 2.6 mill tonnes CO2e
Fertilizer production is energy-
intensive and causes emissions 
to air and water. The water we 
withdraw is mostly returned 
unpolluted.
•	 16.6 m tonnes CO2e
•	 8,300 tonnes NOx
•	 913 mill tonnes water withdrawal
•	 Yara Nature brand launched 
based on circular nutrients
•	 Three green ammonia pilots 
and one full-scale project 
•	 Industrial symbiosis initiatives 
•	 Reliable deliveries of crop 
nutrition, supporting farmers 
worldwide
•	 About 17,000 jobs created 
•	 Raising industry standards for 
energy efficiency
•	 Circular economy
•	 Decarbonize
•	 Resource optimization
•	 Energy and catalyst optimization
•	 Decarbonization program 
•	 Water analysis ongoing 
•	 Product stewardship
•	 Ammonia as energy carrier
•	 Zero-emission shipping vessel 
(Yara Birkeland)
Production
Sourcing
Transportation
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

30
Nutrient losses from denitrifi- 
cation, volatilization or leaching, 
can cause GHG emissions and 
eutrophication of waterways.
 
•	 42.3 million tonnes CO2e
Dietary changes drive food 
demand, while about 1/3 of 
the food is lost or wasted.
Agriculture uses 70% of 
mankind’s fresh water 
withdrawals, uses 1/3 of the 
land and is the main driver 
of deforestation. Nutrient 
imbalance is a driver 
for soil degradation.
•	 Yara’s sensor tools and crop 
nutrition solutions improve farm 
performance 
•	 262 million people fed by the 
use of our crop nutrition 
solutions
•	 Reduced deforestation from 
agricultural intensification, spar­
ing GHG emissions of roughly 
590 billion tonnes CO2e 
•	 Micronutrients supporting health
•	 R&D for improved crop quality
•	 Balanced crop nutrition
•	 Soil testing and analytical services
Natural environment 
Fertilizer application
Food consumption 
Impacts
Response
Value creation
•	 Precision farming tools
•	 R&D on field emissions
•	 Yara Water Solution 
•	 Nitrate strategy 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

31
Engaging with our key 
stakeholders 
We engage with a wide range of stakeholders both globally
and locally. Engaging and keeping good relations with 
stakeholders is integral in our transformation to become 
the Crop Nutrition Company for the Future. 
 
Agriculture is often perceived as a major contributor to several of the 
biggest global challenges of our time. Our view is that agriculture also 
holds the solutions to many of them, and our strategy is designed to 
enable such solutions. 
 
We engage extensively in institutional stakeholder processes related 
to sustainable food solutions at the global level. Locally, we focus on 
understanding and responding to farmers’ needs and managing com­
munity impacts. By gathering insights locally, we enable development 
of better products and practices. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

32
Engaging with our stakeholders
Operational stakeholder dialogue
Understand and respond to farmer’s needs, 
and manage community impacts
Farmers 
Local communities 
Employees 
Suppliers 
Food industry 
Investors 
Farmer
Food
industry
Industry organizations 
Academia 
Civil society 
Governments 
Institutionalized stakeholder 
processes 
Develop sustainable farming solutions that 
respond to global challenges
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
 
With agronomist on the 
ground worldwide, we 
have a deep understand­
ing of farmers’ needs and 
capacity to meet them.
Trust and support from 
local communities are key 
to our license to operate.
We nurture a culture of 
openness and accessibility 
to senior management, 
engaging employees in 
corporate matters through 
several channels
We stay in regular 
contact with a wide 
range of suppliers and 
expect them to live up to 
internationally recognized 
best practices. 
The food industry is 
under pressure to provide 
healthier and more 
sustainable food. 
We see ourselves as a 
perfect partner in the 
transformation.
Our strategy targets 
superior shareholder 
return from sustainable 
solutions.
Companies cannot drive 
industry change alone. 
As members of industry 
associations we are able 
to share best practices 
and speak with one voice.
Yara supports a science-
based approach to 
sustainable agriculture. 
We engage with 
academia to learn, share 
– and thrive 
Civil society helps set 
sustainability and people’s 
needs on the agenda. 
Together, we can mutually 
enhance knowledge.
Regulatory actions are 
crucial to reach the SDGs 
and the Paris agreement. 
We engage to share our 
knowledge.

33
Commitments and endorsements 
Yara is a UN Global Compact (UNGC) signatory and 
has endorsed the UNGC initiatives Caring for Climate, 
CEO Water Mandate and Call to Action: Anti-Cor­
ruption as well as the Food and Agriculture Business 
Principles (FABs), which we initiated and helped 
develop. 
 
We also support the United Nations Guiding Principles 
on Business and Human Rights, the OECD Guidelines 
for Multinational Enterprises, the International Bill 
of Human Rights, and the core conventions of the 
International Labor Organization (ILO). Yara is also 
a member of Transparency International. 
 
Memberships and associations 
Yara is a member of the World Business Council 
for Sustainable Development (WBCSD). Svein Tore 
Holsether, CEO and President of Yara, is a member of 
WBCSD’s Executive Committee, as well as the Chair 
of WBCSD’s Food and Nature Board. In 2020, Yara 
seconded WBCSD’s work on the Covid-19 response 
and developing a Sectoral Decarbonization Approach 
for the nitrogen fertilizer sector. 
 
Yara is a Strategic Partner of the World Economic 
Forum (WEF) and in 2020, took part at the WEF’s 
International Business Council, CEO Climate Leaders
and at WEF’s Sustainable Development Impact Summit.
 
Yara is a member of the International Fertilizer Asso­
ciation (IFA) and Fertilizers Europe. Yara is also part 
of the European Industrial Gases Association (EIGA), 
European Chemical Industry Council (CEFIC) and the 
International Federation of Industrial Energy Consum­
ers (IFIEC), where Yara currently holds the Presidency. 
 
Yara is a member of the Business for Nature Coalition, 
to reduce climate and environmental impacts. Yara is 
also a member of the One Planet Business for Biodiver­
sity (OP2B), and a founding member of the Cool Farm 
Alliance which has published the online GHG farm 
calculator Cool Farm Tool. 
 
Engaging on the emerging topic of circular economy, 
Yara is a partner of the Ellen MacArthur Foundation 
Food Initiative (EMFFI). Ellen MacArthur Foundation 
also supports the Nutrient Upcycling Alliance (NUA), 
launched by Yara and Veolia. 
 
Yara is a partner of the African Green Revolution 
Forum and supports its work on youth entrepreneur­
ship through Generation Africa. Yara is one of six 
partners committed to the Farm to Market Alliance, a 
global public-private consortium seeking to transform 
food value chains in emerging markets. 
Yara is a member of the Federation of Norwegian 
Industries which is part of the overall Confederation of 
Norwegian Enterprise (NHO). 
 
Stakeholder procedure 
In 2020, Yara established a new stakeholder procedure
which mandates Yara Business Units to perform a 
stakeholder analysis, and to manage stakeholder 
relationships through the annual business cycle. Stake­
holders’ perspectives shall also inform our business 
planning process.
ENGAGING WITH OUR STAKEHOLDERS
Corporate stakeholder dialogue
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

34
EU policies including Green Deal 
In December 2019, the European Commission launched the EU Green Deal. We find 
that Yara has undertaken the right investments and organizational changes to optimize
our contribution to this transformative agenda. On a particular note, we will contribute
to the upscaling of precision farming. 
 
Yara is committed to the CAP reform in the EU with the specific aim of embedding 
environmental aspects. Yara supported the eco-scheme for being in line with the 
European Commission’s ambition of moving to a “smarter, simpler, fairer and more 
sustainable” CAP. 
 
Yara’s main approach is built on our balanced crop nutrition strategy, addressing 
productivity and environmental performance in tandem. Also, applying the right 
form of mineral fertilizers can reduce the ammonia emissions in Europe by more 
than 10%.
 
Yara also welcomes the initiatives in the CAP post 2020 to support and mainstream 
the use of Farming Sustainability Tools (FaST) and the development of Farm Advisory
Services (FAS). 
 
Food systems transformation 
In 2020, Yara engaged in preparing the 2021 United Nations Food Systems Summit. 
We also participated in regional and global Food Systems Dialogues (FSDs) to 
discuss food systems policies and economics, science-based targets and pathways, the 
potential for innovation, and the inclusive approach required for a just transition. 
ENGAGING WITH OUR STAKEHOLDERS
Stakeholder engagement 
in 2020
Yara supported the eco-scheme for being in line with 
the European Commission’s ambition of moving to 
a “smarter, simpler, fairer and more sustainable” 
Common Agricultural Policy.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

35
Yara recognizes the critical role of the next generation 
in the transition, and in 2020 continued to promote 
youth entrepreneurship at Generation Africa’s GoGet­
taz Agripreneur Prize awarded at the Africa Green 
Revolution Forum in September. 
 
Climate Engagement 
In 2020, Yara signed a letter of commitment to the 
Science Based Targets initiative to develop company 
GHG targets as well as help build a Sector Decarbon­
ization Approach for the nitrogen fertilizer industry 
in line with the Paris agreement. 
 
We continued to participate in the WBCSD Scaling 
Positive Agriculture working group, which in 2020 
expanded its scope to include among other things 
biodiversity perspectives. We believe that better 
sustainability performance should be rewarded in the 
market. To this end, we participate and sponsor the 
True Cost of Food work in WBCSD. 
 
Yara’s CEO attended the CEO Climate Leaders group 
in Davos in January 2020, as well as virtual meetings 
through the year. The group agreed to take the lead on 
net zero commitments. 
 
We also participate in discussions on Natural Climate 
Solutions through WBCSD and WEF. Thematically
linked to regenerative growth, this links climate 
finance to solutions making nature a carbon sink. 
Through this workstream, Yara is also involved in the 
global update process of the GHG Protocol, preparing 
for how to incorporate such carbon sinks into reporting.
Regenerative agriculture and soil health 
Yara is committed to an ambitious and integrated 
agenda to halt nature loss, which has tangible eco­
nomic impacts. In 2020, we continued to work with 
partners such as OP2B to share knowledge on digital 
tools and crop nutrition solutions that improve soil 
health, nutrient use efficiency and support farmers and 
food companies in their transition to regenerative agri­
cultural practices. We have also taken an active role in 
the Business for Nature Coalition, reflecting nature’s 
critical role as the infrastructure supporting humanity. 
Sustainability in the Nordics 
Yara is part of the Nordic CEOs for a Sustainable Future,
a group of 14 companies working to incorporate the 
UN sustainable development goals in their respective
business strategies. The CEOs met virtually with the 
Norwegian and Islandic Prime Ministers in July 2020.
 
Emphasizing Yara’s focus on reducing emissions, Yara 
was main sponsor at the ZERO Conference in Oslo, 
the primary event of the Norwegian climate NGO 
ZERO, featuring digital farming tools that will im­
prove the sustainability of farming. 
 
The NHO (Confederation of Norwegian Enterprise) 
kicks off every year with their prominent Annual Con­
ference in January, gathering leading decision makers 
from politics, business and NGOs. Yara, together with 
IBM, presented the opportunities in digital farming. 
Yara is also heading the Forum for Development, ini­
tiated by the Confederation of Norwegian Enterprise 
(NHO), consisting of business leaders together with 
the Ministries of Foreign Affairs and International 
Development.
In 2020, Yara signed a
letter of commitment to 
the Science Based Targets 
initiative to develop 
company GHG targets
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

36
Materiality
Yara conducted its first materiality assessment in 
2015, a process involving key representatives from 
our business segments, expert organization and 
management. This process used the Sustainability 
Accounting Standards Board’s (SASB) standards 
for chemicals and mining industries as its starting point.
The current update captures the strategy and risk updates of 2020. 
Value creation is the starting point for presenting which topics we 
regard as material for our ability to realize our strategy, short, medium
and long-term. Materiality has been defined according to four main 
areas: megatrends, key value drivers, company capabilities and 
position, and license to operate. 
 
Megatrends 
Megatrends constitute both risks and opportunities. They have been 
prioritized according to their relevance to Yara’s business model, and 
also company ability to interact with such megatrends. The megatrends 
are described on p. 17, and are consistent with the 2019 report. 
Three of the material megatrends are of a biophysical nature and are 
to some extent interlinked; climate change, soil degradation and water 
stress. Four megatrends are of a socioeconomic nature; food industry 
integration, dietary shifts, circular economy and digitalization. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

37
Key value 
drivers
Megatrends
Capabilities 
and position
License 
to operate
EXTERNAL TOPICS
wtth material impact on our 
value creation and offering
INTERNAL TOPICS
with material impact on our 
position and performance
Environmental 
performance
Ethics and 
compliance
Soil degradation
Food prices
Food industry 
intergration
Regulatory 
changes
Dietary
shifts
Circular
economy
Water 
stress
Digitalization
Climate change
Nitrogen
fertilizer pricer
Natural
gas prices
Availability of 
raw materials
COVID-19
Health 
and safety
Infrastructure 
and logistics
Production
reliability
Connection 
to farm
Global scale 
and presence
The Yara 
Brand
Knowledge 
margin
Product 
stewardship
Human capital
Long term
Short term
Long term
Short term
Key value drivers
The key value drivers represent external topics with 
material influence on Yara’s value creation: 
COVID-19: The outbreak of the global pandemic has 
had significant socioeconomic impacts on societies 
worldwide. 
Nitrogen fertilizer prices: Changes in global and 
regional fertilizer production and capacity impact 
fertilizer prices and our profitability. 
Natural gas prices: Hydrocarbons, mostly natural gas, 
are Yara’s main raw material and our main cost. Af­
fordable access to natural gas is therefore a competitive 
advantage, and energy price fluctuations impact Yara’s 
costs. 
Availability of raw materials: Our fertilizer production 
plants depend on consistent supplies of raw materials, 
most notably phosphate and potash. 
Food prices: Increasing food prices can support higher 
investments in agriculture and sustainable crop nutri­
tion solutions. 
Regulatory changes: Political drive for climate-smart 
agriculture can strengthen demand for our crop nutri­
tion solutions. 
Company capabilities and position 
These topics represent Yara’s internal topics which 
significantly influences strategy choices, risks and 
opportunities. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
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38
Knowledge margin: Yara’s deep understanding of crop 
nutrition, farmers and industrial markets allows us to 
sell highly profitable premium products and solutions 
that also benefit society. 
Production reliability: Increased plant reliability is a 
key driver of organic growth in our production system. 
Global scale and presence: We operate across six 
continents, in various commercial segments, and in 
28 production sites. Our global distribution network 
allows us to optimize product flows and plant inputs 
across geographies and adjust production volumes to 
match market conditions. 
Infrastructure and logistics: Yara operates 200 in­
frastructure points across the world, and has 10,800 
Yara-branded retail outlets worldwide – providing an 
unmatched market reach. 
Human capital: We have a passionate workforce. This 
enables the company to take on new tasks, drive prof­
itability, optimize productivity, and propel innovative 
thinking. In our markets, digital technology is making 
rapid progress, a trend in which Yara actively engages 
based on our knowledge and a diverse, talented work­
force. 
The Yara Brand: Our brand represents our values and 
the company personality. Embodying our knowledge, 
quality, vision, mission and values, the brand rep­
resents the trust we earn from partners, customers and 
suppliers. 
Connection to Farmers: We sell to more than 20 
million farms and we have almost 15 million ha under 
management through our digital platforms. This 
uniquely positions us to drive the development of the 
food system in a way that works with, not against, the 
farmer. 
License to operate 
Health and safety: We value our employees, and safety 
is therefore a key priority at Yara. Our employees 
represent a knowledgeable and diverse workforce, 
and every one of them has the right to a safe working 
environment. A safe and healthy workplace is good for 
business. We believe that all accidents are preventable, 
and our goal is zero injuries. 
Product stewardship: Ensuring that the right product 
of the right quality arrives safely to the farmer is fun­
damental to building trust. Through our Product Stew­
ardship principles and a dedicated security function, 
Yara carries out extensive work to determine the best 
and safest way to transport, store and apply fertilizers 
and industrial products. Our work on quality review 
and the monitoring and handling of our products is the 
foundation of industry standards. 
Environmental performance: Yara expects increased 
awareness of sustainable agricultural practices and an 
increasing pressure on sustainability from governments 
and regulators globally. Soil degradation, water stress, 
biodiversity loss and nutrient pollution are issues 
which will impact Yara’s operations and value chain. 
Ethics and compliance: With operations in more than 
60 countries and sales to about 160 countries, Yara 
is exposed to different cultures, traditions, labor 
conditions and threats. We are dedicated to responsible 
business conduct throughout our own operations and 
value chain. This means respecting recognized labor 
and human rights and having safeguards in place for 
combating corruption, and respecting laws and 
regulations. Responsible business conduct is crucial 
in earning the trust of our stakeholders and key to 
our success. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
‌CEO message
‌2020 Highlights
‌Company presentation
‌How we create value
‌Partnering for people, planet 
‌and prosperity
‌Megatrends
‌Our strategy
‌Strategic goals
‌Strategic risks
‌Clean Ammonia opportunities
‌Managing outcomes
‌Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

39
In 2020, Yara committed to reporting in accordance with 
the Stakeholder Capitalism white paper, issued by the World 
Economic Forum (WEF). With the Covid-19 pandemic as 
backdrop, underlying economic and social inequalities and a 
mounting climate crisis, the white paper argues to mobilize 
all to work together and seize this historic opportunity to 
rebalance our world for the benefit of all. 
Yara has implemented a balanced scorecard against which we 
measure company performance. Indicators have been adopted 
in accordance with the Stakeholder Capitalism logic under the 
chapters, People, Planet and Prosperity. 
YEAR IN REVIEW
Responsible performance
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

40
People
Our people and their knowledge are our greatest 
assets, and the result of our knowledge is clear:
Every day our agronomists deliver the best 
recommendations and solutions to our farmers, 
giving valuable technical advice on how to produce 
efficiently and profitably in a sustainable way.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

41
At Yara, we believe that knowledge grows. When it comes to crops, 
we mean that quite literally. As such, our many agronomists on the 
ground are vital to Yara’s success. 
 
Uncovering the problem 
A global survey among Yara agronomists uncovered a female rep­
resentation of only 14% out of 800+ employees. It also found that 
female Yara agronomists frequently face challenges, both internally 
and when meeting customers and distributors. Although regional dif­
ferences exist, the results show that breaking traditional stereotypes in 
the field is a challenge for our female agronomists globally. 
 
Yara is committed to gender equality as one important aspect of the 
diversity and inclusion agenda and decided to take immediate action. 
The pilot version of the new “Women in Agronomy” program has 
so far gathered 60 women across all regions. Through mentoring, 
networking and visibility channels, the program connects emerging 
female talents with more experienced female colleagues, building trust 
and confidence. 
After a survey uncovered challenges for female agronomists, 
the project “Women in Agronomy” was launched as part of Yara’s 
Diversity & Inclusion agenda. The program connects emerging 
female talents with more experienced female colleagues, with 
the goal of attracting, developing and retaining more women in 
agronomy.
CASE
Women in 
Agronomy 
WOMEN 
IN AGRONOMY 
PROGRAM
60
women across 
all regions
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

42
Rejane Souza is Yara’s Vice President Crop Knowledge and Agronomy,
and one of the initiators behind the program. “We are truly committed
to building a more diverse workplace in Yara, regardless of whether 
you work at our HQ, a production plant or in the field supporting 
farmers. The aim of the program is to help our people to grow as 
agronomists and develop future leaders. I’m very inspired by the 
participants’ engagement and I’m confident a good ‘harvest’ is to 
come, at the end of this first ‘season’,” Souza says. 
 
Building on the lessons from the pilot, the goal is to expand the 
network, reaching more female agronomists later this year. 
 
A more diverse and inclusive workplace 
Agronomist Jamie Schechinger joined Yara in 2020. She participates 
in the pilot and has learnt the value of sharing experiences. “Every­
one comes from different backgrounds and has different experiences. 
What unites us is that we all chose agronomy. This program has 
helped me see how the growth of one can benefit the whole group if 
we share our learnings and grow together. This program has high­
lighted not only how women can work together in a male-dominated 
industry, but also how women and men can work together to create a 
more inclusive work environment”. 
 
Diversity & inclusion is anchored in our business strategy. Besides our 
ambition to have 35% women in senior leadership positions by 2025, 
we aim for more diversity in Yara in all its forms and for having an 
inclusive work environment in which employees feel safe to be them­
selves. With the Women in Agronomy program, we are a small step 
closer to delivering on our strategy. 
“The aim of the program is to help our people to grow as 
agronomists and develop future leaders. I’m very inspired 
by the participants’ engagement and I’m confident a good 
‘harvest’ is to come, at the end of this first ‘season’.”
Rejane Souza
VP Crop Knowledge and Agronomy
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

43
PEOPLE
People 
performance
Most of Yara’s material topics involve 
a social dimension: caring for people 
safeguards and improves the 
business.
Successful implementation of our value 
adding strategy depends on our knowledge 
and access to human capital, measured as 
diversity and engagement scores. 
Safety is a top priority, and we set ourselves 
a high goal from an already industry-
leading level, based on our belief that all 
accidents are preventable.
Engagement index
2025 target: Top quartile
Female senior managers
2025 target: >35%
Strive towards zero accidents 
2025 target: ‹1.0
0
0.5
1.0
1.5
2.0
2.5
2025
2019
2018
2017
2016
2020
Diversity and inclusion index
2025 target: Top quartile
NA
NA
0
20
40
60
80
2025
2019
2018
NA
2017
2016
2020
0
5
10
15
20
25
30
35
2025
2019
2018
2017
2020
2016
0
20
40
60
80
2025
2019
NA
2018
2017
NA
2016
2020
Total recordable injuries (TRI) is the sum of 
loss time injuries (LTI), restricted work cases 
(RWI) and medical treatment cases (MTC). 
The TRI rate is calculated as the TRI per 
million hours worked for employees and 
contractors combined. We believe every 
accident is preventable and work accordingly.
Employee engagement is measured through 
surveys done by an external third party, provid­
ing a data-driven analysis against international 
benchmarks. The KPI was updated from previ­
ously being >80% to being in the top quartile. 
This threshold was at 76% in 2020.
The Diversity and Inclusion index is measured 
through surveys done by an external third 
party, providing a data-driven analysis against 
international benchmarks. The threshold for 
being in the top quartile was at 74% in 2020.
Female senior managers is measured as % 
of the top positions defined in Yara’s position 
level system. The 2020 KPI was 20%, while 
the previous 2025 KPI of 25% has been 
strengthened to 35%. The KPI is defined 
based on our strong belief that diversity is a 
key enabler to solving the difficult challenges 
the world is facing.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
73
73
2.5
1.8
1.4
1.4
1.3
1.0
16
15
17
20
20
35
74
74
81
79
76

44
Unit of 
measure
2020
2019
2018
2017
2016
People indicators
Gender pay gap 
4.0
4.9
5.5 1) 
n.a. 
n.a. 
% 
Employee turnover rate 
10.4
14.4 
11.4
17.3 
10.5 
% 
Sick leave rates 
3.4
3.2
3.4
2.8
3.3
%
Environmental grievances from 
local communities 
140
135
165
165
252
Number 
Non-compliance with laws and 
regulations in the social and 
economic area 
235,000
257,000
81,000
400,000
170,000
USD 
Number of face-to-face risked 
based anti-corruption trainings 
3,042
2,699
3,985
3,737
2,642
Headcount 
Employees completion of Ethics 
e-learning 
93% 
86%
83%
n.a. 
n.a.
 %
Reported fraud & corruption 
incidents 
35
57
51
46
50
Number 
Reported dis-crimination and 
harassment cases 
49
76
119
109
22
Number 
Performance indicators 
Gender pay gap 
Yara analyzes gender pay levels correcting for factors 
such as responsibility in position, education and expe­
rience. Yara performed a follow-up gender equal pay 
gap study in 2020, expanding the number of countries 
included from six to 16, covering over 5,000 employ­
ees. The range of this study is focused on non-tariff 
contract employees, as the tariff schedules provide 
strong protection against bias due to gender. The gaps 
were reported ranging from 0% in Finland to 14% in 
Colombia. Yara has the ambition to close the gender 
equal pay gaps before 2025. A weighted average pay-
gap for the 16 countries included was 3.96%. The gap 
on a like for like basis for the original six countries has 
closed from 5.5% to 4.8% since 2018.
Employee turnover 
The rate is calculated as number of permanent staff 
terminations in the period divided by the starting 
permanent employee headcount. The global figure in­
corporates substantial variability, as each labor market 
has different characteristics. For 2020, Yara regions 
had the following turnover rates: Brazil, 15%; rest of 
Latin America, 12%; Asia & Oceania, 9%; Europe, 
8%; North America, 7%; Africa, 8%
Sick leave rate 
The rate is calculated as the percentage of Yara em­
ployees’ sick leave hours against the total number of 
working hours. 
1) 2018 figure was calculated in 2020 based on historic data.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

45
Grievances from local communities
Number of environmental grievance cases registered 
from neighbors of our infrastructure or production 
facilities. 
Non-compliance
The sum of registered fines in Yara for issues other 
than environmental breaches. 
Number of face-to-face risked based 
Ethics trainings
The Ethics and Compliance training program is deliv­
ered by the dedicated regional compliance managers. 
Training content is targeted at the participants based 
on a risk assessment considering factors such as 
function, role, seniority and location. 
Employees’ completion of Ethics e-learning 
The mandatory e-learning includes all topics covered 
by the Code of Conduct. All new hires with access to 
a PC are expected to complete the e-learning within 
3 months. The purpose is to prevent corruption and 
human rights abuses and to promote a culture in 
which these matters are difficult to perpetrate. This is 
measured as the percentage of employees with access 
to the learning platform, who at year-end have com­
pleted the e-learning. In 2020, 93% of employees 
who had access to the learning platform completed 
the e-learning. 
Reported fraud & corruption incidents
Through whistleblowing and other channels, Yara is 
alerted to a number of cases where employees or others 
suspect fraud or corruption. Yara encourages such 
reporting. The figures represent the raw number of 
reported cases. Each case is investigated, and action is 
taken for all cases which are substantiated. Further de­
tails on substantiated cases is reported in the separate 
Sustainability report. 
Reported discrimination and harassment 
incidents 
Yara encourages all to raise any concern if there is 
suspicion of violations of regulatory requirements or 
Yara’s Code of Conduct. For People cases, the figure 
provided represents the number of reported cases 
involving discrimination or harassment. Each case is 
investigated, and action is taken for all cases which are 
substantiated. Further details on substantiated cases is 
reported in the separate Sustainability report. 
Human rights management 
Human rights are not easily expressed in numeric terms
and is reported from a management perspective. A more
complete review is presented in the Sustainability report,
available on the yara.com annual reporting section. 
Yara’s Human Rights Policy set out in our Code of 
Conduct shows the priority areas and salient risks 
identified. Yara’s Ethics and Compliance Department 
has organizational responsibility to provide a best in 
class ethics and compliance program, playing a key 
role in the management of risks related to human 
rights. The Board, Yara Management and the CEO are 
updated on a regular basis. 
A global human rights risk assessment is updated 
annually and ranks the countries where Yara operates 
in terms of human rights risk exposure. The 2020 risk 
assessment identified 18 high risk countries, up from 
17 in 2019. The planned human rights impact assess­
ment on selected operations in Brazil was postponed to 
2021 due to COVID-19 restrictions. Findings from the 
human rights impact assessments conducted in India, 
Colombia and Philippines in 2019 show that contract­
ed labor are at risk of negative human rights impacts, 
especially where manual labor is combined with heat 
exposure. Specific concerns relate to: 
•	 Manual labor in hot working conditions 
•	 Piece rate pay 
•	 Living wage, working terms & conditions 
•	 Freedom of association, grievance channels and 
right to remedy 
The mitigating actions is a line and local manage­
ment responsibility, while the Ethics and Compliance 
department monitors implementation and reports on 
progress. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

46
Risk appetite
Risk appetite is broadly defined as the 
level of risk an entity deems acceptable 
in the pursuit of overall goals. Deter­
mined by the Board, these risk appetite 
statements set boundaries for strategic 
initiatives, guide resource allocation 
and aid decision-making within the 
company.
Health, safety and security exposure 
Securing safe and healthy working con­
ditions is our highest priority. We aim 
to minimize the exposure to conditions 
that could negatively affect health, 
security and safety as low as practical 
possible. This includes to minimize the 
probability and consequences of process 
safety and product safety accidents neg­
atively affecting people, environment, 
asset and the reputation of Yara.
Leadership and organizational 
competence exposure
We are developing a skilled organiza­
tion with regards to leadership compe­
tencies in key strategic areas necessary 
to strengthen Yara’s competitiveness in 
a changing business environment. To 
deliver on Yara’s strategic goals and 
objectives, upskilling and reskilling 
employees are prioritized to meet com­
petencies needed for the future.
Risk factors 
We put substantial resources and efforts 
into minimizing potential risk of loss 
from inadequate or failed internal 
processes, people and systems, or from 
external events. We do so through 
preventative controls and indicators. 
Our focus is on managing the causes 
and mitigating their potential impacts 
through detective controls and actions.
People risks 
People risks
Factor
Mitigation
Human capital
Yara’s ability to compete effectively and meet market demands depends 
heavily on the competence, engagement, enablement and performance of 
its employees. Qualified, diverse and motivated staff is essential for Yara’s 
business to be successful.
Yara recognizes that People are the enabler for success and Passionate People is 
identified as one of our four unique strengths. There is ongoing work to develop the 
People strategy as a response to Yara’s revised strategy. Yara regularly deploys global 
employee surveys to focus management initiatives on the employee engagement and 
enablement and the Diversity & Inclusion agenda. For 2020, Covid-specific questions 
are included in addition to a focus on employee wellbeing. Yara is committed to 
promote equal opportunities and to fight discrimination. Diversity & Inclusion is fully 
integrated in Yara‘s business strategy and drives equality and diversity through an 
engaged workforce. Diversity and Inclusion is further anchored in key human resource 
processes such as recruitment, succession planning, performance management and 
employee development. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

47
People risks
Factor
Mitigation
Health and safety
Yara’s production sites are large industrial plants, and many of Yara’s 
raw materials, intermediates and products are classified as substances 
dangerous and hazardous to the health. Such a working environment 
contains various potential occupational health and safety risks to 
employees and contractors working on site. While Yara’s raw materials are 
often dangerous chemicals, most final fertilizers typically are not classified 
as hazardous, and the occupational health and safety risk at the use phase 
is minor.
Yara has a strict requirement on reporting of incidents, accidents and injuries, and 
works continuously to improve safety practices and safety culture by systematically 
enforcing strict operating procedures and developing employee and contractor 
competence. Yara’s ambition is zero harm and the company continue to set 
challenging KPI targets for occupational and process safety. Our Safe by Choice is 
the umbrella for all HSE activities with the aim to reduce exposure to accidents, 
to develop strong HSE leadership, ensure safe workplaces and to drive operational 
discipline, and to train and encourage staff to always act and react in accordance with 
our safety standards. 
Personnel security risk
Yara’s global activity may be exposed to threats from; criminals, activists, 
local population, competitors, terrorists and States which could harm 
our operations and activity, and pose security risks to our personnel, the 
environment we work in, our assets and our reputation.
We continuously assess and manage regional and local threats to our personnel and 
sites. HESQ Security department is in charge of developing and maintaining corporate 
guidelines on security, and a method for assessing security risks, in addition to 
initiating appropriate mitigation actions in response to potential threats.
Employee misconduct 
Failure to comply with the Code of Conduct and international standards 
will have a damaging effect on our brand and reputation. It can also 
negatively affect our relationship with current and future business 
partners, resulting in both legal sanctions and financial loss. In positive 
terms, demonstrating a commitment to ethical business conduct and 
social responsibility can be leveraged to create competitive edge and 
create value for business partners, employees and society at large.
We are committed to creating an equal opportunity workplace free from harassment, 
where hiring and development are based on achievements, qualifications, and skills 
of each individual. Ethical and compliant business conduct and reporting are set at 
high standards, reflecting Yara’s commitments. Yara has developed its Compliance 
Program taking into account internationally recognized and endorsed standards in key 
areas such as people related risks. 
Human rights risk
Yara’s operations may impact human rights throughout our entire value 
chain. Through a mixture of ethical and legal obligations, risk of negative 
impact on human rights may affect Yara’s reputation and standing as a 
responsible business. 
Yara’s human rights policy is set out in the Code of Conduct, and is integrated in the 
Compliance Program and key business processes, such as risk management and the 
capital value process. 
Yara follows the United Nations Guiding Principles on Business and Human Rights 
and aim to continuously improve our work in this area. Our annual global human 
rights risk assessment allows us to proactively monitor exposure to human rights risks 
wherever we operate, and guides us in prioritizing locations for human rights impact 
assessments. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

48
Planet
Global challenges are real and will not vanish on 
their own. Climate change is affecting our way of 
life. The world’s population continues to increase. 
We have more mouths to feed, limited land to 
farm and less resources to draw upon.
At Yara, we believe in meeting these challenges 
head on. There is no trade-off between building a 
profitable business and solving global challenges. 
Environmental performance is a vital part of our 
license to operate. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

49
Atfarm is a digital tool developed by Yara to 
help farmers around the world effectively 
monitor the growth of their crops. By using 
satellite images, Atfarm creates application 
charts for variable rate application (VRA) of 
crop nutrition. 
VRA is essential for best practice nutrient 
management. Conditions on any given farm 
will vary when it comes to sunlight, soil quality, 
terrain, and other factors. This means that the 
nutrient needs of the crops will vary accordingly. 
To ensure the crop reaches its full potential and
to avoid unnecessary costs for the farmers, 
nutrient leeching and runoffs, crop nutrition 
should be applied based on the specific crop 
needs. 
Continuous development
Since its launch in 2018, more than 100.000 
farmers have started their digital precision 
farming journeys. And since then, numerous 
updates have been made to the tool, responding 
to input from farmers and Yara agronomists. 
In fact, developing the product in iterations is a 
unique feature of Atfarm. A dedicated user re­
search team across three continents brings new 
prototypes into the field with the farmers and 
brings the feedback directly to the developers. 
If they see a trend in the feedback, Yara is able 
to make changes to the tool quite quickly.
The biggest update to the Atfarm tool will come 
later this year, with new capabilities on weather
spreading recommendations, sustainability, 
growth stage simulations, and pre-season crop 
nutrition planning among other things.
By making the complex simple and updated 
and tailored agronomic advice accessible to 
farmers all over the world, digital farming is 
the future of sustainable food production. 
CASE 
Making digital farming simple
Yara’s digital capabilities and innovations will be key to achieve our mission of 
responsibly feeding the world and protecting the planet. Based on input and 
insight from farmers, Yara’s Atfarm will become the gold standard for sustainable 
nutrient management. 
Atfarm facts:
•	 100k users signed up
•	 Active in more than 15 markets
•	 10 million registered hectares
Atfarm map
Atfarm creates application charts for 
variable rate application of crop nutrition. 
The dots precisely indicate the required 
nitrogen quantity for each area of the field. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

50
PLANET
Planet 
performance
Environmental performance has been 
identified as a materially important 
part of Yara’s license to operate. 
The corporate KPIs were updated 
through the 2020 strategy update, 
with four KPIs linked to the Planet 
performance area.
Further, nutrient losses from farmers’ fields 
is an important externality in the value 
chain. Knowledge sharing, precision farming 
technology and proper fertilizer application 
management can reduce such risks – here 
reported as Ha under digital management. 
Yara reports with full transparency on all envi­
ronmental aspects of our operations. Whereas 
the most material indicators are reflected here, 
a complete account is found in the separate 
Sustainability Report report, published on yara.
com alongside the annual reporting. 
Energy efficiency 
2023 target: 32.7 Gj/tonne ammonia
GHG intensity
2025 target: 2.7 t CO2e /t N
GHG emissions, Scope 1+2 
(market based)
2030 target: -30% from a 2019 baseline
Hectares under management 1)
2025 target: 150 million hectares
2)	From a 2019 baseline
1)	 2018 onwards, Scope 1 emissions from own generation
	
of electricity has been included. 
0
5
10
15
20
25
30
35
2023
2019
2018
2017
2016
2020
0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2025
2018 1)
2017
2016
2019
2020
0
5
10
15
20
25
30
2030
2019
2018
2017
2016
2020
0
30
60
90
120
150
2025
2019
2018
2017
2016
N/A
N/A
2020
32.7
-30%
1)	 The indicator definition is being updated, meaning the 
	
historic figures and 2025 target are not fully aligned, 
	
ref. to indicator definition on p52. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
33.9
17.1
17.7
150
30
10.7
14.5
4.6
18.5
18.5
16.2
33.7
34.1
33.7
33.2
3.1
2.9
3.0
3.0
3.0
2.7

51
Unit of 
measure
2020
2019
2018
2017
2016
Planet indicators
Energy consumption 
279
285
301
266
273
PJ 
Emissions to air: NOx 
8,300
8,500
9,400
7,800
7,600
tonnes NO2
Emissions to air: SOx 
2,100
2,100
2,800
2,000
2,000
tonnes SO2
Dust 
2,800
2,500
3,900
3,400
4,200
tonnes 
Raw materials: Natural gas 
239,061,933
249,258,646
245,429,308
219,982,380
227,708,686
MMBtu 
Raw materials: Phosphate 
2,046,2212)
1,758,096
1,532,427
1,676,671
1,492,123
tonnes P2O5 
Raw materials: Potash 
2,356,358
2,057,282
2,143,023
2,302,813
2,352,442
tonnes K2O 
Water withdrawal 
906
947
913
783
851
million m3 
Of which in water 
stressed areas
2%
2% 
3% 
4%
3% 
% 
Sites in flood hazard areas 
15
15
15 1)
11 
11
# of sites 
Environmental provisions 
76
77
75
48
37
USD million 
Fines and penalties for 
environmental breaches
340,500
229,000
300,000
146,000
115,000
USD 
Green revenues 
43
38
n.a.
n.a.
n.a.
%
Green investments 
64
77
n.a.
n.a.
n.a.
%
1)	 Babrala and the three Cubatão sites included 2018 onwards
2)	 The scope of products covered has been expanded for the 2020 figure, which is therefore not directly comparable to previous years.
Corporate KPIs 
Energy efficiency 
Consumption of hydrocarbons, mostly 
natural gas, for the ammonia production 
process is both Yara’s main variable cost and 
driver of GHG emissions. Energy efficiency 
improvements come with a dual bottom line 
and climate benefit, and it is expressed as 
GJ consumed per tonne ammonia produced. 
The indicator cover 49% of the Tringen 
plant, while Cubatão and Babrala are out of 
scope. Data including these sites are available 
in the Sustainability report.
GHG intensity 
The GHG intensity KPI is defined as tonnes 
emissions of CO2e per tonne nitrogen in 
Yara’s own produced products. The CO2e 
emissions include scope 1, scope 2 (electricity 
consumption) and emissions from production 
of Yara’s third-party ammonia consumption. 
Information on transportation and other 
scope 3 emissions is found in the Sustainability
report. The KPI is to reduce the carbon in­
tensity by >10% from 2018 to 2025. 
Our ambition is to become climate
neutral by 2050. 
GHG scope 1 + 2 emissions 
On top of the intensity KPI, Yara in 2020 
established an additional climate KPI; to 
reduce the absolute scope 1 + 2 emissions by 
30% by 2030 from a 2019 baseline. 
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52
Hectares under management 
Knowledge transfer to farmers is a lever which can 
contribute to multiple benefits, including improved 
productivity, farmer income and environmental per­
formance. Yara is establishing its digital farm services, 
and until 2020 the performance is reported as Hect­
ares owned by farmers, who have registered them 
in our digital tool(s). The 2025 KPI is measured as 
millions of Ha under active management, which adds 
an activity qualifier to the indicator. As of Q1 2021 the 
reporting of the indicator will be updated in accor­
dance with the new definition. 
Performance indicators 
Energy consumption 
Consumption of hydrocarbons, mostly natural gas, is 
both the main feedstock and the main energy source 
supporting the ammonia production process. 
Emissions to air
The main emissions to air from fertilizer plants and 
phosphate mines are nitrogen oxides, sulphur oxides, 
ammonia, fluorides, and dust. More details are available
in the Sustainability report. 
Raw materials consumption
Ammonia is produced from nitrogen from the air 
reacting with hydrogen, mostly harvested from natural 
gas. Yara also sources phosphorous and potash, e.g. 
for NPK fertilizers. Yara also owns and operates two 
phosphorous mines. 
Water withdrawal 
The total withdrawal figure is given here. In Yara’s 
production, water is primarily used for cooling purpos­
es. Thus, over 90% the water that Yara withdraws is 
returned to the water course. 
Water withdrawal in water stressed areas 
Yara’s plants are located across several continents and 
operate under highly variable environments. Our sites 
have undergone an initial water risk screening using 
the WRI Aqueduct water risk atlas tool. The figure 
presents percentage of water withdrawals which occur 
in areas of high or extremely high baseline water 
stress. Further analysis is ongoing through 2021. 
Sites in flood hazard areas
Our sites have undergone an initial water risk screening
using the WRI Aqueduct water risk atlas tool. The 
figure presents the number of major sites which are 
located in areas at risk of flooding. Further analysis is 
ongoing through 2021. 
Environmental provisions 
Environmental provisions are the estimated future cost
for environmental remediation on Yara’s sites. More infor-
mation is found in the notes to the financial statements. 
Fines and penalties 
Total sum of fines and other penalties for environ­
mental breaches. If any severe cases over a materiality 
threshold of USD 5 million are identified, a description 
is available in the separate Sustainability report. 
Green revenues 
In preparation for the EU Taxonomy requirements 
for disclosures, Yara has engaged Cicero Green to 
assess the ‘greenness’ of our revenues. For ammonia 
and nitric acid plants, the EU Taxonomy GHG emis­
sions thresholds have been utilized in the analysis. For 
remaining parts of the revenues, the Cicero Shades of 
Green methodology has been applied. The resulting 
figure is not an EU Taxonomy compliant disclosure. 
Green investments 
In preparation for the EU Taxonomy requirements for 
disclosures, Yara has engaged Cicero Green to assess 
the ‘greenness’ of our CAPEX. For ammonia and nitric 
acid plants, the EU Taxonomy GHG emissions thresh­
olds have been utilized in the analysis. For remaining 
parts of the CAPEX, the Cicero Shades of Green meth­
odology has been applied. The resulting figure is not 
an EU Taxonomy compliant disclosure. 
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53
Risk appetite
Risk appetite is broadly defined as the 
level of risk an entity deems acceptable 
in the pursuit of overall goals. Deter­
mined by the Board, these risk appetite 
statements set boundaries for strategic 
initiatives, guide resource allocation 
and aid decision-making within the 
company.
Product portfolio exposure 
to regulatory changes
Yara has a low risk appetite for ex­
posure to incompliance to regulatory 
requirements impacting the product 
portfolio in our value chain, and 
proactively seeks to reduce exposure 
to impact on operational, commercial, 
financial and security areas. Yara will 
proactively liaise with regulatory bodies 
in order to adapt and adhere to stricter 
regulations.
Environmental exposure 
from operations or products
Yara strives to be best in class com­
pared to industry peers and is commit­
ted to explore and promote the highest 
standards of environmental responsi­
bility and has a low risk appetite for 
causing damage to the environment as a 
result of our operations or products. 
Risk factors 
We commit to excellence in our HESQ 
performance, which is imperative to 
protect our employees and contractors, 
and uphold reliability and performance. 
We have adopted a systematic approach 
to monitoring and reviewing the quality 
and handling of all our products, ensur­
ing that proper care is taken along the 
entire value chain. 
Planet risks 
Planet risks
Factor
Mitigation
Natural disasters
Yara's production and logistics operations and warehouses could be 
directly or indirectly affected by natural disasters.
We have implemented specific precautionary measures for operations located in 
areas more likely to be affected by extreme weather conditions and natural disasters. 
Significant efforts are also put into crisis management training and scenario planning, 
to minimize potential threats to security, health and safety for our operational assets.
Environmental risks and regulatory framework 
on production/ application of nitrogen fertilizer
Environmental, including climate, exposure create strategic risks for Yara’s 
license to operate. There is an increasing trend of stricter governmental 
regulations impacting production, (e.g. Emission trading system in Europe 
and stricter limits of emissions to air and water across the world) and 
application of fertilizer related both to the environmental aspects and 
safety of handling and applying fertilizer. These regulations could have a 
substantial impact on Yara’s earnings.
Yara continuously discuss and participate in various arenas to understand and influence 
existing and ongoing new regulations affecting our business. The risk is primarily 
mitigated by contact with governmental bodies to ensure that balanced information is 
available to reach optimal solutions. Yara continuously discuss with the EU regarding 
the future CO2 emissions structure for the fertilizer industry arguing that the European 
ammonia industry is the most efficient globally which needs to be reflected when 
policies are made. On existing assets, Yara has established rigid management systems 
and policies to manage the environmental impacts of our operations and to reduce 
exposure. Moving forward, resources are allocated to develop new technologies and 
business models to meet the expected environmental and climate requirements. 
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54
Planet risks
Factor
Mitigation
Climate risks
Climate change pose both up and downside risks for the company. 
Climate risks are related to our markets, operational risks linked to our 
assets, in addition to the supply chain/ infrastructure risks. Climate change 
leads to societal processes which may pose transition risks such as market 
preferences, legislation and technology. The European Green deal aims for 
the EU to be climate neutral by 2050, supported by additional regulatory 
actions such as the ETS. This transition to a climate-neutral society is 
both an urgent challenge and an opportunity, with a potential downside 
market risk and risk for stranded assets. The societal aspects are as much 
opportunities as risks.
Yara’s investments into assets are evaluated against extreme weather events. 
Through stakeholder dialogues, Yara promotes low carbon solutions, life cycle 
perspectives and resource smart solutions. As a materially important topic, climate is 
one of the focus areas of Yara’s business development and strategy processes, where 
we aim to provide knowledge-based solutions. Efforts include resource optimization 
and reducing carbon footprints in agriculture, green ammonia projects and digital 
solutions, which are well-suited to support EU ambitions for reduced emissions. Yara 
supports the continuation of the ETS system and its free allowances as the best 
approach to mitigate carbon leakage risk. Yara also advocates the possible introduction 
of more instruments, that should provide certainty for low-carbon investments of the 
company and would avoid market distortions. 
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55
Prosperity
Yara has performed well during 2020 
delivering improved capital returns, as 
lower gas prices, increased deliveries 
of premium products and a stronger 
US Dollar have offset weaker commodity 
prices and slightly higher underlying 
fixed cost.
Yara’s industry fundamentals are robust, 
as the twin challenges of resource efficiency 
and environmental footprint require 
significant transformations within both 
agriculture and the hydrogen economy. 
Yara’s leading food solutions and ammonia 
positions are well placed to both address 
and create business opportunities from 
these challenges.
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56
Since 2019 Tringen unit 1 has added around 50,000 tonnes/year of 
ammonia production 1) without any significant investment in infra­
structure. This has been achieved through Yara’s targeted reliability 
program for underperforming units (RCIP), which builds on the 
Yara Productivity System (YPS). 
 
RCIP pilots were recently completed at the plants in Tringen and 
Tertre (Belgium) with the full program now being rolled out to other 
plants including Pilbara, Cubatao and Ambes. 
 
Both pilot plants have increased their Overall Equipment Effectiveness 
(OEE) by double digits since implementing the program, something 
EVP Yara Global Plants and Operational Excellence, Pål Hestad, 
believes can be repeated at other sites. 
“There’s still significant potential to improve the reliability of our 
existing plants,” says Pål. “I’m confident we can replicate the 
improvement we’ve seen in Trinidad and Tertre, enabling us to hit our 
2023 improvement targets.”
 
Fix it forever to stop forever fixing 
The RCIP program helps plants eliminate complex recurring issues 
CASE
Cracking the reliability 
code
1) This volume increase relates to the whole of Tringen 1, of which Yara has 49% ownership.
For years Yara’s Tringen plant in Trinidad has struggled with 
recurring issues causing production losses. Now they’re 
turning it around with our targeted reliability program.
“I’m confident we can replicate the 
improvement we’ve seen in Trinidad 
and Tertre, enabling us to hit our 
2023 improvement targets.”
Pål Hestad
EVP Yara Global Plants and Operational Excellence
+50,000
tons/year ammonia 
production
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57
YARA IMPROVEMENT PROGRAM (YIP)
Delivering on YIP 2.0 by 2023 through:
•	 More volumes from our existing plants by improving reliability
•	 Reduced spend on consumption factors, such as energy, through 
better reliability and new technology
•	 Reduced variable unit cost through scale, advanced category 
management, and collaboration
•	 Reduced fixed costs through standardization and scale benefits
•	 Improved commercial effects by more targeted offerings and 
channel development
through root cause problem solving, among other techniques. 
One such issue at Tringen involved a critical fan, which occasionally 
failed and brought the plant down with it. Each time this occurred, plant 
operators would replace the fan and get the plant back online. 
But while their quick action minimized downtime, it didn’t solve the 
underlying issue. And the losses added up over time. Seeking a permanent 
solution, this issue was targeted with RCIP. 
Rather than reacting and solving the symptom, the team at Tringen used 
root cause problem solving, and found a multi-barrier approach to 
eliminate the issue for good, including a design simplification, a change 
in the operational response to the fan and replacing an old cable. 
These changes mean higher uptime and increased output at a time 
when favorable market conditions mean every extra ton will secure an 
attractive price.
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‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

58
PROSPERITY
Prosperity 
performance
Yara’s full-year 2020 EBITDA excluding 
special items was at the same level 
as the previous year, as lower prices 
were off-set by lower energy cost and 
improved product mix.
Delivering 
improved 
operations & 
superior profits
Creating 
sustainable 
returns
ROIC 2) 
Return on invested capital reflect the value created for shareholders 
Mid-cycle target: > 10%
0
5
10
15
20
25
35
30
2023
2017
NA
NA
2016
2018
2019 2020
0
0.5
1.0
1.5
2.0
2.5
2023
2017
NA
NA
2016
2018
2019 2020
0
2
4
6
8
10
Mid-cycle
2018
2017
2016
2019
2020
Production output 1)
Million tonnes. Production adjusted for 
major turnarounds and market optimi­
zation effects, to better reflect underly­
ing performance
2023 target: 32.8 million tonnes
Fixed cost 2)
Fixed cost in billion USD. Total fixed 
cost adjusted for portfolio and currency 
effects
2023 target: < USD 2.3 billion
2)	See page 249 for definitions, 
	
explanations and reconciliations of 
	
alternative Performance Measures 
	
(APMs).
1)	 Production output measured 
on rolling 12 months, adjusted 
for major turnarounds and 
market optimization effects. 
Adjustments are done to better 
reflect the underlying production 
performance. Numbers exclude 
Qafco and Lifeco volumes. 2018 
baseline includes growth and 
debottleneck projects already 
communicated, and is adjusted 
related to Galvani and Pardies 
portfolio effects. 
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‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
29.0
28.8
28.7
32.8
2.3
2.32
2.29
2.31
8.0
8.0
6.60
3.80
4.00
10.0

59
Yara’s full year 2020 EBITDA excluding special items 1) was in line with a year earlier as 
lower gas prices, increased deliveries of premium products and a stronger US Dollar 
were offset by weaker commodity prices and slightly higher underlying fixed cost. 
Europe’s full year EBITDA excluding special items was 7% lower than a year earlier as 
lower feedstock costs for ammonia and natural gas were offset by lower realised prices. 
Americas full year 2020 EBITDA excluding special items was 5% lower than a year 
earlier, as higher premium product deliveries and lower fixed costs were offset by lower 
upgrading margins on urea and phosphates. 
Africa & Asia’s full year 2020 EBITDA excluding special items was 75% higher than a 
year earlier reflecting increased deliveries of premium products and ramp-up of Pilbara 
TAN plant in Australia. 
Global Plants & Operational Excellence (GPOE) full year 2020 EBITDA excluding 
special items was 7% lower than a year earlier mainly due to the QAFCO portfolio 
effect, as lower gas costs were otherwise offset by lower commodity prices and higher 
fixed costs. 
Industrial Solutions’ full year 2020 EBITDA excluding special items was 13% higher 
than a year earlier reflecting improved commercial margins. Challenging market situa­
tion for Maritime throughout the year, while demand for industrial nitrogen was 
negatively impacted by Covid-19.
1)	 See note 2.3 Segment information on page 126-132 and special items on page 65.
ESG rating
Yara integrates ESG into its operations, with solicited scores from MSCI and Sustainalytics.
MSCI
2020
2019 
2018 
2017
2016
Score
BBB
BB
BBB
BBB
BBB
MSCI rating is scored on the scale: CCC – B – BB – BBB – A – AA – AAA where AAA is best. Yara’s target score: A
Discalimer statement
The use by yara ofany MSCI esg research llc or its affiliates (“MSCI”) data, and the use of msci logos, trademarks, service marks or index 
names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of yara by msci. MSCI services and data are 
the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or 
service marks of MSCI.
Sustainalytics
2020
2019 
2018 
2017
2016
Score
24.8 
Medium
28.4
Medium
30.8 
High
n/a
n/a
n/a
n/a

Sustainalytics risk ratings are shown as higher figures presenting higher residual ESG risks. Risk brackets are 0-10: Negligible, 10-20: 
Low, 20-30: Medium, 30-40: High, 40+: Severe. Yara is ranked as the top performer in the Agri-chemicals subindustry group.
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‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

60
USD millions, except where indicated otherwise
2020
2019
2018
2017
2016
Revenue and other income
11,728
12,936
13,054
11,400
11,597
Operating income
1,176
989
402
457
1,043
EBITDA 2)
2,223
2,095
1,523
1,348
1,854
EBITDA 2) excl. special items
2,161
2,165
1,525
1,430
1,719
Net income attributable to shareholders of the parent
691
599
159
477
756
Basic earnings per share3)
2.58
2.2
0.58
1.75
2.76
Basic earnings per share excl. foreign currency translation and special items3)
3.08
3.09
1.68
1.83
2.44
Net cash provided by operating activities
2,047
1,907
756
791
1,676
Net cash provided by/(used in) investing activities
248
(1,044)
(2,000)
(1,338)
(1,267)
Net debt/equity ratio
0.36
0.42
0.43
0.25
0.17
Net debt/EBITDA excl. special items (last 12 months) ratio
1.36
1.72
2.49
1.66
0.86
Average number of shares outstanding (millions)
268.0
272.3
273.2
273.2
273.5
Return on invested capital (ROIC)
8.00%
6.60%
3.80%
4.00%
8.00%
Financial highlights ¹)
Key statistics
1)	 See page 249 for definitions, explanations and 
reconciliations of Alternative Performance Measures 
(APMs). 
2)	EBITDA 2018 and before not adjusted by IFRS 16
3)	USD per share. Yara currently has no share-based 
compensation programs resulting in a dilutive effect 
on earnings per share. 
1)	 Including Yara share of production in equity-accounted 
	
investees, excluding Yara-produced blends
USD millions, except where indicated otherwise
2020
2019 
2018 
2017
2016
Ammonia
7,606
8,479
8,305
7,459
7,504
Finished fertilizer and industrial products, excl. bulk blends
21,048
22,060
21,887
20,203
19,497
Yara deliveries (thousand tonnes) 1)
 
 
 
 
 
Ammonia trade
1,966
2,527
2,478
n/a 
 n/a
Fertiliser
29,045
27,620
27,869 
n/a 
 n/a
Industrial product
7,086
7,837
 8,272
n/a 
 n/a
Total deliveries
38,097
37,983
38,619
n/a
n/a
Yara's Energy prices (USD per MMBtu)
 
 
 
Global weighted average gas cost
3.8
4.7
6.2
5.0
5.0
European weighted average gas cost
3.6
5.4
8.3
6.1
6.1
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Average of publication prices
2020
2019
2018
2017
2016
Urea granular (fob Egypt)
 USD per tonne 
246
263
274
243
218
CAN (cif Germany)
 USD per tonne 
191
226
226
207
198
Ammonia (fob Black Sea)
 USD per tonne 
204
240
288
259
243
DAP (fob US Gulf)
 USD per tonne 
314
356
415
348
354
Phosphate rock (fob Morocco)
 USD per tonne 
80
91
89
91
112
 
 
 
 
 
 
 
European gas (TTF)
 USD per MMBtu 
3.0
4.8
7.9
5.6
4.5
US gas (Henry Hub)
 USD per MMBtu 
2.0
2.7
3.1
3.0
2.4
EUR/USD currency rate
 
1.1
1.1
1.2
1.1
1.1
USD/BRL currency rate
 
5.1
3.9
3.6
3.2
3.5
Market information
Improvement Program
Yara launched an extended improve­
ment program at its Capital Markets 
day on June 26 2019, following solid 
improvements achieved in the previous 
three years. As part of this, Yara moved 
to reporting operational metrics on a 
rolling 12-months (L12M) basis to bet­
ter reflect underlying performance. 
On a rolling 12-month basis, under­
lying production of ammonia and 
finished fertilizers increased by 115 
thousand tonnes compared to 2019, as 
improvements during the year were 
partially offset by the closure of the 
Trinidad plant.
Improvement of Energy Efficiency 
compared to the previous year is mainly 
driven by the closure of Yara Trinidad.
Fixed Costs are slightly higher than 2019
but on track to achieve the 2023 ambition
level of keeping nominal costs flat.
Net Operating Capital days have 
improved by two days compared to 
2019, and remains a priority.
2020
2019
2018
Production - ammonia (kt) 1)
7,696 
7,772 
7,850 
Production - finished products (kt) 1)
21,258 
21,067 
20,870 
Energy Efficiency (GJ/T) 2)
33.2 
33.7 
34.1 
Fixed Costs (USD millions) 3)
2,322 
2,291 
2,314 
Net operating capital (days) 3)
113 
115 
104 
1) Production output measured on rolling 12 months, adjusted for major turnarounds and market optimization effects. 
Adjustments are done to better reflect the underlying production performance. Numbers exclude Qafco and Lifeco volumes. 
2018 baseline includes growth and debottleneck projects already communicated, and is adjusted related to Galvani and Pardies 
portfolio effects. 
2) Energy Efficiency (GJ/t) looks at the L12M total energy consumption per tonne ammonia produced. 
3) For definitions of Fixed cost and Net operating capital days, refer to page 253 in the APM section.
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62
Income tax
The tax cost for the year 2020 is USD 160 million, 
which is approximately 19% of income before tax. The 
tax rate in 2020 is positively impacted by a tax-exempt 
gain from the sale of Yara’s 25% stake in QAFCO 
and by realized taxable losses when restructuring the 
corporate holding structure. The effective tax rate for 
2019 was approximately 27%, which was negatively 
impacted by a non-recurring provision related to an 
ongoing tax dispute. See note 2.8 to the Financial 
Statements for more information. 
Net interest-bearing debt 
As a supplement to the consolidated statement of cash 
flows (page 116), this table highlights the key factors 
behind the development in net interest-bearing debt. 
Net interest-bearing debt at the end of 2020 was USD 
2,930 million, down from USD 3,725 million at the 
end of 2019. The cash earnings, positive change in 
net operating capital and proceeds from sale of equity 
accounted investee more than offset net investments, 
dividends, buy backs and new leases. Net investments 
for the year 2020 amounted at USD 752 million, in­
cluding USD 769 million of capital expenditures, part­
ly offset by cash inflows from investments of USD 17 
million. Growth investments include USD 155 million 
related to Rio Grande and Salitre projects in Brazil. Of 
the remaining investments, the majority was regular 
maintenance investments in Yara’s production system. 
The proceeds from the sale of equity-accounted invest­
ees had a positive cash effect of USD 1,000 million. 
During 2020, Yara paid out dividends and purchased 
own shares for a total of USD 1,235 million. The 
debt/equity ratio at the end of 2020, calculated as net 
interest-bearing debt divided by shareholders’ equity 
plus non-controlling interests, was 0.36 compared with 
0.42 at the end of 2019. At the end of 2020, the net 
debt/EBITDA excl. Special items (last 12 months) ratio 
is 1.4, down from 1.7 at the end of 2019
USD millions
2020
EBITDA 2020
2,223
EBITDA 2019
2,095
Reported EBITDA variance
128
Special items variance (see page 65 for details)
132
EBITDA variance ex special items
(4)
Volume/Mix
123
Price/Margin excluding energy
(362)
Energy price
269
Currency translation
98
Other
(132)
Total variance explained
(4)
USD millions
2020
Net interest-bearing debt at beginning of period, 
including IFRS 16 implementation effect 
(3,725)
Cash earnings 1)
1,653
Dividends received from equity-accounted 
investees
9
Net operating capital change
265
Investments (net)
(752)
Proceeds from sale of equity-accounted investee
1,000
Yara dividend and buy-backs
(1,235)
New leases 2)
(117)
Other, including foreign currency translation 
gain/(loss)
(29)
Net interest-bearing debt at end of period
(2,930)
1)	 Operating income plus depreciation and amortization, minus tax paid, net gain/
	
(loss) on disposals, net interest expense and bank charges. 
2)	New lease arrangements in scope for IFRS 16 increase the net interest-bearing 
	
debt without having an immediate cash impact
Variance analysis
Net interest-bearing debt
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
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‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

63
USD million
2020
2019
2018
2017
2016
Interest income 
61
74
78
75
82
Dividends and net gain/(loss) on securities 
1
2
3
2
4
Interest income and other financial income 
62
76
81
77
87
 
 
 
 
 
 
Interest expense 
(135)
(157)
(127)
(57)
(85)
Net interest expense on net pension liability 
(5)
(9)
(7)
(8)
(8)
Net foreign currency translation gain/(loss) 
(243)
(145)
(278)
99
14
Other 
(25)
(15)
(19)
(17)
(15)
Interest expense and foreign currency translation gain/(loss) 
(408)
(327)
(431)
17
(94)
 
 
 
 
 
 
 Net financial income/(expense) 
(346)
(251)
(350)
94
(7)
Thousand tonnes
2020
2019
2018
2017
2016
Ammonia
7,606
8,479
8,305
7,459
7,504
of which equity-accounted investees
181
1,000
1,039
1,061
1,033
 
 
 
 
Urea
5,175
6,419
6,327
5,257
5,167
of which equity-accounted investees
268
1,504
1,517
1,573
1,536
Nitrate
6,472
6,225
6,136
6,173
6,044
NPK
6,104
5,697
5,736
5,504
4,891
CN
1,640
1,543
1,623
1,511
1,379
UAN
959
974
835
931
909
SSP-based fertilizer
647
1,087
1,115
822
1,106
MAP
51
115
116
-
-
Total Finished Products 1)
21,048
22,060
21,887
20,199 
19,497 
Financial items
Production volumes
Financial items
Full-year net financial expense was USD 95 million 
higher than a year earlier. The variance is primarily 
explained by a higher net foreign currency translation 
loss this year, especially during first quarter. Interest 
expense for the full year was USD 22 million lower 
than a year earlier, driven by lower gross interest-
bearing debt and reflecting that interest on taxes for 
prior periods was included in the amount reported last 
year. The foreign currency translation loss this year of 
USD 243 million comprised a loss of USD 86 million 
on the US dollar denominated debt positions and a 
loss of USD 157 million on internal positions in other 
currencies. A year earlier, the US dollar debt positions 
and the internal positions contributed almost equally 
to the reported net loss.
Liquidity 
At the end of 2020 Yara had USD 1,363 million in 
cash and cash equivalents, and USD 2,270 million in 
undrawn committed bank facilities. We consider the 
company’s cash and financial position to be strong.
Board conclusion 
In the opinion of the Board of Directors, the consoli­
dated financial statements provide a true and fair view 
of the group’s financial performance during 2020 and 
financial position on 31 December 2020. According to 
section 3–3 of the Norwegian Accounting Act, we con­
firm that the consolidated financial statements and the 
financial statements of the parent company have been 
prepared based on the going concern assumption, and 
that it is appropriate to make that assumption.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
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‌PROSPERITY
‌Cracking the reliability code
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‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

64
Thousand tonnes
2020
2019
2018
Yara deliveries
 
 
 
Ammonia trade
 1,966 
 2,527 
 2,478 
Fertiliser
 29,045 
 27,620 
 27,869 
Industrial Product
 7,086 
 7,837 
 8,272 
Total deliveries
 38,097 
 37,983 
 38,619 
Crop Nutrition deliveries
Urea
 6,042 
 5,909 
 5,970 
Nitrate
 5,775 
 5,412 
 5,425 
NPK
 10,574 
 9,943 
 10,360 
of which Yara-produced compounds 
6,140 
5,618 
5,501 
of which blends 
3,749 
3,801 
4,412 
CN
 1,433 
 1,237 
 1,239 
UAN
 1,405 
 1,287 
 1,182 
DAP/MAP/SSP
 1,014 
 1,096 
 1,321 
MOP/SOP
 1,473 
 1,326 
 1,164 
Other products
 1,328 
 1,411 
 1,209 
Total Crop Nutrition deliveries
 29,045 
 27,620 
 27,869 
Europe deliveries 
Urea
 1,009 
 796 
 860 
Nitrate
 4,334 
 4,057 
 4,128 
NPK
 2,769 
 2,714 
 2,673 
of which Yara-produced compounds 
2,632 
2,555 
2,500 
CN
 446 
 393 
 380 
Other products
 1,558 
 1,492 
 1,389 
Total deliveries Europe
 10,116 
 9,452 
9,430 
Thousand tonnes
2020
2019
2018
Americas deliveries 
Urea
 2,692 
 2,615 
 2,488 
Nitrate
 1,196 
 1,117 
 1,105 
NPK
 6,070 
 5,687 
 6,138 
 of which Yara-produced compounds 
2,056 
1,797 
1,699 
 of which blends 
3,376 
3,441 
4,057 
CN
 801 
 679 
 690 
DAP/MAP/SSP
 912 
 1,014 
 1,247 
MOP/SOP
 1,386 
 1,233 
 1,073 
Other products
 1,050 
 1,115 
 936 
Total deliveries Americas
 14,108 
 13,461 
 13,677 
of which North America
3,316 
3,254 
3,026 
of which Brazil
8,813 
8,438 
8,474 
of which Latin America ex Brazil
1,979 
1,769 
2,177 
Africa & Asia deliveries 
Urea
 2,341 
 2,497 
 2,621 
Nitrate
 245 
 237 
 192 
NPK
 1,735 
 1,542 
 1,549 
of which Yara-produced compounds 
1,453 
1,266 
1,302 
CN
 186 
 166 
 168 
Other products
 314 
 264 
 232 
Total deliveries Africa & Asia
 4,821 
 4,707 
 4,762 
of which Asia
3,652 
3,525 
3,743 
of which Africa
1,169 
1,182 
1,019 
Industrial Solutions deliveries
Ammonia 1)
 543 
 625 
 699 
Urea 1)
 1,577 
 1,792 
 2,321 
Nitrate 2)
 1,069 
 1,146 
 1,121 
CN
 348 
 434 
 412 
Other products 3)
 1,944 
 2,028 
 1,967 
Water content in industrial ammonia and urea
 1,605 
 1,811 
 1,752 
Total Industrial Solutions deliveries
 7,086 
 7,837 
 8,272 
Deliveries (detailed table)
1) Pure product equivalents. 
2) Including AN Solution. 
3)	Including sulphuric acid, ammonia 
	
and other minor products.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
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‌PROSPERITY
‌Cracking the reliability code
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‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

65
Special items
Fixed cost effect
EBITDA effect
Operating income effect
USD million
2020
2019
2020
2019
2020
2019
Environmental provisions
 1 
 (9)
 1 
 (9)
 1 
 (9)
Impairment of non-current assets
 - 
 - 
 - 
 - 
 (25)
 (27)
Scrapping of project development and provision for demolition
 (1)
 - 
 (6)
 - 
 (5)
 - 
Additional bonus to employees
 (4)
 - 
 (4)
 - 
 (4)
 - 
Total Europe
 (4)
 (9)
 (9)
 (9)
 (34)
 (36)
Environmental provisions
 (4)
 (2)
 (4)
 (2)
 (4)
 (2)
Impairment of non-current assets
 - 
 - 
 - 
 - 
 (3)
 (11)
Provision related to closure of plant
 4 
 (24)
 4 
 (24)
 4 
 (26)
Additional bonus to employees
 (7)
 - 
 (7)
 - 
 (7)
 - 
Total Americas
 (7)
 (26)
 (7)
 (26)
(10)
 (39)
Impairment of non-current assets
 - 
 - 
 - 
 - 
 (2)
 (3)
Contract derivatives gain/(loss)
 - 
 - 
 14 
 14 
 14 
 14 
Damaged inventory
 - 
 - 
 - 
 3 
 - 
 3 
Additional bonus to employees
 (2)
 - 
 (2)
 - 
 (2)
 - 
Total Africa & Asia
 (2)
 - 
 12 
 16 
 10 
 14 
Contract derivatives gain/(loss)
 - 
 - 
 - 
 (1)
 - 
 (1)
Gain on sale of Qafco
 - 
 - 
 97 
 - 
 97 
 - 
Provision for fuel taxes
 - 
 - 
 1 
 (32)
 1 
 (32)
Additional bonus to employees
 (2)
 - 
 (2)
 - 
 (2)
 - 
Total Global Plants & Operational Excellence
 (2)
 - 
 97 
 (33)
 97 
 (33)
Impairment of non-current assets
 - 
 - 
 - 
 - 
 - 
 (3)
Dismantling provision for closed site
 - 
 (8)
 - 
 (8)
 - 
 (6)
Release of provision related to discontinuation of pilot plant
 - 
 3 
 - 
 3 
 - 
 3 
Additional bonus to employees
 (2)
 - 
 (2)
 - 
 (2)
 - 
Total Industrial Solutions
 (2)
 (6)
 (2)
 (6)
 (2)
 (6)
Impairment of non-current assets
 - 
 - 
 - 
 - 
 (15)
 - 
Action Africa
 (20)
 - 
 (20)
 - 
 (20)
 - 
Portfolio management costs
 (7)
 (13)
 (7)
 (13)
 (7)
 (13)
Additional bonus to employees
 (2)
 - 
 (2)
 - 
 (2)
 - 
Total Other and Eliminations
 (28)
 (13)
 (28)
 (13)
 (44)
 (13)
Total Yara
 (44)
 (53)
 62 
 (70)
 17 
 (113)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

66
Risk appetite
Risk appetite is broadly defined as the 
level of risk an entity deems acceptable 
in the pursuit of overall goals. Deter­
mined by the Board, these risk appetite 
statements set boundaries for strategic 
initiatives, guide resource allocation 
and aid decision-making within the 
company.
Bribery, corruption and 
competition law exposure 
We are committed to upholding high 
standards for human rights, ethical 
and lawful conduct across the organi­
zation in relation to business partners, 
investors, regulatory authorities and 
society at large. We have zero tolerance 
for bribery, corruption and violation of 
competition law. 
Phosphate rock sourcing exposure
Securing key raw materials for our 
fertilizer production is crucial for our 
production plants. The demand for raw 
materials is covered by our own pro­
duction as well as sourcing from third 
parties. Yara has a low risk appetite 
and seeks opportunities to diversify 
external supply options and increase 
production of phosphate rock.
JV ownership structure 
exposure – new entries
When entering into new JVs, Yara has 
a low risk appetite for minority equity 
positions and will only engage in JVs 
provided that agreements are com­
mercially attractive, secure acceptable 
governance standards, policies and 
procedures, and financial control for 
Yara. Yara will only enter into new JVs 
where we are confident that we can 
bring Ethics & Compliance and HESQ 
standards to an acceptable level.
Production reliability exposure
Yara has a low risk appetite for un­
planned production downtime and 
aims to produce optimally at all times 
balancing investments to improve regu­
larity and plant profitability.
Tax jurisdiction compliance exposure
Within the framework of tax laws and 
regulations we optimize our tax cost 
in the same way as other costs. Yara 
does not pursue tax solutions without 
existence of commercial purpose and 
is committed to a transparent manage­
ment of tax.
Long term credit rating down 
grade exposure
Yara believes a solid financial base is 
the foundation for pursuit of sound 
growth opportunities, and have a low 
risk appetite for financial exposure not 
derived from the underlying business. 
We have a low risk appetite for a credit 
rating downgrade to below investment 
grade BBB/Baa2. We accept the un­
derlying US dollar exposure embedded 
in the Yara business model but keep a 
major part of the company’s debt in US 
dollar as a partial hedge.
Exposure to non-USD currencies
We have a low risk appetite for expo­
sure related to financial risk not derived 
from the underlying business. Yara 
has a low to moderate risk appetite for 
economic currency exposure optimizing 
the cost of hedging with estimated cur­
rency movements. Limits for economic 
exposure are set per currency and on a 
country basis. 
Risk factors 
Due to its global operation, Yara is 
exposed to various financial risks. Yara 
has in place, and is constantly develop­
ing, comprehensive policies, procedures 
and tools to manage these risks. In 
some cases, Yara may utilize derivative 
instruments, such as forwards, options 
and swaps, to reduce financial risk 
exposures. 
Prosperity risks 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

67
Prosperity risks
Factor
Mitigation
Corruption risk
Corruption appears in many forms throughout the world, usually in the 
form of “improper advantages”. With operations in over 60 countries Yara 
is exposed to countries, markets and counterparts with varying ethical 
standards and business conduct. Corruption poses both compliance and 
reputational risks to Yara and our business partners.
Our zero-tolerance stance on bribery and corruption is systematically implemented 
and communicated throughout our organization and to business partners through 
policy commitments, trainings and awareness raising. Yara’s Ethics and Compliance 
department coordinates and oversees the company’s work in this area through Yara’s 
Compliance Program. Yara’s Integrity Due Diligence process is defined to identify 
and mitigate risks related to business partners on various topics, including corruption, 
human rights and labor rights. Our whistle-blowing channels allow employees, 
consultants and third parties to raise concerns anonymously.
Production reliability
Production unreliability and irregularities may result in lost volumes and 
contribution. Increased plant reliability is a key driver of organic growth in 
our production system.
We actively seek to increase plant reliability and minimize irregularities by refining 
and implementing companywide technical and operational standards along with 
best practices for operations, maintenance and turnarounds, and through continuous 
investments in process safety. Employees undergo extensive training and risk 
awareness programs, and process safety and productivity are subject to frequent and 
regular audits. Yara’s company-wide Improvement Program focuses on improving cost, 
reliability and operational efficiency.
Supply chain disruptions
Yara’s ability to produce and supply markets with products can be 
impacted negatively by disruptions in our supply chain, 
Yara has centralized functions as well as local operations, for management of in- and 
outbound supply chains securing raw materials to our production units and supply 
of products to the markets. Yara is operating globally and we have flexibility and 
measures built into our business model to adjust for potential irregularities.
Financing risk
Refinancing of maturing loans or establishment of new financing may be 
difficult or costly to arrange. Adverse financial market conditions could 
lead to higher funding costs and postponement of projects.
Yara’s strategy for mitigating financing risk is to maintain a solid financial position 
with a strong credit rating. Yara reduces the refinancing risk by basing its long-term 
funding on a variety of sources to avoid dependency on individual markets, and by 
timing the maturity dates of large facilities to avoid them falling due at the same 
time. Committed liquidity reserves are maintained to meet unforeseen costs. Yara 
has access to sufficient funding and borrowing facilities to meet currently foreseeable 
requirements, combined with a cash position that covers short-term needs.
Credit risk
Credit risk represents exposure to potential losses deriving from non-
performance of counterparties.
Credit risk is monitored and managed by the business units and expert organizations 
on the basis of standard Yara policy, procedures and regular reporting. Yara has a well-
established system for credit management, with defined exposure limits at customer, 
financial institution and country level. A number of instruments, such as credit 
insurance, letters of credit and bank guarantees, are deployed to mitigate credit risk. 
Yara’s geographically diversified portfolio reduces the overall credit risk of the group.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

68
Prosperity risks
Factor
Mitigation
Currency risk
As the fertilizer business is essentially a US dollar business, prices of 
Yara’s most important products and raw materials are either directly 
denominated or determined in US dollars. In markets outside the USA, 
local prices will generally adjust to fluctuations in the US dollar exchange 
rate, with a certain time lag.
Yara keeps a major part of its debt in US dollars in order to reduce overall economic 
currency exposure. Yara also utilizes derivative instruments to manage foreign 
currency exchange rate risks. A well-established system for currency risk management 
is in place, with defined currency exposure limits and standardized exposure 
measurement tools. Yara’s geographically diversified portfolio reduces the company’s 
overall currency risk.
Interest rate risk
Interest rates on different currencies vary depending on the economy 
and political actions, which will influence Yara’s funding cost over time. 
However, the overall exposure of our business 
to interest rate fluctuations is 
considered low.
Interest rate risk is managed on an assessment of the financial markets and 
macroeconomic development, in relation to the expected impact an interest change 
will have on Yara’s financial performance. As a risk mitigation measure, Yara keeps 
part of the long-term debt portfolio in fixed interest rate agreements. Yara also utilizes 
derivative instruments to manage interest 
rate risks.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

69
We are committed to serving all our share­
holders and potential investors by providing 
consistent, open and prompt disclosure of 
relevant information. Our policy is equal 
treatment of all stakeholders, including ana­
lysts, banks, institutional investors, and pri­
vate shareholders. All information that may 
be important and relevant for Norwegian 
and international markets is provided in the 
form of releases to the Oslo Stock Exchange 
(OSE), media and financial newswires. Yara 
presents quarterly results as live webcasts.
Share performance and distribution
In 2020, 191 million shares were traded on 
the OSE at a value of NOK 64 billion. The 
average daily trading volume for Yara shares 
on the OSE during 2020 was 759,519. The 
highest closing price during the year was 
NOK 377.57 and the lowest was NOK 
264.74. The year-end closing price was NOK 
The Yara share
Yara aims to be an attractive 
investment for shareholders, and to 
provide competitive returns compared 
to other investment alternatives. 
The Yara share shall be liquid and 
an attractive investment opportunity.
Q1
Q2
Q3
Q4
2020
2019
Basic earnings per share
(0.43)
0.84
0.27
0.73
2.58
2.2
Average number of shares 
outstanding 1)
270,494,236
268,760,982
267,905,871
264,818,040
267,985,860
272,319,232
Period end number of shares 
outstanding 1)
269,678,611
268,132,237
266,804,276
263,001,109
263,001,109
271,040,624
Average daily trading volume 2)
997,431
830,528
590,788
628,097
759,519
,580,521
Average closing share price 
329
327
349
345
338
373
Closing share price 
(end of period) 
314
318
343
356
356
365
Closing share price high 
370
348
378
378
378
419
Market capitalization 
(end of period NOK billion)
85.5
85.3
91.9
95.5
95.5
99.5
Dividend per share 3)
18
38
15
Dividend yield 4)
10.7%
4.3%
Total shareholder return 5)
9.4%
10.0%
1)	 Excluding own shares
2)	Only traded on OSE
3)	Including 20 NOK per share proposed for 2020 and 
	
18 NOK per share additional dividend paid 4Q 2020
4)	Based on 31 December share price
5)	Measured in US dollars
Common share data
Yara share price indexed (31.12.2019 = 100)
OBX indexed (31.12.2019 = 100)
60
30.12.19
30.01.20
30.02.20
30.03.20
30.04.20
30.05.20
30.06.20
30.07.20
30.08.20
30.09.20
30.10.20
30.11.20
30.12.20
70
80
90
100
110
120
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

70
356.00, representing a 2% increase from the 2019 
year-end closing price. Yara’s 2020 total shareholder 
return (TSR) was 9.4% measured in US dollars, with 
dividends reinvested. Yara’s market value as of 31 De­
cember 2020 was NOK 93.6 billion.
At year-end 2020 Yara had 47,417 shareholders. 
Non-Norwegian investors owned 39.9% of the total 
stock, of which 16.3% were from the United States 
and 6.0% from the United Kingdom. The Norwegian 
State, through the Ministry of Trade and Industry, 
is the largest single owner with 36.2% of the shares. 
Norwegian private ownership of Yara shares was 
23.9% at the end of 2020.
No of shares
No of shareholders
% of share capital
1-100
24,838
0.3%
101-1,000
13,588
1.7%
1,001-10,000
2,609
2.9%
10,001-100,000
585
7.2%
100,001-1,000,000
189
22.4%
above 1,000,000
31
65.5%
Total
41,840
Shareholding distribution 
(as of 31 December 2020)
Ownership structure:
Shareholding distribution 1) 
(as of 31 December 2020)
Ownership structure:
Shareholding distribution1 
(as of 31 December 2020)
1)	 This shareholder list is delivered by Nasdaq and VPS through their service 
Nominee ID. The list is made by analyzing information provided by 
registered shareholders on request from Yara International. Neither 
Nasdaq nor VPS guarantee that the information is complete. For a list 
of the largest registered shareholders as of 31 December 2020, see 
note 11 on page 235 in this Integrated Report.
Name
Holding (%)
Ministry of Trade, Industry and Fisheries
36.2
Norwegian National Insurance Scheme fund
7.1
Sprucegrove Investment Management, Ltd.
2.8
The Vanguard Group, Inc.
2.0
BlackRock Institutional Trust Company, N.A.
1.9
Polaris Capital Management, LLC
1.7
Storebrand Kapitalforvaltning AS
1.4
DNB Asset Management AS
1.4
Tempelton Investment Councel, L.L.C
1.3
KLP Forsikring
1.2
Fidelity Management & Research Company
1.2
State Street Global Advisors (US)
1.1
Arrowstreet Capital, Limited Partnership
1.1
Handelsbanken Asset Management 
1.0
Nordea Funds Oy
1.0
Ruffer LLP
0.9
UBS Asset Management (UK) Ltd.
0.9
INVESCO Asset Management Limited
0.8
SAFE Investment Company Limited
0.8
Alfred Berg Kapitalforvaltning AS
0.7
Danske Invest Asset Management AS
0.6
Norwegian state
Norwegian private
US
UK
Other
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
36.2%
16.3%
23.9%
17.7%
6%

71
ADR performance and voting rights 
Yara has a sponsored level 1 ADR (American De­
pository Receipt) program in the United States. The 
ADRs are not listed, but are bought and sold OTC, i.e. 
through any broker licensed to buy and sell US securi­
ties. The ADR ratio is two (2) ADRs to one (1) ordi­
nary Yara share. On 31 December 2020, the ADR was 
quoted at USD 20.80, a 0.2% increase for the year. To 
find a recent price quote for Yara ADRs please go to 
www.adr.com. The ticker symbol is YARIY.
Shares must be registered with the Norwegian Cen­
tral Securities Depository (Verdipapirsentralen) in the 
name of the real owner if holders want to vote for their 
shares at the shareholders’ meeting. Holders of Yara 
ADRs should check their voting rights with JPMorgan, 
which is the depository bank for Yara ADRs.
Cash distribution policy
Yara’s targeted capital structure is a mid- to long-term 
net debt/EBITDA range of 1.5-2.0 and a net debt/
equity ratio below 0.6. Subject to these requirements, 
Yara’s ordinary dividend shall be 50% of net income. 
Shareholder returns are distributed primarily as 
cash, with share buybacks as supplemental lever. The 
dividend pertaining to a fiscal year will be declared at 
Yara’s Annual General Meeting in the following year.
In 2020 Yara paid USD 1,318 million in dividends and 
share buybacks 1) representing approximately 224% of 
net income in 2019. Dividends accounted for USD 926, 
representing approximately 157% of 2019 net income, 
while share buybacks 1) amounted to USD 392 million, 
representing approximately 67% of 2019 net income.
Yara’s Board will propose to the Annual General 
Meeting a dividend payment of NOK 20 per share for 
2020, which represents approximately 90% of net in­
come after non-controlling interests totaling a payment 
of USD 618 million based on outstanding shares at 31 
December 2020 and the USDNOK exchange rate at 31 
December 2020.
The Yara Annual General Meeting on 7 May 2020 
authorized Yara’s Board to buy back up to 5% of 
total shares (13,406,611 shares) before the 2021 Yara 
Annual General Meeting, at a purchase price not less 
than NOK 10 and not more than NOK 1,000. A pre­
condition for the program was that an agreement was 
entered into with the Norwegian State where the State 
committed to sell a proportional share of its holdings 
to leave the State’s ownership (36.21%) unchanged.
2021 Annual General Meeting 
The Yara Annual General Meeting will take place at 
17:00 (CEST) Thursday 6 May 2021. Information 
about how shareholders register for the Annual Gen­
eral Meeting will be published on www.yara.com no 
later than 21 days prior to the event, including infor­
mation on how to register attendance or vote.
Analyst coverage
23 financial analysts provide market updates and 
estimates for Yara’s financial results, of whom 12 are 
located outside Norway.
Rating
Rating agencies Moody’s and Standard & Poor’s have 
rated Yara as solid investment grade. Reflecting its 
strong market position and cost leadership, Yara is rated
investment grade “Baa2” with Moody’s and “BBB” 
with Standard & Poor’s.
Change of address
Shareholders registered in the Norwegian Central 
Securities Depository should send information about 
changes of address to their registrars and not directly 
to the company.
Registrar information
Registered shareholders may contact our registrar in 
Norway regarding share transfers, address changes 
and other issues related to their holding of Yara shares. 
The contact details are shown below.
Share facts
Symbol: YAR
Listing: Oslo Stock Exchange (OSE)
Yara’s registrar in Norway and ADR depositary bank
Contact details to Yara’s registrar in Norway and ADR deposi­
tary bank can be found on the company’s website: 

yara.com/investor-relations/share-and-debt-information/regis­
trar-and-auditor/
2021 Dividend schedule
Ex-dividend date 
7 May 2021
Payment date
19 May 2021
2021 Release dates
Q1:	
23 April 2021
Q2: 	
16 July 2021
Q3:	
20 October 2021
Q4:	
8 February 2022
1) including the corresponding committed pro-rata redemption of shares from the Norwegian state to be paid after the 2021 Annual General Meeting.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

72
TCFD REPORTING
External framework guidance
The following indexes provides readers’ guidance on how Yara covers 
TCFD reporting, EU Guidelines on reporting climate-related information 
and WEF. Stakeholder Capitalism indicators
Non-Financial Reporting Directive Requirements
TCFD Recommended Disclosures
Business Model 
Policies and 
Due Diligence 
Processes 
Outcomes
Principal Risks 
and Their 
Management 
Key Performance 
Indicators
Governance
a)	Board’s
	
oversight
AR, Corp Gov 
b)	Management’s
	
role
AR, Corp Gov 
Strategy
a)	Climate-related
	
risks and
	
opportunities 
AR, Strategy 
AR, Planet risks 
AR, Strategy
b)	Impact of climate-
	
related risks and
	
opportunities 
AR, Strategy 
c)	Resilience of the
	
organization’s
	
strategy 
AR, Strategy 
Risk 
management
a)	Processes for 
	
identifying and 
	
assessing 
AR, Risk 
management 
b)	Processes for 
	
managing 
AR, Risk 
Management 
AR, Planet risks 
c)	Integration 
	
into overall risk 
	
management 
AR, Strategy
AR, Corp Gov 
AR, Planet risks 
Metrics & 
Targets
a)	Metrics used 
	
to assess 
AR, Planet 
performance
b)	GHG emissions 
AR, Planet 
performance
c)	Targets 
AR, Planet 
performance
EU Guidelines and TCDF 
EU Non-Financial Reporting Directive 
Requirements and TCFD Recommended 
Disclosures: 
AR: Yara Integrated Report 2020 
SR: Sustainability Report
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

73
TCFD recommended indicators for the chemical industry: 
EU Guidelines on reporting climate-related information
Metric 
Reported where 
Comment 
Revenues/savings from 
investments in low-carbon 
alternatives 
AR, Planet performance. 
Revenues 
according to 
Cicero Shades of 
Green
Expenditures (OpEx) for low-
carbon alternatives 
n.a. 
Total energy consumed, broken 
down by source 
SR, Planet performance 
Total fuel consumed—percentage 
from coal, natural gas, oil, and 
renewable sources 
SR, Planet performance 
Total energy intensity 
AR, Planet performance 
Reported for 
ammonia 
Percent of fresh water withdrawn 
in regions with high or extremely 
high baseline water stress 
AR, Planet performance
GHG emissions intensity 
from buildings and from new 
construction and redevelopment 
n.a.
Not material to 
Yara 
Area of buildings, plants or 
properties located in designated 
flood hazard areas
AR, Planet performance
Investment (CapEx) in low-carbon 
alternatives
AR, Planet performance 
Metric 
Reported where 
Comment 
Scope 1 GHG 
AR, Planet performance 
Scope 2 GHG emissions 
SR, Planet performance 
Scope 3 GHG emissions 
SR, Planet performance 
GHG absolute target 
AR, Planet performance 
Energy consumption 
AR, Planet performance 
Energy efficiency target
AR, Planet performance 
Renewable energy consumption 
SR, Planet performance 
Assets exposed to physical 
climate risks 
AR, Planet risks 
Partial disclosure, 
analysis ongoing 
EU Taxonomy disclosures 
AR, Planet performance 
Partial disclosure 
according to 
Cicero Shades
of Green 
Green Bond Ratio 
0%
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

74
Stakeholder Capitalism metrics
At the CEO level, Yara has committed 
to implementing the Measuring Stake­
holder Capitalism white paper in our 
reporting. Published by World Econom­
ic Forum in September 2020, the white 
paper was developed on basis of the 
Davos Manifesto 2020, a declaration 
on the universal purpose of compa­
nies. The process was supported by the 
International Business Council (IBC) of 
which Yara’s CEO is a member. Yara’s 
adoption of the People, Planet and 
Prosperity dimensions is a first step of 
implementation.
 
Theme
Core metrics
Reported where 
Comments 
Principles of 
Governance
Governing purpose
Setting purpose
AR, inside cover 
Quality of governing body
Governance body composition
AR, Board message 
Stakeholder engagement
Material issues impacting 
stakeholders
AR, Stakeholders & 
Materiality 
Ethical behavior
Anti-corruption
SR, Prosperity performance 
 
Protected ethics advice and 
reporting mechanisms
SR, Codes, policies and key 
processes
Risk and opportunity oversight
Integrating risk and opportunity 
into business process
AR, Corp Gov , risks 
chapters for Strategy and 
Planet
Planet
Climate change
Greenhouse gas (GHG) emissions
AR, Planet performance 
 
TCFD implementation
Ref. above tables 
Nature loss
Land use and ecological sensitivity
SR, Planet performance 
Freshwater availability
Water consumption and 
withdrawal in water-stressed areas
AR, Planet performance 
People
Dignity and equality
Diversity and inclusion (%)
AR, People performance 
 
Pay equality (%)
SR, People performance 
 
Wage level (%)
n.a. 
 
Risk for incidents of child, forced or 
compulsory labour
SR, How we work – Ethic & 
Compliance 
Health and well-being
Health and safety (%)
SR, People performance 
Skills for the future
Training provided (#, $)
SR, People performance 
Prosperity
Employment and wealth 
generation
Absolute number and rate of 
employment
SR, People performance 
 
Economic contribution
SR, Prosperity performance 
 
Financial investment contribution
AR, Planet performance 
Partial disclosure, 
Cicero Shades of Green
Innovation of better products 
and services
Total R&D expenses ($)
n.a. 
Community and social vitality
Total tax paid
Separate Country-by-
country tax report 
Available on yara.com, 
annual reporting page
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
‌Women in Agronomy
‌People performance
‌People risks
 
‌PLANET
‌Making digital farming simple
‌Planet performance
‌Planet risks
 
‌PROSPERITY
‌Cracking the reliability code
‌Prosperity performance
‌Prosperity risks
‌The Yara share
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

75
Yara’s Corporate Governance and company processes are set 
up to diligently oversee, control and manage the company’s 
risks and opportunities. An open and active corporate 
governance is crucial for aligning the interests of shareholders, 
management, employees and other stakeholders. 
Success can only be celebrated when it is achieved the right 
way, and our way of conducting business defines who we are 
as a company. HESQ and Ethics & Compliance make up our 
license to operate and are integrated in everything we do.
FROM THE BOARDROOM
Delivering on 
our commitment
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

76
Governance 
report
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

77
Yara is subject to corporate governance reporting requirements 
according to the Norwegian Accounting Act, section 3-3b, the Oslo 
Stock Exchange’s Oslo Rulebook II – Issuer Rules, Chapter 4.5, and 
the Norwegian Code of Practice for Corporate Governance (the 
“Code”), freely available at www.lovdata.no, www.oslobors.no and 
www.nues.no, respectively. 
 
This report follows the system used in the Code and forms part of the 
Report of the Board of Directors. 
 
1. Implementation and reporting of corporate governance 
Yara’s Board of Directors promotes and supports open and clear 
communication of the company’s key governance and decision 
processes. Yara’s Board of Directors believes that good corporate 
governance drives long-term value creation and promotes sustainable 
business conduct. As set out in Yara’s Code of Conduct, Yara is com­
mitted to transparency and accountability and adheres to internation­
al conventions and national legislation where it operates. 
Yara complies with the recommendations of the Code with the excep­
tion of separate election of each candidate for the Board of Directors 
and the Nomination Committee. The justification for this deviation 
and the selected, alternative solution is provided in section 6 below. 
 
GOVERNANCE REPORT
Corporate governance
An open and active corporate governance is crucial for 
aligning the interests of shareholders, management, 
employees and other stakeholders. Yara’s Board of Directors 
believes that good corporate governance drives long-term 
value creation and promotes sustainable business conduct. 
We foster 
an open culture 
of diversity and 
inclusion that 
promotes the safety 
and integrity of our 
employees, contrac­
tors, business 
partners, and 
society at 
large.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

78
2. Business 
Yara grows knowledge to responsibly feed the world 
and protect the planet, to fulfill its vision of a collab­
orative society, a world without hunger and a planet 
respected. To meet these commitments, we have taken 
the lead in developing sustainable food solutions, 
including premium crop nutrition products, digital 
farming tools and close collaboration with partners 
throughout the food value chain. In addition, we are 
committed to enabling the hydrogen economy and 
accelerating the green energy transition, by targeting 
green ammonia opportunities within shipping, agricul­
ture and industrial applications. 
We foster an open culture of diversity and inclusion 
that promotes the safety and integrity of our employ­
ees, contractors, business partners, and society at large. 
Founded in 1905 to solve the emerging famine in 
Europe, Yara has a worldwide presence with about 
17,000 employees and operations in over 60 countries. 
In 2020, Yara reported revenues of USD 11.6 billion. 
billion. Yara is headquartered in Oslo, Norway, and is 
listed on the Oslo Stock Exchange.
 
The scope of Yara’s business is defined in its Articles of 
Association, section 2: 
 
“The objectives of the company are to engage in indus­
try, commerce and transport, and to engage in other 
activities connected with these objectives. Activities 
may also proceed through participation in or in co-
operation with other enterprises.” 
 
The Articles of Association are published in full on the 
company’s website. More details on Yara’s objectives, 
principal strategies and risk profiles are presented in the 
Introduction to the Integrated Report and in the Report 
of the Board of Directors. Yara’s objectives, strategies 
and risk profiles are evaluated at least annually. 
 
Yara provides information on corporate social respon­
sibility in accordance with the Norwegian Accounting 
Act in the Board of Directors report. Yara has guide­
lines, principles, procedures and standards in place as 
referred to in the Accounting Act through its ethical 
program, and also reports in accordance with the Oslo 
Stock Exchange’s guidance on the reporting of corpo­
rate responsibility. 
 
More information about Yara’s corporate values, 
ethical program and sustainability is available on the 
company’s website. 
 
3. Equity and dividends 
Yara’s capital allocation policy is based on an overall 
objective to maintain a mid-investment grade credit 
rating, while at the same time providing investors 
with a potential for cyclical upside in dividends. Yara’s 
targeted capital structure is a mid- to long-term net 
debt/EBITDA range of 1.5-2.0 and a net debt/equity 
ratio below 0.60. Subject to these requirements, Yara’s 
ordinary dividend shall be 50% of net income. Share­
holder returns are distributed primarily as cash, with 
share buybacks as a supplemental lever. 
 
New equity will only be issued in connection with
concrete step growth opportunities. No general man­
date is granted to the Board to increase the company’s 
share capital. 
Yara may execute share buy-back programs as an inte­
gral part of its shareholder policy. Every year since the 
company’s IPO, Yara’s Board has secured an authori­
zation from the Annual General Meeting to buy back 
up to 5% of total shares in the company during the 
next year, for subsequent cancellation. A precondition 
for each annual program is that an agreement is made 
with the Norwegian State where the State commits to 
sell a proportional share of its holdings to leave the 
State’s ownership (36.21%) unchanged. The mandates 
granted to the Board of Directors for the company to 
purchase its own Yara shares are limited in time to the 
date of the next Annual General Meeting. 
 
4. Equal treatment of shareholders and 
transactions with close associates 
Transactions involving the company’s own shares, such 
as the share buy-back program, are executed via the 
stock exchange at prevailing stock exchange prices, 
with on-going disclosure via stock exchange releases 
and the company’s own web pages. Share redemp­
tions from the Norwegian State are carried out at 
the same price terms as for the buy-backs carried out 
via the stock exchange. Yara may execute buy-backs 
via external bank mandate subject to “safe harbor” 
exemptions. 
In 2020, there were no significant transactions be­
tween the company and related parties, except for 
ordinary commercial transactions with subsidiaries 
and non-consolidated investees. These were all based 
on arm’s length market terms. 
 
For the company’s related party transactions, the man­
datory regulations in the Norwegian Public Limited 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

79
Companies Act (“PLC”) (§§ 3-8 and 3-9) are supple­
mented by IFRS (International Financial Reporting 
Standards) standards. Thus, the members of the Board 
of Directors and Management are required to disclose 
all entities that would be considered to be “related par­
ties” under applicable IFRS regulation. Transactions 
with such entities are subject to specific disclosure and 
approval requirements. 
5. Shares and negotiability 
The Articles of Association place no restrictions on the 
transferability of Yara shares, and the shares are freely 
negotiable. There are no voting restrictions linked to 
the shares.
 
There are no restrictions on the purchase or sale of 
shares by the Board of Directors and the Executive 
Management as long as insider regulations are adhered 
to. Yara’s Long-Term Incentive Plan requires the Exec­
utive Management to use the net amount after tax for 
the purchase of Yara shares, restricting the sale of such 
shares for three years following the purchase. 
 
6. General meetings 
In accordance with Yara’s Articles of Association and 
the PLC, the Yara Annual General Meeting ranks at 
the top of the corporate governance structure. Yara’s 
Articles of Association §10 require the Annual General 
Meeting to be held every year before the end of June. 
 
In accordance with the PLC Chapter 5, the Annual 
General Meeting elects the shareholders’ representa­
tives to the Board of Directors and approves the Finan­
cial Statements, the Report of the Board of Directors, 
and any dividend payment proposed by the Board of 
Directors. This Corporate Governance Report and the 
The Guidelines for remuneration of executive person­
nel are presented to the Annual General Meeting in ac­
cordance with the PLC Chapter 5, see further informa­
tion regarding the The Guidelines for remuneration of 
executive personnel in Section 12 below. In accordance 
with the PLC Chapter 7, the general meeting elects the 
company’s external auditor and approves the auditor’s 
renumeration. In accordance with Yara’s Articles of 
Association §7, the Annual General Meeting elects the 
Nomination Committee. 
The Chair of the Board and the CEO are present at 
the Annual General Meeting along with the leader of 
the Nomination Committee and the external auditor. 
All Board members and members of the Nomination 
Committee are encouraged to participate at the An­
nual General Meeting. The Annual General Meeting 
is required to elect an independent person to chair the 
General Meetings in 2020
Yara’s Annual General Meeting (AGM) was held on 7 May 2020 
at Yara’s offices in Oslo. In order to reduce Covid-19 risk and in 
accordance with government recommendations, the shareholders
were urged to follow the AGM via live transmission and to 
exercise their shareholder rights by electronic advance voting or 
by authorizing the Chair of the Board, rather than attending the 
AGM physically. The shareholders were informed about this in 
the AGM notice.
A total of 160,173,900 shares, representing 58.8% of the share 
capital of the Company, were represented at the meeting. The 
Chair of the Board, Yara’s external auditor and the Chair of the 
Nomination Committee were physically present at the meeting, 
as well as Yara’s CEO, CFO and General Counsel from the Yara 
Management Group (now Group Executive Board). 
In addition to regular matters, the AGM approved a dividend 
for 2019 of NOK 15.00 per share, approved a reduction of 
Yara’s share capital from NOK 463,084,482.90 to NOK 
455,824,802.90 related to the executed share buy-back 
program with subsequent changes to Yara’s Articles of Asso­
ciation §4 regarding share capital, and approved a new Power 
of attorney to the Board for acquisition of up to 5% (13,406,611 
shares) of Yara’s share capital with a total face value of up to 
NOK 22,791,238.70 in the open market and from the Nor­
wegian State. The AGM also elected six shareholder-elected 
Board members and four members of the Nomination Com­
mittee, all for a period of two years.
Yara also held an Extraordinary General Meeting at Yara’s 
offices in Oslo on 17 November 2020. Due to Covid-19 and in 
accordance with Norwegian temporary legislation in force at 
the time, which exempted companies from physical meeting 
requirements, the EGM was held as a digital meeting with no 
physical attendance for shareholders. A total of 156,566,380 
shares, representing 58.39% of the share capital of the Com­
pany, were represented at the meeting. The Chair of the Board 
was physically present at the meeting, as well as Yara’s CEO, 
CFO and General Counsel from the Group Executive Board. The 
EGM approved an additional dividend of NOK 18.00 per share 
on the basis of the Company’s annual account for the financial 
year 2019 and divestment proceeds received during 2020. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

80
meeting. The minutes of the Annual General Meeting 
are published on the company’s website. 
 
All shareholders are entitled to submit items to the 
Annual General Meeting agenda, and to meet, speak 
and vote at the meeting. In accordance with Norwe­
gian corporate law and Yara’s Articles of Association 
§9, shareholders registered in the Norwegian Central 
Securities Depository (“Verdipapirsentralen”) can vote 
in person or by proxy on each agenda item put for­
ward in the Annual General Meeting. A form for the 
appointment of a proxy for voting is included in the 
Annual General Meeting notice, as well as information 
regarding the person nominated by the company to 
act as a proxy for shareholders who cannot attend the 
Annual General Meeting in person. Shareholders reg­
istered in the Norwegian Central Securities Depository 
can also vote electronically in advance on each agenda 
item put forward in the Annual General Meeting. 
 
The Company has chosen to not follow the Code’s 
recommendation to vote separately on each candidate 
nominated for election to the Board of Directors and 
Nomination Committee. This choice is based on the 
Nomination Committee’s process being focused on 
the combined qualifications and experience of the 
proposed members of the Board of Directors and the 
Nomination Committee, and that the voting should 
therefore also be combined. 
 
The Annual General Meeting notice is sent to all 
shareholders individually, or to their depository banks, 
at least 21 days in advance of the meeting. The meeting 
notice includes information regarding shareholders’ 
rights and guidelines for registering and voting at the 
meeting. In accordance with Yara’s Articles of Associ­
ation §9 the due date for shareholders to give notice of 
their intention to attend the Annual General Meeting 
shall be no more than five days prior to the Annual 
General Meeting. 
7. Nomination Committee 
Yara’s Articles of Association §7 states that the company 
shall have a Nomination Committee consisting of four 
members elected by the Annual General Meeting, and 
that the Annual General Meeting approves the procedure 
for the Nomination Committee. The Nomination Com­
mittee nominates the shareholder-elected Board mem­
bers, including presenting relevant information about the 
candidates and an evaluation of their independence, and 
proposes the remuneration of the Directors to the Annual 
General Meeting. The Nomination Committee contacts 
major shareholders, the Board of Directors and the CEO 
as part of its work on candidate proposals. The Nomi­
nation Committee also recommends which members the 
Board should elect as Chair and Deputy Chair. 
The Nomination Committee nominates candidates to 
the Nomination Committee, hereunder the Chair of 
the Nomination Committee, and proposes remuner­
ation of the Nomination Committee Members to the 
Annual General Meeting, including the rationale for its 
recommendations. Members of the Nomination Com­
mittee are elected for two-year terms. According to the 
Nomination Committee procedure, there should be a 
gradual rotation among the committee members. 
 
The Nomination Committee consists of the following 
members, all of whom are independent of the Board 
and Executive Management: 
Otto Søberg, Chair (CEO of Eksportkreditt Norge AS) 
Thorunn Kathrine Bakke (Director, Norwegian Min­
istry of Industry, Trade and Fisheries)
Ottar Ertzeid (Group Executive Vice President DNB 
Markets) 
Ann Kristin Brautaset (Deputy Director Equities at 
Folketrygdfondet (the Norwegian National Insurance 
Scheme fund)) 
 
The contact details of the Chair of the Nomination 
Committee are available on the company’s website, 
and shareholders with proposals for new Board mem­
bers are encouraged to send those to the Chair. 
 
The Nomination Committee held 17 meetings in 2020. 
In 2020, the remuneration to the Chair of the Nomina­
tion Committee was NOK 8,200 per meeting 
prior to the Annual General Meeting and thereafter 
NOK 8,500 per meeting. The remuneration to the 
other members of the Nomination Committee was 
NOK 6,200 per meeting prior to the Annual General 
Meeting and thereafter NOK 6,400 per meeting. 
 
8. Board of Directors: Composition and 
independence 
In accordance with the PLC § 6-12 the Board of Di­
rectors has the overriding responsibility for the man­
agement of the company. The Board’s role and respon­
sibility is also to supervise the company’s day-to-day 
management and the company’s activities in general, 
cfr. PLC § 6-13. The responsibility for the day-to-day 
management has been delegated to the CEO as set out 
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

81
in the Rules of Procedure for the CEO of Yara Inter­
national ASA approved by the Board of Directors in 
accordance with PLC § 6-13 (2). 
 
Pursuant to Yara’s Articles of Association §6 the com­
pany’s Board of Directors shall be composed of 3 to 
11 members. The current Board of Directors consists 
of ten members. Six of these are shareholder-elected 
Board members (including the Chair) all elected by the 
Annual General Meeting for two-year terms based on 
the Nomination Committee’s nomination. The remain­
ing four Board members are elected by the employees 
in a separate process pursuant to PLC §§ 6-4 (3) and 
6-5. In accordance with PLC § 6-35 (2) Yara and its 
employees have agreed not to have a corporate assem­
bly, and the company is then required to include four 
employee elected members in the Board. Yara believes 
this solution with employee elected board members 
instead of a corporate assembly supports more direct 
communication between shareholders and manage­
ment, increases accountability, and improves the speed 
and quality of the company’s decision-making. 
Three (50%) of the shareholder-elected and one (25%) 
of the employee-elected Board members are women. 
The Board’s gender composition is in accordance with 
the mandatory requirements set out in PLC § 6-11a. 
 
The Board elects both its Chair and Deputy Chair 
among the Board members based on a recommendation 
from the company’s Nomination Committee. The Board 
also appoints and dismisses, if applicable, the CEO of 
the company and determines the CEO’s remuneration. 
 
The shareholder-elected members of the Board are 
independent of the company’s management, main 
shareholders and material business contracts and 
do not have specific assignments for the company in 
addition to their duties as Board members. The same is 
valid for the employee representative Board members, 
other than their employment contracts. Members of 
the Executive Management are prohibited from being 
members of the Board. All Board members are encour­
aged to own shares in the company. 
 
9. The work of the Board of Directors 
The Board has established written instructions for its 
own work. These instructions are set out in the Rules 
of Procedure for the Board of Yara International ASA. 
The Board has also established an Annual Cycle which 
sets out all planned meeting dates, regular Board agen­
da items and procedures for Board document prepara­
tions. The Board Procedure and Annual Cycle are 
both evaluated by the Board on an annual basis. 
The CEO reports monthly to the Board on operation­
al and financial developments and results, as well as 
other material company and industry developments, 
including but not limited to sustainability topics. 
 
Pursuant to Yara’s Rules of Procedure for the Board 
and Yara’s Code of Conduct, all Board members 
and members of Yara’s management are committed 
to make the company aware of any material interest 
they may have in items to be considered by the Board. 
Neither a Board member nor the company CEO may 
participate in Board discussions or decisions of mat­
ters that are of such particular significance for him or 
her, or for any close associate of him or her, that the 
member must be deemed to have a special or promi­
nent personal or financial interest in the matter. If the 
Yara’s Board of Directors in 
2020
Until the Annual General Meeting 7 May 2020 
the Yara Board of Directors consisted of seven 
shareholder-elected members and four employee-
elected members. Five of the shareholder-elected
Board members were re-elected at the Annual 
General Meeting 2020 (Trond Berger, Kimberly
Lein-Mathisen, Håkon Reistad Fure, Adele 
Bugge Norman Pran and John Thuestad), while 
two shareholder-elected Board members left 
the Board (Hilde Bakken and Geir Isaksen) and 
one new shareholder elected Board member was 
appointed (Birgitte Ringstad Vartdal). 
In a separate process among Yara’s employees,
the employees elected Rune Bratteberg, 
Ragnhild Flesland Høimyr, Øystein Kostøl and 
Geir O. Sundbø as employee-elected Board 
members. 
By the end of 2020 the Board members held the 
following shareholding in Yara International ASA:
Shareholder-elected Board members:
Trond Berger: 3,000
Kimberly Lein-Mathisen: 500
Håkon Reistad Fure: 22,500 
Adele Bugge Norman Pran: 2,010
John Thuestad: 1,200
Birgitte Ringstad Vartdal: 2,500 
Employee-elected Board members:
Rune Bratteberg: 367 
Ragnhild Flesland Høimyr: 126
Øystein Kostøl: 208
Geir Sundbø: 339
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

82
Chair is or has been personally involved in matters of 
material significance to the company, any Board review 
of such matters will be chaired by another member of 
the Board. In the case of the Chair’s absence, Board 
meetings will be chaired by the Deputy Chair. 
 
The Board of Directors has established an Audit and 
Sustainability Committee and an HR Committee. Both 
committees work as preparatory bodies for the Board and 
according to specific mandates approved by the Board. 
 
The Board of Directors conducts an annual evalua­
tion of its qualifications, experience and performance, 
which is also presented to the Nomination Committee. 
 
HR Committee 
The HR Committee reviews the performance of, and 
proposes terms and compensation for, the CEO to the 
Board of Directors. The committee also reviews and 
proposes guidelines for executive remuneration and 
material employment matters, and advises the CEO 
on other HR matters. The HR Committee consists 
of three members elected by the Board from its own 
members. The committee held six meetings in 2020. 
All members attended all six meetings in 2020. 
 
Board Audit and Sustainability Committee 
The Board Audit and Sustainability Committee (BASC) 
assists the Board of Directors in supervision of the 
integrity of the Company’s accounts, the process for 
financial and sustainability reporting and the internal 
control related to financial and sustainability reporting 
and risk management and performance of the external 
auditor. The BASC further evaluates the performance 
of the internal audit function related to areas within the 
mandate of BASC, ensuring sustainability governance 
processes provide an understanding of the company’s 
significant stakeholders and materiality. 
The BASC conducts an annual evaluation according to 
its mandate. The committee consists of three members 
of the Board and the committee has the independence 
and competence required by legislation. The Chair of 
the Board is not a member of BASC. 
 
10. Risk management and internal control 
Yara’s risk management and internal control activities are 
integrated with the corporate strategy and business plan­
ning processes, based on the principle that risk evaluation 
is an integral part of all business activities. While risk 
management is a centrally governed process, the responsi­
bility for day-to-day risk management activities is placed 
with the operating segments and corporate functions. The 
Yara Board of Directors and Executive Management eval­
uate and define yearly risk appetite across key strategic, 
financial, operational, compliance and HESQ dimensions 
dimensions. The main objective for a more systematic 
and comprehensive assessment of risk appetite is to align 
Board activities in 2020
Yara’s Board of Directors convened 12 times during 2020. Nine 
of the meetings were ordinary Board meetings and three of 
the meetings were extraordinary Board meetings. The ordinary 
Board meetings were run for approximately 5.5 hours save 
for a shorter audio meeting in July, and a full-day meeting (9 
hours) in December. The extraordinary Board meetings were 
shorter meetings conducted either as a physical meeting or a 
conference call. 
All Board members attended all Board meetings, however 
shareholder-elected Board member Birgitte Ringstad Vartdal 
and employee-elected Board members Ragnhild Flesland 
Høimyr and Øystein Kostøl did not join the Board until after the 
Annual General Meeting in May 2020. 
The Board’s Annual Cycle sets out a list of regular Board agenda 
items which are discussed and/or approved by the Board at 
least annually. These items include the company’s business 
plan, strategy and financial targets, dividend proposal, annual 
and mid-year reports from Yara Ethics and Compliance, Yara 
Internal Risk and Audit and Yara Health, Environmental, Safety 
and Quality, CEO remuneration and targets, succession plan­
ning, corporate governance review and approval, governance 
documents review and approval, approval of the company’s 
Integrated Report and General Meeting papers, and Board 
self-evaluation. 
In all Board meetings the CEO provides a thorough report on 
the company’s operational and financial developments and 
results, and other material company and industry develop­
ments. Since April 2020 the Board has also received bi-weekly 
updates on the Covid-19 situation for the company. Other key 
Board agenda items in 2020 include the Board’s approval and 
follow-up of the company’s reorganization from a segment 
structure to a regional structure effective 1 June 2020, and 
the divestment of Yara’s interests in Qafco and Lifeco. During 
2020, several external speakers have also joined the Board 
meetings to present relevant topics to the Board.
A Board visit to one or more of Yara’s sites and/or projects is 
usually conducted each year, but due to Covid-19 it has not 
been possible to arrange for such a visit in 2020. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

83
boundaries for risk which will guide efficient resource allo­
cation. Defining risk appetite is also a prerequisite for setting 
optimal risk tolerance with supporting controls. 
 
The Board believes that expressing the company’s risk ap­
petite within important areas of its business activity helps 
to convey how the company approaches and evaluates risk 
to investors, customers and society at large. 
 
The Board carries out separate annual reviews of the com­
pany’s most important risk exposures and internal control 
systems. Risks are also considered by the Board in relation to 
the assessment of specific projects and ongoing operations. 
The BASC performs ongoing evaluations of risk and control 
related to financial reporting. Yara Internal Risk and Audit 
supports Yara Management and the Board of Directors in 
terms of evaluating the effectiveness and efficiency of internal 
controls and gives an independent view on risk management. 
 
Yara Internal Risk and Audit performs independent audits 
both at subsidiary and group level, as well as audits and re­
views of specialist functions involved in business operations, 
financial reporting and risk management. The Chief Audit 
Executive reports functionally to the Board of Directors 
and administratively to the Chief Executive Officer. Yara 
Internal Risk and Audit has no direct operational responsi­
bility or authority over any of the activities it reviews. The 
unit has unrestricted access to all functions, records, phys­
ical properties, and personnel relevant to the performance 
of its tasks. It also has full and free access to Yara Executive 
Management, the Board of Directors and the BASC. 
The external auditor provides a description of the main 
elements in the audit to the BASC, including observations 
on Yara internal control related to the Financial Reporting 
process. 
 
Yara’s internal control framework is based on the prin­
ciples of the integrated framework for internal control 
established by the Committee of Sponsoring Organizations 
of the Treadway Commission (COSO). 
The five framework components are: 
•	 control environment
•	 risk assessment
•	 control activities
•	 information and communication
•	 and monitoring. 
The content of the different elements are described below. 
 
Control environment 
Yara’s Corporate Social Responsibility policy and Code 
of Conduct are integrated in its risk management and 
internal control systems, through global employee training 
programs, and an Integrity Due Diligence process which 
covers both existing business partners and forward-looking 
business development activities. 
 
Yara’s Steering System is one of the pillars of Yara’s inter­
nal control system. It aims to ensure that all Yara employ­
ees act in a consistent manner and in line with quality 
standards and business needs. All Yara employees are 
encouraged to raise questions or issues about such matters 
with line management and through alternative channels, 
including a whistle-blowing system. 
 
Risk assessment 
The Enterprise Risk Management unit is the key facilitator 
BASC activities in 2020
The Board Audit and Sustainability Committee 
(BASC) met 11 times in 2020, of which six ordi­
nary meetings and five extraordinary meetings. 
Håkon Fure was elected for the committee at 
the Annual General Meeting in May. All BASC 
members attended all BASC meetings.
The BASC, previously Audit Committee, changed
its name and mandate in early 2020, in line 
with YARA’s continuing focus on sustainability 
performance and related risks and controls. The 
extraordinary meetings in 2020 were dedicated 
to the sustainability agenda, including Yara’s 
ESG seminar and sessions focusing on strength­
ening Yara’s sustainability governance structure. 
Agenda items included sustainable business 
model development, findings from sustainability 
analyses provided by third parties and strategic 
responses, matters relating to EU Taxonomy 
thresholds, as well as Yara’s ESG benchmark 
scores in the Carbon Disclosure Project, 
Ecovadis, Sustainalytics and MSCI.
In line with the BASC annual cycle, the ordinary 
meetings covered matters relating to the annual 
business plan, strategy and risk management, 
accounting, financial and non-financial reporting, 
including status on ICFR, tax, finance and trea­
sury, improvement programs, compliance and 
ethics, legal proceedings, YIRA (Yara Internal 
Risk and Audit) audit plan and reporting, IT and 
cyber security and other compliance-related 
matters. The BASC has also met with the 
external auditor as part of the annual cycle, 
including approval of services, as well as separate 
executive meetings with the CEO and CFO.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

84
of the internal risk management system and shall assist 
Executive Management with implementing and main­
taining an appropriate risk management framework 
to support identification, analysis, management and 
reporting of all types of risk. The unit further coor­
dinates risk management activities within Yara and 
consolidates reporting on risks. 
Control activities 
Yara’s Group Accounting is responsible for the prepa­
ration of the Financial Statement and to ensure that the 
Financial Statement is reported according to applicable 
laws and regulations and in accordance with adopted 
accounting policies. 
 
The Controller function is responsible for the Board of 
Directors and Management reporting as well as plan­
ning and coordinating the business plan process. 
 
The Internal Control function regulates the governance 
structure for Internal Control over Financial Reporting 
(ICFR) as well as manages and controls risks related to 
financial reporting. 
 
The BASC performs reviews of the quarterly and an­
nual financial statements with special focus on trans­
action types, which includes judgments, estimates or 
issues with major impact on the Financial Statement. 
The internal and external auditors participate in these 
meetings. In addition to the quarterly and annual 
reporting, the Board of Directors receives pre-quarterly 
performance reports. 
 
Information and communication 
The Yara Steering System provides all employees with 
an overview of the prevailing corporate policies and 
procedures. Yara’s Accounting Manual describes cor­
porate accounting policies and is continuously updated 
and revised for any changes related to IFRS and Yara’s 
Accounting Policies. 
Monitoring 
All bodies and functions described above monitor 
and assess for any need of corrective actions related 
to financial and operational risk within their area of 
responsibility. 
 
11. Remuneration of the Board of Directors 
The remuneration of the Board of Directors is pro­
posed by the Nomination Committee and approved by 
the Annual General Meeting, and is not linked to the 
company’s performance. Shareholder elected Board 
members are not granted share options. 
 
The remuneration of the Board of Directors reflects the 
Board’s responsibility, expertise, time commitment and 
the complexity of the company’s activities. 
In 2020, the remuneration to the Chair of the Board of 
Directors was NOK 646,000 per annum prior to the 
Annual General Meeting, increasing to NOK 669,000 
per annum thereafter. The remuneration to the Vice 
Chair was NOK 386,000 per annum prior to the 
Annual General Meeting, increasing to NOK 400,000 
per annum after the Annual General Meeting. The 
remuneration to the other Board members was NOK 
340,000 per annum prior to the Annual General Meet­
ing and NOK 352,000 per annum thereafter. Board 
members resident outside Scandinavia was entitled to a 
meeting allowance of NOK 23,000 per meeting prior 
to the Annual General Meeting, increasing to NOK 
30,000 per meeting after the Annual General Meeting. 
 
The remuneration to the Chair of the BASC was NOK 
174,000 per annum prior to the Annual General Meet­
ing, increasing to NOK 180,000 per annum thereafter. 
The remuneration to the other BASC members was 
NOK 98,000 per annum prior to the Annual General 
Meeting and NOK 101,000 per annum thereafter. 
 
The remuneration to the Chair of the HR Committee 
was NOK 7,900 per meeting prior to the Annual Gener­
al Meeting, and NOK 90,000 per annum thereafter. The 
remuneration to the other HR Committee members was 
NOK 7,500 per meeting prior to the Annual General 
Meeting and NOK 70,000 per annum thereafter. 
 
The total compensation to Board members in 2020 is dis­
closed in Note 8.1 in the consolidated financial statements. 
 
12. Remuneration of executive personnel
2021 Guidelines for remuneration of Group Executive 
Board and Board Members in Yara 
Yara’s guidelines for remuneration of Group Executive 
Board and Board members is prepared in accordance 
with the Public Limited Companies Act section 6-16a. 
Pursuant to the Public Limited Companies Act section 
6-16a (5) the statement will be presented to the Annual 
General Meeting (AGM) 2021 for approval. The Minis­
try of Trade, Industry and Fisheries disclosed amended 
guidelines for remuneration of executives in state-owned 
and partly state-owned companies with effect from 13 
February 2015 (State guidelines). Yara’s remuneration 
principles applying to Yara CEO and the other members 
of the Group Executive Board comply with these guide­
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

85
lines. Potential deviations will be reported in the report 
on remuneration of Group Executive Board and Board 
Members to the Annual General Meeting. The first report 
on remuneration will be reported at the Annual Gener­
al Meeting 2022.For members of the Group Executive 
Board employed by Yara companies in other countries 
remuneration may deviate from the State guidelines 
depending on local market conditions. There is currently 
one member of Yara’s Group Executive Board who is 
employed by a non-Norwegian Yara company. 
Guidelines for remuneration of Board Members
The Chair and other Board members receive remuneration 
as Board members and members of Board Committees. 
The remuneration is determined by the General Meeting 
on the basis of recommendation from the Nomination 
Committee. Employee-elected Board members receive the 
same remuneration as shareholder-elected Board mem­
bers. None of the shareholder elected Board members are 
employed by the Company. 
None of the employee-elected Board members are execu­
tives. The employee-elected Board members receive salary, 
pension and other remuneration such as bonuses, share-
based remuneration, car allowance, etc. in accordance 
with the Company’s general terms for employment. 
The Chair and other members of the Board have no agree­
ments for compensation in the event of termination or 
changes in their positions as Board members.
Guidelines for remuneration of 
Group Executive Board
The Board of Directors determines the remuneration of 
the President and CEO (CEO) and approves the general 
terms of the company’s incentive plans for the Group 
Executive Board based on proposals from the HR Com­
mittee The CEO determines the remuneration to the other 
members of the Group Executive Board.
Deviation from the guidelines
The Board of Directors may decide to deviate entirely 
or partly from the guidelines temporarily in individual 
cases provided that it has been regarded to be excep­
tional circumstances that make it necessary to deviate 
from the guidelines in order to safeguard the company’s 
long - term interest, financial sustainability or ensure 
the company’s viability. Potential deviations and the 
reason for this will be reported in the report on remu­
neration of Group Executive Board and Board Mem­
bers to the Annual General Meeting. 
General principles
The Board determines the total remuneration to the CEO 
and other members of the Group Executive Board on the 
basis of;
•	 A commitment to exercise moderation through re­
sponsible and not market leading remuneration;
•	 Incentivize management in line with maximizing 
long-term sustainable value creation to Yara’s share­
holders and other stakeholders;
•	 The need to offer competitive terms to secure the 
company’s competitiveness in the labor market 
Total remuneration for each member of the Group 
Executive Board, including all compensation elements, 
value of pension plan benefits and other benefits is com­
pared to the relevant market on a regular basis. Pension 
plans for the Group Executive Board are moderate and 
in accordance with the State Guidelines for all members 
of the Group Executive Board that have joined after 
3 December 2015 as further described below in the 
section Company paid Pension Plans. 
The total remuneration for the members of the Group 
Executive Board comprises the following elements, that 
will be explained in detail
•	 Base salary
•	 Share Based Remuneration
•	 Short-Term incentive plan
•	 Pension plan benefits
•	 Other compensation elements such as internet con­
nection and company car
Base salary
Base Salary is reviewed once a year as per 1st June as 
part of the Annual Salary Review for all employees in 
Yara. In addition, salaries may be reviewed if scope of 
responsibility is materially changed. The development 
of basic salary for Executive Management is based on 
the following:
•	 Annual salary adjustment for employees in Yara 
International ASA and Norwegian subsidiaries
•	 Benchmark of Executive Management Salaries in 
peer companies
Yara CEO and the other members of the Group Execu­
tive Board voluntarily abstained from the annual salary 
adjustment in both 2019 and 2020. The Group Execu­
tive Board will for the third year running abstain from 
the annual salary adjustment as per 1st June 2021.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

86
Share Based Remuneration (SBR)
To support the alignment between executives and share­
holder interests and to ensure retention of key talent 
in the company, an amount equal to 30% of the base 
salary for the CEO and 25% of the base salary for the 
other members of the Group Executive Board may be 
awarded by the Board on an annual basis. The net after 
tax amount must be invested in Yara shares within a 
period of one month after the grant and the shares must 
be retained for minimum 3 years. Executives who resign 
from Yara must reimburse to the company at the time of 
resignation the net proceeds of the selling of the shares 
that are still within the lock-in period. 
The grant of SBR is conditional on Yara’s Net Result 
excluding special items and currency gain/loss being 
positive over the last three years. Yara’s CEO can on a 
discretionary basis decide that SBR shall not be granted 
for a given year and Yara’s Board of Directors can decide 
that SBR shall not be granted to the CEO for a given 
year. Such an assessment will amongst other factors 
be evaluated against Yara’s performance towards its 
strategic targets of sustainable value creation, hereunder 
Performance Indicators linked to People, Planet and 
Prosperity. 
In cases where members of the Group Executive Board 
are recruited in other countries than Norway the SBR 
percentage may deviate from what is mentioned above 
depending on local market conditions for remuneration.
In order to support alignment between members of the 
Group Executive Board and the shareholder interests 
it is furthermore expected that members of the Group 
Executive Board that participate in the SBR program, 
every year as a minimum - in addition to the shares 
received as part of the SBR - invest in Yara shares an 
amount equaling the lowest amount received as net, after 
tax Short-Term Incentive payout for the preceding year 
or the net amount received as SBR for the relevant year. 
Such investments should be made until the shareholding 
amounts to two times the gross remuneration package, 
including pensions. Furthermore, it is also expected that 
members of the Group Executive Board do not sell any 
Yara shares as long as they are members of the Group 
Executive Board. 
Short-term Incentive plan
To secure that the Short-Term Incentive Plan contributes 
to realizing Yara’s strategy, its long-term value creation 
and capital allocation policy, the Short-Term Incentive 
Plan is based on Yara’s strategic targets as presented at 
Yara’s ESG Investor Seminar 7 December 2020, covering 
the dimensions of People, Planet and Prosperity. 
The Short-Term Incentive Plan can have an outcome for 
the individual executive of 0% to 50% of base salary and 
is calculated as presented in the following paragraphs. 
Company performance 
(From 0% to 30% of Base Salary) in line with the stra­
tegic targets released at Yara’s ESG Investor Seminar 7 
December 2020 (goals included below)
Progress on strategic focus areas 
(From 0% to 20% of Base Salary) in line with the stra­
tegic targets released at Yara’s ESG Investor Seminar 7 
December 2020 (goals included below)
If all stretched goals have been met and the planned 
actions have been taken during the year and with the 
desired result, this will give a Short-Term Incentive 
pay-out of 40% of the annual Base Salary for Yara 
CEO and 35% for the other members of the Group 
Executive Board. The total pay-out cannot exceed 
50% of the annual Base Salary.
In cases where members of the Group Executive Board 
are recruited in other countries than Norway the per­
centages may deviate from what is mentioned above 
depending on local market conditions for remunera­
tion.
Company performance
The table below shows the relation between Yara’s 
long-term strategic targets and the Performance Indi­
cators set to drive performance for 2021.
Method of measurement for Company Performance:
The assessment of the performance score is based on 
a scale for each Indicator, where each Indicator may 
result in an outcome between 0% of base salary, a 
target of 24% of base salary for the CEO and 21% for 
the other members of the Group Executive Board, and 
a maximum of 30% of base salary. The weighted sum 
of the outcome of the factors represents the overall 
outcome as a percentage of base salary. 
For commercial, competitive and general business 
reasons, the concrete target values of each individual 
Indicator are not disclosed as part of this statement.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

87
Strategic focus areas
The following list of factors are set to drive performance 
for 2021:
•	 Scale the Farming Solutions organization
•	 Strategically develop Yara Clean Ammonia
•	 Improve plant reliability toolbox
•	 Strengthen change management and dynamic upskilling
Method of measurement for Strategic Focus Areas:
The assessment of the performance score is based on a scale for 
each factor, where each factor may result in an outcome between 
0% of base salary, a target of 16% of base salary for the CEO 
and 14% for the other members of the Group Executive Board, 
and a maximum of 20% of base salary. The weighted sum of 
the outcome of the factors represent the overall outcome as a 
percentage of base salary. 
For commercial, competitive and general business reasons, the 
concrete target values and weight of each individual factor are 
not disclosed as part of this statement.
In the Board’s total short-term incentive plan performance 
evaluation, in addition to the performance towards the factors 
described above, the Board will put weight on how difficult it 
has been to achieve the results, changes in external non-control­
lable factors that were not anticipated at the beginning of the 
year and that the results have been achieved in accordance with 
Yara’s values and ethical principles.
Claw back of share based remuneration 
and short-term Incentive payments 
Shares provided by the SBR and payments that have already 
been made from the Short- Term Incentive Plan are subject to 
claw back provisions covering both situations of misconduct and 
Ambition for 2025
Performance indicators 2021
People
•	No fatalities and TRI<1.0​
•	Top quartile engagement index score​
•	Top quartile Diversity & Inclusion Index score​
•	>35% female leaders in senior management 
positions​
People (25% of total company performance)
•	TRI rate development
•	Process safety (PSI)
•	Engagement index 
•	Diversity & Inclusion Index
•	Share of female senior leaders
•	Female/male external recruitment senior personnel
Planet
•	150 million hectares under management​
•	10% lower GHG emissions in kg CO2e/kg N 
produced​
•	Launching carbon marketplace​
•	30% absolute reduction in Scope 1 and 2 
by 2030​
Planet (25% of total company performance)
•	Active hectares under management
•	Greenhouse gas emissions intensity
•	Energy efficiency
Prosperity
•	300-600 MUSD incremental EBITDA from 
new business models​
-	 USD 1.5 billion revenues from 
new business models​
-	 USD 1.2 billion revenues from online sales​
•	Delivering on YIP 2.0 by 2023:​
-	 Increased production: 1.3 mt ammonia and 
2.8 mt finished products​
-	 Fixed cost flat at 2.34 BUSD, working capital 
reduced to 92 days​
•	ROIC > 10% mid cycle​
•	Premium products: volume and commercial 
margin growth​
Prosperity and capital discipline 
(50% of total company performance)
•	Ammonia production volume
•	Finished fertilizer production volume
•	Premium generated
•	Revenues from new business models
•	Revenues from online sales
•	EBITDA
•	Fixed costs
•	Working capital days
•	ROIC
•	Capital expenditure
•	Progress projects on planned time/cost
•	MSCI rating
•	Net debt / EBITDA
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

88
errors leading to financial re-statement. Enforcement 
of the provision will be subject to local law.
Benefit Plans
Company paid pension plans
Pension Plans in Yara should be defined contribution 
(“DC”) plans. Executive Management on Norwegian 
employment contracts are eligible to the company paid 
DC Pension Plan applicable for all Yara employees in 
Norway. The contribution rates to this plan is 7% of 
part of pensionable salary up to 7.1 times Norwegian 
Social Security Base Amount (G) and 18% of pension­
able salary between 7.1G and 12G.
Yara has a DC Pension Plan covering salary in excess 
of 12G applicable for employees on Norwegian em­
ployment contracts. From December 2015 this plan 
was closed for new members. For internal recruits to 
the Executive Management who are members of the 
plan at commencement, future contributions to the 
plan stops and they become deferred members of the 
plan. Current members of the Executive Management 
at 3 December 2015 remain active members of the plan 
with future contributions.
For employees on Norwegian employment contracts, 
the upper retirement age is 70 years with the possibil­
ity for flexible retirement from age 62 in the company 
paid DC plans. Yara has a defined benefit early retire­
ment plan for executives on Norwegian employment 
contracts covering the period from age 65 to 67 with 
a defined benefit equal to 65% of final salary limited 
to 12G. From 1st January 2015, the plan was closed 
for new members and ceased for employees below age 
50. A DC pension plan was established to compensate 
members for the shortfall. Executives who were previ­
ously members of other Defined Benefit Pension Plans 
being terminated or converted to DC plans might have 
cash allowances to compensate for the shortfall.
Executives employed by Yara companies in other coun­
tries will be covered by company paid pension plans 
according to national plans and markets.
Personal Insurance schemes
The executives are members of the personal insurance 
schemes applicable to other Yara employees. These 
are Group Life Insurance, Disability Pension, lump-
sum payment in the event of disability, occupational 
diseases, occupational and non-occupational accident 
and Health Insurance. In addition, they are provided 
with a Travel Insurance covering both the executive 
and family.
Other compensation elements
Executives are granted benefits in kind according to 
the applicable market standard. These are typically cell 
phone, internet connection and company car, alterna­
tively fixed car allowance.
In the event of an international assignment contract, 
the executive and family will be entitled to allowances 
and benefits in accordance with Yara’s Global Mobil­
ity Policy.
Members of Group Executive Board on Norwegian 
contracts are entitled to a severance pay equal to six 
months basic salary on certain conditions. The sev­
erance pay is calculated from the end of the notice 
period. Other income the executive receives during 
the severance pay period will be deducted from the 
severance pay. For members of the Group Executive 
Board employed by Yara companies in other countries 
severance pay may deviate from the above depending 
on local regulations.
Voluntary share purchase program
Group Executive Board members employed in Norway 
can take part in the annual offer to all permanent Yara 
employees in Norway where they can buy Yara shares 
with a tax-exempt discount being within a thresh­
old set by the Norwegian authorities. Yara offers the 
employees an interest-free loan with repayment of one 
year for the purchase of the shares. This plan comes in 
addition to the SBR.
Ad-hoc compensation elements
In extraordinary circumstances related to recruitment 
processes, sign-on bonus may be agreed. Any such 
compensation will be reported in the report on remu­
neration of Group Executive Board and Board Mem­
bers to the Annual General Meeting.
13. Information and communications 
Communication with financial markets is based on the 
principles of openness and equal treatment of all share­
holders. Yara shall provide the public with accurate, 
comprehensive and timely information, to form a good 
basis for making decisions related to valuation and 
trade of the Yara share. The aim of providing such in­
formation is to reduce investors’ risk and the volatility 
of the Yara share, contributing to a pricing of the Yara 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

89
share that reflects the company’s underlying values and 
future prospects. 
Yara’s main communication channels are stock ex­
change releases, press releases and its own web pages 
(www.yara.com) in order to secure that the same infor­
mation is made available to all audiences simultaneous­
ly. Although Yara holds regular meetings for analysts, 
investors, journalists and employees, all material new 
information is first published to the stock exchange 
and Yara’s web pages. Yara will provide a consistent 
level of information regardless of whether the news is 
positive or negative. 
 
Yara does not provide guidance on financial results. 
However, Yara may communicate guidance and/or 
targets for discrete activity areas. In addition, Yara 
provides sensitivities that can be used to calculate the 
financial effects of changes in market prices and cur­
rency exchange rates. 
 
Yara spokespersons to financial markets (investors, 
analysts and financial media) are the Chief Executive 
Officer, the Chief Financial Officer, SVP Investor 
Relations, VP Corporate Communications and In­
vestor Relations Officer(s) or others authorized by 
these. Questions from investors and financial analysts 
to other Yara personnel shall be referred to Investor 
Relations. All meetings with investors and financial 
analysts shall be arranged/coordinated by Investor Re­
lations, and presentation materials for such meetings 
shall be prepared or approved by Investor Relations. 
Investor Relations shall normally accompany Yara 
managers in investor/analyst meetings. 
Yara publishes quarterly financial results according to 
its financial calendar which is published annually on its 
web pages and to the Oslo Stock Exchange. Ahead of 
announcement of quarterly results, Yara has a “closed 
period” when contact with external analysts, investors 
and journalists is minimized. Yara will not comment 
upon own activities or market developments during 
this period, to minimize the risk of unequal informa­
tion in the marketplace. The closed periods are from 
16 January until the fourth-quarter results publication, 
from 1 April until the first-quarter results publication, 
from 1 July until the second-quarter results publica­
tion and from 1 October until the third-quarter results 
publication. 
 
Yara shall comply with relevant regulations for compa­
nies listed on the Oslo Stock Exchange. 
 
14. Take-overs 
The Board of Directors will not seek to hinder or ob­
struct takeover bids. In the event of a takeover bid for 
the company, the Board will seek to comply with the 
Code recommendations, obtaining a valuation from 
an independent expert and making a recommendation 
to Yara’s shareholders regarding acceptance of the 
bid. The Board will ensure that shareholders are given 
sufficient information and time to form an opinion on 
an offer. 
 
The Norwegian Securities Act regulates takeover 
attempts. Shareholders at the Annual General Meeting 
will, according to law, make the decision on any poten­
tial takeover bids. 
15.Auditor 
The external auditor shall provide a description to the 
BASC of the main elements of the audit of the preced­
ing financial year, including any uncovered material 
weaknesses related to internal controls of the financial 
reporting process. 
The external auditor shall also: 
•	 Annually confirm its independence
•	 Disclose any services besides the statutory audit 
services which have been provided to the company 
during the financial year
•	 Disclose any threats to its independence and docu­
ment measures taken to mitigate such threats. 
 
The use of the external group auditor for advisory 
services, tax services and other services outside the or­
dinary audit scope shall be pre-approved by the BASC. 
Within defined limits, the CFO and the VP Accounting 
& Tax have been delegated authority to pre-approve 
services. The external group auditor is responsible for 
reporting such services to the BASC and to perform an 
ongoing assessment of independence. Norwegian laws 
and regulations stipulate the type of non-audit services 
that external auditors can perform for Yara. 
 
The external auditor participates in the BASC meet­
ings that approve financial statements. In addition, the 
external auditor meets with the Board at least once per 
year to review the company’s internal control proce­
dures, potential weaknesses identified and proposals 
for improvement. The external auditor and the Board 
meet at least once a year without Yara Executive Man­
agement being present.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

90
FROM THE BOARDROOM
Group executive board
Pablo Barrera Lopez
Terje Knutsen
Tove Andersen
Svein Tore Holsether 
Kristine Ryssdal
Lars Røsæg
Fernanda Lopes Larsen
Pål Hestad
Read more about 
our mangement 
team by clicking 
on their pictures or 
names. You can also 
continue reading on 
the following pages. 
Chrystel Monthean
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
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‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

91
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS
Back to the overview
Pablo Barrera Lopez (1985)
Tove Andersen (1970)
EMPLOYED
1997
EDUCATION
Master’s degree in Business Administration from BI Norwegian
Business School and a Master’s degree in physics and 
mathematics from the Norwegian University of Science and 
Technology (NTNU).
EXPERIENCE
Ms. Andersen has served as Executive Vice President Europe 
since June 2020. Ms. Andersen has previously held several 
positions in the company, including EVP Production 2018-2020, 
EVP Supply Chain 2016-2018, and VP Supply Chain Europe
2014-2016. Since being employed by Hydro as a trainee in 
1997, she has held several positions throughout the compa­
ny, Including VP Marketing and New Business 2011-2013 and 
Country Manager Yara UK/ Ireland 2006-2011. Sustainability 
has been an integral part of her leadership agenda, and as EVP 
Production, Ms. Andersen had the global responsibility for Yara’s 
decarbonization activities.
SHARES OWNED AT YEAR-END 2020 12,723
POSITION
EVP, Yara Communications 
& Procurement
YEAR OF APPOINTMENT
2020
POSITION
EVP, Europe
YEAR OF APPOINTMENT
2020
EMPLOYED
2014
EDUCATION
Master´s degree in Finance from the Norwegian School of Eco­
nomics and Business Administration (NHH).
EXPERIENCE
Mr. Barrera has served as Executive Vice President 
Communications & Procurement since January 2021. His 
previous positions in the company include: EVP Strategy & 
Communications 2020, EVP Supply Chain 2018-2020, Country 
Manager Yara Chile 2017-2018. Prior to joining Yara, Mr. Barrera 
worked at The Boston Consulting Group between 2009-2014. 
Mr. Barrere is passionate about promoting the sustainability 
agenda and has completed the leadership program from World 
Business Council for Sustainable Development and the Creating 
Shared Value class from Harvad Business School. 
SHARES OWNED AT YEAR-END 2020 7,061
Svein Tore Holsether (1972)
EMPLOYED
2015
EDUCATION
Bachelor’s degree, specializing in Finance & Management from 
the University of Utah, USA
EXPERIENCE
Mr. Holsether is passionate about promoting the Sustainable 
Development Goals in the global business arena. To contribute 
to a thriving future and drive inclusive growth, he is a member 
of the Executive Committee and Chair of the Food & Nature 
program for the World Business Council for Sustainable 
Development (WBCSD). He was a Commissioner of the 
Business and Sustainable Development Commission (BSDC), 
and also serves on the Executive Committee and Board of 
the International Fertilizer Association (IFA). Previously, Mr. 
Holsether has held a range of executive and senior position in 
large industrial companies, including in Orkla, Sapa and Elkem.
SHARES OWNED AT YEAR-END 2020 40,373
POSITION
President and 
Chief Executive Officer
YEAR OF APPOINTMENT
2015

92
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS
Back to the overview
Fernanda Lopes Larsen (1974)
Terje Knutsen (1962)
EMPLOYED
1987
EDUCATION
Master’s degree (Siviløkonom) from the Norwegian School of 
Economics (NHH) in Bergen, Norway
EXPERIENCE
Terje Knutsen has been EVP Farming Solutions since June 
2020. His previous positions in the company include EVP, 
Sales and Marketing 2018-2020, EVP Crop Nutrition 2015-18. 
In addition, he has held a number of financial controller, 
commercial and management positions since joining the 
company in 1987 as a trainee. Mr. Knutsen has spent the 
past three years leading the development of Yara’s emerging 
sustainable food business, guiding the integration of digital 
farming solutions into the precision crop nutrition practice and 
overseeing the launch of Yara’s Agoro Carbon Marketplace and 
Clean Ammonia units.
SHARES OWNED AT YEAR-END 2020 12,807
POSITION
EVP, Africa & Asia
YEAR OF APPOINTMENT
2020
POSITION
EVP, Farming Solutions
YEAR OF APPOINTMENT
2020
EMPLOYED
2012
EDUCATION
Master’s degree in Civil Engineering from Graz University of 
Technology, Austria and a specialization in Corporate Innovation 
from Stanford University, United States
EXPERIENCE
Ms. Lopes Larsen has served as EVP Africa & Asia since 
September 2020. She joined Yara in 2012 and has since held 
several senior positions in the Company, the most recent being 
Senior Vice President for Indirect Procurement (2016-2020). 
Prior to joining Yara, Ms. Lopes Larsen held manufacturing and 
procurement positions in consumer goods and pharmaceutical 
companies Procter & Gamble and GlaxoSmithKline. 
SHARES OWNED AT YEAR-END 2020 1,955
Pål Hestad (1971)
EMPLOYED
1995
EDUCATION
Master’s degree in Industrial Electrochemistry from Norwegian
University of Science and Technology (NTNU)
EXPERIENCE
Mr. Hestad has served as Executive Vice President Global 
Plants & Operational Excellence since June 2020. He has been 
a Yara employee since 1995. Since then, Mr. Hestad has held 
several positions at Yara’s Glomfjord plant (Process Engineer, 
Operations Engineer, Productivity Engineer, Production Manager
and Plant Manager). He has also held the positions of Head of 
Productivity (2003-2004), Regional Plant Manager, Germany 
(2010-2012), Regional Head of Production (2012-2018), and 
Senior Vice President Production, Northern Europe & Canada 
(2018-2020).
SHARES OWNED AT YEAR-END 2020 5,634
POSITION
EVP, Global Plants & 
Operational Excellence
YEAR OF APPOINTMENT
2020

93
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS
Back to the overview
Lars Røsæg (1982)
Kristine Ryssdal (1960)
EMPLOYED
2016
EDUCATION
Master of Laws degree from the London School of Economics, in
addition to a Law degree from the University of Oslo
EXPERIENCE
Ms. Ryssdal has served as EVP, HR & General Counsel since 
June 2020. Previously, she held the position of EVP General 
Councel 2016-2020. Before joining Yara, Ms. Ryssdal held the 
position of Vice President Legal at Statoil 2012-2016. Prior to 
this, Ryssdal was Senior Vice President and Chief Legal Officer 
of Renewable Energy Corporation ASA 2008-2012, Senior Ad­
visor Commercial & Legal Affairs at Norsk Hydro / Statoil Hydro 
2006-2008, Legal Counsel at Norsk Hydro 1998-2006, and 
Attorney at the Attorney General’s office 1987-1998. Sustain­
ability is an integrated part of her leadership agenda as respon­
sible for Ethics & Compliance and Diversity & Inclusion in the 
Group Executive Board. Ryssdal is also a member of the Execu­
tive Board of the Central Bank of Norway, supervising amongst 
others responsible investments of the Norwegian Oil Fund.
SHARES OWNED AT YEAR-END 2020 9,332
POSITION
EVP, Chief Financial Officer
YEAR OF APPOINTMENT
2018
POSITION
EVP, HR & General Counsel
YEAR OF APPOINTMENT
2020
EMPLOYED
2017
EDUCATION
Degree (“Siviløkonom”) from the Norwegian School of
Economics (NHH), a four-year programme in economics and 
business administration
EXPERIENCE
Mr. Røsæg has served as Chief Financial Officer since November
2018. Prior to that he held the position of Vice President Global 
JVs & CEO Office. He has broad experience from senior finance 
and strategy positions at Sapa (2012-2017) and Orkla (2005-
2012). Røsæg is a certified Diversity Manager in line with the 
requirements from Norsk Sertifisering AS. 
SHARES OWNED AT YEAR-END 2020 6,254
Chrystel Monthean (1967)
EMPLOYED
1991
EDUCATION
Post-graduate degree in agronomy engineering from Ecole 
Nationale Ingenieurs Techniques Horticulture et Paysage, 
France and a Master’s in International Business and 
Technology Transfer from Rouen Business School, France.
EXPERIENCE
Ms. Monthean has served as EVP Americas since October 
2020. She has been a Yara employee since 1991. Her previous 
positions in the company include EVP Africa & Asia (June 
2020), Manager, BU Latin America (2018-2020), Value Chain 
Director (2013- 2018), and Managing Director of Yara Vietnam 
(2007-2013). Prior to moving to Asia and Latin America, Ms. 
Monthean held roles in various commercial functions and 
countries in Europe.
SHARES OWNED AT YEAR-END 2020 1,899
POSITION
EVP, Americas
YEAR OF APPOINTMENT
2020

94
FROM THE BOARDROOM
Board of Directors
Read more about our Board 
of Directors by clicking on their 
pictures or names. You can 
also continue reading on the 
following pages. 
Håkon Reistad Fure
John Thuestad
Kimberly Lein-Mathisen
Trond Berger
Ragnhild F. Høimyr
Øystein J. Kostøl
Birgitte R. Vartdal
Geir O. Sundbø
Rune Bratteberg
Adele B. Norman Pran
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

95
Trond Berger (1957)
POSITION
CEO in Blommenholm Industrier since 2020
Investment Director at Blommenholm Industrier since 2019
EDUCATION
MA in Economics from the BI Norwegian School of Management 
and is a State-Authorized Public Accountant. Graduate of the 
Norwegian Armed Forces’ Officer Candidate School (1977)
EXPERIENCE
Mr. Berger is CEO of Blommenholm Industrier. From 2019-2020,
he was Investment director at Blommenholm Industrier. From 
1999 to 2019, Mr. Berger served as Executive Vice President 
of Schibsted ASA, includeing as CFO with responsibility for 
Sustainability. Previous positions also include: Investment 
Director with Stormbull (1998), Executive Vice President (CFO) 
of Nycomed ASA and Executive Vice President, Strategy and 
Business Development at Nycomed Amersham (1997-98), 
and partner at Arthur Andersen (1981-92).
OTHER ASSIGNMENTS
Mr. Berger is also Chair of the Board of Bertil O Steen Holding 
and Arctic Asset Management, as well as meber of the Board 
in Oslo House, Polaris Media, and Sayonara.
BOARD MEETINGS ATTENDANCE 12
HR COMMITTEE ATTENDANCE 4
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 3
SHARES OWNED AT YEAR-END 2020 3,000
POSITION
Chair of the Board
Chair of the HR Committee
ELECTED BY/YEAR
Shareholders, 2018
Rune Bratteberg (1960)
POSITION
Head of Product Stewardship and Compliance
EDUCATION
Degree in Information Technology and a Degree in Nordic 
Languages and History from University of Bergen
EXPERIENCE
Mr. Bratteberg has been a Yara (Hydro) employee since 1986. 
He has held different IT and HESQ leadership positions within 
Hydro and Yara, from 2001 to 2009 as CIO. Bratteberg has been 
a member of the Chemical Industry Advisory Board to SAP AG 
2004-2009, and Chairman of the Board at the Scandinavian 
School of Brussels 2009-2011.
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 12
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 9
SHARES OWNED AT YEAR-END 2020 367
POSITION
Member of the Board 
Member of the Audit and 
Sustainability Committee
ELECTED BY/YEAR
Employees, 2012
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS
Back to the overview
Back to the overview

96
Håkon Reistad Fure (1987)
POSITION
Chairman of Company One
EDUCATION
MSc in Finance from the Norwegian School of Management 
(Handelshøyskolen BI)
EXPERIENCE
In 2015 Mr .Fure joined the corporate assembly of Storebrand 
ASA and was subsequently elected a board member of Store­
brand ASA in 2015 directly representing a group of shareholders. 
In 2016, Mr. Fure was elected to the board of Avida, where he 
also acted as CEO in 2018. In 2020 Mr. Fure joined MyBank 
as the Chairman of the Board. Previous experience in Equity 
Research at DNB Markets and Partner of Magni Partners.
OTHER ASSIGNMENTS
Chairman of the Board of MyBank ASA
BOARD MEETINGS ATTENDANCE 12
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 6
SHARES OWNED AT YEAR-END 2020 22,500
POSITION
Member of the Board
Member of the Audit and 
Sustainability Committee
ELECTED BY/YEAR
Shareholders, 2019
Ragnhild Flesland Høimyr (1987)
POSITION
Member of the Board
ELECTED BY/YEAR
Employees, 2020
POSITION
Production Manager CN & NPK2 at the Yara’s Porsgrunn Plant
EDUCATION
Master of Science degree from the University South-Eastern 
Norway
EXPERIENCE
Ms. Høimyr has been a Yara employee since 2015, currently
in the position of Production Manager CN & NPK2 at the 
Porsgrunn Plant. Previously, Ms. Høimyr held the position of 
Process Engineer NPK/CN area in Porsgrunn (2015-2019). She 
has served as member of the Telemark University College Board 
(2010-2012), and as Chairman of the Board of the Student 
Welfare Organization in Telemark (2012-2014).
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 8
SHARES OWNED AT YEAR-END 2020 126
Øystein J. Kostøl (1982)
POSITION
Senior Innovation Manager, Yara Climate Neutral Solutions
EDUCATION
Master of Technology degree from NTNU (Trondheim, Norway)
on Energy and Environment. Master’s Thesis on environmental 
Life Cycle Assessment in process industry.
EXPERIENCE
Mr. Kostøl has been a Yara employee since 2012, currently in 
the position of Senior Innovation Manager in the Climate Neu­
trality department. Mr. Kostøl is project manager for full scale 
electrification of the ammonia production in Porsgrunn. 
The first three years working for Yara, Mr. Kostøl was based in 
Ethiopia, working on the Dallol mining project. Successively, he 
worked as project manager in different Yara mining projects 
until 2017 when he started in the Innovation department, 
focusing on climate neutral solutions. Mr. Kostøl has previously 
worked in the Norwegian utility company Statkraft. He heads 
the labor union Tekna at Yara.
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 8
SHARES OWNED AT YEAR-END 2020 208
POSITION
Member of the Board
ELECTED BY/YEAR
Employees, 2020
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS
Back to the overview

97
Adele Bugge Norman Pran (1970)
POSITION
Professional Boardmember and management consultant
EDUCATION
Bachelor and Master’s in law from the University of Oslo and 
Master in Auditing and Accounting. IB from United World College 
of the Atlantic
EXPERIENCE
Ms. Pran is a professional board member. She is Strategic 
Advisor to the Boards Impact Forum, working to accelerate 
climate action for sustainable businesses. Previously she has 
been in the Private Equity industry for 13 years. As a Partner of 
Herkules Capital Ms. Pran was in charge of the following busi­
ness areas: Finance, Treasury, Investor Relations, Acquisitions and 
divestments, strategy and Business development, Legal, Compli­
ance and ESG (2004-2016). Prior to Herkules Capital 
Ms. Pran was part of the Deals team in PWC (1999-2004).
Ms. Pran has previous experience from managing sustainability 
reporting and strategy in Herkules portfolio companies. 
Sustainability is a focus area in all boards she serves.
OTHER ASSIGNMENTS
Ms. Pran is currently on the board of ABG Sundal and 
Collier ASA, B2Holding ASA, Zalaris ASA, Motorgruppen AS, 
Løvenskiold Fossum AS and Hitec Vision ASA
BOARD MEETINGS ATTENDANCE 12
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 12
SHARES OWNED AT YEAR-END 2020 2,010
POSITION
Member of the Board
Chair of the Audit and 
Sustainability Committee
ELECTED BY/YEAR
Shareholders, 2019
Kimberly Lein-Mathisen (1972)
POSITION
General Manager of Microsoft Norge AS since 2016
EDUCATION
BS in engineering from the U. of Illinois, and MBA from Harvard 
Business School
EXPERIENCE
Kimberly Lein-Mathisen is the General Manager of Microsoft 
Norway. She is a passionate voice for how technology, sustain­
ability, and diversity can lift Norway. She has 20+ years of 
experience in Branded Consumer Goods, Pharmaceuticals, 
Media, and Technology leading across geographies in North 
America, Europe and Asia. Her roles have included CEO of Orkla 
Home & Personal Care; Global VP & Alliance Leader, Eli Lilly; 
General Manager, Germany and Norway, Eli Lilly; Co-Founder 
Appear Networks; and Production Leader, Procter & Gamble. 
Kimberly has extensive board experience including Abelia, 
NHST (parent of Dagens Næringsliv), Meda AB, Borregaard, 
and Kappa Bioscience.
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 12
SHARES OWNED AT YEAR-END 2020 500
POSITION
Vice chair of the Board
ELECTED BY/YEAR
Shareholders, 2019
Geir O. Sundbø (1963)
POSITION
Corporate employee representative of Yara International 
Chairman of European Works Council (EWC) of Yara 
International
EDUCATION
Skilled Chemical Process operator.
EXPERIENCE
Mr. Sundbø has been a Yara (Hydro) employee since 1987
He has been actively engaged in union matters since 1989
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 12
HR COMMITTEE ATTENDANCE 6
SHARES OWNED AT YEAR-END 2020 339
POSITION
Member of the Board 
Member of the 
HR Committee
ELECTED BY/YEAR
Employees, 2010
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John Thuestad (1960)
POSITION
Member of the Board
ELECTED BY/YEAR
Shareholders, 2014
POSITION
Executive Vice President Bauxite & Alumina at Norsk Hydro 
ASA since 2018
EDUCATION
Master’s degree in Metallurgy from NTNU, Trondheim, Norway;
MBA from Carnegie Mellon University, Pittsburgh, USA
EXPERIENCE
Mr. Thuestad has been EVP of Norsk Hydro ASA and responsible
for the Bauxite and Alumina Business Area since June 2018. 
Prior to this, Thuestad led Hydro Extruded Solutions, Europe. 
From 2013 to 2017, Thuestad held the position of EVP Sapa 
Extrusions Europe. From 2012 to 2013 he led Sapa Profiles with 
production plants in Europe, North America and China. From 
2009 to 2012 he led Alcoa Global Primary Products with 40 
locations in Australia, Latin America, Europe and North America. 
Thuestad has previously been the CEO of Elkem AS and Elkem 
Aluminium AS. Prior to that, Thuestad was Managing Director 
of Norzink AS and Fundo AS. Thuestad has served as Board 
member/Chairman of Tyssefaldene AS 1997-2000, Board 
member of Borregaard AS 2005-2007, Statkraft/Groener AS 
2000-2003 and as Officer of Alcoa Inc 2010-2011.
OTHER ASSIGNMENTS
Member of the Executive committee of International Aluminium
Institute (IAI)
BOARD MEETINGS ATTENDANCE 12
SHARES OWNED AT YEAR-END 2020 1,200
Birgitte Ringstad Vartdal (1977)
POSITION
Executive Vice President at Statkraft, Responsible for 
Statkraft’s European Wind and Solar
EDUCATION
MSc in Engineering Mathematics from the Norwegian School 
of Science and Technology (NTNU) and a MSc in Financial 
Mathematics from Heriot-Watt University in Edinburgh
EXPERIENCE
Ms. Vartdal is EVP of Statkraft and responsible for Statkraft’s 
European Wind and Solar. From 2016 to 2019 Vartdal served as 
CEO of Golden Ocean Group, and from 2010 to 2016 as CFO 
of Golden ocean Group. Previously she has held various 
management positions in Torvald Klaveness and worked for 
Hydro Energi.
OTHER ASSIGNMENTS
Ms. Vartdal is currently on the Board of Vartdal Fiskeriselskap 
AS, and serves on the Board of several Statkraft AS compa­
nies.
BOARD MEETINGS ATTENDANCE 7
HR COMMITTEE ATTENDANCE 4
SHARES OWNED AT YEAR-END 2020 2,500
POSITION
Member of the Board
Member of the 
HR Committee
ELECTED BY/YEAR
Shareholders, 2020
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Board message
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MESSAGE FROM THE BOARD OF DIRECTORS
Strategy execution 
driving improved returns
In 2020, the Board focused its work on responsibly 
handling the pandemic in the best interest of the company 
and its stakeholders, and on discussing Yara’s strategic 
direction. Strategy execution and development included 
portfolio adjustments, reorganization, and the ESG 
investor seminar. 
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Additionally, the company’s integrated reporting 
has been matured, as evidenced by this report. This 
includes establishing a strengthened governance and a 
balanced scorecard approach. The Board also remained 
focused on supporting the administration in the signifi­
cant transformation the company is undergoing. 
Covid-19 response 
Yara has a triple responsibility in the ongoing global 
pandemic: firstly, to safeguard its employees, contrac­
tors, partners, neighbors, and society at large, second­
ly, to be a responsible company and act in accordance 
with government guidelines, and thirdly, to keep oper­
ations running and help support the supply of food and 
other essential products to society. This means that the 
timing of turnarounds, improvement initiatives, and 
the project portfolio is being optimized to reduce the 
risk of prolonged outages.
Yara operates a Covid-19 Response Team, with re­
porting directly to the Yara CEO and with frequent 
updates to the Board of Directors. The team has rep­
resentatives from all Yara’s operational segments and 
corporate functions, and meets frequently to coordi­
nate, support, and share best practices across Yara’s 
global operations. Yara’s operations have performed 
well so far during Covid-19, as have agricultural mar­
kets and supply chains overall.
A strategy for a sustainable future
As announced at Yara’s ESG Investor Seminar in De­
cember 2020, Yara’s strategy has three main focus areas: 
firstly, to develop and market sustainable food solutions, 
including premium crop nutrition products, digital 
farming tools, and close collaboration with partners 
throughout the food value chain, secondly, to enable the 
hydrogen economy and accelerating the green energy 
transition by targeting green ammonia opportunities 
within shipping, agriculture, and industrial applications, 
and thirdly, to drive sustainable performance, targeting 
a ROIC above 10% mid-cycle and reducing Scope 1 and 
Scope 2 emissions by 30% by 2030 compared with 2019. 
In combination with a strong commitment to a clear 
capital allocation policy, Yara is well positioned to 
continue driving sustainable long-term value creation 
to its shareholders and other stakeholders. 
The Company 
Yara is an integrated food solutions company with an 
industrial portfolio. Headquartered in Oslo, Norway, 
Yara is listed on the Oslo Stock Exchange. Yara’s 
knowledge, products, and solutions grow customers’ 
businesses profitably and responsibly, while protecting 
the earth’s resources, food, and environment. 
The company mission is to “Responsibly feed the 
world and protect the planet”. 
In 2020, Yara reorganized its activities from functional 
segments to regional segments, effective 1 June. The 
change empowered the organization and moved deci­
sions closer to the customer, driving full bottom-line 
accountability in each market and enabling the organi­
zation to act swiftly in a more regionalized reality amid 
the pandemic. 
As of the 1 June reorganization, Yara’s business activi­
ties are now carried out within five operational seg­
ments: Europe, Americas, Africa & Asia, Global Plants 
& Operational Excellence, and Industrial Solutions.
The regional segments (Europe, Americas, and Africa 
& Asia) operate in a fully integrated setup, comprising 
production, supply chain, and commercial operations, 
producing and delivering Yara’s existing fertilizer solu­
tions in addition to commercializing and selling new 
offerings under the guidance of Farming Solutions.
The Global Plants & Operational Excellence segment 
operates Yara’s largest and export-oriented produc­
tion plants (Porsgrunn, Sluiskil) and has a key role in 
driving operational improvements, competence devel­
opment, and technical project execution across Yara’s 
production system. This segment also comprises Yara’s 
global ammonia trade and shipping activity.
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Yara Industrial Solutions mainly provides nitro­
gen-based solutions and services across a wide range of 
industries. This segment performs its activities through 
five global commercial units: Transport Reagents, 
Mining Applications, Base Chemicals, Industrial 
Nitrates, and Yara Marine Technologies. These com­
mercial units are backed by six dedicated production 
plants across Europe, Latin America, Africa and Asia.
Yara has always worked on active portfolio manage­
ment. Historically, it has been evidenced e.g. through 
the divestment of GrowHow UK and the CO2 busi­
ness. In 2020, Yara continued to develop its portfo­
lio through divesting its Joint Venture positions in 
QAFCO and Lifeco. The divestments contributed to 
streamlining Yara’s portfolio and reallocating capital 
and resources in line with our capital allocation policy. 
Making sustainability a part of governance
In 2020, the Board updated the mandate and name of 
the audit committee, establishing the Board Audit and 
Sustainability Committee (BASC). This represents a 
recognition of the fact that People and Planet dimen­
sions are key drivers for strategy and risk processes, 
and these two dimensions, together with Prosperity, 
comprise Yara’s integrated performance management. 
The People and Planet dimensions of sustainability are 
governed through Yara’s steering system and defined in 
our HESQ Policy and Code of Conduct, both signed 
by the President and CEO. They are also integral to 
business review processes and performance manage­
ment, anchored in the CFO function. 
The HESQ Policy is maintained by the Corporate 
HESQ function, which oversees performance on 
health, safety, quality, security, and environment. 
The Head of Corporate HESQ reports to EVP Global 
Plants & Operational Excellence, and presents reports 
to the full Board of Directors and Board’s Audit and 
Sustainability Committee at least once per year. He 
has organizational responsibility for ensuring that 
appropriate health, safety, environment and security 
governance is in place throughout the company. 
Within this framework, Yara’s plants and units 
maintain close control of their own health and safety 
performance, local employee involvement, compliance 
with national legislation, and adherence to Yara’s high 
technical and operational requirements. Corporate 
HESQ is auditing the units vis-à-vis their adherence to 
the requirements and standards. 
The Ethics and Compliance function maintains and 
implements the Code of Conduct through an extensive 
Compliance Program. The Code of Conduct includes 
our anti-corruption policies and states a clear commit­
ment to respecting internationally recognized 
human rights and labor rights throughout our own 
operations, as well as in our supply chain. 
All new employees must complete an Ethics and 
Compliance e-learning course within three months of 
enrolling in Yara and thereafter every two years. Addi­
tional training for managers and employees is targeted 
according to risk assessments, and safeguards includes 
an anonymous whistle-blowing function. 
Yara’s Ethics and Compliance Department plays a key 
role in the management of all risks related to corruption, 
fraud, human rights, and business partner integrity. 
Ethics training of employees is among the KPIs followed 
by Yara’s Board of Directors. The Chief Compliance Of­
ficer reports administratively to Yara’s General Counsel, 
twice a year to the Board of Directors, quarterly to the 
Board Audit and Sustainability Committee, and month­
ly to the CEO (and on an ad hoc basis, as necessary) 
on matters relating to ethics and compliance, including 
human rights and corruption. 
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Yara has a Compliance Committee, which is chaired 
by the CEO and attended by the members of Yara’s 
Executive Management. The Compliance Committee 
meets quarterly and acts as a focal point for matters 
related to ethics and compliance. 
The sustainability governance function reports direct­
ly to the CFO. This function oversees sustainability 
reporting and benchmarking, as well as the implemen­
tation of external standards according to relevance and 
prioritization. 2020 focus areas include internalizing 
the recommendations of the Task Force of Climate 
Related Financial Disclosures (TCFD). 
Integrated performance management
Yara integrates holistic measures of company performance 
into the way we manage our company. We have adopted 
the structure of the WEF Stakeholder Capitalism white­
paper into our balanced scorecard, reporting according to 
the People, Planet and Prosperity dimensions. 
The performance reporting on our balanced scorecard 
is found in the People, Planet and Prosperity perfor­
mance chapters, while key developments and strategic 
considerations and actions are described here.
People
Caring for people is key to business success. Safety first 
is a Yara priority, and “Safe by Choice” is the name of 
Yara’s safety culture program that will make zero in­
juries a real possibility. Since its inauguration in 2013, 
the program has reduced the total recordable injuries 
(TRI) rate from 4.3 in 2013 to 1.3 in 2020. 
Safety is not all about statistics – one severe injury or fa­
tality is one too many. Yara has developed a program for 
the prevention of major incidents and a comprehensive 
process safety program. By reviewing, investigating, and 
sharing lessons learnt from incidents with high potential 
severity, we can establish effective improvement actions. 
In 2019 and 2020, Yara developed operating standards 
on occupational health, covering both the physical and 
psycho-social work environment, in addition to a pre­
viously implemented standard on controlling chemical 
risk related to workers. Pilot workstreams and train­
ings on psycho-social risk assessment and wellbeing 
have been initiated during the COVID period and 
promoted for use throughout Yara. 
Yara’s safety culture combined with a purpose-driven 
and engaged workforce, provides a strong foundation 
for operational excellence and innovation. Diverse 
teams make better decisions than homogenous teams, 
and engaged employees perform better. We therefore 
prioritize Diversity & Inclusion (D&I) as an important 
part of the updated strategy. 
In 2020, our regional and local D&I ambassador 
networks continued to raise awareness and build 
knowledge about minority groups and special D&I 
topics. Following the 2020 uproar over racial in­
equality worldwide, we fast-tracked our D&I work 
on the topic of race. The objective is to tackle racial 
bias and discrimination, the lack of ethnic diversity, 
and ensure equal opportunities with an initial focus 
on Black talent. We benchmark performance on 
employee engagement and D&I as reported in the 
performance section. 
In 2020, we also strengthened the talent review and 
succession management process across the entire orga­
nization. Over 4600 employees were reviewed in the 
talent review cycle, and about 1200 employees were 
nominated as successors to positions or nomination 
pools. Diversity was in focus throughout this process, 
with age, tenure, nationality, and gender all being 
monitored. 
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Our revised strategy has led us to novel territory with 
new customers, new business models, new partners, and 
new content. Our people represent our most important 
asset and we need to continuously invest in the devel­
opment of our collective knowledge – both in terms of 
specialist competencies and management skills. 
Yara has deployed an interactive e-learning platform, 
offering a single repository for all global e-learning 
programs and contains a wide range of training mate­
rial. 2020 saw nearly every employee with access to the 
platform, counting about 14,500 having completed at 
least one course. 
Going forward, knowledge will be a priority. Yara 
will invest in a Yara Academy with three focus areas: 
change management, diversity and inclusion, and dy­
namic upskilling. 
Yara is committed to paying employees fairly, regard­
less of personal beliefs or any individual characteristics. 
Individual remuneration will vary based on specific 
factors such as country, employment market conditions, 
position content and position grade, performance, and 
competence. A 2017 comprehensive analysis of six 
countries identified a gender pay gap in Yara ranging 
from 2.1% in Norway to 16% in Colombia. 
Yara performed a follow-up gender equal pay gap study 
in 2020, expanding the number of countries included 
from 6 to 16. The range of these studies is focused on 
non-tariff contract employees, as the tariff schedules 
provide strong protection against bias due to gender. 
In 2020 this study incorporated over 5,000 employees. 
The gaps were reported ranging from 0% in Finland to 
14% in Colombia. A weighted average pay gap for the 
16 countries included was 3.96%. The gap on a like for 
like basis for the original 6 countries has closed from 
5.4% to 4.8% since the 2017 study. 
On gender balance, in 2021, we will sharpen our 
focus on gender diversity among line managers at the 
top three levels in the company, currently 253 man­
agers. We aim to introduce a practice in line with 
peer companies and benchmarkable with industry 
indices. In this subset of the broader group of senior 
management positions, 23.7% were women at the 
end of 2020.
People also covers the company’s broader set of stake­
holders, which are key to the company’s success. The 
stakeholder dialogue and the Stakeholder Procedure is 
described in the Stakeholder section. 
Planet
Yara takes a holistic approach to environmental pro­
tection, covering both sourcing of raw materials, our 
own production processes, logistics and the use of our 
products. Yara uses a precautionary approach to iden­
tify risks and take preventive measures to mitigate the 
potential harm to people and the environment. 
In 2020, Yara took major steps forward in its strategic 
approach to protecting the planet. First, Yara Farming 
Solutions was tasked with enabling our regional units 
to expand our reach and offerings. This included ex­
ploring new revenue models such as low-carbon or out­
come-based business, selling services with farm-to-fork 
connectivity and continued focus on digital platforms. 
The Agoro Carbon Alliance market marks a major 
example, in which Yara set up a structure to provide 
farmers with income based on carbon sequestration. 
Second, Yara’s CEO and President committed the com­
pany to setting Science Based Targets (SBT), ensuring 
that Yara’s Climate Roadmap is aligned with the 
goals of the Paris agreement. In partnership with 
Nutrien and WBCSD, we are undertaking a Sectoral 
Decarbonization Approach (SDA) for the Nitrogen 
fertilizer sector in support of SBT. 
Third, planned through 2020 and executed in Feb­
ruary 2021, Yara launched Yara Clean Ammonia – a 
new global unit which will capture growth opportu­
nities within carbon-free food solutions, shipping fuel, 
and other clean ammonia applications, leveraging 
Yara’s unique existing positions within ammonia pro­
duction, trade, and shipping. 
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Yara Clean Ammonia took its first major step forward 
by partnering with Statkraft and Aker Horizons to 
establish Europe’s first large-scale green ammonia 
project in Norway. The partners plan to electrify and 
decarbonize Yara’s ammonia plant in Porsgrunn. 
2020 also heralded the announcement of a green 
ammonia pilot collaboration with Ørsted, located in 
Yara’s Sluiskil, Netherland site. This brings Yara’s 
green ammonia portfolio to three pilot projects and 
one full-scale project. 
Yara’s work on circular economy progressed with a 
new product coming to the market, under the Yara 
Nature brand. Based on Yara’s partnership with Ve­
olia, the product is firstly targeted for piloting in the 
Spanish market. 
Environmental protection is also a major part of 
Yara’s license to operate, and we are using ISO certi­
fication to ensure we operate in accordance with best 
practice and work systematically to improve perfor­
mance. In 2020, Yara achieved a global management 
system certificate for the three standards ISO 9001 
(Quality management), ISO 14001 (Environmental 
management), and ISO 45001 (Occupational health 
and safety management). 
Yara’s operations are also certified according to Prod­
uct Stewardship criteria, which are industry-specific. 
The principles of Product stewardship ensure that 
proper care is taken along the whole fertilizer value 
chain from product development and the purchase of 
raw materials, to production, storage, transport and 
distribution, and up to use at the farm. 
All incidents and near misses are reported and fol­
lowed up systematically.
Prosperity
Yara delivered improved returns and cash flow in 
2020, with earnings before interest, tax, and depre­
ciation (EBITDA) up 6% from a year earlier. Safety 
performance also improved, with a low and indus­
try-leading 1.3 total recordable injuries (TRI) per 1 
million working hours. 
Yara’s return on invested capital (ROIC) reached 
8.0%, up from 6.6% in 2019. EBITDA excluding spe­
cial items and deliveries were in line with a year earlier.
The parent company Yara International ASA is a 
holding company, with financial activities and with 
corporate functions. Yara International ASA had a net 
income of NOK 11,690 million in 2020, up from 
NOK 1,138 million negative in 2019, after dividends 
and group relief from subsidiaries of NOK 11,105 
million (NOK 900 million in 2019). The net foreign 
currency translation gain was NOK 999 million com­
pared with a loss of NOK 613 million in 2019. 
Country-by-country reporting 
Yara’s country-by-country report has been developed 
to comply with legal requirements as stated in the 
Norwe¬gian Accounting Act §3-3d and the Norwe­
gian Security Trading Act §5-5a, valid from 2014. The 
full country-by-country reporting can be found on the 
yara.com annual report section. 
Corporate governance principles
The Board of Directors and Executive Management 
of Yara International ASA review the company’s 
corporate governance annually and report on the 
company’s corporate governance in accordance with 
the Norwegian Accounting Act § 3-3b and the Norwe­
gian Code of Practice for Corporate Governance (the 
“Code”), most recently updated 17 October 2018. The 
Code contains stricter requirements than mandated 
by Norwegian law. The Board of Directors’ Corpo­
rate Governance Report is included in this Integrated 
Report and forms part of the Report of the Board of 
Directors. 
» See corporate governance / page 76 
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Group Executive Board 
The following changes were made to Yara’s Group 
Executive Board as part of the company’s move to a 
regional segment structure effective 1 June 2020: 
Tove Andersen, previously EVP Production, took up 
the position of EVP Europe.
Chrystel Monthean, previously SVP Business Unit 
Latin America, took up the position of EVP Africa 
& Asia.
Lair Hanzen, previously EVP Brazil, took up the 
position of EVP Americas.
Pål Hestad, previously SVP Production North Europe, 
took up the position of EVP Global Plants & Opera­
tional Excellence.
Terje Knutsen, previously EVP Sales & Marketing, 
took up the position of EVP Farming Solutions.
Pablo Barrera Lopez, previously EVP Strategy & 
Supply Chain, took up the position of EVP Strategy 
& Communication.
Kristine Ryssdal, previously General Counsel, took 
up the position of EVP HR & General Counsel.
The following changes were made to Yara’s Group 
Executive Board effective 1 October 2020: 
Lair Hanzen was appointed Special Advisor to the 
President and CEO, reporting to Svein Tore Holsether.
Chrystel Monthean was appointed EVP Yara 
Americas.
Fernanda Lopes Larsen, previously SVP Indirect 
Procurement, was appointed EVP Yara Africa & Asia.
Future prospects 
Yara’s industry fundamentals are robust, as the twin 
challenges of resource efficiency and environmental 
footprint requires significant transformations within 
both agriculture and the hydrogen economy. Yara’s 
leading food solutions and ammonia positions are well 
placed to both address and create business opportuni­
ties from these challenges.
Ensuring continuity in food production and related 
value chains remains a top priority for all countries. 
Yara’s market environment is in a positive trend, with 
increasing grain prices creating stronger planting and 
crop nutrition incentives for farmers. Nitrogen fertiliz­
er markets are robust, with strengthening prices ahead 
of the Northern hemisphere planting season. Yara’s in­
dustrial business has also picked up, following weaker 
demand in second quarter 2020. 
Leveraging its global production and marketing pres­
ence, Yara is broadening its core as a leading food solu­
tions company by developing and marketing premium 
crop nutrition products and digital farming tools in 
close collaboration with partners throughout the food 
value chain. Yara is also enabling the hydrogen econo­
my by targeting green ammonia opportunities within 
shipping, agriculture, and industrial applications, and 
by driving sustainable performance, targeting a ROIC 
above 10% mid cycle and reducing Scope 1 and Scope 
2 emissions by 30% by 2030 compared with 2019. 
Yara’s capital allocation policy is based on an overall 
objective to maintain a mid-investment grade credit 
rating, while at the same time providing investors with 
a potential for cyclical upside in dividends. Yara’s tar­
geted capital structure is a mid- to long-term net debt/
EBITDA range of 1.5-2.0 and a net debt/equity ratio 
below 0.60. Subject to these requirements, Yara’s ordi­
nary dividend shall be 50% of net income. Shareholder 
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107
returns are distributed primarily as cash, with share 
buybacks as a supplemental lever. Yara’s improving 
cash flow from strategy execution, a robust outlook 
and high hurdle rate for new investments may lead to 
increased dividend capacity going forward. 
Yara has completed significant investments in recent 
years, through both expansion of existing operations, 
new builds, and acquisitions. The Board of Directors 
underlines that Yara’s focus is on delivering its 
existing growth and improvement pipeline, and that 
future growth initiatives shall be evaluated with strict 
capital discipline. 
Yara expects to invest approximately USD 1.3 billion 
during 2021 based on its current committed mainte­
nance and improvement plans and announced growth 
investments. From 2022, total investments are capped 
at USD 1.2 billion per annum, including both mainte­
nance and growth investments.
Yara’s Board will propose to the Annual General 
Meeting a dividend of NOK 20 per share for the fiscal 
year of 2020. 
The Board intends to propose to the Annual General 
Meeting a new buy-back program along the lines of 
the previous one. 
The Board of Directors Yara Internationa 
ASA, Oslo 00 March 2021
Håkon Reistad Fure
Member of the Board
John Thuestad
Member of the Board
Kimberly Lein-Mathisen
Vice Chair
Trond Berger
Chair
Ragnhild F. Høimyr
Member of the Board
Øystein J. Kostøl
Member of the Board
Birgitte R. Vartdal
Member of the Board
Geir O. Sundbø
Member of the Board
Rune Bratteberg
Member of the Board
Adele B. Norman Pran
Member of the Board
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Yara’s global risk management process 
aims to identify, assess and manage risk 
factors that could affect the performance 
of any parts of the company’s operation. 
To this end, we have implemented a con­
tinuous and systematic process to miti­
gate potential damages and losses, and to 
capitalize on business opportunities.
Risk responsibilities 
Risk appetite is broadly defined as the 
level of risk an entity deems acceptable 
in the pursuit of overall goals. Yara’s 
Board of Directors is responsible for 
defining Yara’s risk appetite. The Board 
and Executive Management have jointly 
evaluated and defined risk appetite 
across key operational and strategic 
dimensions, arriving at a set of practical 
guidance statements on key risks. These 
risk appetite statements set boundaries 
for strategic initiatives, guide resource 
allocation and aid decision-making 
within the company. Furthermore, they 
convey the way we approach and evalu­
ate risk to our investors, customers and 
society at large. The Board oversees the 
risk management process and carries 
out annual reviews of the company’s 
most important risk categories and 
internal control arrangements. 
Yara’s Executive Management is 
responsible for reviewing and opera­
tionalizing the defined risk appetite by 
maintaining an enterprise-wide system 
for risk management. The Executive 
Management performs risk assessments 
and actively monitors the development 
of top risks and initiates actions ac­
cordingly. Risk assessments performed 
by the operating segments and expert 
organizations are reviewed periodically 
in business review meetings. 
Understanding and managing risk is an 
integral part of all our business activi­
ties. The operating segments and expert 
organizations are the risk owners and 
regularly perform risk assessments 
based on established procedures to 
identify, assess and manage the risks 
that affect their business and analyze 
how these risks influence performance. 
The Enterprise Risk Management func­
tion has the responsibility to facilitate 
the operational risk management activ­
ities and develop risk policies and tools 
as well as maintaining an aggregated 
view of risk exposure. The function is 
reporting to the Chief Financial Officer. 
Framework and procedures 
Yara has implemented a framework 
with clear policies and procedures to 
facilitate risk management across the 
organization. This creates a stable 
environment within which we can 
deliver on our strategic and operational 
objectives, and systematically identify 
and capture business opportunities. 
Our framework is inspired by the Com­
mittee of Sponsoring Organizations 
of the Treadway Commission (COSO) 
ERM framework and the ISO 31000 
risk management standard as the best 
practice benchmarks for assessing the 
soundness, efficiency and effectiveness 
of our risk management. 
The materiality of each risk factor is 
determined by assessing the likelihood 
and consequence. In this appraisal, a 
combination of qualitative and quan­
titative risk assessment techniques 
is deployed. Risks are evaluated to 
determine whether the level is accept­
able or unacceptable and to prioritize 
those that have the greatest potential to 
impact on our performance. 
We implement mitigating strategies and 
pursue business opportunities to ensure 
that each risk is optimally managed. 
Risk mitigation plans are based on 
evaluations of the cost of control and 
potential impacts relative to the bene­
fits of reducing the risk. Our operating 
segments and expert organizations 
are responsible for making business 
continuity planning part of their key 
risk management activities and prepar­
ing contingency plans for high-impact, 
low-likelihood risks. 
Once primary risks are managed, we 
continually monitor residual risks to en­
sure that they remain at an acceptable 
level and that events are properly ad­
dressed and managed. The risk profile 
is reviewed and updated at least annual­
ly, with more frequent updates if new 
opportunities or risks are identified. 
The risk mitigation plan is reviewed 
and updated on a bi-monthly basis to 
reflect the current status of risks and 
action plans and is communicated to 
the Executive Management during 
bi-monthly business review meetings.
Risk management
Yara is committed to proactive and effective risk management to 
mitigate adverse effects on our operations and to identify and explore 
business opportunities. Ultimately, risk management contributes to 
achieving our long-term strategic targets and short-term goals.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

109
Yara is committed to transparent and diligent 
reporting of the company’s performance. The 
consolidated accounts have been prepared in 
accordance with the EU-approved IFRS standards 
and pertaining interpretation standards applicable 
as of 31st December, 2020 and disclosure
requirements that follow from the Norwegian 
Accounting Act as of 31st December, 2020. 
FINANCIAL STATEMENTS
Transparent
performance
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

110
Financial Statements
Due to rounding differences, figures or percentages may not add up to the total.
‌Consolidated financial statements
110
‌Consolidated statement of income
111
‌Consolidated statement of comprehensive income
112
‌Consolidated statement of changes in equity
113
‌Consolidated Statement of Financial Position
114
‌Consolidated statement of cash flows
116
‌Basis for preparation
117
‌Notes to the consolidated 
financial statements
120
1	
‌Key sources of estimation uncertainty, 
judgments and assumptions
120
2	
‌Results for the year
122
2.1	 ‌Revenue from contracts with customers
122
2.2	‌Other income
125
2.3	‌Segment information
126
2.4	‌Raw materials, energy costs and freight expenses 132
2.5	‌Payroll and related costs
132
2.6	‌Other operating expenses
132
2.7	 ‌Financial income and expenses
133
2.8	‌Income taxes
134
3	
‌Current assets
140
3.1	 ‌Inventories
140
3.2	 ‌Trade receivables
142
3.3	 ‌Prepaid expenses and other current assets
144
3.4	‌Cash and cash equivalents
144
4	
‌Investments in non-current assets
145
4.1	 ‌Property, plant and equipment
145
4.2	‌Intangible assets
149
4.3	‌Associated companies and joint ventures
151
4.4	‌Joint operations
155
4.5	‌Leases
157
4.6	‌Other non-current assets 
160
4.7	 ‌Impairment on non-current assets
161
4.8	‌Committed future investments
165
5	
‌Equity and liabilities
166
5.1	 ‌Share information
166
5.2	 ‌Non-controlling interests
167
5.3	 ‌Interest-bearing debt
169
5.4	‌Pensions and other long-term employee 
benefit obligations
171
5.5	 ‌Trade and other payables
177
5.6	 ‌Provisions and contingencies
178
5.7	 ‌Contractual obligations
181
5.8	‌Secured debt and guarantees
182
6	
‌Financial Risk
183
6.1	 ‌Financial risks
183
6.2	‌Hedge accounting
190
6.3	‌Financial instruments
193
7	
‌Business initiatives
200
7.1	 ‌Disposal of investments
200
7.2	 ‌Minority buy-out 
200
8	
‌Other disclosures
201
8.1	‌Related parties
201
8.2	‌Executive Management remuneration
203
8.3	‌External audit remuneration 
210
8.4	‌Composition of the group
211
8.5	‌Post balance sheet events
213
‌Financial statements for 
‌Yara International ASA
214
‌Statement from the Board and the 
‌CEO of Yara International ASA
241
‌Auditor’s report
244
‌Reconciliation of alternative 
‌performance measures in ‌the Yara Group
249
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

111
Consolidated statement of income
USD millions, except share information
Notes
2020
2019
Revenue from contracts with customers
2.1, 2.3
11,591 
12,858 
Other income
2.2 
137 
78 
Revenue and other income
11,728 
12,936 
Raw materials, energy costs and freight expenses
2.4 
(7,819)
(9,317)
Change in inventories of own products
(201)
(17)
Payroll and related costs 
2.5 
(1,136)
(1,180)
Depreciation and amortization
4.1, 4.2, 4.5
(919)
(922)
Impairment loss
4.7 
(46)
(43)
Expected and realized credit loss on trade receivables
3.2 
(17)
(7)
Other operating expenses
2.6 
(414)
(460)
Operating costs and expenses
(10,551)
(11,946)
Operating income 
1,176 
989 
Share of net income in equity-accounted investees
4.3 
20 
65 
Interest income and other financial income
2.7 
62 
76 
Foreign exchange gain/(loss)
2.7, 6.1
(243)
(145)
Interest expense and other financial items
2.7 
(165)
(182)
Income before tax
850 
803 
Income tax expense
2.8 
(160)
(214)
Net income
690 
589 
USD millions, except share information
Notes
2020
2019
Net income attributable to
Shareholders of the parent
691 
599 
Non-controlling interests
5.2 
- 
(10)
Net income
690 
589 
Earnings per share 1)
 2.58
2.20 
Weighted average number of shares outstanding 2)
5.1 
267,985,860 
272,319,232 
1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.
2) Weighted average number of shares outstanding was reduced in 2020 due to the share buyback program.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of comprehensive income
USD millions, except share information
Notes
2020
2019
Net income
690 
589 
Other comprehensive income that may be reclassified to statement of income in subsequent periods (net of tax)
Currency translation adjustments
(56)
30 
Hedge of net investments
2.8, 6.2
22 
(9)
Net other comprehensive income that may be reclassified to statement of income in subsequent periods, net of tax
(34)
20 
Other comprehensive income that will not be reclassified to statement of income in subsequent periods (net of tax)
Currency translation adjustments 1)
28 
(24)
Net gain/(loss) on equity instruments at fair value through other comprehensive income
6.3
(3)
(2)
Remeasurement gains/(losses) on defined benefit plans
2.8, 5.4
(51)
(9)
Net other comprehensive income that will not be reclassified to statement of income in subsequent periods, net of tax
(26)
(35)
Reclassification adjustments of the period
(6)
1 
Total other comprehensive income, net of tax
(66)
(14)
Total comprehensive income, net of tax
624 
576 
Total comprehensive income attributable to
Shareholders of the parent
624 
585 
Non-controlling interests
5.2
- 
(10)
Total
624 
576 
1) Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as ”foreign operations” to Yara International ASA.	
	
	
112
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

USD millions, except share information
Notes
Share 
Capital 1)
Premium
 paid-in
 capital
Currency 
translation 
adjustments
Fair value 
reserve of 
financial assets 
at FVOCI 4)
Cash 
flow 
hedges
Hedge 
of net 
investments
Total 
other 
reserves
Retained
earnings
Attributable 
to shareholders 
of the parent
Non-
controlling
 interests
Total 
equity
Balance at 31 December 2018
66 
(49)
(1,319)
(2)
(3)
(199)
(1,523)
10,189 
8,683 
227 
8,910 
Net income
- 
- 
- 
- 
- 
- 
- 
599 
599 
(10)
589 
Other comprehensive income, net of tax
- 
- 
7 
(2)
- 
(9)
(4)
(9)
(14)
- 
(14)
Total comprehensive income
- 
- 
7 
(2)
- 
(9)
(4)
589 
585 
(10)
575 
Transactions with non-controlling interests
5.2
- 
- 
(54)
- 
- 
- 
(54)
(97)
(151)
(137)
(288)
Treasury shares 2)
5.1
- 
- 
- 
- 
- 
- 
- 
(83)
(83)
- 
(83)
Dividends distributed
5.1
- 
- 
- 
- 
- 
- 
- 
(203)
(203)
(2)
(205)
Balance at 31 December 2019
66 
(49)
(1,367)
(4)
(2)
(209)
(1,582)
10,395 
8,830 
79 
8,909 
Net income
- 
- 
- 
- 
- 
- 
- 
691 
691 
- 
690 
Other comprehensive income, net of tax
- 
- 
(35)
(3)
- 
22 
(16)
(51)
(67)
1 
(66)
Total comprehensive income
- 
- 
(35)
(3)
- 
22 
(16)
640 
624 
- 
624 
Treasury shares 2) 3)
5.1
(2)
- 
- 
- 
- 
- 
- 
(386)
(388)
- 
(388)
Share capital increase in subsidiary, non-controlling interest
5.2
- 
- 
- 
- 
- 
- 
- 
- 
- 
1 
1 
Dividends distributed
5.1
- 
- 
- 
- 
- 
- 
- 
(925)
(925)
(1)
(926)
Balance at 31 December 2020
64 
(49)
(1,402)
(7)
(2)
(187)
(1,599)
9,724 
8,141 
79 
8,220 
1) Par value 1.70.
2) As approved by General Meeting 7 May 2019.
3) As approved by General Meeting 7 May 2020.
4) See note 6.3 Financial instruments.
Consolidated statement of changes in equity
113
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

114
Consolidated statement of financial position
USD millions, except share information
Notes
31 Dec 2020
31 Dec 2019
Assets
Non-current assets
Deferred tax assets
2.8
485 
484 
Intangible assets
4.2
988 
1,031 
Property, plant and equipment
4.1
8,579 
8,614 
Right-of-use assets
4.5 
430 
428 
Associated companies and joint ventures
4.3 
108 
970 
Other non-current assets
4.6 
380 
414 
Total non-current assets
4.6 
10,969 
11,940 
Current assets
Inventories
3.1 
2,161 
2,360 
Trade receivables
3.2 
1,478 
1,564 
Prepaid expenses and other current assets
3.3 
630 
553 
Cash and cash equivalents
3.4 
1,363 
300 
Non-current assets or disposal group classified as held-for-sale
5 
9 
Total current assets
5,637 
4,785 
Total assets
16,605 
16,725 
USD millions, except share information
Notes
31 Dec 2020
31 Dec 2019
Equity and liabilities
Equity
Share capital reduced for treasury stock
5.1 
64 
66 
Premium paid-in capital
(49)
(49)
Total paid-in capital
15 
17 
Other reserves
(1,599)
(1,582)
Retained earnings
9,724 
10,395 
Total equity attributable to shareholders of the parent
8,141 
8,830 
Non-controlling interests
5.2 
79 
79 
Total equity
8,220 
8,909 
Non-current liabilities
Employee benefits
5.4
627 
498 
Deferred tax liabilities
2.8 
388 
416 
Other long-term liabilities
6.3 
138 
247 
Long-term provisions
5.6 
361 
303 
Long-term interest-bearing debt
5.3 
3,371 
2,698 
Long-term lease liabilities
4.5 
335 
337 
Total non-current liabilities
5,220 
4,499 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

115
USD millions, except share information
Notes
31 Dec 2020
31 Dec 2019
Current liabilities
Trade and other payables
5.5 
1,880 
1,614 
Prepayments from customers
2.1 
372 
399 
Current tax liabilities
2.8
156 
140 
Short-term provisions
5.6 
75 
72 
Other short-term liabilities
6.3 
95 
101 
Bank loans and other interest-bearing short-term debt
5.3 
345 
494 
Current portion of long-term debt
5.3 
132 
398 
Short-term lease liabilities
4.5 
111 
98 
Total current liabilities
7.2 
3,165 
3,317 
Total equity and liabilities
16,605 
16,725 
Number of shares outstanding 1)
263,001,109 
271,040,624 
1) Number of shares outstanding was reduced in 2020 due to the share buy-back program.
The Board of Directors of Yara International ASA
Oslo, 25 March 2021
Trond Berger
Chairperson
Kimberly Lein-Mathisen
Vice chair
Adele Bugge Norman Pran
Board member
John Thuestad
Board member
Rune Bratteberg
Board member
Birgitte Ringstad Vartdal
Board member
Ragnhild Flesland Høimyr
Board member
Geir O. Sundbø
Board member
Håkon Reistad Fure
Board member
Øystein Kostøl
Board member
Svein Tore Holsether
President and CEO
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

116
Consolidated statement of cash flows
USD millions
Notes
2020
2019
Operating activities 
Operating income
1,176
989
Adjustments to reconcile operating income to net 
cash provided by operating activities
Depreciation and amortization
4.1, 4.2, 4.5
919
922
Impairment loss
4.7
46
43
Write down inventory and trade receivables
14
12
Income taxes paid
(264)
(135)
Dividend from equity-accounted investees
4.3
9
166
Interest and bank charges received/(paid) 1)
(132)
(169)
(Gain)/loss on disposal of non-current assets
4.1, 4.2
6
(33)
Gain on sale of equity-accounted investees
4.3
(97)
-
Other
(6)
(4)
Working capital changes that provided/(used) cash
Trade receivables
39
(5)
Inventories
119
171
Prepaid expenses and other current assets 2)
161
(21)
Trade and other payables
107
(54)
Other interest-free liabilities 2)
(51)
25
Net cash provided by operating activities
2,047
1,907
1)	 Including interest expenses on lease liabilities.
2)	 2020 includes USD 103 million net cash inflow due to currency forward contracts and prior periods’ collateral deposits with banks to 
keep credit exposure from derivatives within agreed limits.
3)	 Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net.
4)	 Excluded expected credit loss provisions on bank deposits, which amounts to USD 2.5 million (2019: USD 0.9 million). 
See note 3.4 for more information. 
USD millions, except share information
Notes
2020
2019
Investing activities
Purchases of property, plant and equipment
4.1
(739)
(1,066)
Net cash outflow on business combinations
(13)
-
Purchases of other long-term investments
4.2
(17)
(30)
Proceeds from sales of property, plant and equipment
11
13
Net cash flow on divested assets
-
3
Proceeds from sales of equity-accounted investees and 
other non-current assets
4.3
1,006
37
Net cash provided by/(used in) investing activities
248
(1,044)
Financing activities
Loan proceeds 3)
5.3
780
538
Principal payments 3)
5.3
(650)
(920)
Payments of lease liabilities
4.5
(122)
(108)
Purchase of treasury shares
5.1
(309)
(65)
Dividends
5.1
(926)
(203)
Other cash transfers (to)/from non-controlling interests
5.2
-
(1)
Net cash used in financing activities
(1,228)
(758)
Foreign currency effects on cash and cash equivalents
(2)
(7)
Net increase/(decrease) in cash and cash equivalents
1,064
98
Cash and cash equivalents at 1 January
301
202
Cash and cash equivalents at 31 December 4)
3.4
1,365
301
Bank deposits not available for the use of other group 
companies
3.4
32
35
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

117
Corporate information
Yara (the Group) consists of Yara International 
ASA and its subsidiaries. Yara International 
ASA is a public limited company incorporated 
in Norway. The Company’s registered office 
is at Drammensveien 131, Oslo, Norway. The 
principal activities of the Group are described 
in note 2.3 Segment information, note 4.3 
Associated companies and joint ventures, and 
note 4.4 Joint operations. 
These consolidated financial statements 
consist of the Group and the Group’s interests 
in associated companies and jointly controlled 
entities. Information on the Group’s structure 
is provided in note 8.4 Composition of the 
Group. Information on other related party 
relationships of the Group is provided in note 
8.1 Related parties. 
Statement of compliance
These consolidated financial statements have 
been prepared in accordance with Interna­
tional Financial Reporting Standards (IFRS) 
as endorsed by the European Union (EU) and 
effective as of 31 December 2020. Yara also 
provides additional disclosures in accordance 
with requirements in the Norwegian Account­
ing Act.
The consolidated financial statements have 
been prepared under the historical cost con­
vention; modified to include revaluation to fair 
value of equity instruments, derivative finan­
cial instruments, contingent consideration and 
defined benefit plan assets. 
The consolidated financial statements are 
presented in US dollars (USD). All values are 
rounded to the nearest USD million, except 
when otherwise indicated. The functional cur­
rency of Yara International ASA is Norwegian 
kroner (NOK).
Materiality judgments
These financial statements aim to provide use­
ful financial information which meet the com­
mon information needs of its primary users. 
Materiality judgments are necessary to meet 
this objective, and Yara has made such judg­
ments related to recognition, measurement, 
presentation and disclosures. With reference 
to the complete set of financial statements, 
information is considered material if omitting, 
misstating or obscuring it could reasonably be 
expected to influence decisions taken by prima­
ry users based on the information provided. The 
materiality judgments are reassessed at each 
reporting date and updated based on changed 
facts and Yara specific circumstances.
Yara’s climate roadmap
Yara announced the Group’s climate roadmap 
on the company’s ESG-seminar 7 Decem­
ber 2020. In brief Yara has set an intensity 
KPI of 10% reduction in CO2e per tonne N 
within 2025, a KPI on reduction of absolute 
emissions by 30% within 2030, and an 
ambition to be climate neutral within 2050. 
Yara has also announced its commitment 
to setting a Science Based Target (SBT), 
which is a process to confirm that climate 
targets are aligned with the goals of the 
Paris agreement. In partnership with Nutrien 
and World Business Council for Sustainable 
Development (WBCSD), we are undertaking 
a Sectoral Decarbonization Approach (SDA) 
for the Nitrogen fertilizer sector in support 
of SBT. The goals of this climate roadmap 
have been considered when preparing these 
consolidated financial statements.
Basis of consolidation
The consolidated financial statements include 
Yara International ASA and entities controlled 
by Yara International ASA (its subsidiaries). 
Control is achieved when the Group has 
power over the investee, is exposed to, or has 
rights to, variable returns from its involve­
ment with the investee, and has the ability to 
use its power to affect its returns. When the 
Group has less than a majority of the voting 
rights of an investee, it has power over the 
investee if the voting rights in practice are 
sufficient to unilaterally direct the relevant ac­
tivities of the investee. The Group re-assess­
es if it controls an investee when facts and 
circumstances indicate that there are changes 
to one or more elements of control. 
Consolidation of a subsidiary begins when the 
Group obtains control and ceases when the 
Group loses control. This means that income 
and expenses of subsidiaries acquired or 
disposed of are included in the consolidated 
statement of comprehensive income from 
the effective date of acquisition and up to 
the effective date of disposal, as appropriate. 
Total comprehensive income of subsidiaries is 
attributed to the owners of Yara International 
ASA and to the non-controlling interests, 
even if this results in the non-controlling 
interests having a deficit balance. 
All intra group transactions, balances, income 
and expenses are eliminated in full upon con­
solidation. Accounting policies of subsidiaries 
are changed if necessary to ensure consisten­
cy with the policies adopted by the Group. 
Profit or losses from transactions with associ­
ates and joint ventures are recognized in the 
Group’s consolidated financial statements only 
to the extent of interest in the associate or 
joint venture that is not related to the Group. 
Changes in the Group’s ownership in subsid­
iaries that do not result in the Group losing 
control, are accounted for as equity transac­
tions. Any difference between the amount by 
which the non-controlling interests are adjust­
ed and the fair value of the consideration paid 
or received, is recognized directly in equity 
and attributed to owners of the Company. 
EU Directive 83/349 
Yara GmbH & Co. KG with legal seat in 
Dülmen/Germany, and its directly and 
indirectly owned subsidiaries, are included in 
the consolidated finan­cial statement of Yara 
International ASA as defined by sec. 291 HGB 
(German commercial code). For the purpose 
of sec. 264b HGB, Yara GmbH & Co. KG 
makes use of the relief to not disclose any 
independent financial statement and notes.
Basis for preparation
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

118
Foreign currency translation 
Group companies
The individual financial statements of a subsid­
iary are prepared in the subsidiary’s functional 
currency. In preparing the consolidated financial 
statements, the financial statements of foreign 
operations are translated using the exchange 
rates at year-end for statement of financial 
position items and monthly average exchange 
rates for statement of income items. Trans­
lation gains and losses, including effects of 
exchange rate changes on transactions desig­
nated as hedges of net foreign investments, are 
included in other comprehensive income as a 
separate component. The translation difference 
derived from each foreign subsidiary, associated 
company or jointly controlled entity, is reversed 
through the statement of income as part of 
the gain or loss arising from the divestment or 
liquidation of such a foreign operation. 
Transactions and balances 
In individual companies, transactions in 
currencies other than the entity’s functional 
currency are recognized by applying the ex­
change rate at the date of transaction. Mone­
tary items denominated in foreign currencies 
are translated using the exchange rate at the 
balance sheet date. Non-monetary items that 
are measured in terms of historical cost in a 
foreign currency are not re-translated. 
All foreign currency translations are recognized 
in the statement of income except for foreign 
currency translations on foreign currency 
borrowings that provide a hedge against a net 
investment in a foreign entity, or monetary 
items that are regarded as a part of the net 
investments. Such foreign currency transla­
tions are recognized as a separate component 
of other comprehensive income, including 
tax charges and credits attributable to these 
borrowings and monetary items. When the 
net investment is disposed of, or the mone­
tary item is settled, they are recognized in the 
consolidated statement of income.
Significant accounting policies	
Accounting policies according to the list below 
are included in the relevant notes to the Con­
solidated Financial Statements:
Accounting Policies
Revenue recognition
2.1
Dividends received
2.7
Interest income
 2.7
Income Taxes
 2.8
Inventories
 3.1
Trade receivables
3.2
Property, plant and equipment
 4.1
Goodwill
 4.2
Intangible assets
 4.2
Research and development 
expenditures
 4.2
Investments in associates and joint 
ventures
 4.3
Investments in joint operations
 4.4
Leases
 4.5
Impairment of non-current assets 
other than goodwill
 4.7
Own shares
 5.1
Dividends paid
 5.1
Employee benefit obligations
 5.4
Provisions
 5.6
Hedge accounting
 6.2
Financial Instruments
 6.3
Fair value measurement
 6.3
New and revised accounting standards and 
interpretations
Adopted
The Group has applied the below amend­
ments to IFRS that are effective for account­
ing periods beginning on or after 1 January 
2020, and which are relevant for Yara. Yara 
has not identified significant impact to the 
Group’s consolidated financial statements as 
a result of the mentioned amendments. 
•	 Amendments to IFRS 3 
- Definition of a Business 
Amendments to IFRS 3 are issued to help 
entities determine whether an acquired 
set of activities and assets are a business 
or not. These amendments narrow and 
clarify the definition of a business, and 
permit a simplified assessment of whether 
an acquired set of activities and assets is a 
group of assets rather than a business. Yara 
apply them to transactions that are either 
business combinations or asset acquisitions. 
•	 Amendments to IAS 1 and IAS 8 
- Definition of Material 
	
Amendments to IAS 1 and IAS 8 were 
issued to clarify the definition of material 
and how it should be applied by (a) includ­
ing in the definition guidance that until now 
has featured elsewhere in IFRS standards; 
(b) improving the explanations accompany­
ing the definition; and (c) ensuring that the 
definition of material is consistent across 
all IFRS standards. 
•	 Amendments to IFRS 9, IAS 39 and 
IFRS 7 - Interest rate benchmark reform
	
Amendments to IFRS 9, IAS 39 and IFRS 
7 were issued to respond to the effects 
of the interest rate benchmark reforms 
on financial reporting. The amendments 
to IFRS 9 and IAS 39 provide temporary 
reliefs which enable hedge accounting to 
continue for affected hedges during the 
period of uncertainty before the interest 
rate benchmarks are amended as a result 
of the reforms. The amendments to IFRS 
7 introduce new disclosure requirements. 
The amendments are applicable to Yara as 
the Group has fair value hedges exposed 
to the interest rate benchmarks NIBOR 
and STIBOR as well as net investment 
hedges exposed to USD LIBOR, ref. 
note 6.2 Hedge accounting. Yara closely 
monitors the outcome of relevant interest 
rate benchmark reforms to determine the 
effects for Yara. Please see note 6.1 Finan­
cial risks for more information on Yara’s 
strategy to manage the risk exposure relat­
ed to the interest rate benchmark reforms.
•	 Amendments to IFRS 16 
- Covid-19-Related Rent Concessions
	
In May 2020, the IASB amended IFRS 16 
Leases to provide relief to lessees from 
applying the IFRS 16 guidance on lease 
modifications to rent concessions arising as 
a direct consequence of the Covid-19 pan­
demic. As a practical expedient, a lessee 
may elect not to assess whether a Covid-19 
related rent concession from a lessor is a 
lease modification. A lessee that makes this 
election accounts for any change in lease 
payments resulting from the Covid-19 relat­
ed rent concession the same way it would 
account for the change under IFRS 16, if the 
change were not a lease modification. Yara 
was not granted any significant rent conces­
sions during 2020 as a direct consequence 
of the Covid-19 pandemic.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

119
Not yet effective
The below amendments to IFRS applicable 
to Yara have been issued but were not yet 
effective on the balance sheet date. Yara will 
implement the changes from their effective 
date, subject to endorsement by the EU. 
At the date of the Board approval of these 
financial statements, Yara has not identified 
significant impact to Yara’s consolidated 
financial statements as a result of amend­
ments effective for 2021. Yara has not yet 
fully assessed the impact of changes which 
are effective from 2022 and beyond.
•	 Amendments to IFRS 9, IAS 39, IFRS 
7, IFRS 4 and IFRS 16 – Interest Rate 
Benchmark Reform - Phase 2
The amendments are effective for ac­
counting periods beginning on or after 1 
January 2021. They provide temporary 
reliefs which address the financial report­
ing effects when an interbank offered 
rate (IBOR) is replaced with an alternative 
nearly risk-free interest rate. Yara closely 
monitors the outcome of relevant interest 
rate benchmark reforms to determine the 
effects for Yara. See note 6.1 Financial 
risks for more information on Yara’s strate­
gy to manage the risk exposure related to 
the interest rate benchmark reforms.
•	 Amendments to IFRS 3 – Reference 
to the Conceptual Framework
	
The amendments are effective for annual 
periods beginning on or after 1 January 
2022. They add an exception to the recog­
nition principle of IFRS 3 to avoid the issue 
of potential “day 2” gains or losses arising 
for liabilities and contingent liabilities that 
would be within the scope of IAS 37 Pro­
visions, Contingent Liabilities and Contin­
gent Assets or IFRIC 21 Levies, if incurred 
separately. The exception requires entities 
to apply the criteria in IAS 37 or IFRIC 
21, respectively, instead of the Concep­
tual Framework, to determine whether a 
present obligation exists at the acquisition 
date. At the same time, the amendments 
add a new paragraph to IFRS 3 to clarify 
that contingent assets do not qualify for 
recognition at the acquisition date.
•	 Amendments to IAS 16 
– Proceeds before Intended Use
	
The amendments are effective for annual 
periods beginning on or after 1 January 
2022. They prohibits entities from deduct­
ing from the cost of an item of property, 
plant and equipment (PP&E), any proceeds 
of the sale of items produced while bring­
ing that asset to the location and condition 
necessary for it to be capable of operating 
in the manner intended by management. 
Instead, an entity recognizes the proceeds 
from selling such items, and the costs of 
producing those items, in profit or loss.
•	 Amendments to IAS 37 
– Costs of Fulfilling a Contract
	
The amendments are effective for annual 
periods beginning on or after 1 January 
2022. They specify which costs an entity 
needs to include when assessing whether 
a contract is onerous or loss-making. The 
amendments are intended to provide clari­
ty and help ensure consistent application of 
the standard.
•	 IFRS 17 Insurance Contracts 
	
IFRS 17 will be effective for annual periods 
beginning on or after 1 January 2023. 
It covers recognition, measurement, 
presentation and disclosure for insurance 
contracts. Once effective, IFRS 17 will re­
place IFRS 4 Insurance contracts. Yara has 
not yet assessed implications of this new 
standard for the Group.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

120
General
The preparation of consolidated financial 
statements in accordance with International 
Financial Reporting Standards (IFRS) and the 
use of Yara’s accounting policies requires man­
agement to make judgments, estimates and 
assumptions that affect the reported amounts 
of assets, liabilities, revenues and expenses. 
The estimates and underlying assumptions are 
based on historical experience and various oth­
er factors that are considered to be reasonable 
under the circumstances. Actual results may 
differ from these estimates. The estimates 
and the underlying assumptions are reviewed 
on an ongoing basis. Revisions to accounting 
estimates are recognized in the period in which 
the estimate is revised if the revision affects 
only that period, or in the period of the revision 
and future periods if the revision affects both 
current and future periods. The judgments, 
estimates and assumptions made that may 
significantly differ from actual results and 
may lead to material adjustments to carrying 
amounts are listed below.
Key sources of estimation uncertainty 
Impairment of assets 
Property, plant and equipment 
Yara has significant carrying amounts related 
to property, plant and equipment recognized 
in the consolidated statement of financial 
position. The value in use of some of these 
assets could be influenced by changes in 
market conditions in the regions where Yara 
carries out its business. Significant and pro­
longed adverse market conditions related for 
example to increases in natural gas cost and/
or lower market prices for products sold could 
lead to temporary or permanent closures of 
production facilities. Such closures will be 
considered as an impairment indicator and 
an impairment test will be carried out. The 
outcome of such impairment tests may be 
that significant impairment losses are recog­
nized in the statement of income. A reduction 
to the expected useful life of the assets can 
also lead to periods with higher depreciation 
expense going forward. Yara has carried out 
impairment tests for certain production fa­
cilities during 2020, mainly due to uncertain 
economic conditions in local markets. No fa­
cilities have been temporarily or permanently 
closed during 2020 due to inadverse market 
conditions. The wholly-owned ammonia plant 
in Point Lisas, Trinidad was closed in Decem­
ber 2019. Impairments recognized in prior 
periods have been evaluated for reversals. 
Total impairment recognized on property, 
plant and equipment in 2020 is USD 29 
million. The carrying amount of property, 
plant and equipment at 31 December 2020 is 
USD 8,579 million. See note 4.1 and 4.7 for 
further details. 
Goodwill and other intangible assets 
Determining whether goodwill and oth­
er intangible assets are impaired requires 
an estimation of the value in use of the 
cash-generating units to which goodwill and 
other intangible assets have been allocated. 
The value in use calculation requires man­
agement to estimate the future cash flows 
expected to arise from the cash-generating 
unit and was a suitable discount rate in order 
to calculate present value. The carrying value 
of goodwill and other intangible assets at 31 
December 2020 is USD 831 million and USD 
157 million, respectively. Yara recognized 
impairment of goodwill and other intangible 
assets of USD 12 million and USD 3 million 
in 2020, respectively. Details of recognized 
goodwill are provided in note 4.2 and the 
impairment information, including sensitivity 
disclosures, is provided in note 4.7. Other 
intangible assets mainly comprises software, 
customer relationships and patent and trade­
marks either identified as part of the purchase 
price allocation of new business combinations 
or internally developed. See note 4.2 and 4.7 
for further details.
Tax assets and liabilities
Yara recognizes deferred tax assets if it is 
probable that sufficient taxable income will 
be available in the future against which the 
temporary differences and unused tax losses 
can be utilized. Management has considered 
future taxable income in assessing whether 
these assets should be recognized, taking 
into consideration that stronger evidence 
for utilization is required for entities with a 
history of recent tax losses. The carrying 
amounts of deferred tax assets and deferred 
tax liabilities at 31 December 2020 are USD 
485 million and USD 388 million, respec­
tively. The amount of unrecognized deferred 
tax assets is USD 312 million, of which USD 
133 million is related to unused tax losses in 
Brazil. Further information about deferred tax 
is provided in note 2.8. 
Yara’s operations in Brazil also generate 
tax credits. Recognition of these assets are 
based on Management assumptions relat­
ed to future operating results and timing 
of utilization. Yara has recognized USD 125 
million of such tax credits which are classified 
as non-current assets. Unrecognized amounts 
of the same credits i USD 19 million which 
reflects the challenges of utilizing all credits 
through ordinary operations. Further informa­
tion is provided in note 4.6.
Yara is engaged in a number of juridical 
and administrative proceedings related to 
disputed tax matters with uncertain outcome. 
Management is required to estimate the 
probability of cash outflow on a case-by case 
basis. The estimated maximum exposure on 
tax contingencies is approximately USD 190 
million of which USD 105 million is related to 
tax cases in Brazil. The estimated maximum 
exposure of USD 190 million is excluding a 
separately disclosed case with the Dutch tax 
authorities. Further information is provided in 
note 5.6. 
Yara has operations in multiple countries, 
each with its own taxation regime. Man­
agement is required to make judgments, 
estimates and assumptions in relation to 
tax treatments. In certain cases, it may be 
unclear how tax law applies to a particular 
1	 ‌Key sources of estimation uncertainty, judgments and assumptions
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

121
transaction or circumstance until the relevant 
taxation authority of court takes a decision 
in the future. Consequently, this may affect 
tax assets and liabilities. When assessing 
whether uncertainty over tax treatments 
exists, Yara will consider current tax law and 
regulations, general practice, decisions and 
rulings by the court or other relevant author­
ities as well as tax memorandum prepared 
by internal or external experts. In case of 
uncertain tax treatments Yara will consider 
the probability that a taxation authority will 
accept an uncertain tax treatment. When 
concluding that it is not probable that the 
taxation authority will accept an uncertain 
tax treatment, Yara will reflect the effect of 
uncertainty by using the method that provides 
better prediction resolution of uncertainty. 
Pension liabilities 
The fair value of pension liabilities is cal­
culated based on several actuarial and 
economic assumptions. Any changes in the 
assumptions used would affect the estimated 
pension obligation. Changes in the discount 
rate have the most significant impact. The 
discount rate and other key assumptions are 
determined locally for each individual pension 
plan, based on the economic environment in 
which the plan is established. Assumptions 
are normally reviewed annually when the 
actuarial calculation is carried out, unless 
there are significant changes during the year. 
The carrying amount of the net pension and 
other long-term employee benefits liabilities 
at 31 December 2020 is USD 552 million. 
The gross pension and other long-term 
employee benefits liabilities have a carrying 
value of USD 2,536 million at the same date. 
Detailed information, including sensitivity 
disclosures, is provided in note 5.4. 
Covid-19
As a result of the outbreak of Covid-19 in 
2020, all significant estimates and underlying 
assumptions to the accounting areas listed 
above have been reviewed in the light of this 
new situation. So far, Yara has not experi­
enced any major disruption to its operations 
or experienced significant financial effects 
due to Covid-19. In addition to the accounting 
areas mentioned, Yara has also focused on 
estimates related to expected credit loss on 
trade receivables and on inventory valuation. 
Yara has not identified significant Covid-19 
impact to these consolidated financial state­
ments as of 31 December 2020.
Financial implications of climate change
Yara face significant risks and opportunities 
as a result of climate change and the gov­
ernmental accelerated and decisive actions 
to reduce greenhouse gas (GHG) emissions 
and to create low-carbon and climate-resilient 
economies. These risks and opportunities are 
integrated in the Group’s risk management 
and strategy development processes, and 
risk mitigating actions and new business 
opportunities are currently being targeted and 
developed. Preparation of relevant scenario 
analyses is ongoing. 
The risks of climate change for Yara’s financial 
performance can be classified as transition 
risks or physical risks. Transition risks are risk 
to the Group that arise from the transition to 
a low-carbon and climate-resilient economy. 
Physical risks are risks to the Group that arise 
from the physical effects of climate change. 
These transition and physical risks can affect 
Yara in a multitude of ways and result in 
material adjustments to the carrying amounts 
of assets and liabilities. Significant judgment 
may be needed to estimate such adjustments 
including, but not limited to, future re-assess­
ment of useful lives of tangible and intangible 
assets as well as assumptions used as basis 
for impairment testing of such assets.
As of year-end 2020, any future financial im­
pact to Yara of climate risks and opportunities 
is highly uncertain.
The risks and opportunities of climate change 
reflected in these financial statements refers, 
in all material respects, to the European 
Green Deal, a set of policy initiatives by the 
European Commission with the overarching 
aim of making Europe climate neutral in 
2050. These risks and opportunities have 
been included in the impairment testing of 
tangible assets in Europe which are sensitive 
for impairment, and no impairment is rec­
ognized. For more information, see note 4.7 
Impairment on non-current assets.
Critical judgments 
in applying accounting policies 
Assessment of influence and control and 
classification of joint arrangements 
Management has used judgment in relation 
to the classification of Yara Freeport LLC DBA 
Texas Ammonia and classified it as a joint 
operation. The unit constructed an ammo­
nia plant in the US which opened in April 
2018. The company is owned 68% by Yara 
but controlled jointly with the other owner. 
The company has been classified as a joint 
operation because the partners have equal 
number of board representatives and because 
relevant activities that significantly affect the 
return on the investment requires approval 
of representatives from both partners. The 
same judgment have been made for the 50% 
owned Yara Pilbara Nitrates and the 49% 
owned Tringen, also on the basis of required 
consensus when making relevant decisions. 
See note 4.4 for further details on joint 
operations. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

122
Overview and accounting policies
A description of the nature of external reve­
nues in the Yara Group can be found in note 
2.3 Segment information. 
Under IFRS 15, Yara recognizes as revenue 
the agreed transaction price in a contract with 
a customer at the time when the Group trans­
fers the control of a distinct product or service 
to the customer.
The nature of Yara’s revenue recognition is 
categorized as follows: 
•	 Sale of fertilizer and chemical products 
	
Yara sells fertilizer and chemical products 
to customers worldwide. Ordinary purchase 
orders are normally the contracts with the 
customer which create enforceable rights 
and obligations. Revenue is recognized when 
control of the products is transferred to the 
customer. This is normally determined by the 
incoterm used in the sales transactions. The 
use of incoterms varies between regions, 
markets and customers, but products are 
typically sold ex-warehouse. 
	
Contracts with larger customers often 
include sales incentives leading to variable 
consideration amounts. Volume discounts 
are the dominant sales incentives used by 
Yara. These discounts may have prospective 
or retrospective effect. Volume discounts 
with retrospective effect are systematically 
accrued and recognized as reduction of 
revenue based on the best estimate of the 
amounts potentially due to the customer. 
If the discount cannot be reliably estimat­
ed, revenue is reduced by the maximum 
potential discount. Discount which qualify 
as material rights are accounted for as 
separate performance obligations.
	
Products are normally sold with standard 
warranties which provide protection to 
the customers that the product have the 
agreed-upon specifications. These stan­
dard warranties are accounted for using 
IAS 37 Provisions, Contingent Liabilities 
and Contingent Assets. The Group does 
not have any other significant obligations 
for returns or refunds.
	
The majority of sales in the Group have 
credit terms of less than 90 days. Nor­
mally customer contracts do not include a 
significant financing component.
	
Yara does not have significant incremental 
costs of obtaining or fulfilling contracts 
with customers which the Group expects to 
recover. 
•	 Freight/insurance services 
	
Yara arranges delivery to the customer’s 
location using different incoterms. When 
the Group uses incoterms which transfer the 
responsibility for the goods to the cus­
tomer before the freight/insurance service 
is delivered (C-incoterms), Yara normally 
considers the freight/insurance service to be 
a distinct service which shall be accounted 
for as a separate performance obligation. 
This means that Yara allocates consideration 
to these freight/insurance services based 
on known or estimated standalone selling 
prices, and recognizes the corresponding 
revenue over time to the extent the freight/
insurance service is performed. However, the 
timing effects are limited since the majority 
of deliveries to the customer’s location are 
done within days. Shipping and handling 
activities that occur before customers take 
control of the goods are considered to be 
part of fulfilling the sale of the goods.
•	 Other products and services 
	
Other products and services include a number 
of different offerings including equipment 
and services to store or handle product, 
and technology offerings in the Industrial 
Solutions segment business units, such as 
Environmental Solutions. Revenues from sale 
of equipment are recognized upon delivery to 
the customer. Revenues from sale of services 
are recognized over time as the service is per­
formed. Revenues from technology offerings 
in Yara’s Environmental Solutions Business 
are recognized over time using the percent­
age of completion method if they meet the 
criteria for over time recognition in IFRS 15. 
The percentage of completion method is an 
input method (based on costs incurred) and 
provides a faithful depiction of the transfer of 
these offerings since it is reasonably possible 
to estimate the stages of project comple­
tion on an ongoing basis. Offerings which 
represent multiple element arrangements are 
analyzed to identify distinct goods or services 
that shall be accounted for as separate perfor­
mance obligations.
Urea sales in India 
Yara’s India business manufactures and sells 
urea to dealers who sell to retailers who in turn 
sell to farmers. Yara sells urea under a pricing 
scheme policy (as applicable from time to 
time) issued by the Government of India (GoI). 
This policy aims to promote balanced nutrient 
application and sustained agricultural growth by 
making urea available to farmers across India at 
affordable prices on a timely basis.
The price at which Yara can sell urea to regis­
tered dealers under the pricing scheme policy 
(as applicable from time to time) is regulated, 
verified and determined by GoI. The price is 
generally less than the cost of production and 
GoI provides a compensation based on a pre­
defined method considering the sales price set 
by GoI to be charged to registered dealers. The 
cost for natural gas, other variable cost (includ­
ing cost of bags and freight) and fixed cost.
Control of goods transfers at the time the reg­
istered dealer receives the goods. The consider­
ation received is based on the dealer’s receipt of 
goods and constitutes of the fixed sales price to 
be paid by the registered dealer and the estimat­
ed compensation to be paid by GoI. As Yara has 
the inventory risk and controls the goods until 
they are delivered to the registered dealers. The 
compensation from GoI is presented as revenue 
in the consolidated statement of income.
2	‌Results for the year
2.1	 ‌Revenue from contracts with customers
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

123
Disaggregation of external revenues by nature
USD millions
Fertilizer and 
chemical 
products
Freight/ 
insurance 
services
Other 
products 
and services
Total
2020
Europe
 2,783 
 102 
 39 
 2,924 
Americas
 4,401 
 154 
 7 
 4,562 
Africa & Asia
 1,803 
 33 
 9 
 1,845 
Global Plants & Operational 
Excellence
 436 
 60 
 26 
 522 
Industrial Solutions
 1,392 
 134 
 193 
 1,719 
Other and Eliminations
 5 
 - 
 14 
 19 
Total 
 10,819 
 484 
 288 
 11,591 
2019 Restated 1)
Europe
 2,889 
 98 
 37 
 3,024 
Americas
 4,991 
 184 
 7 
 5,182 
Africa & Asia
 1,843 
 38 
 1 
 1,881 
Global Plants & Operational 
Excellence
 588 
 65 
 24 
 677 
Industrial Solutions
 1,556 
 136 
 390 
 2,083 
Other and Eliminations
 (2)
 - 
 13 
 11 
Total 
 11,864 
 520 
 473 
 12,858 
1) The 2019 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
Disaggregation of external revenues by product group
USD millions
2020
2019
Ammonia
 748 
 953 
Urea 
 2,420 
 2,713 
Nitrate 
 1,726 
 1,862 
NPK 
 3,816 
 4,139 
CN 
 560 
 552 
UAN 
 282 
 300 
SSP 
 82 
 165 
DAP/MAP 
 240 
 263 
MOP/SOP 
 430 
 540 
Other fertilizer and chemical products
 999 
 898 
Other products and services
 288 
 473 
Total revenues
 11,591 
 12,858 
Yara serves a large number of customers. No revenues from transactions with any single custom­
er amount to ten percent or more of Yara’s total revenues.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

124
Disaggregation of external revenues by geographical area
USD millions
Europe
Brazil
Latin 
America 
ex. Brazil
North 
America
Asia
Africa
Total
2020
Europe
 2,826 
 2 
 11 
 1 
 39 
 46 
 2,924 
Americas
 - 
 2,659 
 872 
 1,033 
 - 
 - 
 4,565 
Africa & Asia
 - 
 - 
 - 
 -  1,342 
 503 
 1,845 
Global Plants & 
Operational Excellence
 42 
 79 
 29 
 192 
 180 
 - 
 522 
Industrial Solutions
 987 
 333 
 89 
 67 
 128 
 113 
 1,716 
Other and Eliminations
 15 
 - 
 - 
 - 
 4 
 - 
 19 
Total 
 3,871 
 3,073 
 1,000 
 1,293  1,692 
 662 
 11,591 
2019 Restated 1)
Europe
 2,932 
 5 
 6 
 - 
 35 
 45 
 3,024 
Americas
 1 
 3,263 
 821 
 1,096 
 - 
 - 
 5,182 
Africa & Asia
 1 
 - 
 - 
 -  1,333 
 547 
 1,881 
Global Plants & 
Operational Excellence
 56 
 74 
 23 
 287 
 237 
 - 
 677 
Industrial Solutions
 1,257 
 323 
 97 
 98 
 181 
 126 
 2,083 
Other and Eliminations
 13 
 - 
 - 
 - 
 (2)
 - 
 11 
Total 
 4,259 
 3,665 
 948 
 1,482  1,785 
 718 
 12,858 
1) The 2019 segment figures have been restated according to the new segment structure. The Yara Group figures are unchanged.
Revenues from external costumers of an amount of USD 213 million (2019: USD 234 million) are 
attributed to Norway (Yara’s country of domicile).
Customer contract balances and unsatisfied performance obligations
The timing of revenue recognition, billings and cash collections results in billed trade receivables, 
unbilled receivables (contract assets), and prepayments and deposits from customers (contract 
liabilities). Information on billed trade receivables can be found in note 3.2. 
Unbilled receivables (contract assets) are limited and refer mainly to technology offerings in Yara’s 
Environmental Solutions Business with revenue recognition over time in accordance with the 
percentage of completion method. For such offerings, billing generally occurs upon achievement 
of contractual milestones subsequent to revenue recognition. Contract assets are transferred to 
receivables when Yara has an unconditional right to consideration.
Prepayments and deposits from customers (contract liabilities) mainly refer to Yara’s fertilizer 
sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce 
price risk for the customers. Prepayments in Brazil are normally received less than 90 days be­
fore delivery of the goods. To a limited extent contract liabilities also refer to up-front payments 
on technology offerings in Yara’s Environmental Solutions Business.
Unsatisfied performance obligations refer mainly to technology deliveries in Yara’s Environmental 
Solutions Business. For other deliveries unsatisfied performance obligations which are part of con­
tracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied 
performance obligations are not disclosed when Yara’s right to consideration corresponds directly 
with the value to the customer of Yara’s performance completed to date.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

125
USD millions
2020
2019
Contract assets
Opening balance 01.01
 38 
 42 
Transferred to receivables in the period
 (35)
 (117)
Increase due to measure of progress in the period
 22 
 113 
Revenue recognized in the period from performance obligations 
satisfied in previous periods
 - 
 - 
Impairment
 - 
 - 
Currency translation effect
 1 
 - 
Closing balance 31.12
 26 
 38 
Contract liabilities
Opening balance 01.01
 399 
 343 
Share of opening balance recognized as revenue in the period
 (398)
 (319)
Cash received not recognized as revenue in the period 1)
 369 
 376 
Currency translation effect
 1 
 - 
Closing balance 31.12
 372 
 399 
Unsatisfied performance obligations
Initial contract price on signed contracts
 555 
 621 
Aggregate contract revenue incurred to date 2)
 (516)
 (420)
Transaction price allocated to unsatisfied performance obligations
 39 
 201 
Unsatisfied performance obligations to be recognized within 
1 year
 33 
 149 
2-3 years
 6 
 52 
Transaction price allocated to unsatisfied performance obligations
 39 
 201 
1) Presented net of amounts created and released within the same reporting period.
2) Based on the percentage of completion method.
2.2	‌Other income
Accounting policies
A white certificate is an instrument issued by an authorized body guaranteeing that a specified 
amount of energy savings has been achieved. Yara receives such instruments from voluntarily 
participating in the white certificate scheme in Italy. The white certificates under this scheme is 
tradable and Yara sells these instruments to energy producers in the scheme on a running basis. 
Yara recognizes the white certificates received at zero cost and recognizes a gain equal to the 
selling price once they are sold.
Compensation from insurance companies is recognized in profit and loss when it becomes a 
receivable. The compensation becomes receivable when it is “virtually certain” that it will be 
received.
Please see separate notes referred to in the table below for the accounting for other specified 
items. 
USD millions
Notes
2020
2019
Sale of white certificates
 6 
 37 
Insurance and other compensations
 4 
 14 
Commodity based derivatives gain/loss
 6.3
 15 
 13 
Sale of shares in equity-accounted investee 1) 
 100 
 - 
Other
 12 
 15 
Total
137
78
1) Of this amount, USD 97 relates to the sale of Yara’s share in QAFCO in 2020. See note 7.1 for more information. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

126
2.3	‌Segment information
Yara moved to a regional organizational 
structure on 1 June 2020, and the Group’s op­
erations comprise of the following operating 
segments as of Year End 2020:
Europe
Americas
Africa & Asia
Global Plants & Operational Excellence
Industrial Solutions
In addition, Yara has established a new global 
function - Farming Solutions. This function 
has a global mandate to drive the transfor­
mation of Yara’s core crop nutrition business, 
developing both existing and new solu­
tions including premium products, digital 
business, food value chain collabora­
tion and climate-neutral solutions.
The regional segments operate in a fully in­
tegrated setup, comprising production, supply 
chain and commercial operations, producing 
and deliver existing Yara solutions in addition 
to commercializing and selling new offer­
ings under the guidance of Farming Solutions.
The operating segments presented are the 
key components of Yara’s business as of 
Year End 2020 which have been assessed, 
monitored and managed on a regular basis 
by Yara’s Chief Executive Officer (CEO) as the 
Chief Operating Decision Maker.
On 9 February 2021 Yara announced that a 
new global unit had been established – Yara 
Clean Ammonia – to capture growth oppor­
tunities within carbon-free food solutions, 
shipping fuel and other clean ammonia 
applications, leveraging Yara’s unique existing 
position within ammonia production, trade 
and shipping. The new global unit will be 
reported as an additional, separate operating 
segment from 2021. 
Europe
Yara Europe comprises sales, marketing and 
production within Europe. Yara Europe mar­
kets crop nutrition solutions to farmers and 
the food value chain, offering crop nutrition 
products, advice and related services. The 
product portfolio is comprehensive, ranging 
from standard nitrogen-based fertilizer to 
specialty products. The largest product cate­
gories sold within nitrogen-based fertilizer are 
nitrates and compound fertilizer (NPK).
Products sales are today mainly made spot to 
distributors based on ordinary purchase orders 
and underlying frame agreements. Products are 
sold to a variety of customers covering whole­
sale, co-operatives, retail, and to a lesser extent 
direct to farmers. The types of customers and 
products sold differ between regional markets, 
and the off-take of product varies throughout 
the fertilizer seasons in the different markets. 
Yara Europe has 11 fertilizer plants across 
Europe. The plants have different product 
portfolios and are located to serve both 
domestic and export markets. In addition, 
the region operates more than 100 terminals 
and warehouses (owned and leased) and has 
a direct presence in around 30 European 
countries. The majority of products sold are 
produced at own sites in the region. 
Operating results are driven by integrated 
business value creation from plant to market. 
The margin between realized finished fertil­
izer prices and raw material input prices is 
partly driven by Yara’s ability to differentiate 
its offerings and partly by the price develop­
ments for commodity fertilizer (urea, UAN), 
natural gas and ammonia. Yara also creates 
value through operational efficiency at its pro­
duction plants, competitive sourcing of raw 
materials for production and optimal resource 
allocation across its business model. Oper­
ating results are also impacted by currency 
movements as margins are typically US dollar 
exposed while fixed costs have a significant 
local currency component (mainly Euro).
 
Americas
Yara Americas comprises sales, marketing 
and production within the regional business 
units of North America, Latin America and 
Brazil. The segment markets a comprehen­
sive offering of crop nutrition solutions and 
services including a broad product portfolio 
comprising nitrogen-based fertilizer and 
compound fertilizer (NPK) that contain all of 
the three major plant nutrients: nitrogen (N), 
phosphorus (P) and potassium (K) as well as 
foliar and fertigation solutions through mi­
cronutrients. The region also sells phosphate 
and potash-based fertilizers which to a large 
extent are sourced from third parties. 
Product sales are today mainly made spot 
to distributors based on ordinary purchase 
orders and underlying frame agreements, 
but to an increasing extent the products are 
also sold directly to farmers and co-opera­
tives. The composition of customer groups 
and products sold differs between local and 
regional markets, and the off-take of product 
varies with the fertilizer seasons in the 
different markets. Product sales are mainly 
sourced from the operating segment Global 
Plants & Operational Excellence based on 
“arm’s length principle” transfer pricing, and 
from the segment’s own production facilities 
in Canada, the US, Trinidad, Colombia and 
Brazil. 
The North America business unit operates a 
wholly-owned plant in Belle Plaine, Canada 
and also participates in the joint operations 
Trinidad Nitrogen Company Ltd. in Trinidad 
and Yara Freeport LLC DBA Texas Ammo­
nia in the US (Yara consolidates its share 
of assets, liabilities, revenues and costs for 
joint operations). A smaller portion of the 
urea and urea ammonium nitrate (UAN) 
sales are sourced from third party produc­
ers. In addition to crop nutrition solutions, 
North America markets industrial application 
solutions such as waste water treatment and 
additives for the construction industry and oil 
field services. 
The Latin America business unit covers all 
Spanish-speaking markets in the Americas, 
from Mexico in the North to Argentina in the 
South. In Colombia Yara owns a production 
facility in Cartagena which mainly serves the 
local Colombian market with compound fertil­
izer (NPK) and calcium nitrate (CN) products. 
The Cartagena facility also produces soluble 
ammonium nitrate to supply local customers. 
The Brazil business unit operates more than 20 
blending units and distribution sites with a geo­
graphic spread to supply Brazil’s main agricul­
tural markets. It also includes the fully-owned 
production plants at Rio Grande, Ponta Grossa, 
Cubatão, Paulínia, Salitre and Sumaré. 
Operating results in Yara Americas are largely 
driven by Yara’s ability to commercialize 
crop nutrition solutions based on European 
produced premium fertilizers at value-add­
ed margins, as well as the marketing of 
own-produced products in the region. Other 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

127
key value drivers are reliability and opera­
tional efficiency at the production plants, 
competitive sourcing of raw materials for pro­
duction (including natural gas), and efficient 
blending of third-party sourced raw materi­
als. Operating results are also impacted by 
currency movements, as margins are typically 
US dollar exposed while fixed costs have a 
significant local currency component. 
Africa & Asia
Yara Africa & Asia comprises sales, market­
ing, distribution and production of fertilizers 
and industrial products across Asia-Pacific, 
Africa and Oceania regions. The segment 
markets a comprehensive offering of crop nu­
trition solutions and services including a broad 
product portfolio comprising nitrogen-based 
fertilizer and compound fertilizers (NPK) 
designed for soil application. This portfolio is 
complemented by foliar and soluble products, 
serving a different range of crop application. 
A significant part of the products marketed 
are sourced from Yara production plants, both 
inside and outside the Africa & Asia region.
Most of the customers in the region are 
smallholders farmers. Yara reaches these 
customers through distributors, retailers and 
co-operatives based on different commercial 
agreements. The region also includes more 
mature agricultural markets such as South 
Africa, Australia and New Zealand where 
Yara often sells directly to professional large-
scale crop farmers. The type of customers 
and product portfolio sold differs greatly 
between the different markets.
The region has offices and operational units in 
more than 20 countries, with most significant 
business operations in China, India, Thailand, 
South Africa and Australia. As a complemen­
tary part to our crop nutrition distribution busi­
ness, our fertilizer production comprehends 
one production facility in Australia producing 
Ammonia and Technical Ammonium Nitrate 
(TAN) and one production facility at Babrala in 
India producing ammonia and urea. The am­
monia produced in Australia is commercialized 
by Yara’s ammonia trade and shipping activity 
within the operating segment Global Plants 
& Operational Excellence, while the technical 
ammonium nitrate (TAN) is commercialized by 
the operating segment Industrial Solutions in 
the Australian mining market. The production 
facility producing technical ammonium nitrate 
(TAN) is a joint operation (Yara Pilbara Ni­
trates Pty Ltd.) in which Yara consolidates its 
ownership share of 50% of assets, liabilities, 
revenues and costs. The ammonia produced 
at Babrala is used for the production of urea 
at the same plant. The urea produced at the 
plant is sold under a subsidized government 
scheme in India.
Operating results are highly influenced by the 
Yara’s ability to commercialize our differenti­
ated nitrate-based fertilizer portfolio and the 
upgrading margins in the production facilities 
driven by the price levels of ammonia/Urea 
and competitive gas supply. Operating results 
can also be influenced by movements in 
currency rates. 
Global Plants &  Operational Excellence
The Global Plants &  Operational Excel­
lence segment operates Yara’s largest, and 
export oriented, production plants (Pors­
grunn, Sluiskil) and has a key role in driving 
operational improvements, competence de­
velopment and technical project execution 
across Yara’s production system. The unit 
also comprise Yara’s global ammonia trade 
and shipping activity, Yara’s development 
of a potash resource in Dallol, Ethiopia, and 
Yara’s 25% share in Qatar Fertilizer Company 
(QAFCO) which was sold in the 3rd quarter 
2020. In addition the unit includes the global 
planning and optimization function, the prod­
uct management function and the corporate 
Health, Environment, Safety and Quality 
(HESQ) function. 
Yara’s ammonia trade and shipping activ­
ity plays a vital role in Yara’s production 
system as it allocates excess volume from 
producer plants and delivers to consumer 
plants in a timely manner in order to ensure 
full production capacity utilization. Besides 
significant intra-group purchases and sales, 
Yara Ammonia Trade and shipping purchases 
ammonia from third parties predominantly to 
supply its European production region. It also 
generates significant external sales by selling 
ammonia to large customers in the fertilizer 
and chemical industries on a contract basis, 
mainly in the Americas and Asia regions. It 
also provides optimized shipping solutions 
that fit Yara’s storage and port capacity, and 
which includes a fleet of own and time char­
tered vessels.
The majority of sales in the segment are 
group internal sales of finished fertilizers 
transferred at internal prices based on the 
arms lengths principle . The remaining exter­
nal sales mainly relate to Yara’s global trade 
and shipping of ammonia. 
The Global Plants &  Operational Excel­
lence unit operating results are highly influ­
enced by volume output and margin develop­
ment for fertilizer commodities. The margins 
are primarily driven by the difference in price 
levels for urea, diammonium phosphate fer­
tilizer (DAP) and potash-based fertilizer and 
the price level of the key input factors energy, 
phosphate rock and potash. Operating results 
can also be influenced by movements in 
currency exchange rates.
Industrial Solutions 
Yara Industrial Solutions mainly provides 
nitrogen based solutions and services across 
a wide range of industries including automo­
tive, construction, waste handling and circular 
economy, shipping, chemicals, mining and 
animal feed.  There is a strong environmental 
focus to Yara Industrial Solutions and a large 
portion of revenue is derived from AdBlue, an 
urea-based reagent used by diesel vehicles 
to reduce nitrogen oxide emissions. The 
segment also offers NOx abatement solutions 
for industrial plants and transport at both land 
and sea. In addition, Yara Industrial Solutions 
is continuously working to develop product 
and service offerings in high growth markets 
as well as additional green and sustainable 
opportunities globally. 
Yara Industrial Solutions performs its activ­
ities through five global commercial units; 
Transport Reagents, Mining Applications, 
Base Chemicals, Industrial Nitrates and Yara 
Marine Technologies. These commercial 
units are backed by six dedicated production 
plants across Europe, Latin America, Asia 
and Africa. In addition, the segment has 
arm’s length commercial agreements with 
the rest of  Yara’s global production plant 
network and external suppliers. Through 
direct sales and distributors, Yara Industrial 
Solutions is able to provide its customers 
with high quality, reliable products and ser­
vices backed by deep local knowledge com­
bined with global best practice expertise. 
The customer contracts are to a large extent 
medium to long-term contracts, however 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

128
Consolidated statement of income
USD millions, except percentages
2020
2019 
Restated 1)
External revenue from contract with customers
Europe
2,924 
3,024 
Americas
4,562 
5,182 
Africa & Asia
1,845 
1,881 
Global Plants & Operational Excellence
522 
677 
Industrial Solutions
1,719 
2,083 
Other and Eliminations
19 
11 
Total
11,591 
12,858 
Internal revenue
Europe
531 
571 
Americas
258 
329 
Africa & Asia
389 
370 
Global Plants & Operational Excellence
1,918 
2,186 
Industrial Solutions
263 
257 
Other and Eliminations
(3,358)
(3,713)
Total
- 
- 
USD millions, except percentages
2020
2019 
Restated 1)
Total revenue
Europe
3,455 
3,595 
Americas
4,820 
5,510 
Africa & Asia
2,234 
2,251 
Global Plants & Operational Excellence
2,440 
2,863 
Industrial Solutions
1,982 
2,340 
Other and Eliminations
(3,339)
(3,702)
Total
11,591 
12,858 
Operating income 2)
Europe
201 
247 
Americas
281 
247 
Africa & Asia
49 
(8)
Global Plants & Operational Excellence
477 
365 
Industrial Solutions
234 
193 
Other and Eliminations
(65)
(55)
Total
1,176 
989 
1)	 The 2019 segment figures have been restated according to the new regional segment structure. The Yara Group figures are unchanged.
2)	 See “Alternative performance measures” section for reconciliation of alternative performance measures in the Yara Group. ROIC, NOPAT and 
Invested Capital are calculated on a 12-month rolling average basis. 
products are also sold spot based on ordi­
nary purchase orders. In some markets the 
segment delivers equipment and services to 
store or handle products.
Operating results are exposed to fluctuations 
in commodity prices and general economic 
activity. However, Yara Industrial Solution’s 
integrated position coupled with its diversi­
fied exposure in terms of product, underlying 
industry and global location has allowed Yara 
Industrial Solutions to mitigate these effects 
to a great extent. 
Other and eliminations
Other and eliminations comprise cross-
segment eliminations which to a large extent 
refer to elimination of profit on inventory. In 
addition it comprises corporate costs which 
are not allocated to operating segments. 
Fluctuations in EBITDA refer to volumes in 
stock and internal margins on these volumes 
based on the arms lengths principle. High 
EBITDA in Other and eliminations refer to 
lower volumes in stock and vica versa. A 
high EBITDA may also be explained by lower 
internal margins on volumes in stock. In both 
situations the internal eliminations will be 
less significant.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

129
USD millions, except percentages
2020
2019 
Restated 1)
EBITDA 2)
Europe
477 
512 
Americas
563 
574 
Africa & Asia
162 
102 
Global Plants & Operational Excellence
701 
618 
Industrial Solutions
344 
301 
Other and Eliminations
(23)
(11)
Total
2,223 
2,095 
ROIC (12-month rolling average) 2)
Europe
6.6%
7.9%
Americas
6.4%
5.1%
Africa & Asia
2.0%
0.0%
Global Plants & Operational Excellence
14.5%
11.4%
Industrial Solutions
17.2%
13.3%
Yara 3)
8.0%
6.6%
USD millions, except percentages
2020
2019 
Restated 1)
Net operating profit after tax (NOPAT) 2) 
Europe
157 
196 
Americas
260 
238 
Africa & Asia
43 
1 
Global Plants & Operational Excellence
364 
325 
Industrial Solutions
181 
151 
Other and Eliminations
(30)
(25)
Yara 3)
976 
886 
Invested capital 2) 
Europe
2,370 
2,469 
Americas
4,073 
4,685 
Africa & Asia
2,105 
2,154 
Global Plants & Operational Excellence
2,514 
2,854 
Industrial Solutions
1,051 
1,134 
Yara 3)
12,200 
13,395 
1)	 The 2019 segment figures have been restated according to the new regional segment structure. The Yara Group figures are unchanged.
2)	 See “Alternative performance measures” section for reconciliation of alternative performance measures in the Yara Group. ROIC, NOPAT and 
Invested Capital are calculated on a 12-month rolling average basis. 
3)	 A normalized operating cash requirement is employed in the ROIC calculation for Yara, but not for the segments. This effect explains the 
variance in ROIC between Yara and the segments. See “Alternative performance measures” section for more information.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

130
Reconciliation of operating income to EBITDA
USD millions
Operating Income
Equity-accounted 
investees
Interest income and 
other financial income
Depreciation and 
amortization 1)
Impairment 
loss 2)
EBITDA
2020
Europe
201 
4 
- 
246 
25 
477 
Americas
281 
5 
53 
221 
3 
563 
Africa & Asia
49 
- 
2 
110 
2 
162 
Global Plants & Operational Excellence
477 
6 
- 
218 
- 
701 
Industrial Solutions
234 
3 
1 
105 
1 
344 
Other and Eliminations
(65)
2 
5 
19 
15 
(23)
Total
1,176 
20 
62 
919 
46 
2,223 
2019 Restated 3)
Europe
 247 
 5 
- 
 232 
 27 
 512 
Americas
 247 
 2 
 62 
 249 
 13 
 574 
Africa & Asia
 (8)
- 
 3 
 105 
 3 
 102 
Global Plants & Operational Excellence
 365 
 51 
- 
 201 
 - 
 618 
Industrial Solutions
 193 
 2 
 1 
 104 
 - 
 301 
Other and Eliminations
 (55)
 4 
 9 
 31 
 - 
 (11)
Total
 989 
 65 
 76 
 923 
 43 
 2,095 
1) Including amortization on excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
3) The 2019 segment figures have been restated according to the new regional segment structure. The Yara Group figures are unchanged.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

131
Consolidated statement of financial position
USD millions
2020
2019 
Restated 1)
Total assets 2)
Europe
3,237 
3,090 
Americas
5,246 
5,922 
Africa & Asia
2,563 
2,536 
Global Plants & Operational Excellence
2,530 
3,310 
Industrial Solutions
1,430 
1,364 
Other and Eliminations
1,599 
503 
Total
16,605 
16,725 
Current assets 2)
Europe
1,163 
1,179 
Americas
1,658 
1,941 
Africa & Asia
980 
975 
Global Plants & Operational Excellence
394 
401 
Industrial Solutions
516 
458 
Other and Eliminations
926 
(169)
Total
5,637 
4,785 
Non-current assets 2)
Europe
2,074 
1,911 
Americas
3,588 
3,981 
Africa & Asia
1,583 
1,561 
Global Plants & Operational Excellence
2,136 
2,910 
Industrial Solutions
914 
906 
Other and Eliminations
673 
671 
Total
10,969 
11,940 
USD millions
2020
2019 
Restated 1)
Equity-accounted investees
Europe
17 
17 
Americas
51 
46 
Africa & Asia
-
-
Global Plants & Operational Excellence 3)
3 
878 
Industrial Solutions
41 
38 
Other and Eliminations
(6)
(7)
Total
108 
970 
Investments 4)
Europe
250 
246 
Americas
280 
510 
Africa & Asia
104 
72 
Global Plants & Operational Excellence
211 
195 
Industrial Solutions
73 
70 
Other and Eliminations
16 
39 
Total
933 
1,134 
1)	 The 2019 segment figures have been restated according to the new regional segment structure. The Yara Group figures are unchanged.
2)	 Assets excludes internal cash accounts and accounts receivable related to group relief.
3) 2019 figure includes the investment of Qafco which was sold in 2020. See note 7.1 for more information.
4)	 Investments comprise property, plant and equipment, intangible assets, equity-accounted investees and other equity investments. 
The figures presented are capitalized amounts, and may deviate from cash flow from investing activities due to timing of cash outflows.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

132
Non-current assets for all segments by geographical location
Non-current assets 1)
USD millions
2020
2019
Europe
4,800 
4,512 
Brazil
1,636 
1,928 
Latin America ex. Brazil
333 
361 
Asia 2)
1,557 
2,405 
North America
1,630 
1,683 
Africa
287 
289 
Total
10,243 
11,178 
1)	 The identification of non-current assets and investments is based on location of operation. Excluded from non-current assets are financial 
instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts.
2)	 2019 figure includes the investment of Qafco which was sold in 2020. See note 7.1 for more information. 
Non-current assets of an amount of USD 1,208 million (2019: USD 1,183 million) are attributed to 
Norway (Yara’s country of domicile).
Information related to disaggregation of external revenues by geographical area, nature and prod­
uct group can be found in note 2.1
2.4	‌Raw materials, energy costs and freight expenses
USD millions
Notes
2020
2019
Raw material, energy costs and freight expenses
Raw material and energy costs
 (5,609)
 (6,968)
Freight expense
 (899)
 (942)
Other production related costs
 (1,311)
 (1,407)
Total
 (7,819)
 (9,317)
2.5	‌Payroll and related costs
USD millions
Notes
2020
2019
Payroll and related costs
Salaries
8.2
(913)
(922)
Social security costs
8.2
(137)
(146)
Social benefits
8.2
(7)
(8)
Net periodic pension cost 
5.4, 5.6, 8.2
(79)
(104)
Total
(1,136)
(1,180)
2.6	‌Other operating expenses
USD millions
Notes
2020
2019
Other operating expenses
 
 
 
Selling and administrative expense
 
 (223)
 (217)
Advertising expense
 
 (28)
 (29)
Travel expense
 
 (18)
 (47)
Fees auditors, lawyers, consultants
8.3
 (97)
 (133)
Other expenses
 
 (47)
 (34)
Total
 
 (414)
 (460)
Research costs
4.2
 (91)
 (90)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

133
2.7	 ‌Financial income and expenses
Accounting policies
Interest income is recognized in the statement of income as it is accrued, based on the effective 
interest method. 
Dividends from investments are recognized in the statement of income when the Group has a 
right to receive the dividends. 
Individual financial statements of Yara International ASA and its subsidiaries are prepared in 
the respective entities’ functional currency. Functional currency is the currency of the primary 
economic environment in which the entity operates. The functional currency of Yara International 
ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies 
other than the entity’s functional currency are recognized by applying the exchange rate at the 
date of transaction. At the balance sheet date, monetary items denominated in foreign currencies 
are translated using the exchange rate at that date. The changes in value due to such foreign cur­
rency translations are recognized in the statement of income of the individual entity and reflected 
as “foreign currency translation gain/loss” in the consolidated statement of income for the Group.
Interest expense is recognized as it is accrued. 
Capitalized interest expense refers to borrowing costs which are added to the cost of PP&E that 
take a substantial period of time to get ready for their intended use or sale (“qualifying assets”) if 
they are directly attributable to the acquisition, construction or production of such assets.
Specification
USD millions
Notes
2020
2019
Net interest income on customer credits
51 
56 
Interest income, other
10 
18 
Dividends and net gain/(loss) on securities
1 
2 
Interest income and other financial income
62 
76 
Net foreign currency translation gain/(loss)
6.1
(243)
(145)
Interest expense 
(141)
(197)
Interest expense on lease liabilities
4.5
(15)
(15)
Capitalized interest
4.1
21 
55 
Net interest on net long-term employee benefit 
obligations
5.4
(5)
(9)
Other financial expense 
(25)
(15)
Interest expense and other financial items
(165)
(182)
Net financial income/(expense)
(346)
(251)
The foreign currency translation loss this year of USD 243 million comprised a loss of USD 86 
million on the US dollar denominated debt positions and a loss of USD 157 million on internal 
positions in other currencies than USD. In 2019, the US dollar debt positions and the internal 
positions contributed almost equally to the reported net loss of USD 145 million.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

134
2.8	‌Income taxes
Accounting policies
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year.
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax base used in the computation of taxable 
profit. It is accounted for by using the liability method. Deferred tax liabilities are generally recog­
nized for all taxable temporary differences. Deferred tax assets are generally recognized for all 
deductible temporary differences, carry forward of unused tax credits, and any unused tax losses. 
However, deferred tax assets are recognized only to the extent these can be utilized against prob­
able taxable profits.
Deferred tax assets and liabilities are not recognized if the temporary difference arises from 
goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in 
a business combination) that affects neither the taxable profit nor the accounting profit. 
Deferred tax liabilities are recognized for taxable temporary differences associated with invest­
ments in subsidiaries, associates and interests in jointly controlled entities, except where the 
Group is able to control the reversal of the temporary difference and it is probable that the tempo­
rary difference will not reverse in the foreseeable future. Deferred tax assets arising from deduct­
ible temporary differences associated with such investments and interests, are recognized only to 
the extent it is probable that sufficient taxable profits are expected to reverse in the foreseeable 
future to utilize the benefits of the temporary differences. 
Current and deferred taxes are recognized as expense or income in the statement of income, 
except when they relate to items recognized directly in equity or in other comprehensive income. 
If the tax relates to items recognized in other comprehensive income or directly in equity, the tax 
is also recognized as other comprehensive income or directly in equity. Uncertain tax positions, 
for example from unresolved disputes with tax authorities, are provided for if there are probable 
cash outflows. In certain cases, it may be unclear how tax law applies to a particular transaction 
or circumstance until the relevant taxation authority or court takes a decision in the future. Con­
sequently, this may affect tax assets or liabilities. When assessing whether uncertainty over tax 
treatments exists Yara will consider current tax law and regulations, general practice, decisions 
and rulings by the court or other relevant authorities as well as tax memorandum prepared by 
internal or external experts. In case of uncertain tax treatments Yara will consider the probability 
that a taxation authority will accept an uncertain tax treatment. When concluding that it is not 
probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the 
effect of uncertainty by using the method that provides better prediction resolution of uncertainty.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

135
The major components of income tax expense for the year ended 31 December:
USD millions
2020
2019
CONSOLIDATED STATEMENT OF INCOME
Current taxes
Current year
(121)
(224)
Prior year adjustment 1) 
19 
(40)
Total
(102)
(264)
Deferred taxes
Deferred tax income/(expense) recognized in the current year
(17)
67 
Adjustments to deferred tax attributable to changes in tax rates and laws
(12)
1 
(Write-downs)/reversal of previous write-downs of deferred tax assets
(28)
(18)
Total
(58)
50 
Total tax income/(expense) recognized in statement of consolidated income
(160)
(214)
OTHER COMPREHENSIVE INCOME
Current tax
Hedge of net investment
(5)
3 
Total current tax
(5)
3 
Deferred tax
Pensions
16 
5 
Available-for-sale financial assets
(1)
-
Total
15 
5 
Total tax income/(expense) recognized directly in other comprehensive income
10 
8 
Total tax income/(expense) recognized in comprehensive income
(150)
(207)
1)	 Includes a provision for an incentive arrangement in the United states of USD 24 million. 2019 figure includes a tax provision of USD (38) 
million which was based on a court ruling. 
Taxable income differs from net income before tax as reported in the income statement because 
it excludes items of income or expense that are taxable or deductible in future years (temporary 
differences). It also excludes items that are never taxable or deductible (permanent differences). 
The Group’s liability for current tax is calculated using tax rates that have been enacted or sub­
stantively enacted by the balance sheet date.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

136
Reconciliation of Norwegian nominal statutory tax rate to effective tax rate
USD millions, except percentages
2020
2020
2019
2019
Income before tax
850 
803 
Expected income taxes at statutory tax rate 1)
22% 
(187)
22% 
(177)
Tax law changes
1.6% 
(13)
(0.2%)
1 
Foreign tax rate differences
(2.5%)
21 
(2.6%)
21 
Unused tax losses and tax offsets not recognized as deferred tax assets 
11.9% 
(101)
5.3% 
(43)
Previously unrecognized and unused tax losses and deductible temporary differences 
now recognized as deferred tax assets 
(4.0%)
34 
(1.9%)
15 
Deductible loss 2) 
(4.8%)
41 
-
- 
Non-taxable gain on sale equity-accounted investees 3)
(2.9%)
24 
-
- 
Non-deductible expenses
1.8% 
(15)
1.3% 
(11)
Share of net income equity-accounted investees
(0.3%)
3 
(1.7%)
13 
Tax free income miscellaneous
(1.3%)
11 
(2.3%)
22 
Prior year adjustment 4)
(2.2%)
19 
5.1% 
(41)
Withholding tax
1.7% 
(15)
2.5% 
(7)
Other, net
(2.1%)
18 
(0.9%)
(9)
Total income tax income/(expense) 
(160)
(214)
Effective tax rate
18.9% 
26.7% 
1) Calculated as Norwegian nominal statutory tax rate of 22% (2019: 22%) applied to income before tax.
2) Related to loss from restructuring corporate holding structure. 
3) Gain is related to the sale of Qafco in 2020. See note 7.1 for more information. 
4) The 2020 figure includes a special tax incentive impact of USD 24 million. The 2019 figure includes a provision of USD (38) million following a court ruling in an ongoing tax case. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

137
Specification of deferred tax assets/(liabilities)
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to 
the extent that it is no longer probable that sufficient taxable profits will be available to allow all 
or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the 
period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that 
have been enacted or substantively enacted by the balance sheet date. The measurement of de­
ferred tax liabilities and assets reflects the tax consequences that would follow from the manner 
in which the Group expects, at the reporting date, to recover or settle the carrying amount of its 
assets and liabilities.
2020
USD millions
Opening 
balance
Charged 
to income
Changes in
 tax rate
Recognized 
in other 
comprehensive 
income
Acquisitions/
disposals
Foreign 
currency
 translation
Closing 
balance
Non-current items
Intangible assets
(13)
4 
(1)
- 
- 
5 
(6)
Property, plant and equipment
(431)
32 
(1)
- 
- 
(12)
(411)
Pensions
96 
(6)
(6)
16 
- 
15 
115 
Equity securities available-for-sale
1 
- 
- 
(1)
- 
-
- 
Other non-current assets
(103)
(40)
-
- 
- 
4 
(140)
Other non-current liabilities and accruals
136 
(64)
(1)
-
- 
(3)
68 
Total
(315)
(74)
(9)
15 
- 
8 
(373)
Current items
Inventory valuation
52 
(11)
(2)
- 
- 
(1)
39 
Accrued expenses
31 
45 
(1)
- 
- 
(3)
73 
Assets classified as held for sale
1 
(1)
-
- 
- 
- 
-
Total
84 
33 
(3)
- 
- 
(4)
111 
Tax loss carry forwards
612 
5 
-
- 
- 
30 
646 
Unused tax credits
4 
18 
-
- 
- 
2 
25 
Valuation allowance
(319)
(28)
(1)
- 
1 
35 
(312)
Net deferred tax asset/(liability)
66 
(46)
(12)
15 
1 
72 
97 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

138
2019
USD millions
Opening 
balance
Charged 
to income
Changes in
 tax rate
Recognized 
in other 
comprehensive 
income
Acquisitions/
disposals
Foreign 
currency
 translation
Closing 
balance
Non-current items
Intangible assets
(7)
(5)
1 
- 
(2)
-
(13)
Property, plant and equipment
(394)
(25)
(2)
- 
(4)
(6)
(431)
Pensions
93 
(2)
(2)
5 
- 
2 
96 
Equity securities available-for-sale
-
- 
- 
-
- 
-
1 
Other non-current assets
(156)
53 
1 
- 
(3)
2 
(103)
Other non-current liabilities and accruals
115 
23 
(1)
- 
- 
(1)
136 
Total
(348)
43 
(3)
5 
(9)
(2)
(315)
Current items
Inventory valuation
30 
24 
(2)
- 
- 
-
52 
Accrued expenses
41 
(3)
(6)
- 
-
-
31 
Assets classified as held for sale
-
1 
- 
- 
- 
-
1 
Total
71 
21 
(8)
- 
-
-
84 
Tax loss carry forwards
582 
3 
1 
- 
-
26 
612 
Unused tax credits
5 
(1)
- 
- 
- 
-
4 
Valuation allowance
(320)
(18)
12 
- 
-
7 
(319)
Net deferred tax asset/(liability)
(9)
48 
1 
5 
(9)
30 
67 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

139
Unrecognized deferred tax assets
USD millions
2020
2019
Unrecognized deferred tax assets are attributable to the following
Tax losses
281 
261 
Deductible temporary differences
31 
58 
Total
312 
319 
Unrecognized tax losses are mainly related to the tax loss carry forwards arising from the activi­
ties in Brazil and France. Utilization of the tax loss carry forwards in Brazil and France is without 
time limitation. In Brazil utilization is restricted to 30% of taxable income each year. Unrecog­
nized tax losses in Brazil is USD 133 million (2019: USD 173 million). The decrease is mainly relat­
ed to currency effect and loss on tax positions following a legal merger. Unrecognized tax losses 
in France is USD 63 million in 2020 (2019: 0). 
Specification of expiration of tax loss carry forwards
USD millions
2020
2021
23 
2022
21 
2023
14 
2024
7 
2025
9 
After 2025
102 
Without expiration
2,217 
Total tax loss carry forwards
2,393 
Deferred tax effect of tax loss carry forwards
646 
Valuation allowance on tax loss carry forwards
(281)
Recognized in the statement of financial position
365 
Yara’s recognized tax loss carry forward primarily relate to the business in Norway and Australia, 
where tax losses are without expiration. The tax losses are mainly related to incurred currency 
losses, non-recurring transactions and loss from operations. The recognized tax assets for all 
units are all supported by estimated future profit level. 
Deferred tax presented in the statement of financial position
USD millions
2020
2019
Deferred tax assets
485 
484 
Deferred tax liabilities
(388)
(416)
Net deferred tax asset/(liability)
97 
67 
Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements is 
amounting to approximately USD 8.1 billion that for the main part can be distributed as tax-free 
dividends. For the expected part of dividend that cannot be distributed as tax-free income, a de­
ferred tax liability of USD 7 million is recognized.
For information regarding tax contingencies and uncertain tax treatments, see note 5.6. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

140
3	‌Current assets
3.1	 ‌Inventories
Overview 
Inventories comprise finished goods, work in progress, raw materials and spare parts. Finished 
goods refer to own produced products and goods purchased for resale. Work in progress are 
partly processed, unfinished products. Raw materials include own produced raw materials, mainly 
ammonia and nitric acids, as well as raw materials purchased from external parties such as 
phosphate, potassium and other input factors used in the production. Spare parts include packing, 
operating and maintenance supplies. Inventories in stock in the Industrial Solutions segment com­
prises, in addition, environmental solutions, scrubbers for the maritime industry, feed phosphates, 
chemicals and other.
 
Accounting policies 
Inventories are stated at the lower of cost, using weighted average, and net realizable value. Net 
realizable value is the estimated selling price in the ordinary course of business, less estimated 
costs of completion and other selling costs. 
 
All amounts presented are net of write-downs. A write-down is recognized for the amount by 
which the carrying amount exceeds its net realizable value. 
 
The cost of inventories comprises all costs of purchase, cost of conversion and other costs in­
curred in bringing the inventories to their present location and condition. This include direct mate­
rials, direct labor, and an appropriate portion of production overhead, or the purchase price of the 
inventory. Yara is using the standard costing method for cost measurement which consider normal 
levels of materials and supplies, labor, efficiency and capacity utilization. 
 
Spare parts held as inventories are spare parts which do not meet the criteria for being classified 
as Property, plant and equipment (PP&E).
 
Yara has internal sales between the different segments. These sales create internal margins 
which are eliminated and presented as “other and eliminations”.
Inventory stock 2020
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Industrial Solutions
Other and 
Eliminations
Total
31 Dec 2020
Finished goods
429 
359 
279 
72 
74 
(88)
1,125 
Work in progress
20 
- 
1 
12 
8 
- 
41 
Raw materials
85 
493 
22 
53 
43 
1 
696 
Spare parts
95 
58 
27 
73 
47 
- 
299 
Total 31 Dec 2020
628 
910 
329 
209 
172 
(87)
2,161 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

141
Inventory stock 2019
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Industrial Solutions
Other and 
Eliminations
Total
31 Dec 2019
Finished goods
502 
435 
337 
58 
91 
(111)
1,312 
Work in progress
19 
2 
1 
15 
11 
- 
47 
Raw materials
86 
518 
15 
67 
47 
- 
733 
Spare parts
82 
60 
24 
65 
36 
- 
267 
Total 31 Dec 2019
689 
1,014 
378 
204 
185 
(111)
2,360 

Write-down 2020
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Industrial Solutions
Other and 
Eliminations
Total
Balance at 1 January
(12)
(11)
(3)
(1)
(10)
7 
(30)
New write-downs recognized during the year
(17)
(10)
(5)
(2)
(2)
11 
(24)
Write-downs reversed due to product sold
1 
5 
(1)
2 
(1)
(19)
(12)
Write-downs reversed, other
16 
10 
5 
- 
5 
2 
39 
Foreign currency translation gain/(loss)
(1)
1 
- 
- 
(1)
- 
(1)
Balance at 31 December
(12)
(6)
(3)
(1)
(7)
2 
(28)

Write-down 2019
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Industrial Solutions
Other and 
Eliminations
Total
Balance at 1 January
(8)
(3)
(7)
-
(11)
5 
(24)
New write-downs recognized during the year
(15)
(19)
(7)
(4)
(12)
18 
(39)
Write-downs reversed due to product sold
5 
4 
9 
3 
6 
(16)
11 
Write-downs reversed, other
5 
8 
3 
- 
7 
- 
23 
Foreign currency translation gain/(loss)
- 
- 
- 
- 
- 
- 
- 
Balance at 31 December
(12)
(11)
(3)
(1)
(10)
7 
(30)
No inventories were pledged as security at end of 2020 or 2019.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

142
3.2	‌Trade receivables
Accounting policies 
Trade receivables are initially recognized at the agreed transaction price in the contract with the 
customer. Subsequently they are measured at amortized costs using the effective interest meth­
od. Short-term receivables are normally not discounted.
In accordance with the expected loss model, Yara records lifetime expected credit losses on all 
trade and lease receivables (the simplified approach). The calculation of expected credit loss (ECL) 
is based on both historical and forward looking information, and is done on local unit level. When 
calculating ECL for trade receivables not yet due and trade receivables less than 90 days overdue, 
the last five years historical loss percentage is used as base amount for allowance. Forward 
looking information is taken into account by assessing available information on local unit level 
which could indicate an expected future loss that is higher or lower than the experience, including 
regional macroeconomic information. Calculation of ECL for trade receivables more than 90 days 
overdue is based on a separate, individual assessment of each receivable.
A receivable is considered to be in default when it is overdue and enforcement activities have 
started. If there is a reasonable expectation that enforcement activities will not lead to recovery, 
the receivable is credit impaired. The receivable is written off when enforcement activities lead to 
objective evidence of the receivable being irrecoverable. 
Specification
USD millions
Notes
2020
2019
Trade receivables
1,572 
1,664 
Allowance for expected loss
(94)
(101)
Total ¹)
6.3 
1,478 
1,564 
1) Of the total balance of USD 1,478 million approximately 709 million (USD 752 million in 2019) refers to credit insured receivables.
Movement in allowance for expected credit loss
USD millions
Notes
2020
2019
Balance at 1 January
(101)
(106)
Lifetime expected credit losses recognized for 
existing business 
(24)
(14)
Amounts written off as uncollectible
13 
6 
Lifetime expected credit losses reversed
11 
10 
Foreign currency translation
7 
2 
Other changes
- 
1 
Balance at 31 December
(94)
(101)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

143
Ageing analysis of trade receivables at 31 December
Gross trade receivables
Past due gross trade receivables
USD millions
Total
Not past due gross 
trade receivables
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2020
1,572 
1,260 
123 
51 
28 
108 
2019
1,664 
1,315 
138 
59 
27 
125 
Impairment of trade receivables
Impairment on past due receivables
USD millions
Total
Impairment on not 
past due receivables
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2020
(94)
(7)
(2)
(2)
(9)
(75)
2019
(101)
(3)
(1)
(3)
(2)
(92)
Net trade receivables
Past due but not impaired
USD millions
Total
Neither past 
due nor impaired
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2020
1,478 
1,253 
122 
50 
20 
34 
2019
1,564 
1,313 
137 
55 
25 
32 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

144
3.3	‌Prepaid expenses and other current assets
Accounting policies 
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequent­
ly they are measured at amortized cost using the effective interest method. Short-term items are 
normally not discounted.
On other receivables, loans and deposits, Yara records 12-months expected credit losses if there 
has not been any significant increase in credit risk since initial recognition (the general approach). 
Please see note 4.6 Other non-current assets for more information.
Specification
USD millions
Notes
2020
2019
Financial assets:
 
 
 
Foreign exchange contracts
6.1
2
-
Receivables and deposits
6.3
141
138
Contracts assets
2.1
26
38
Expected credit loss on other current assets
6.3
(1)
(1)
Total financial instruments
 
169
176
Non-financial assets:
 
 
 
VAT and sales related taxes
4.6
141
123
Prepaid income taxes
 
164
63
Prepaid expenses
 
156
192
Total non-financial assets
 
461
377
 
 
Total
6.3
630
553
3.4	‌Cash and cash equivalents
Accounting policies
Cash and cash equivalents include bank deposits and monetary items which are due in less than 
three months. They are initially recognized at fair value and subsequently measured at amortized 
cost using the effective interest method. However they are normally not discounted as they are 
short-term items. On deposits, Yara records a 12-month’s expected credit loss if there has not 
been any significant increase in credit risk since initial recognition (the general approach).
Specification
USD millions
Notes
2020
2019
Cash and cash equivalents
6.3
1,363
300
Expected credit loss provision on bank deposits is USD 2.5 million (2019: USD 0.9 million).
External bank deposits that are not available for use by the group at 31 December 2020 have 
a carrying value of USD 32 million (2019: USD 35 million), mainly related to cash held by joint 
operations. More information about bank deposits and dividend resolutions in subsidiaries with 
significant non-controlling interests is provided in note 5.2 Non-controlling interests. 
The average interest rate for liquid assets is approximately 0.4% as of 31 December 2020 (2019: 
1.7%).
Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and inter­
national banks with established limits for exposure towards each institution.		
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

145
4	‌Investments in non-current assets
4.1	 ‌Property, plant and equipment
Overview
Property, plant and equipment (PP&E) mainly refers to Yara’s fertilizer production plants across 
the world, and which hold assets such as land, buildings, machinery, equipment and periodic 
maintenance. In addition, they hold investments in self-constructed assets not yet in use and 
which are categorized as assets under construction. The remaining PP&E refers to assets for 
distribution of fertilizer products, which mainly consists of buildings, machinery and equipment for 
bagging and blending of products, as well as terminals and warehouses. 
Accounting polices
An item of property, plant and equipment is recognized at cost if it is probable that the item will 
generate future economic benefits for Yara and the cost can be measured reliably. The carrying 
value of PP&E is comprised of the historical cost less accumulated depreciation and any impair­
ment loss. If a legal or constructive obligation exists to decommission PP&E, the carrying value 
of the assets are increased with the discounted value of such obligations. Borrowing costs are 
added to the cost of assets that take a substantial period of time to get ready for their intended 
use or sale (“qualifying assets”) if they are directly attributable to the acquisition, construction or 
production of such assets.
Depreciation of an asset begins when it is available for use. An asset is available for use when the 
asset is in the location and condition necessary for it to be capable of operating in the manner in­
tended by management. Decommissioning obligations and borrowing costs added to the carrying 
amount of PP&E are depreciated over the useful life of the respective PP&E. 
PP&E are depreciated on a straight-line basis over their expected useful life. Individual parts of 
PP&E with different useful lives are accounted for and depreciated separately. Expected useful 
lives and residual values are, unless immaterial, re-assessed annually. 
Gain or loss due to sale or retirement of PP&E is calculated as the difference between sales pro­
ceeds and the carrying value, and is recognized in the statement of income. 
An impairment is recognized if an asset’s carrying value is higher than the recoverable amount. 
Non-current assets other than goodwill are tested for impairment whenever events or changes in 
circumstances indicate that such carrying amounts may not be recoverable. Please see note 4.7 
Impairment of non-current assets.
Costs related to periodic maintenance of plants (“turnarounds”) and recurring investments to 
extend the current plant performance for a longer period of time, are recognized as assets and de­
preciated on a systematic basis until the next periodic maintenance if cycle is more than one year 
on average. Major replacements and renewals are capitalized and depreciated separately based 
on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and 
maintenance costs are expensed as incurred.
Removal of mine waste materials (“stripping costs”) in the production phase of existing mines 
are capitalized as a component of existing tangible mine assets when the activity gives improved 
access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives 
of the underlying mine assets.
Capitalization of investments as self-constructed PP&E start when defined decision gates are 
met. These investments are then categorized as assets under construction until they are ready for 
use as intended by management. Once they are ready for use they are transferred to the applica­
ble classes of PP&E and depreciation starts.
Government grants are recognized in the consolidated financial statement when the Group has 
reasonable assurance that it will comply with conditions attached to them and the grants will be 
received. Government grants that compensate the Group for the cost of an asset are deducted 
in the carrying amount of the asset, and recognized in the statement of income on a systematic 
basis over the useful life of the asset as a reduction to depreciation expense.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

146
2020
USD millions, except percentages and year
Land
Buildings
Machinery and 
equipment
Periodic 
maintenance
Asset under 
construction
Vessels
Other
Total
Cost
Balance at 1 January
309 
 2,466 
 10,117 
 481 
 1,660 
 280 
 72 
 15,384 
Addition at cost
1 
 109 
 253 
 70 
 461 
 - 
 18 
 912 
Derecognition
- 
 (10)
 (156)
 (51)
 (6)
 - 
 - 
 (223)
Other transfers 1)
- 
 111 
 175 
 12 
 (296)
 - 
 - 
 3 
Foreign currency translation
(30)
 3 
 476 
 26 
 (219)
 - 
 8 
 264 
Balance at 31 December 
280 
 2,680 
 10,863 
 540 
 1,600 
 280 
 97 
 16,340 
 - 
Depreciation and impairment
 - 
Balance at 1 January 
(6)
 (948)
 (5,476)
 (250)
 (10)
 (48)
 (32)
 (6,770)
Depreciation 
- 
 (97)
 (550)
 (84)
 - 
 (13)
 (4)
 (748)
Impairment loss 2)
(3)
 (9)
 (14)
 (2)
 (1)
 - 
 - 
 (29)
Derecognition
- 
 7 
 108 
 50 
 - 
 - 
 - 
 166 
Other transfers
- 
 (3)
 (3)
 - 
 - 
 - 
 - 
 (6)
Foreign currency translation
(1)
 (21)
 (332)
 (16)
 - 
 - 
 (3)
 (373)
Balance at 31 December 
(11)
 (1,070)
 (6,266)
 (301)
 (12)
 (61)
 (40)
 (7,760)
Carrying value
Balance at 1 January 
303 
 1,517 
 4,641 
 231 
 1,650 
 232 
 40 
 8,614 
Balance at 31 December 
269 
 1,609 
 4,597 
 238 
 1,588 
 219 
 57 
 8,579 
Useful life in years
Indefinite
 10 - 60 
 2 - 40 
2 - 5
 20 
 5 - 25 
Depreciation rate
 2 - 6% 
 3 - 50% 
 15-50% 
5%
 5 - 20% 
1)	 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects, which is netted off to 0 at total.
2)	 Please see note 4.7 Impairment of non-current assets.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

147
Main changes in 2020
The largest additions to PP&E include construction of a new plant in Serra do Salitre and an 
expansion and modernization of the Rio Grande plant (Brazil), both projects continuing from 2019, 
and turnaround activities for one of the ammonia plants in Sluiskil.
The largest transfer from assets under construction to other categories of PP&E refer to complet­
ed assets in construction projects related to modernization of the Rio Grande plant and comple­
tion of rectification works on a technical ammonium nitrate plant in Pilbara region of Australia.
Assets used as security
PP&E pledged as security was USD 29 million in 2020 (2019: USD 27 million).
 
Government grants
Government grants related to assets have been recognized as deduction to the carrying value by 
reducing “Addition at cost” with USD 13 million in 2020 (2019: USD 12 million).
Borrowing costs
The amount of borrowing cost capitalized amounted to USD 21 million in 2020 (2019: USD 55 
million). The average rate for the borrowing cost capitalized was 3.45% in 2020.
Compensations
Insurance compensations on PP&E recognized in the consolidated statement of income amounted 
to USD 1 million in 2020 (2019: USD 3 million).
Contractual commitments
Please find information on contractual obligations on PP&E in note 4.8 Committed future invest­
ments. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

148
2019
USD millions, except percentages and year
Land
Buildings
Machinery and 
equipment
Periodic 
maintenance
Asset under 
construction
Vessels
Other
Total
Cost
Balance at 1 January
321 
 2,245 
 9,730 
 486 
 1,591 
 280 
 73 
 14,726 
Addition at cost
- 
 103 
 254 
 61 
 718 
 - 
 3 
 1,138 
Derecognition
(1)
 (20)
 (132)
 (76)
 (16)
 - 
 (3)
 (249)
Transfers to asset held for sale
(2)
 (5)
 (3)
 - 
 - 
 - 
 - 
 (11)
Other transfers 1)
- 
 167 
 333 
 17 
 (576)
 - 
 - 
 (59)
Foreign currency translation
(8)
 (23)
 (64)
 (8)
 (56)
 - 
 (2)
 (161)
Balance at 31 December 
309 
 2,466 
 10,117 
 481 
 1,660 
 280 
 72 
 15,384 
 - 
Depreciation and impairment
 - 
Balance at 1 January 
(6)
 (889)
 (5,085)
 (239)
 (10)
 (35)
 (32)
 (6,296)
Depreciation 
- 
 (92)
 (569)
 (87)
 - 
 (13)
 (4)
 (765)
Impairment loss 2)
- 
 (5)
 (8)
 (4)
 (1)
 - 
 - 
 (18)
Reversed impairment
- 
 - 
 3 
 - 
 - 
 - 
 - 
 3 
Derecognition
- 
 17 
 101 
 65 
 - 
 - 
 4 
 187 
Transfers to asset held for sale
- 
 4 
 2 
 - 
 - 
 - 
 - 
 5 
Other transfers 3)
- 
 5 
 30 
 - 
 1 
 - 
 - 
 37 
Foreign currency translation
- 
 12 
 50 
 15 
 - 
 - 
 1 
 77 
Balance at 31 December 
(6)
 (948)
 (5,476)
 (250)
 (10)
 (48)
 (32)
 (6,770)
Carrying value
Balance at 1 January 
315 
 1,356 
 4,645 
 248 
 1,581 
 245 
 41 
 8,430 
Balance at 31 December 
303 
 1,517 
 4,641 
 231 
 1,650 
 232 
 40 
 8,614 
Useful life in years
Indefinite
 10 - 60 
 2 - 40 
2 - 5
 20 
 5 - 25 
Depreciation rate
 2 - 6% 
 3 - 50% 
 15-50% 
5%
 5 - 20% 
1) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects, which is netted off to 0 at total. The total balance refers to transfers from PP&E to other accounts. Of the balance, USD (62) million was transferred to Leases per 
IFRS 16 implementation. Please see note 4.5 Leases for more information.
2) Please see note 4.7 Impairment of non-current assets.
3) Total balance relates to transfers to Leases per IFRS 16 implementation. Please see note 4.5 Leases for more information.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

149
Main changes in 2019
The main additions to assets under construction refers to construction of a new plant in Serra do 
Salitre (Brazil) and an expansion and modernization of the Rio Grande plant (Brazil). 
The largest transfers from assets under construction to other categories of PP&E refer to con­
struction projects related to the production of nitric acid in Köping in Sweden and an ammonia 
tank in Tertre in Belgium.
4.2	‌Intangible assets
Accounting Policies
Intangible assets with finite useful lives, and that are acquired separately, are carried at cost less 
accumulated amortization and accumulated impairment losses. Amortization is recognized on a 
straight-line basis over their estimated useful lives. The estimated useful life and amortization 
method are reviewed at the end of each reporting period. The effect of any changes in estimate 
is accounted for on a prospective basis. Intangible assets with indefinite useful lives, and that are 
acquired separately, are carried at cost less accumulated impairment losses.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration 
transferred, the amount recognized for non-controlling interest, and the fair value of the acquir­
er’s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired 
and liabilities assumed. If this consideration is lower than the fair value of the net assets of the 
subsidiary acquired, the difference is recognized in profit or loss. After initial recognition, goodwill 
is measured at cost less any accumulated impairment losses. Useful lives are set as indefinite 
with no amortization as there is no foreseeable limit to the cash flows generated by goodwill. 
Instead of amortization, goodwill is tested for impairment. For the purpose of impairment testing, 
goodwill acquired in a business combination is, from the acquisition date, allocated to cash-gen­
erating units (CGUs) that are expected to benefit from the combination. For more information on 
impairment, please see note 4.7 Impairment of non-current assets. The Group’s accounting policy 
for goodwill arising on the acquisition of an associate or joint ventures is described in note 4.3 
Associated companies and joint ventures.
Intangible assets other than goodwill are tested for impairment whenever events or changes in 
circumstances indicate that such carrying amounts may not be recoverable. Intangible assets not 
ready for its intended use are also tested for impairment annually. Please see note 4.7 Impair­
ment of non-current assets.
Expenditures on research activities are expensed in the period in which they incur. An internal­
ly-generated intangible asset arising from development is recognized if, an only if, all of the 
following have been demonstrated; 
•	 The technical feasibility of completing the intangible asset so that it will be available for use or sale 
•	 The intention to complete the intangible asset and use or sell it 
•	 The ability to use or sell the intangible asset 
•	 How the intangible asset will generate probable future economic benefits 
•	 The availability of adequate technical, financial and other resources to complete the development 
and to use or sell the intangible asset 
•	 Its ability to measure reliably the expenditure attributable to the intangible asset during its 
development
Where no internally-generated intangible asset can be recognized, development expenditures are 
recognized in profit or loss in the period in which they incur.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

150
2020
USD million, except percentages
Goodwill
Software
Other 
intangibles 1)
Total
Cost
Balance at 1 January 
887 
203 
411 
1,501 
Addition at cost
- 
9 
6 
14 
Derecognition
- 
(2)
(22)
(24)
Other transfers
- 
9 
(7)
2 
Foreign currency translation
2 
4 
2 
8 
Balance at 31 December 
890 
222 
390 
1,502 
Amortization and impairment
Balance at 1 January 
(44)
(131)
(296)
(471)
Amortization
- 
(24)
(17)
(41)
Impairment loss 2)
(12)
- 
(3)
(15)
Derecognition
- 
2 
22 
24 
Foreign currency translation
(2)
(5)
(3)
(10)
Balance at 31 December 
(58)
(159)
(297)
(514)
Carrying value
Balance at 1 January 
844 
72 
115 
1,031 
Balance at 31 December 
831 
64 
93 
988 
Useful life in years
Indefinite
3 - 5
5 - 40
Amortization rate 
20 - 35%
3 - 35%
1)	 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
2)	 For further information, see note 4.7.
Expenditures on research and development activities 
Expenditures on research and development activities are expensed in the period of the amount of 
USD 91 million (USD 90 million in 2019).
Assets used as security 
No intangible assets were pledged as security in 2020 and 2019. See note 5.8 for more information. 
 
2019
USD million, except percentages
Goodwill
Software
Other 
intangibles 1)
Total
Cost
Balance at 1 January 
883 
185 
408 
1,475 
Addition at cost
- 
11 
15 
26 
Derecognition
- 
(1)
2 
1 
Other transfers
- 
11 
(10)
- 
Foreign currency translation
5 
(3)
(4)
(2)
Balance at 31 December 
887 
203 
411 
1,501 
Amortization and impairment
Balance at 1 January 
(41)
(110)
(274)
(424)
Amortization
- 
(23)
(22)
(46)
Impairment loss
(3)
- 
- 
(3)
Derecognition
- 
- 
(2)
(2)
Foreign currency translation
- 
2 
2 
4 
Balance at 31 December 
(44)
(131)
(296)
(471)
Carrying value
Balance at 1 January 
842 
75 
135 
1,052 
Balance at 31 December 
844 
72 
115 
1,031 
Useful life in years
3 - 5
5 - 40
Amortization rate 
20 - 35%
3 - 35%
1)	 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

151
4.3	‌Associated companies and joint ventures
Overview
Yara has several investments classified as associated companies and joint ventures. The largest 
investment has been a 25% stake in Qatar Fertiliser Company (QAFCO) which has been reported 
in the segment Global Plants & Operational Excellence. This investment was sold during 2020. 
More information about the sale is provided in note 7.1. Other investments are mainly investments 
in sales & marketing entities in the operating segment Americas and production and sales & 
marketing entities in the segment Industrial Solutions. Yara also owned 50% in Libyan Norwegian 
Fertilizer Company (LIFECO) until it was sold in 2020. The investment in LIFECO was impaired 
several years back in time.   
Accounting policies
Associated companies are investments in companies where the Group has significant influence, but 
not control. Significant influence is the power to participate in the financial and operating policy deci­
sions of the investee, but is not control or joint control over those policies. Significant influence nor­
mally exists when the Group holds directly or indirectly between 20% and 50% of the voting rights. 
A joint arrangement is an arrangement in which two or more parties have joint control. Joint 
control is the contractually agreed sharing of control of an arrangement, which exists only when 
decisions about the relevant activities require the unanimous consent of the parties sharing con­
trol. A joint arrangement is either a joint operation or a joint venture. The classification depends 
upon rights and obligations of the parties to the arrangement. In a joint operation the parties have 
rights to the assets and obligations for the liabilities of the arrangement. In a joint venture the 
parties have rights to the net assets of the arrangement. 
The share of results, assets and liabilities of associated companies and joint ventures are incorpo­
rated into the consolidated financial statements using the equity method of accounting. Under the 
equity method of accounting, the investment is initially recognized at cost and the carrying value 
is subsequently increased or decreased to recognize Yara’s share of profit or loss of the investee 
after the date of acquisition. Any excess of the cost of acquisition of the Group’s share of the net 
fair value of the identifiable assets, liabilities and contingent liabilities recognized at the date of 
acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the 
investment. The equity-accounted investees are tested for impairment if indications of loss in 
value are identified. An impairment loss is recognized if the recoverable amount, estimated as 
the higher of fair value less costs to sell and value in use, is below the carrying value. Accounting 
policies of equity-accounted investees are changed where necessary to ensure consistency with 
the policies adopted by the Yara Group. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

152
2020
USD millions
Balance at 
1 January 
Investments / (sale, 
and asset held-for-sale), 
net and long-term loans
Yara's share of net 
income/ (loss)
Amortization, 
depreciation and 
write-down
Total share of net 
income in equity-
accounted investees
Dividends/
Repayment of 
capital
Posted 
directly 
in equity
Foreign currency 
translation 
and other
Balance at 
31 December 
QAFCO
 873 
 (880) 1)
 8 
 - 
 8 
-
 (1)
-
-
Other
 97 
 2 
 12 
 - 
 12 
 (9)
-
 2 
 107 
Total
 970 
 (878)
 20 
 - 
 20 
 (9)
 (1)
 2 
 107 
1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by QAFCO, but refunded by Yara. Please see note 7.1 Other Business Initiative. 	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
2019
USD millions
Balance at 
1 January 
Investments / (sale, 
and asset held-for-sale), 
net and long-term loans
Yara's share of net 
income/ (loss)
Amortization, 
depreciation and 
write-down
Total share of net 
income in equity-
accounted investees
Dividends/
Repayment of 
capital
Posted 
directly 
in equity
Foreign currency 
translation 
and other
Balance at 
31 December 
QAFCO
 934 
 41 1)
 55 
 - 
 55 
 (158)
 - 
 - 
 873 2) 
Other
 93 
 2 
 10 
 - 
 10 
 (8)
-
 1 
 97 
Total
 1,027 
 44 
 65 
 - 
 65 
 (166)
-
 1 
 970 
1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by QAFCO, but refunded by Yara.
2) Included in the carrying amount is a USD 30 million accrual for income tax payable. Excluding the tax liability, the carrying amount is USD 903 million. 
Due to it being impractical to obtain financial report at the same reporting date as Yara uses, there is for some of the associated companies and joint ventures a lag of 1-3 months for the numbers included.
Ownership, sales and receivables/payables
Sales from investees to Yara Group was USD 23 million in 2020 compared to USD 22 million in 2019. The similar amounts for Yara’s current receivable/ (payable) net with investees was USD 3 million 
in 2020 and USD 1 million in 2019, respectively.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

153
Financial information
The following table sets forth summarized unaudited financial information of Yara’s associated companies and joint ventures based on a 100% combined basis. Yara’s share of these investments, which 
is also specified above, is accounted for using the equity method. QAFCO, LIFECO and others are all classified as associated companies. 
Financial position
31 December 2020
31 December 2019
USD millions (unaudited, 100% basis)
QAFCO
LIFECO
Other
QAFCO
LIFECO
Other
Cash and cash equivalents
 - 
 - 
 51 
 337 
 9 
 33 
Current assets excluding cash and cash equivalents
 - 
 - 
 211 
 480 
 112 
 195 
Non-current assets 
 - 
 - 
 138 
 3,162 
 95 
 121 
Current liabilities
 - 
 - 
 (146)
 (174)
 (311)
 (143)
Non-current liabilities
 - 
 - 
 (26)
 (137)
 - 
 (28)
Non-controlling interest
 - 
 - 
 - 
 (39)
 - 
 (1)
Net assets
 - 
 - 
 228 
 3,629 
 (95)
 177 
% Share of Yara
25%
50%
25%
50%
Yara's share of total equity 
 - 
 - 
 100 
 907 
 (48)
 92 
Reclassified to assets held-for-sale 
 - 
 - 
 - 
 - 
 - 
 - 
Tax effect of QAFCO 1)
 - 
 (34)
Losses not recognized by Yara 2) 
 - 
 - 
 - 
 - 
 48 
 - 
Goodwill and fair value adjustments 
 - 
 - 
 7 
 - 
 - 
 6 
Yara's share of total equity (carrying amount)
 - 
 - 
 107 
 873 
 - 
 97 
1) Tax effect is tax on profit attributable to Yara from QAFCO.The tax is paid by QAFCO, but refunded by Yara.	
	
	
	
	
	
	
	
	
	
2) Losses in excess of Yara’s interest in LIFECO.	
	
	
	
	
	
	
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

154
Income statement
The following income statement amounts are only covering the period for which Yara has been the owner. 
2020
2019
USD millions (unaudited, 100% basis)
QAFCO
LIFECO
Other
QAFCO
LIFECO
Other
Total operating revenues
 199 
 21 
 647 
 1,563 
 23 
 697 
Interest income
 1 
 - 
 1 
 43 
 - 
 - 
Depreciation, amortization & impairment loss
 (49)
 (47)
 10 
 (289)
 (48)
 (34)
Operating income
 40 
 (71)
 106 
 278 
 (72)
 105 
Interest expense
 (1)
 - 
 (2)
 (5)
 - 
 (3)
Income tax expense
 - 
 - 
 (6)
 - 
 - 
 (7)
Non-controlling interest
 1 
 - 
 (1)
 3 
 - 
 (1)
Net income (100%)
A
 38 
 (71)
 97 
 320 
 (72)
 94 
% Share of Yara
25%
50%
25%
50%
Yara's share of net income
 10 
 (36)
 80 
 (36)
Tax effect of Qafco 1)
 (3)
 (28)
Losses not recognized by Yara 2)
 - 
 36 
 - 
 36 
Yara Group elimination
 2 
 - 
 3 
 - 
Currency translation effects 3)
-
 - 
 - 
 - 
Yara's share of net income (as per books)
 8 
 - 
 12 
 55 
 - 
 9 
Net other comprehensive income that may be reclassified to profit and 
loss account in subsequent period
 - 
 - 
 - 
 - 
 - 
 - 
Net other comprehensive income that will not be reclassified to profit and 
loss account in subsequent period
 - 
 - 
 - 
 (4)
 - 
 - 
Total other comprehensive income, net of tax (100%)
B
 - 
 - 
 - 
 (4)
 - 
 - 
% Share of Yara
25%
50%
25%
50%
Yara's share of other comprehensive income, net of tax
 - 
 - 
 (1)
 - 
Total comprehensive income 
C = A+B
 38 
 (71)
 97 
 316 
 (72)
 94 
1) Tax effect is tax on profit attributable to Yara from QAFCO. The tax is paid by QAFCO, but refunded by Yara.
2) Losses in excess of Yara’s interest in LIFECO.
3)	 Certain financial information from equity-accounted investees is only collected once per year and translated at the average rate for the year. Deviations against figures reported and translated on a monthly basis can occur.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

155
4.4	‌Joint operations
Accounting principles
In a joint operation the parties have rights to the assets and obligations for the liabilities of the 
arrangement. The Group recognizes in relation to its interests in a joint operation: 
•	 Its assets, including its share of assets held jointly; 
•	 Its liabilities, including its share of any liabilities incurred jointly; 
•	 Its revenue from the sale of its share of the output arising from the joint operation; 
•	 Its share of the revenue from the sale of the output by the joint operation and; 
•	 Its expenses, including its share of any expenses incurred jointly. 
The Group accounts for these assets, liabilities, revenues and expenses in accordance with the 
applicable IFRSs. 
Yara has three investments that are classified as Joint operations:
Yara Pilbara Nitrates Pty Ltd
Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next to Yara’s ammonia plant 
in the Pilbara region of Australia. The plant has an annual production capacity of about 330.000 
metric tonnes of TAN and primarily supplies the mining operations in the region. The company is 
50% owned by Yara and 50% by Orica. The plant started production mid-year 2020 and has been 
ramping up towards nameplate capacity during 2nd half 2020.
Trinidad Nitrogen Co. Ltd. (Tringen)
Tringen owns an ammonia complex consisting of two separate ammonia plants which are managed 
and operated by Yara under a management and operating agreement. In addition, Yara provides 
marketing support through sales agency agreements. The two plants have an annual production 
capacity of about 1 million metric tonnes of ammonia which is mainly exported to other markets. 
Yara has a 49% ownership stake in Tringen, the remaining 51% of Tringen is owned by National 
Enterprises Limited, which is a publicly listed Company, in which the Government of the Republic of 
Trinidad and Tobago has majority shareholding. 
Yara Freeport LLC DBA Texas Ammonia
Yara and the BASF Group have constructed an ammonia plant at BASF’s site in Freeport, Texas, 
US. Commercial operations commenced in 2018. BASF manages and operates the plant. The plant 
has an annual nameplate production capacity of about 750.000 metric tonnes of ammonia and 
each party off-takes ammonia from the plant in accordance with their ownership share. The compa­
ny is 68% owned by Yara and 32% by BASF. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

156
The following table shows the effect of consolidating joint operations on Yara’s financial statements. The table is based on unaudited financial information of Yara’s joint operations based on their 
IFRS financial statements. 
Financial position
31 December 2020
31 December 2019
USD millions (unaudited)
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara's share of 
consolidated 
Joint operations
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara's share of 
consolidated 
Joint operations
Assets
Deferred tax assets 
34 
- 
- 
34 
27 
- 
- 
27 
Property, plant and equipment
398 
72 
267 
736 
370 
76 
283 
729 
Right-of-use asset
4 
- 
4 
8 
1 
- 
4 
5 
Other Non-current assets 
- 
1 
1 
2 
- 
1 
2 
3 
Total Non-current assets
435 
73 
272 
780 
399 
77 
288 
764 
Inventories
5 
13 
2 
20 
3 
13 
3 
18 
External trade receivables 
1 
-
13 
8 
- 
- 
11 
11 
Internal trade receivables
- 
-
- 
6 
- 
6 
- 
6 
Prepaid expenses and other current assets 
1 
12 
1 
14 
4 
12 
1 
17 
Cash and cash equivalents 
1 
7 
17 
25 
10 
7 
15 
32 
Total Current assets 
8 
32 
33 
73 
17 
38 
31 
85 
Total assets
443 
105 
305 
853 
416 
115 
319 
850 
Total equity 
173 
45 
289 
507 
156 
55 
304 
515 
,
Liabilities
Employee benefits
- 
11 
- 
11 
- 
12 
- 
12 
Deferred tax liabilities 
- 
2 
- 
2 
- 
7 
- 
7 
Other long-term liabilities
45 
- 
- 
45 
46 
- 
- 
46 
Long-term provisions
45 
- 
- 
45 
25 
- 
- 
25 
External long-term interest-bearing debt
4 
7 
4 
15 
- 
8 
4 
12 
Internal long-term interest-bearing debt
162 
- 
- 
162 
162 
- 
- 
162 
Total non-current liabilities
256 
20 
4 
280 
233 
27 
4 
264 
External trade and other payables
11 
14 
10 
35 
24 
17 
11 
51 
Internal trade and other payables
1 
2 
- 
3 
1 
2 
- 
3 
Current tax liabilities 
- 
- 
- 
- 
1 
- 
- 
1 
Short-term provisions
2 
- 
- 
2 
1 
- 
- 
1 
Other short-term liabilities 
- 
3 
3 
6 
- 
2 
- 
2 
Bank loans and other short-term interest-bearing debt
- 
20 
- 
20 
- 
12 
- 
12 
Total current liabilities
15 
39 
13 
67 
27 
33 
11 
71 
Total equity and liabilities
443 
105 
305 
853 
416 
115 
319 
850 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

157
Income statement 
 2020
2019
USD millions (unaudited)
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara's share of 
consolidated 
Joint operations
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara's share of 
consolidated 
Joint operations
Revenue and other income
30 
77 
139 
246 
7 
79 
145 
231 
Operating costs and expenses
(57)
(91)
(134)
(282)
(46)
(75)
(134)
(255)
Operating income/(loss)
(27)
(14)
5 
(36)
(39)
4 
11 
(24)
Income before tax
(33)
(15)
5 
(43)
(49)
2 
11 
(36)
Income tax expense
8 
5 
- 
13 
8 
(1)
- 
7 
Net income
(25)
(10)
5 
(30)
(41)
1 
34 
(7)
4.5	‌Leases
Accounting policies
IFRS 16 defines a lease as a contract that conveys the right to control the use of an identified asset 
for a period of time in exchange for consideration. For each contract that meets this definition, IFRS 
16 requires lessees to recognize a right-of-use asset and a lease liability in the balance sheet with 
certain exemptions for short-term and low value leases. Lease payments are to be reflected as 
interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depre­
ciated over the shorter of the lease term and the assets’ useful life. The portion of lease payments 
representing payments of lease liabilities shall be classified as cash flows used in financing activi­
ties in the statement of cash flows. Payments for short-term leases, low value assets and variable 
amounts not included in the measurement of the lease liability shall be classified within operating 
activities. Yara also classify payment of interest within operating activities.
 
Yara has taken advantage of the accounting policy choice in IFRS 16 to not apply the standard to 
leases of intangible assets. This means that leases of intangible assets are accounted for by apply­
ing IAS 38 Intangible assets, as before.
Significant lease liabilities for the Group comprise of leases of land, vessels, product storage assets 
(warehouses, terminals etc.), office buildings and other buildings. Other, less significant leases in 
Yara comprise of transportation and logistics assets, machinery and equipment, employee cars, 
IT infrastructure and office equipment. Yara has applied different accounting policies to different 
assets as follows:
•	 Yara expenses services and other non-lease components embedded in lease contracts for land, 
vessels, product storage assets, office buildings and other buildings. For leases of other assets, 
Yara capitalizes non-lease components subject to fixed payments as part of the lease. 
•	 Yara expenses short-term leases of machinery, office equipment and other equipment in accor­
dance with the general short-term exemption in IFRS 16. 
•	 Yara expenses low value leases of office equipment and other equipment in accordance with 
the general low value exemption in IFRS 16.
Lease terms are determined by including extension and termination options which are reasonably 
certain to be exercised. Yara strives to consider all relevant facts and circumstances that create an 
economic incentive for Yara to exercise such options. However, use of significant judgement may be 
needed.
Yara discounts the lease liability by using incremental borrowing rates. However, the interest rate 
implicit in the lease may be used for selected lease arrangements which are material on Group level 
and if the rate can be readily determined. The incremental borrowing rates are updated on a quar­
terly basis and are determined for all relevant currencies and lease terms taking into account the risk 
free rate, Yara’s credit risk premium, local unit risk premium above Yara country risk premium and 
asset risk premium. Updated incremental borrowing rates are applied to new lease arrangements 
recognized during that quarter, as well as for modifications of existing leases.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

158
Right-of-use assets
USD millions
Land
Vessels
Buildings
Product 
storage
Transportation 
& logistics
Other 
assets
Total
 Carrying value 
 Balance ROU assets at 1 January 2019 
 123 
 20 
 99 
 85 
 55 
 63 
 447 
 Additions and lease modifications 
 30 
 22 
 12 
 13 
 31 
 6 
 114 
 Depreciation 
 (7)
 (11)
 (20)
 (30)
 (26)
 (17)
 (111)
 Impairment 
 (17)
 - 
 - 
 - 
 - 
 - 
 (17)
 Foreign currency translation gain/(loss) 
 (1)
 - 
 (2)
 - 
 (1)
 (1)
 (4)
 Balance at 31 December 2019 
 129 
 31 
 89 
 69 
 59 
 50 
 428 
 Additions and lease modifications 
 - 
 18 
 27 
 34 
 20 
 23 
 121 
 Depreciation 
 (7)
 (21)
 (23)
 (32)
 (25)
 (20)
 (129)
 Impairment 
 (1)
 - 
 - 
 - 
 - 
 - 
 (1)
 Foreign currency translation gain/(loss) 
 5 
 1 
 2 
 1 
 1 
 1 
 11 
 Balance at 31 December 2020 
 125 
 28 
 96 
 72 
 55 
 54 
 430 
Lease liabilities	
	
	
	
USD millions
Long-term
Short-term
Total
 Carrying value 
 Balance lease obligations at 1 January 2019 
 344 
 88 
 432 
 Additions and lease modifications 
 116 
 - 
 116 
 Reclassification to short-term 	
	
	
	
 (119)
 119 
 - 
 Lease payments 
 - 
 (108)
 (108)
 Foreign currency translation gain/(loss) 
 (4)
 - 
 (4)
 Balance at 31 December 2019 
 337 
 98 
 435 
 Additions and lease modifications 
 120 
 (3)
 117 
 Reclassification to short-term 	
	
	
	
 (136)
 136 
 - 
 Lease payments 
 - 
 (122)
 (122)
 Foreign currency translation gain/(loss) 
 13 
 2 
 15 
 Balance at 31 December 2020 
 335 
 111 
 446 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

159
Interest expense on lease liabilities in the period amounts to USD 15 million (2019: USD 15 million).
Yara was not committed to any material lease arrangements not yet commenced as of 31 Decem­
ber 2020. 
There are no material restrictions or covenants imposed by leases.
Yara was not granted any significant rent concessions during 2020 as a direct consequence of the 
Covid-19 pandemic.	
Maturity analysis of contractual undiscounted cash flows	
	
	
	
USD millions
2020
 2021
 128 
 2022
 83 
 2023
 57 
 2024
 41 
 2025
 29 
 Thereafter 
 286 
 Total undiscounted lease liabilities at 31 December 2020 
 623 
Leases expensed in the period
USD millions
2020
2019
Expenses relating to variable fee leases not included in the 
measurement of lease liabilities 
 19 
 21 
Expenses relating to short-term leases 
 30 
 43 
Expenses relating to leased assets of low value, excluding 
short-term leases 
 1 
 3 
Total leases expensed 
 50 
 67 
Cash outflows in the period
USD millions
2020
2019
 Principal payments on recognized lease liabilities 
 122 
 108 
 Interest payments on recognized lease liabilities 
 14 
 13 
 Payments on leases expensed in the period 
 49 
 66 
 Total cash outflows for leases 
 186 
 187 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

160
4.6	‌Other non-current assets 
Accounting policies 
Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently 
they are measured at amortized cost using the effective interest method. Short-term items are 
normally not discounted.
On other receivables, loans and deposits, Yara records 12-months expected credit losses if there 
has not been any significant increase in credit risk since initial recognition (the general approach). If 
there has been a significant increase in credit risk, lifetime expected credit losses is recorded. The 
12-months expected credit losses reflect losses from default events that are possible within the next 
12 months. They are calculated as the Probability of Default based on the credit rating of different 
counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a significant 
increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the 
specific receivable, loan or deposit will be recognized based on an individual assessment. The credit 
risk has normally increased significantly when a receivable is defaulted. 
A receivable is considered to be in default when it is overdue and enforcement activities have 
started. If there is a reasonable expectation that enforcement activities will not lead to recovery, 
the receivable is credit impaired. The receivable is written off when enforcement activities lead to 
objective evidence of the receivable being irrecoverable.
Yara’s expected credit losses on other receivables, loans and deposits are limited. As a result, 
disclosures are reduced due to materiality. 
USD millions
Notes
2020
2019
Financial assets: 
 
 
 
Equity instruments
6.1, 6.3
18
19
Interest rate swaps designated as hedging instrument
 
11
-
Cross currency swaps
 
4
-
Receivables and deposits
6.3
5
4
Expected credit loss on long-term loans and receivables
 
(1)
(1)
Total financial instruments
 
38
23
Non-financial assets:
 
 
 
Prepayments for long-term employee obligations
5.4
75
57
Prepayment for property, plant and equipment
 
33
43
Other non-financial assets
6.3
97
78
Tax and VAT receivables
 
137
213
Total non-financial assets
 
342
391
Total
 
380
414
Long-term VAT receivables in Brazil
At year-end 2020, Yara has recognized USD 125 million of tax credits related to value added taxes 
in Brazil (2019: USD 213 million). This is included in the line “Tax and VAT receivables” in the table 
above. The Brazilian tax system is highly complex. There are a number of taxes by Federal, State 
and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such 
as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. PIS/COFINS are 
charged over gross revenues, with a rate of 1.65% and 7.6%. However, fertilizer sales have a PIS/CO­
FINS tax rate of zero. Yara accumulates credits over the acquisition of inputs and other costs (mainly 
bags, services and freights). These accumulated credits can be used to offset other federal taxes in 
many circumstances and projections indicate these will be consumed in the operation and/or refunded 
by the tax authorities in the following years, without any need of accounting adjustments.
The general rates for ICMS are 18%, 17%, 12%, 7% and 4%, but a temporary benefit granted for 
fertilizers and other industries reduces these rates to 0% on internal operations within most of the 
States and to 4.90% or 8.4% on interstate operations. The current legislation results in accumula­
tion of ICMS tax credits in a number of States. Yara maintains a provision for expected discounts/
losses where these credits are not expected to be realized in full through normal operations. The 
provision is USD 19 million at year-end 2020 (2019: USD 20 million).
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

161
4.7	‌Impairment on non-current assets
Accounting policies
Cash-generating units (CGUs) to which goodwill has been allocated are tested for impairment annu­
ally, or more frequently when there is an indication that the unit may be impaired. Any impairment 
loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU, and then to 
the CGUs’ other assets on a pro rata basis of the carrying amounts. An impairment loss recognized 
for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable 
amount of goodwill is included in the determination of the gain or loss on disposal.
Non-current assets other than goodwill are tested for impairment whenever events or changes in 
circumstances indicate that such carrying amounts may not be recoverable. Indications that could 
trigger an impairment test include for instance:
• Significant underperformance relative to historical or projected future results 
• Significant changes in the Group’s use of the assets or the strategy for the overall business 
• Significant negative industry or economic trends 
An impairment loss is recognized to the extent that the assets’ carrying value exceeds its recov­
erable amount. The recoverable amount is the higher of an asset’s fair value less cost to sell and 
value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels 
for which there are separately identifiable cash inflows which are largely independent of the cash 
inflows from other assets or groups of assets (CGUs). In assessing value in use, the estimated future 
cash flows are discounted to their present value using a pre-tax discount rate.
Previously recognized impairment losses, except for impaired goodwill, are reversed if the assump­
tions for impairment are no longer present. Impairment losses are only reversed to the extent that 
the asset’s carrying value does not exceed the carrying value that would have been determined, net 
of depreciation, if no impairment had been recognized. 
Recognized impairment loss
USD millions
2020
2019
Asset class
Goodwill
(12)
(3)
Other intangible assets
(3)
- 
Property, plant and equipment
(29)
(26)
Right-of-use assets
(1)
(17)
Total impairment of non-current assets
(46)
(46)
Reversal of impairment of non-current assets
1 
3 
Net impairment loss
(46)
(43)
USD millions
2020
2019
Segment split 1) 
Europe
(25)
(27)
Americas
(3)
(13)
Africa & Asia
(2)
(3)
Global Plants & Operational Excellence
- 
- 
Industrial Solutions
(1)
- 
Other and Eliminations
(15)
- 
Net impairment loss
(46)
(43)

1)	 2019 figures are restated in accordance with the new regional segment structure. Yara total figures remain unchanged. 
In 2020, Yara moved to a regional organizational structure. Yara’s operations comprise of five 
operating segments;  Europe, Americas, Africa & Asia, Global Plants & Operational Excellence 
and Industrial Solutions. Goodwill allocated to CGUs or group of CGUs impacted by the reorga­
nization has been reallocated to reflect the lowest level at which goodwill is now monitored for 
internal management purposes. The reallocation of goodwill is considered to have no impact on 
recognized impairments or reversal of impairments. 
Impairment charges in 2020
Impairment of property, plant and equipment is mainly related to an additional impairment on the 
Montoir plant in France with USD 22 million. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

162
Impairment charges in 2019
Total impairment charges in 2019 was USD 46 million of which 27 million is related to Montoir 
plant in France. 
Impairment testing 
The mandatory impairment testing of CGUs or group of CGUs with allocated goodwill or assets 
with indefinite useful life are carried out during third quarter each year. Yara has also performed 
testing of other CGUs or individual assets with various impairment indicators. The recoverable 
amounts for units with allocated goodwill have been determined based on “value-in-use”. 
Main assumptions 
Discount rate 
Discount rates used in the calculation of value-in-use reflect the current market assessment of 
the risks specific to each cash generating unit. The discount rates were estimated based on the 
weighted average cost of capital for the industry. This rate was further adjusted to reflect the 
currency in which the CGU operates and market assessments of any risk specific to the CGU for 
which future estimates of cash flows have not been adjusted. 
	
Currency rates and inflation 
The value-in-use calculation is performed in the most relevant currency for the CGU. When 
converting foreign currency cash flows to the testing currency, Yara uses the forecasted annual 
average rates estimated by IHS based on the “purchasing power parity” (PPP) principle. The pro­
jections include long-term inflation (CPI) in which each CGU is located.
 
Risk and uncertainties
To account for specific risk factors and uncertainties for specific CGUs such as climate risk, a sce­
nario-based approach has been used in the impairment testing where relevant. The scenarios are 
weighted with a probability to arrive at a value-in-use. 
Assumptions relevant for production assets
The valuations of production assets are based on Yara’s long-term commodity and energy price 
forecasts. Due to the cyclicality of the fertilizer industry, Yara includes cash flow projections for a 
longer period than five years. Despite a relatively steady growth in market demand, history shows 
that there are periods with oversupply. Yara’s internal commodity forecasts reflect its assessment 
of the supply/demand balance in the short to medium term. After a period of maximum eight 
years, all the main commodity sales price assumptions reflect an annual nominal growth that is 
not exceeding the relevant inflation rates. The main assumptions for the impairment testing are:
•	 Fertilizer prices 
	
The urea price is the most important assumption when testing nitrogen fertilizer plants for 
impairment, as urea is the global price setter for commodity nitrogen. Yara’s nitrate and NPK 
prices are estimated using urea as the base adding the estimated premiums on top of the com­
modity value of the nutrient. These premiums reflect an agronomic value-add of the products, 
and the estimated premiums for each plant are based on historically achieved premiums above 
the Yara average premium in main markets. For both NPK and nitrates, internally developed 
forecasts are used since there are no active forward markets for these products. External mar­
ket intelligence reports are used as one of many input factors. 
• 	 Ammonia prices 
	
For a number of Yara’s plants, the ammonia price is a key assumption for calculating the value-
in-use. Some plants are net buyers of ammonia, in which case increased ammonia prices has 
a negative impact on earnings while other plants are net sellers of ammonia and these plants 
will benefit from higher ammonia prices. Internally developed price forecasts are used since 
there is no active forward market for ammonia. External market intelligence reports are used 
as one of many input factors. 
•	 Natural gas purchase prices 
	
Natural gas is the most important cost factor for several of Yara’s production plants. Yara 
maximizes the use of observable gas market input for the purpose of impairment testing. For 
certain regions, where no liquid market for natural gas exists, Yara prepares internal forecasts 
based on the expected supply/demand balance. 
•	 Production reliability 
	
Production reliability is important for the plants’ profitability as this impacts both the production 
volume and the energy consumption factor (energy per ton produced). The reliability assump­
tion is plant specific, taking into consideration the historical experienced reliability and imple­
mented improvement initiatives.
 
•	 Capital expenditures 
	
Ammonia and finished fertilizer plants require significant maintenance investments. The es­
timated amounts reflect past experience and plant specific knowledge. To the best of man­
agement’s judgment, estimated capital expenditures do not include capital expenditures that 
enhance the current performance of assets and related cash flows have been treated consis­
tently. 
Assumptions relevant for sales units
Sales units within each regional segment market and distribute a complete range of crop nutrition 
products, technologies and knowledge. Industrial Solutions develops and market environmental 
solutions and essential products for industrial applications. These units are able to create value over 
and above the commodity value of the product. Management forecasts for market premiums are 
not exceeding five years with the first year derived from the CGU’s business plan. After a period 
of five years, Yara uses a steady growth rate that is not exceeding the growth for the products, 
industry or countries in which the CGUs operate. The growth rate is maximum 2% (nominal) after 
year five.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Yara International ASA
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‌CEO of Yara International ASA
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163
Cash generating units with goodwill	
	
	
	
Goodwill acquired through business combinations has been reallocated to new CGUs in accordance with the new regional structure, presented together with the applicable discount rates used for the 
impairment testing:	
	
	
	
Goodwill
Discount rate pre-tax
USD millions
Segment
2020
2019
2020
2019
Belle Plaine (Canada)
Americas
292 
285 
6.1%
8.4%
Region Europe
Europe
170 
159 
6.6%
Pilbara Ammonia (Australia)
Africa & Asia
111 
111 
6.3%
8.5%
Brazil
Americas
63 
81 
10.1%
14.2%
Ammonia Trade (Switzerland)
Global Plants
55 
55 
5.7%
7.4%
Region Americas
Americas
47 
47 
7.9%
India
Africa & Asia
33 
34 
8.9%
11.1%
Environmental Solutions Maritime
Industrial Solutions
19 
18 
6.1%
7.8%
Latin America
Americas
16 
17 
11.1%
16.8%
Region Industrial Solutions
Industrial Solutions
14 
13 
7.1%
Other
Various
11 
23 
Total 1) 
831 
844 
Sensitivities for main CGUs with allocated goodwill
Belle Plaine (Canada)
The CGU Belle Plaine comprises fertilizer production and its sales and distribution activity. The 
production site has an ammonia plant, a nitric acid plant and a urea granulation plant, with annual 
production capacity of 0.7 million tonnes ammonia, 0.1 million tonnes nitric acid, 1.1 million tonnes 
urea and 0.2 million tonnes UAN. The majority of the ammonia and nitric acid produced is used 
in the production of UAN and granular urea, but some of the ammonia is sold for agricultural 
purposes during peak ammonia seasons. The CGU’s value-in-use is significantly higher than the 
carrying amount. No reasonable possible change in any of the key assumptions would cause the 
unit’s recoverable amount to be lower than the carrying value.
Region Europe
The operating segment covers all operations such as production, sales and distribution in the 
Europe region. More information about the segment is provided in note 2.3. The EU Green Deal 
most likely represents both risks and opportunities for region Europe. To reflect this, the region 
has used probability weighted scenarios. The same principle has been used for assets or CGUs 
within the region that have been tested separately due to impairment indicators. This includes the 
production assets in Italy and the Tertre plant in Belgium that are described in the section “Sensi­
tivities for main assets or CGUs with no allocated goodwill” below.
The group of CGU’s value-in-use is significantly higher than the carrying amount. No reasonable 
possible change in any of the key assumptions would cause the unit’s recoverable amount to be 
lower than the carrying value.
Pilbara Ammonia (Australia)
This is an ammonia plant located in Western Australia with an annual production capacity of 
approximately 0.8 million tonnes. The CGU has a carrying value of USD 916 million and a value-
in-use that is 65% higher. Key assumptions for the testing are the ammonia price, the natural gas 
cost and the discount rate. An isolated reduction to the ammonia price of 12% for all years, an 
isolated increase to the forecasted gas cost of 25% and an isolated increase to the discount rate 
of 3% points would reduce the headroom to nil. 
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
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Brazil 
The CGU Business unit Brazil covers several aspects of fertilizer production and distribution, 
including phosphate mining, production of Single Super Phosphate (SSP) as well as blending 
and distribution of fertilizers, delivering approximately 9 million tonnes of fertilizers and covering 
approximately one fourth of the Brazilian market demand. The main production and blending 
assets comprised by the CGU are the Salitre plant under construction and the Rio Grande plant. 
After finalization of the construction, the Salitre plant, including the mine, will have an annual 
production capacity of approximately 1–1.2 million tonnes of phosphate rock and 1 million tonnes 
of finished fertilizer (SSP equivalents), in addition to a blending capacity of approximately 1 million 
tonnes. Currently, the Rio Grande plant has a production capacity of 0.8 million tonnes of finished 
fertilizer (NPK and SSP depending on market demand), in addition to a blending capacity of ap­
proximately 1.6 million tonnes. However, there is an ongoing expansion project at the Rio Grande 
plant, which is expected to be finalized during the first half of 2021. After finalization of the 
expansion project, the Rio Grande plant will have an annual production capacity of approximately 
1.1 million tonnes of finished fertilizer (NPK and SSP depending on market demand), in addition to 
a blending capacity of approximately 2.2 million tonnes.
 
The CGU’s value-in-use is significantly higher than the carrying amount. No reasonable possible 
change in any of the key assumptions would cause the unit’s recoverable amount to be lower than 
the carrying value.
Ammonia Trade (Switzerland)
The global ammonia trade and supply unit is supplying and/or off-taking the necessary ammo­
nia volumes for Yara’s production plants. The CGU also includes five Yara owned LPG carriers. 
The CGU’s value-in-use is significantly higher than the carrying amount. No reasonable possible 
change in any of the key assumptions would cause the unit’s recoverable amount to be lower than 
the carrying value.
Region Americas
The operating segment covers all operations such as production, sales and distribution in Americas 
region. More information about the segment is provided in note 2.3. The group of CGUs has a car­
rying value of USD 3,929 million and a value in use that is 56% higher. The business plan for 2021 
is the most important input factor, together with the discount rate and the annual growth rate. An 
isolated reduction to the estimated EBITDA of 18% for all years, an isolated reduction to the growth 
rate after year five of 3% points (down from 2%) and an isolated increase to the discount rate of 
2.5% points would reduce the headroom to nil. 
India
The CGU comprises a urea plant with the related urea distribution business and premium product 
sales. The plant produces 0.7 million tonnes ammonia and 1.3 million tonnes urea. 
The CGU has a carrying amount of USD 433 million and a value-in-use that is 52% higher. The 
premium product sales growth is the most important assumption together with the discount rate. 
The premium product sales growth is estimated for the first five years and a terminal growth of 
2% has been used in the valuation model. Should the estimated premium product sales growth 
not materialize, and the growth from 2021 only be 2%, it would trigger an impairment of approx­
imately USD 60 million. An isolated increase to the post-tax discount rate of 3% points would 
reduce the headroom to nil.
Latin America 
Business unit Latin America comprises 13 blending units with a total capacity of around 2 million 
tonnes, and a distribution network that includes Mexico, Guatemala, Costa Rica, Panama, Co­
lombia, Ecuador, Peru, Bolivia, Chile and Argentina. The production facility in Cartagena has one 
ammonia plant, three nitric acid plants, one NPK plant, three ammonium nitrate solution units 
and one calcium nitrate plant. 
The CGU has a carrying amount of USD 461 million and a value-in-use that is 95% higher. The 
business plan for 2021 is the most important input factor, together with the discount rate and the 
annual growth rate. An isolated reduction to the estimated EBITDA during the projected period 
of 15%, a reduction to the terminal growth rate after year five of 5% points (down from 2%) or an 
increase to the post-tax discount rate of 3% points would reduce the headroom to nil.
Sensitivities for main CGUs with no allocated goodwill 
Yara has performed testing of several CGUs with impairment indicators. The impairments recog­
nized during 2020 are explained above.
Some of the CGUs that were tested based on impairment indicators presented low headroom 
between the recoverable value, calculated based on value-in-use, and their carrying values. The 
main CGUs that are sensitive are described below: 
Yara Pilbara Nitrates  
The joint operation Yara Pilbara Nitrates owns a TAN plant in Australia. Carrying value of the CGU 
is USD 382 million, representing Yara’s 50% ownership stake. The plant commenced operations 
in 2020 after being down for a longer time to carry out rectification works. The key assumptions 
are the TAN margin above ammonia cost, which is estimated for the TAN market in Western 
Australia, and the discount rate (8% on pre-tax basis). An individual reduction to the margin above 
ammonia cost of 10% would trigger an additional impairment of USD 80 million. An increase in 
the post-tax discount rate of 1% point would trigger an additional impairment of USD 52 million.
Italy 
Italy comprises two production sites, with an annual production capacity of 0.6 million tonnes am­
monia, 0.4 million tonnes nitrates, 0.6 million tonnes urea and 0.4 million tonnes NPK. The CGU 
has a carrying value of USD 219 million. The projected fertilizer prices, natural gas purchase price 
and the discount rate (9.9% on pre-tax basis) are the key assumptions An individual reduction to 
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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the fertilizer prices of 10% for all years would trigger an additional impairment of USD 147 million. 
An increase in the natural gas purchase price of 10% would trigger an additional impairment of 
USD 147 million. An increase in the discount rate of 1% point would trigger an additional impair­
ment of USD 1 million. 
Tertre
Yara’s production site in Tertre, Belgium comprises one ammonia plant, one nitric acid plant 
and one nitrates plant, with an annual production capacity of 0.4 million tonnes ammonia, 0.7 
million tonnes nitric acid and 1 million tonnes nitrates. The majority of the ammonia and nitric acid 
produced is used in the production of nitrates, which are sold to various European markets. The 
CGU has a carrying amount of USD 259 million. The key assumptions for the testing are the urea 
price, the natural gas cost and the discount rate (6.8% on pre-tax basis). An individual reduction 
to the urea price of 10% for all years would trigger an additional impairment of USD 224 million. 
An increase in the natural gas purchase price of 10% would trigger an additional impairment of 
USD 133 million. An increase in the discount rate of 1% point would trigger an additional impair­
ment of USD 47 million. 
Yara Dallol (Ethiopia)
The company is developing a potash resource in Dallol in the Danakil Depression of Ethiopia. In 
2015, Yara announced that an independent study identified an annual production of 0.6 million 
tonnes sulphate of potash (SOP) over 23 years from the reserves. Yara signed a mining agree­
ment with the Ethiopian authorities in 2017. The CGU has a carrying amount of USD 220 million. 
The cash inflow for this project starts several years into the future and there are multiple uncer­
tainties related to the project’s profitability, financing, and necessary governmental permits and 
agreements. The project is currently on hold, while working on a structural solution for the next 
stage of development of the project. Negative impacts on any of the above risks or failure to en­
sure a structural solution, could result in a decision to stop the project, and a resulting impairment 
loss. 
Future potential reversals of impairment 
Yara has recognized impairment losses on several CGUs over time. These impairments will be re­
versed, fully or partly, when and if the situation improves and the recoverable value is determined 
to be higher than the carrying amount. The increased carrying amount cannot exceed the carrying 
amount that would have been determined (net of amortization or depreciation) had no impairment 
loss been recognized in prior periods. A large portion of the historical impairments is related to the 
plants in Montoir (France). Upon improvement on the key conditions for reversals such as increase 
in fertilizer prices and stable production in the plants, the maximum amount of potential reversal 
at year-end 2020 would be USD 102 million. 
4.8	‌Committed future investments
USD millions
Investments 
2021
Investments 
Thereafter
Investments 
Total
Contract commitments for investments in property, 
plant and equipment
285 
13 
298 
Contract commitments for other future investments
6 
29 
35 
Contract commitments for acquisition or own 
generated intangible assets
24 
33 
57 
Total
315 
75 
390 
Yara has publicly communicated committed total investments of USD 1.3 billion in 2021 which 
corresponds to investments that passed decision gate that commits fund but for which external 
contracts are not necessarily signed. USD 101 million of these investments are included as con­
tractual commitments in the table above.
There is no material amount to disclose for commitments related to equity-accounted investees, 
following the sale of QAFCO in 2020.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Yara International ASA
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166
5	‌Equity and liabilities
5.1	 ‌Share information
The Annual General Meeting in May 2020 approved a dividend for 2019 of NOK 4,045 million 
(NOK 15.00 per share), which was paid out during second quarter 2020 (USD 401 million).
The Extraordinary General Meeting in November 2020 approved an additional dividend of NOK 
4,766 million (NOK 18.00 per share), which was paid out during fourth quarter 2020 (USD 525 
million).
On 7 May 2020, the Annual General Meeting authorized the Board of Directors to acquire up to 
13,406,611 shares in the open market and from the Norwegian State. Shares may be purchased 
within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently cancelled. 
Yara has renewed its agreement with the Norwegian State according to which the State’s shares 
will be redeemed on a pro-rata basis to ensure the State’s ownership is unchanged in the event of 
a cancellation of shares bought back. 
During 2020, Yara has purchased 5,131,128 own shares under the 2020 buy-back program for a 
total consideration of NOK 1,823 million (USD 201 million). These shares will be cancelled at the 
next Annual General Meeting to be held in May 2021. Pursuant to the agreement with the Nor­
wegian State, total equity attributable to the shareholders of the parent has been reduced with an 
additional NOK 982 million (USD 109 million) for the commitment to redeem 2,912,838 shares 
from the Norwegian State.
Under the 2019 buy-back program, Yara purchased 1,362,013 own shares in 2020 for a total 
consideration of NOK 496 million (USD 51 million) and 1,362,013 own shares in 2019 for a total 
consideration of NOK 486 million (USD 53 million). These shares were cancelled at the Annual 
General Meeting on 7 May 2020. Pursuant to the agreement with the Norwegian State, total 
equity attributable to the shareholders of the parent was reduced with an additional NOK 555 
million (USD 59 million) for the redemption of 1,546,374 from the Norwegian State.
When own shares are repurchased the amount of consideration paid, including directly attrib­
utable costs, is recognized as a change in equity. Repurchased shares are classified as treasury 
shares and presented as a deduction from total equity. Gain/loss from the sale of own shares is 
recognized as a change in equity.
Yara has one class of shares, all with equal voting rights and the right to receive dividends. 
USD millions
Ordinary shares
Own shares
Number of 
shares 
outstanding
Total at 31 December 2018
273,217,830 
(520,000)
272,697,830 
Redeemed shares Norwegian State 1)
(295,193)
- 
(295,193)
Shares cancelled 1)
(520,000)
520,000 
- 
Treasury shares - share buy-back program 1)
(1,362,013)
(1,362,013)
Total at 31 December 2019
272,402,637 
(1,362,013)
271,040,624 
Treasury shares - share buy-back program 1)
(1,362,013)
(1,362,013)
Redeemed shares Norwegian State 2)
(1,546,374)
(1,546,374)
Shares cancelled 2)
(2,724,026)
2,724,026 
- 
Treasury shares - share buy-back program 2)
(5,131,128)
(5,131,128)
Total at 31 December 2020
268,132,237 
(5,131,128)
263,001,109 
1) As approved by the General Meeting 7 May 2019.
2) As approved by the General Meeting 7 May 2020.
Yara Integrated Report 2020
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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5.2	‌Non-controlling interests
Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling interests is set out below.	
	
	
	
	
	
	
	
2020
USD millions
Total at 
1 January
Share 
of profit
Dividend 
distributed
Disposals
Share capital 
increase
Foreign currency 
translation
Total at 
31 December 
Yara Dallol B.V.
 67 
 (1)
 - 
 - 
 1 
 - 
 67 
Other
 13 
 - 
 (1)
 - 
 - 
 - 
 12 
Total
 79 
 (1)
 (1)
 - 
 1 
 - 
 79 
2019
USD millions
Total at 
1 January
Share 
of profit
Dividend 
distributed
Disposals
Share capital 
increase
Foreign currency 
translation
Total at 
31 December 
GICS Indústria, Comércio e Serviços S.A. 1)
 148 
 (9)
 - 
 (139)
 - 
 - 
 - 
Yara Dallol B.V.
 69 
 (2)
 - 
 - 
 - 
 - 
 67 
Other
 10 
 1 
 (2)
 2 
 - 
 - 
 13 
Total
 227 
 (10)
 (2)
(137)
 - 
 - 
 79 
1)	 On 10 July 2019, Yara acquired their 40% interest GICS Indústria, Comércio e Serviços S.A.
Place of incorporation and percentage of non-controlling interests
Company name
Place of incorporation
Percentage non-controlling interests 1) 2020
Percentage non-controlling interests 1) 2019
Yara Dallol B.V.
The Netherlands 2)
41.40% 3)
41.83%
1) Equals voting rights.
2) Place of operations is Ethiopia. 
3) The ownership percentage of non-controlling interests is reduced by 0.433 percentage points in 2020 (2019: 4.06 percentage points).
Restrictions and other information related to significant non-controlling interests
The shareholders in Yara Dallol have agreed that no dividends shall be distributed from the company before the start of production. After that, the company shall pay out as much as permitted by applicable 
law and possible restrictions in future financing agreements. At 31 December 2020, Yara Dallol held USD 1.4 million in cash and cash equivalents (2019: USD 3 million).
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Yara International ASA
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Financial position for companies with significant non-controlling interests
USD millions
2020
Yara Dallol
2019
Yara Dallol
Current Assets
 3 
 5 
Non-current assets
 231 
 227 
Current liabilities
 (5)
 (12)
Non-current liabilities
 (30)
 (25)
Equity attributable to owners of the company
 (131)
 (129)
Non-controlling interests
 (67)
 (67)
Income statement for companies with significant non-controlling interests
USD millions
2020
Yara Dallol
2019
Yara Dallol
Total operating revenues and other income
 - 
 - 
Expenses
 (1)
 (5)
Net income/(loss)
 (2)
 (5)
Net income attributable to shareholders of the parent 
 (1)
 (3)
Net income attributable to non-controlling interests
 (1)
 (2)
Net income/(loss)
 (2)
 (5)
Other comprehensive income attributable to shareholders of the parent
 - 
 - 
Other comprehensive income attributable to non-controlling interests
 - 
 - 
Other comprehensive income/(loss) for the year
 - 
 - 
Total comprehensive income attributable to shareholders of the parent
 (1)
 (3)
Total comprehensive income attributable to non-controlling interests
 (1)
 (2)
Total comprehensive income/(loss) for the year
 (2)
 (5)
Net cash inflow/(outflow) from operating activities
 (6)
 (1)
Net cash inflow/(outflow) from investing activities
 1 
 (15)
Net cash inflow/(outflow) from financing activities
 4 
 14 
Net cash inflow/(outflow)
 (1)
 (2)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Yara International ASA
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169
5.3	‌Interest-bearing debt
Accounting policies
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the effective interest method. 
Specification
Long-term interest-bearing debt
Denominated amounts 2020
Carrying Values
USD millions, except percentages and denominated amounts
Notes
Maturity
Weighted average 
interest rates
Currency 
Millions
USD Millions
2020
2019
NOK (Coupon 2.55%) 
6.1
2021
2.6%
 700 
 82 
 83 
 79 
NOK (Coupon NIBOR + 0.75%) 
6.1
2022
1.1%
 1,250 
 147 
 147 
 142 
SEK (Coupon STIBOR + 1.00%) 
6.1
2022
0.7%
 450 
 55 
 55 
 48 
SEK (Coupon 1.10%) 
6.1
2022
1.2%
 800 
 98 
 99 
 86 
NOK (Coupon 3.00%) 
6.1
2024
3.0%
 600 
 70 
 73 
 68 
NOK (Coupon 2.45%) 
6.1
2024
2.5%
 1,000 
 117 
 120 
 111 
USD (Coupon 3.80%) 
6.1
2026
3.9%
 500 
 500 
 499 
 498 
NOK (Coupon 2.90%) 
6.1
2027
2.9%
 1,000 
 117 
 122 
 111 
USD (Coupon 4.75%) 
6.1
2028
4.8%
 1,000 
 1,000 
 997 
 996 
USD (Coupon 3.15%) 
6.1
2030
3.2%
 750 
 750 
 746 
 - 
Total unsecured debenture bonds
 2,940 
 2,139 
USD
1.3%
 538 
 538 
 538 
 933 
Total unsecured bank loans
 538 
 933 
Mortgage loans
 23 
 21 
Other long-term debt
 2 
 3 
Total
 25 
 24 
Outstanding long-term debt
 3,503 
 3,096 
Less: Current portion
 (132)
 (398)
Total
 3,371 
 2,698 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

170
The carrying values include issuance discount, capitalized issuance costs and fair value hedge 
accounting adjustments as indicated above (see also note 6.3 Financial Instruments for further 
information about fair value of financial instruments).
At 31 December 2020, the fair value of the long-term debt, including the current portion, is USD 
3,829 million and the carrying value is USD 3,503 million.
Yara builds its funding on a negative pledge structure with the basic funding ranging pari passu. 
Substantially all unsecured debenture bonds and unsecured bank loan agreements therefore 
contain provisions restricting the pledging of assets to secure future borrowings.
Of the long-term debt at the end of 2020, USD 2,250 million in bond debt originates from 
Yara’s June 2020, June 2018, and June 2016 bond issues in the US market according to 144A/
Regulation S. Further, NOK 1,300 million originates from Yara’s December 2014 bond issues in 
the Norwegian market while NOK 3,250 million and SEK 1,250 million originate from Yara’s De­
cember 2017 bond issues in the Norwegian market. The entire NOK and SEK denominated bond 
debt is converted to USD exposure through cross-currency swaps. 
Yara’s additional long-term funding is based on bank loans. Yara’s term loan from the Nordic 
Investment Bank has been reduced to USD 45 million through scheduled down-payments and 
linear installments will continue until December 2023. Likewise, the loan facility established 
in January 2018 with partial support by a guarantee from The Norwegian Export Credit Guar­
antee Agency (GIEK), has been reduced to USD 183 million through scheduled down-payments 
and semi-annual installments will continue until August 2026. Both the USD 150 million term 
loan due 2022 from the International Finance Corporation and the USD 150 million term loan 
due 2024 from Svensk Exportkredit AB remain fully drawn at year-end 2020. A further minor 
portion of the long-term bank loans is borrowed in emerging markets. 
Yara has undrawn long-term revolving credit facilities totaling USD 1,100 million, whereof USD 
89 million falls due in 2024 and the rest in 2025.
Of the fixed interest rate debenture bonds, NOK 3,300 million and SEK 800 million are ex­
posed to floating interest rates through interest rate swaps, see note 6.1 Financial risks.
Contractual payments on long-term debt
USD millions
Debentures 1)
Bank Loans
Other 
Total 2)
2021
 83 
 48 
 - 
 132 
2022
 300 
 203 
 - 
 503 
2023
 - 
 45 
 - 
 45 
2024
 194 
 181 
 - 
 375 
2025
 - 
 30 
 23 
 53 
Thereafter
 2,363 
 30 
 2 
 2,395 
Total
 2,940 
 538 
 25 
 3,503 
1) Yara International ASA is responsible for the entire amount.
2) Including current portion.
Short-term interest-bearing debt	
	
	
	
	
	
	
USD millions, except percentages
Notes
2020
2019
Credit facilities
 179 
 418 
Overdraft facilities
 35 
 26 
Other
 131 
 50 
Total 
6.3
 345 
 494 
Weighted Average Interest Rates 1)
Credit facilities
4.4%
4.3%
Overdraft facilities
2.5%
9.5%
Other
 
1.3%
2.5%
1) Repricing minimum annually.
Yara has access to short-term credit and overdraft facilities with various banks both centrally and 
in local markets. At 31 December 2020, the unused frame of such facilities totals approximately 
USD 1,170 million. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

171
Reconciliation of liabilities arising from financing activities	
Non-cash changes
USD millions
31 Dec 2019
Cash flows
Foreign 
exchange 
movement
Amortization 1)
Other Reclassification
31 Dec 2020
Long-term interest-bearing debt
 2,698 
 746 
 39 
 (3)
 16 ²) 
 (124)
 3,371 
Bank loans and other interest-bearing short-term debt
 494 
 (214)
 (9)
 - 
 74 ³)
 - 
 345 
Current portion of long-term debt
 398 
 (402)
 12 
 - 
 - 
 124 
 132 
Total liabilities from financing activities
 3,590 
 130 
 42 
 (3)
 89 
 - 
 3,847 
1) Amortization of transaction cost.
2) Value changes on interest rate swaps designated as hedging instruments. 
3) Includes provision for buy-back of the Norwegian State’s shares. 
See note 4.5 Leases for reconciliation of liabilities arising from leasing activities.
5.4	‌Pensions and other long-term employee benefit obligations
Overview 
The Group companies provide various retirement plans in accordance with local regulations and 
practices in the countries in which they operate. 

Defined benefit plans are generally based on years of service and average or final salary levels, 
offering retirement benefits in addition to what is provided by state pension plans. Most of the 
defined benefit plan obligations are covered by external insurance companies or by pension 
funds. By definition, both investment risk and actuarial risk (i.e. the actual level of benefits to be 
paid in the future) are retained by the Group companies. 

Defined contribution plans require the companies to make agreed contributions to a separate 
fund when employees have rendered services entitling them to the contributions. The companies 
have no legal or constructive obligation to pay further contributions. 

Some companies make contributions to multi-employer pension plans included in a joint arrange­
ment with others. All multi-employer plans are accounted for as defined contribution plans.

Some companies have recognized provisions for jubilee benefits, which are classified as Other 
long-term employee benefits.
Accounting policies
Defined benefit plans 
The Group’s net obligation in respect of defined benefit plans is calculated separately for each 
plan. The amount is an estimation of future benefits that the employees have earned in return 
for their service in current and prior periods. The benefit is discounted to determine its present 
value, and the fair value of plan assets is deducted. The discount rate is the yield at the balance 
sheet date on high quality corporate bonds or government bonds where no market for high quality 
corporate bonds exists. If the bond has a different maturity from the obligation, the discount rate is 
adjusted. Qualified actuaries using the projected credit unit method perform the calculations. 

Past service costs arising from the amendment of plan benefits are recognized immediately in 
profit or loss. Remeasurement gains and losses are recognized as retained earnings through 
other comprehensive income in the period they occur, and will not be reclassified to profit or loss 
in subsequent periods. 
Defined contribution plans 
Contributions to defined contribution plans are recognized as an expense in the statement of 
income when employees have rendered services entitling them to the contributions. Prepaid 
contributions are recognized as an asset to the extent that a cash refund or deduction in future 
payments is available. 
Other long-term benefits
The Group’s obligation in respect of other long-term benefits is the amount of future benefits 
that the employees have earned in return for their service in current and prior periods. The obli­
gation is discounted based on the same principles as defined benefit plans.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

172
Long-term employee benefit obligations recognized in the statement of financial position
USD millions
Notes
2020
2019
Defined benefit plans
(609)
(480)
Surplus on funded defined benefit plans
75 
57 
Net liability for defined benefit plans
(534)
(424)
Termination benefits
(4)
(3)
Other long-term employee benefits
(15)
(14)
Net long-term employee benefit obligations 
recognized in Statement of financial position
(552)
(441)
Of which classified as Prepayments for long-term 
employee obligations
4.6 
75 
57 
Of which classified as Long-term employee benefit 
obligations
(627)
(498)
Expenses for long-term employee benefit obligations recognized in the statement of income
USD millions
Notes
2020
2019
Defined benefit plans
(47)
(48)
Defined contribution plans
(29)
(30)
Multi-employer plans
(9)
(9)
Termination benefits
1 
(23)
Other long-term employee benefits
(1)
(2)
Net expenses recognized in Statement of income
(84)
(113)
Of which classified as Payroll and related costs
2.5 
(79)
(104)
Of which classified as Interest expense and other 
financial items
2.7 
(5)
(9)
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have incurred obligations under a funded 
defined benefit plan. The pension plan was closed to new entrants in 2006 and employees below 
the age of 55 at that time received a paid-up policy for previously earned benefit entitlements. 
The defined benefit plan was replaced by a defined contribution plan from the same date. Further 
pension obligations in Norway include certain unfunded pension arrangements as well as early 
retirement schemes. Retirement age is flexible from age 62 to age 67.
A majority of Yara’s obligations under defined benefit plans are related to subsidiaries within the 
Eurozone: 
Employees of Yara’s Dutch subsidiaries hired before 1 August 2014 are members of a funded 
Defined Benefit pension plan. Employees born before 1950 and who were in service before 2006 
are entitled to a pension scheme based on final salary at the age of retirement. The other employ­
ees are members of an Average Pay scheme. Retirement age is 68. The funded Defined Benefit 
pension plan has been closed for new members from 1 August 2014. New hires are enrolled in  a 
Defined Contribution pension plan from the same date. 
Obligations in Finland include the statutory TyEL pension scheme, as well as a voluntary defined 
benefit plan which is closed to new entrants. Both schemes are covered by pension funds. The 
TyEL pension scheme provides for a flexible retirement age from 63 to 68 based on the employ­
ee’s salary each year and with accelerated earning of retirement benefits beyond the age of 63. 
A reform of the Employees Pensions Act was agreed in 2017, which will gradually increase the 
minimum retirement age from 63 to 65 while also gradually increase the maximum retirement 
age from 68 to 70. Further, accrual rates will change and retirement age will be linked to life 
expectancy (from year 2027). The voluntary pension plan regulations have also been amended in 
order to adapt to the revised pension legislation.
Subsidiaries of Yara are also liable to retirement benefits in France, Germany, Belgium and Italy 
within the Eurozone.
Yara sponsors a funded defined benefit pension plan for qualifying UK employees. Under the fund, 
employees are entitled to annual pensions on retirement at age 62 of 1/57th of final pensionable 
salary for each year of service (some members have a retirement age of 65 and accrue at a rate 
of 1/60). Benefits are also payable on death and following other events such as withdrawing 
from active service. The plan was closed for new members from 2001. Broadly, about 12% of the 
liabilities are attributable to current employees, 23% to deferred pensioners and 65% to current 
pensioners. 
Other defined benefit plan obligations include employees of subsidiaries in Sweden, Trinidad and 
South Africa.
Most defined benefit plans include benefits in case of disability, death in service and death after 
retirement, which are included in the valuation of liabilities. 
The provision for defined benefit plans also includes liabilities for medical plans in Great Britain, 
Trinidad, Brazil and South Africa with a total of USD 14 million (2019: USD 16 million). 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

173
Pension cost recognized in statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the fol­
lowing year to determine the net pension cost. The discount rate is used to calculate the interest 
income from plan assets.
The following items have been recognized in the Statement of income
USD millions
2020
2019
Current service cost
 (42)
 (37)
Contribution by employees
3 
3 
Administration cost
(2)
(2)
Past service cost
- 
(3)
Social security cost
(1)
(1)
Payroll and related costs
(41)
(39)
Interest expense on obligation
(32)
(46)
Interest income from plan assets
27 
37 
Net interest expense on the net obligation
(6)
(9)
Net pension cost recognized in Statement of income
(47)
(48)
Pension cost recognized in the Statement of income, by origin
USD millions
2020
2019
Payroll and related costs
Finland
(7)
(6)
The Netherlands
(17)
(14)
Great Britain
(2)
(2)
Norway
(5)
(5)
Other
(11)
(13)
Total
(41)
(39)
USD millions
2020
2019
Net interest income / (expense) on the net obligation / asset
Finland
- 
(1)
The Netherlands
(1)
(1)
Great Britain
- 
(1)
Norway
(1)
(1)
Other
(3)
(5)
Total
(6)
(9)
Remeasurement gains / (losses) recognized in other comprehensive income
USD millions
2020
2019
Remeasurement gains / (losses) on obligation for defined 
benefit plans
(132)
(165)
Remeasurement gains / (losses) on plan assets for defined 
benefit plans
98 
157 
Increase in recognized net liability due to minimum funding 
requirement and asset ceiling limit 1)
(39)
(8)
Net remeasurement gains / (losses) for defined benefit plans
(74)
(17)
Change in deferred tax related to remeasurement 
gains / (losses) for defined benefit plans 2)
24 
8 
Remeasurement gains / (losses) recognized from 
equity-accounted investees (net of tax)
(1)
- 
Total remeasurement gains / (losses) recognized in other 
comprehensive income
(51)
(9)
1)	 Yara (UK) Ltd is committed to pay an annual contribution until 2024 in order to make good a funding deficit. Present value of future contri­
butions will lead to an unrecognized surplus based on current IAS 19 valuation, and as Yara does not have an unconditional right to recoup 
any surplus arising in the Fund, an additional liability needs to be recognized. The value of plan assets is also reduced to restrict the funded 
status to zero (asset ceiling limit).
2)	 Includes impact from change in tax percentage on remeasurement gains and losses recognized in prior years.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

174
Remeasurement gains and losses include experience adjustments, reflecting the difference be­
tween estimated and actual changes in obligations and plan assets during the year, as well as the 
impact of change in demographic and financial assumptions when measuring the present value 
of pension liabilities at year-end with revised assumptions. Remeasurement gains and losses are 
permanently recognized directly in retained earnings in the period in which they occur. 
Actuarial valuations provided the following results
USD millions
2020
2019
Present value of fully or partially funded liabilities for defined 
benefit plans
(2,210)
(1,948)
Present value of unfunded liabilities for defined benefit plans
(266)
(250)
Present value of liabilities for defined benefit plans
(2,476)
(2,198)
Fair value of plan assets
2,048 
1,836 
Adjustment in respect of minimum funding requirement
(42)
(26)
Unrecognized asset due to asset ceiling limitation
(46)
(19)
Social security tax liability on defined benefit plans
(18)
(17)
Net liability recognized for defined benefit plans
(534)
(424)
Defined benefit obligations and plan assets by origin	
2020
2019
USD millions
Obligations
Assets
Obligations
Assets
Finland
(404)
327 
(334)
310 
The Netherlands
(898)
787 
(753)
683 
Other Eurozone
(317)
129 
(289)
114 
Great Britain 1)
(490)
448 
(444)
417 
Norway 2)
(314)
245 
(306)
227 
Other
(113)
67 
(115)
65 
Total
(2,536)
2,002 
(2,240)
1,816 
1) Including liability for minimum funding requirement and asset ceiling adjustment
2) Including social security tax liability.
Development of defined benefit obligations
USD millions
2020
2019
Defined benefit obligation at 1 January
(2,198)
(2,047)
Current service cost
(42)
(37)
Interest cost
(32)
(46)
Experience adjustments
9 
15 
Effect of changes in financial assumptions
(153)
(189)
Effect of changes in demographic assumptions
12 
9 
Past service cost
- 
(3)
Benefits paid
94 
84 
Transfer of obligation (in)/out
(3)
- 
Foreign currency translation on foreign plans
(164)
16 
Defined benefit obligation at 31 December
(2,476)
(2,198)
Development of plan assets
USD millions
2020
2019
Fair value of plan assets at 1 January
1,836 
1,688 
Interest income from plan assets
27 
37 
Administration cost on plan assets
(2)
(2)
Return on plan assets (excluding the calculated interest 
income)
98 
157 
Employer contributions
36 
34 
Employees' contributions
3 
3 
Benefits paid
(81)
(72)
Transfer of plan assets in/(out)
3 
- 
Foreign currency translation on foreign plans
128 
(10)
Fair value of plan assets at 31 December
2,048 
1,836 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

175
Depending on local regulations, Yara may be required to ensure a certain funding level of the 
pension plans. In the UK Yara is paying an annual contribution until 2024 in order to make good a 
funding deficit determined in the actuarial valuation of 2020. In The Netherlands, an agreement 
is in place in which Yara will need to ensure a minimum level of funding by making additional 
contribution to the fund. On the other hand, Yara will be able to recover parts of the contribution 
which has been paid to the fund, in case the funding ratio reaches a certain level. 
The pension funds have the legal form of foundations, independently governed by their Board of 
Directors or Board of Trustees. It is the responsibility of the Board to determine the investment 
strategy, and to review the administration of plan assets and the funding level of the pension plans.
Yara’s defined benefit plan obligations are inherently exposed to inflation risk, interest rate risk 
and longevity risk. The investment strategies of the pension funds ensure diversement of invest­
ments in order to keep market volatility risk at a desired level. An exception is the pension fund 
of Yara in Finland, which has invested about 1/3 of the fair value of plan assets into shares of 
non-listed Pohjolan Voima Oy, a company producing electricity and heat for its shareholders on an 
at cost-basis. The Boards of the pension funds are targeting a satisfactory level of risk and return 
corresponding to the maturity profile of future pension benefit payments.
At the end of the year, the plan assets were invested as follows
USD millions, except percentages
2020
2020
2019
2019
Cash and cash equivalents
19 
1%
24 
1%
Shares
627 
31%
515 
28%
Other equity instruments
39 
2%
37 
2%
High yield debt instruments
89 
4%
81 
4%
Investment grade debt instruments
777 
38%
711 
39%
Properties
94 
5%
72 
4%
Other quoted plan assets 1)
265 
13%
259 
14%
Total investments quoted in active markets
1,910 
93%
1,700 
93%
Shares and other equity instruments
92 
4%
95 
5%
Other plan assets 2)
46 
2%
41 
2%
Total unquoted investments
138 
7%
136 
7%
Total plan assets
2,048 
1,836 
1) Other quoted plan assets include insurance policies, hybrid funds and other fund investments.
2) Other unquoted plan assets is mainly a loan to Yara Suomi Oy.
Contributions expected to be paid to the defined benefit plans for 2021 are USD 53 million (including benefits to be paid for unfunded plans). The contributions paid in 2020 were USD 49 million. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

176
Duration of liabilities at the end of the year:
Duration of liabilities (in years)
2020
Finland 
16 
The Netherlands
21 
Great Britain
14 
Norway
14 
Total 1)
17 
1) Weighted average.
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographical 
assumptions and taking into account the relevant economic environment of each pension plan. 

The discount rate is a weighted average of the yields at the balance sheet date on high quality 
corporate bonds, or government bonds where no deep market exists for high quality corporate 
bonds. The discount rate is adjusted by extrapolation if necessary, to take into account differences 
in maturities. 
The following financial assumptions have been applied for the valuation of liabilities
Discount rate (in %)
2020
2019
Finland
0.6
0.9
The Netherlands
0.5
1.1
Great Britain
1.4
2.0
Norway
1.7
2.1
Total 1)
0.9
1.5
1) Weighted average.
Expected salary increase (in %)
2020
2019
Finland
2.1
2.1
The Netherlands
2.3
2.3
Great Britain
2.8
3.7
Norway
2.1
2.2
Total 1)
2.3
2.6
1) Weighted average.
Expected pension indexation (in %)
2020
2019
Finland
1.2
1.0
The Netherlands
1.6
1.6
Great Britain
2.9
3.0
Norway
0.5
1.0
Total 1)
1.7
1.8
1) Weighted average.
The following table presents indicators of life expectancy of the mortality tables applied for valua­
tion of the obligations, by showing expected longevity of a current employee aged 45 today from 
the date he or she reaches age 65, and the expected longevity of a current retiree aged 65.
The following financial assumptions have been applied for the valuation of liabilities
Expected longevity (in years)
Current employee
Current retiree
Finland
25.9
23.4
The Netherlands
24.2
22.4
Great Britain
24.2
22.8
Norway
24.1
23.4
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

177
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of 
assumptions and estimates. The table below indicates the sensitivity of the most significant 
assumptions applied to the defined benefit obligation, by showing the estimated result from a 
reasonable increase or decrease in any one of the key assumptions applied. Holding all other 
assumptions constant represents a limitation of the analysis, as some of the assumptions may be 
correlated. The methods used in preparing the analysis are consistent with previous years.
USD millions
2020
2019
Actual valuation
(2,476)
(2,198)
Discount rate +0.5%
(2,297)
(2,044)
Discount rate -0.5%
(2,682)
(2,370)
Expected rate of salary increase +0.5%
(2,496)
(2,218)
Expected rate of salary increase -0.5%
(2,457)
(2,178)
Expected rate of pension increase +0.5%
(2,626)
(2,324)
Expected rate of pension increase -0.5%
(2,342)
(2,085)
Expected longevity +1 year
(2,578)
(2,280)
Expected longevity -1 year
(2,375)
(2,116)
5.5	‌Trade and other payables
Accounting policies
Trade payables are initially recognized at fair value. Subsequently they are measured at amortized 
cost using the effective interest method. Short-term payables are normally not discounted. 
Specifications
USD millions
Notes
2020
2019
Trade payables
1,430 
1,285 
Payroll and value added taxes
303 
259 
Other liabilities 1)
147 
70 
Total 
6.3
1,880 
1,614 
1)	 Included in Other liabilities is USD 52 million (2019: USD 11 million) regarding short-term derivative instruments (at fair value) and USD 
25 million (2019: USD 20 million) regarding short-term contingent consideration.
Trade payables are non-interest-bearing and have an average term of 60 days. Payroll and 
value-added taxes are mainly settled bimonthly or on quarterly basis. Other payables are 
non-interest-bearing and normally settled within 12 months.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

178
5.6	‌Provisions and contingencies
Accounting policies
A provision is recognized when the Group has a present obligation (legal or constructive) follow­
ing a past event, it is probable that an outflow of resources embodying economic benefits will 
be required to settle the obligation, and a reliable estimate can be made of the amount of the 
obligation. 
The amount recognized as a provision is the best estimate of the consideration required to settle 
the present obligation at the balance sheet date, taking into account the risks and uncertainties 
surrounding the obligation. When a provision is measured using the cash flows estimated to settle 
the present obligation, its carrying amount is the present value of the cash flows. 
A restructuring provision is recognized when the Group has developed a detailed formal plan for 
the restructuring, and has raised a valid expectation that it will carry out the restructuring by start­
ing to implement the plan or announcing its main features to those affected by it. The restructur­
ing provision includes only the direct expenditures arising from the restructuring. These expendi­
tures are those that are both necessarily entailed by the restructuring and not associated with the 
ongoing activities of the entity. 
Present obligations arising under onerous contracts are recognized and measured as provisions. 
An onerous contract is considered to exist where the Group has a contract where the unavoidable 
costs of meeting the obligations under it exceeds the economic benefits expected to be received 
from the contract.
Decommissioning refers to the process of dismantling and removing equipment and site resto­
ration when a site is closed down. A liability is recognized as soon as a decommissioning obli­
gation arises. The obligation can be legal or constructive, and is accounted for based on a best 
estimate discounted to the present value. The discounted provision is progressively unwound, with 
the unwinding charge presented as a finance cost. The unwinding charge takes the provision from 
its current net present value to its future end value. 
If an obligation exits to decommission PP&E, the carrying value of the assets is increased with 
the discounted value of the obligation. This is also the case if an obligation arises during construc­
tion or due to new legal requirements. The decommissioning asset is depreciated over the useful 
life of the asset. If an obligation arises as a result of day-to-day operations where the asset has 
been used to produce inventory, the cost is expensed as incurred. 
Decommissioning provisions are updated when new information becomes available. 
Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising 
out of the conduct of its business. Legal claims are assessed on an individual basis and provisions 
are recognized if the specific claims give rise to present, probable obligations and the costs can be 
reliably measured. 
When a legal or constructive environmental obligation arises as a result of a past event, and the 
cost can be reliably measured, a provision is recognized. 
Due to EU regulations in regard to greenhouse gas emissions, Yara receives annual emissions 
rights. These emission rights can be used to settle the Group’s obligation that arises as a result of 
actual emissions. Granted emission rights received in a period are initially recognized at nominal 
value (nil value). Purchased emission rights are initially recognized at cost (purchase price) within 
intangible assets. A provision is recognized when the level of emissions exceeds the level of al­
lowances granted. If Yara’s emissions are less than the emission rights allocated to its operations, 
these may be sold in the market. Gains are recognized if and when such transactions occur. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

179
2020
USD millions
Environmental
Restructuring
Legal Claims
Decommission
Other
Total
Balance at 1 January 2020
77 
55 
25 
164 
54 
375 
Additional provision in the year
14 
3 
13 
76 
16 
122 
Interest expense on liability
- 
- 
8 
3 
- 
10 
Unused provision
(7)
(9)
(3)
(1)
(8)
(28)
Utilization of provision
(7)
(17)
(4)
(8)
(16)
(52)
Currency translation effects
(1)
2 
(4)
9 
2 
8 
Balance at 31 December 2020
76 
34 
35 
243 
48 
435 
2019
USD millions
Environmental
Restructuring
Legal Claims
Decommission
Other
Total
Balance at 1 January 2019
75 
48 
23 
122 
24 
292 
Additional provision in the year
13 
21 
10 
45 
43 
133 
Interest expense on liability
(2)
- 
2 
- 
- 
1 
Unused provision
- 
- 
(5)
- 
(3)
(9)
Utilization of provision
(7)
(13)
(4)
(2)
(12)
(38)
Currency translation effects
(2)
(1)
- 
(1)
1 
(4)
Balance at 31 December 2019
77 
55 
25 
164 
54 
375 
Provisions presented in the consolidated statement of financial position
USD millions
2020
2019
Current liabilities
75 
72 
Non-current liabilities
360 
303 
Total
435 
375 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

180
Provisions 
Environmental provisions 
Yara’s future cost for environmental remediation depends on a number of uncertain factors, such 
as changes in regulations or authorities’ approval for the extent of actions. The estimates are 
followed up frequently. Due to the uncertain nature to define the exact levels of pollution and 
precise needs for cleanup, it is possible that they could be revised in the near term. In addition, 
conditions which could require future expenditures may be determined to exist for various sites, 
including Yara’s major production facilities and warehouses. 
Provisions for environmental clean-up and asset retirement obligations relate to production facilities 
currently in operation and facilities that are closed. The obligations relate to such actions as restoration 
or rehabilitation of industrial or mining sites, disposal of contaminated material and related activities.
Restructuring provisions 
Restructuring mainly relates to closure or significant reorganization of business locations in a 
country or region. The provision is a best estimate based on the detailed formal plan for the 
business and location affected. In 2020, Yara has not recognized significant new restructuring 
provisions. The reduction is mainly related to the 2019 announced closure costs estimate of the 
wholly-owned ammonia plant in Point Lisas, Trinidad. 
Legal claims 
Yara is involved in a number of proceedings globally concerning matters arising in connection with 
the conduct of its business. Yara does not believe such proceedings will, individually or in the 
aggregate, have a significant effect on Yara’s financial position, profitability, results of operations 
or liquidity. 
Decommission provisions 
Yara has obligations to decommission and remove installations at the end of the production 
period. Establishing the appropriate provisions for such obligations involve the application of 
considerable judgement and involve an inherent risk of significant adjustments. The costs of these 
decommissioning and removal activities require revisions due to changes in current regulations 
and technology while considering relevant risks and uncertainties. Most of the removal activities 
are many years into the future, and the removal technology and costs are constantly changing. 
The estimates include assumptions of the time required and can vary considerably depending on 
the assumed removal complexity. Moreover, changes in the discount rate and currency exchange 
rates may impact the estimates significantly. As a result, the initial recognition of the liability and 
the capitalized cost associated with decommissioning and removal obligations, and the sub­
sequent adjustment of these balance sheet items, involve the application of judgement. Most 
significant decommissioning provisions relate to contractual obligations for operations on leased 
land, the main ones being plants in Australia and France. The increase in decommission provisions 
during 2020 is mainly due to reduced discount rates in Australia. 
Other provisions 
Other include onerous contracts, liquidated damages, warranties and various other provisions.
 
Contingencies 
Legal contingencies 
In connection with Yara Fertiliser India Pvt Ltd’s acquisition of Tata Chemical Ltd’s urea business, 
stamp duty may be payable on the lease of the Babrala plant site. Yara’s position is that the 
stamp duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp 
duty payable, Yara sought adjudication of the amount by the local tax authorities. On 18 January 
2019, the authority assessed stamp duty on the lease at approximately USD 36 million. Yara is of 
the view that the authority’s decision is incorrect, and remains of the view that the correct amount 
of stamp duty is less than USD 1 million. Yara Fertiliser India Pvt Ltd is of the view that the 
authority’s decision is incorrect and has filed a written petition in the high court of Uttar Pradesh 
in March 2019 to seek the court’s decision and affirmation of our position. State of Uttar Pradesh 
has filed its response to the Petition filed by Yara Fertilisers India Pvt Ltd . No date has yet been 
scheduled for substantial hearing of the petition. It may take up to 5 years to receive a decision 
from the Uttar Pradesh State Court. In addition to the stamp duty on the lease, Yara has also 
sought adjudication of stamp duty in the same state on the court order for the acquisition. Yara’s 
position is that the stamp duty payable is less than USD 6 million. As of today, the relevant au­
thority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh 
state corresponds to Yara’s assessment.
Further information related to two ongoing environmental cases in Brazil, where Yara is a part due 
to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below 
since it is not possible to provide a reliable estimate of the maximum potential exposure: 
•	 Yara has together with other companies related to the Trevisa Group been sued by an associa­
tion representing approximately 1,300 potential victims in two separate lawsuits. The lawsuits 
are related to mine and lead industry activities performed by the company Plumbum Comércio 
e Representações de Produtos Mineirais e Industriais (Plumbum) in the cities Santo Amaro 
da Purificação and Boquira in Bahia state in Brazil. Plumbum was formerly part of the Trevisa 
Group. Adubos Trevo has not been involved in any of the activities included in the lawsuits. The 
lawsuits include claims for various personal losses, damage to properties, institution of relief 
funds, environmental restoration and clean-up activities. The lawsuits were filed in 2011 and 
2012 but are still in the initial phase. Yara denies liability for any potential damage caused by 
the activities of Plumbum and has not made any provision for the claims. 
•	 Yara is together with 22 other companies, defendants in a lawsuit filed by São Paulo Public 
Attorney in 1985 with a claim for compensation for environmental damage related to former 
activities by the defendants in the Cubatão industrial district. The defendants deny the claim 
on the basis that necessary actions have already been taken to recover potential damages from 
former activities. In September 2017, the court of first instance ruled against the defendants 
determining that the defendants were jointly liable to repair the damage. The nature of and 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

181
amount of potential damages have not been determined and will be calculated by an expert. 
Yara has made a provision related to this case of USD 1.8 million. Yara and the other defen­
dants have appealed the decision.
In addition to these cases, Yara is party to a number of lawsuits related to laws and regulations in 
various jurisdictions arising out of the conduct of its business. Several of these cases have been 
ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowl­
edging the uncertainties of litigation, Yara is of the opinion that based on the information currently 
available, these matters will be solved without material adverse effect. The total estimate of the 
financial effect in the unlikely event that all should have a negative outcome, is USD 48 million, 
mainly related to cases in Brazil. 
On 21 and 22 January 2020 the Spanish competition authority (CNMC) visited the premises of 
Yara Iberian S.A.U. (Spain). Yara Iberian cooperated with the officials during the site visit. The 
CNMC is now conducting a preliminary inquiry into possible infringements of the Spanish Com­
petition Act. As such, Yara is not under any formal investigation and no employees are formally 
suspected in the case which is still being preliminary assessed by the CNMC.
Tax contingencies 
In relation to an ongoing tax dispute and to safeguard their taxation rights, the Dutch tax authorities 
issued in 2018 a new tax assessment for business restructuring (“exit tax assessment”). The tax 
assessment would increase the tax cost with USD 500 million, plus USD 200 million in accumu­
lated interest. It is Yara’s position that the tax assessment is unreasonable and unfounded, and no 
provision has been made for the exit tax claim. The tax authorities principal claim is significantly 
lower and Yara has considered that claim separately from the exit tax assessment.  Yara expects 
that the exit tax assessment will not trigger any immediate payment and that tax payments will be 
deferred until the case has been fully resolved or the tax assessment has been withdrawn.
Several subsidiaries are engaged in juridical and administrative proceedings related to various disputed 
tax matters where the probability of cash outflow is not considered probable. A majority of these con­
tingencies are related to taxes in Brazil, with an estimated maximum exposure of approximately USD 
105 million. Tax contingencies outside Brazil and excluding the above-mentioned exit tax assessment 
in the Netherlands have an estimated maximum exposure of approximately USD 85 million. 
In 2019, Yara International ASA received a notification and request for information from the Norwe­
gian Tax Authorities in relation to a transfer price audit. In the notification and request for informa­
tion, the Tax Authorities have stated that they consider changing the company’s tax assessment for 
the years 2015, 2016 and 2017.  The Tax Authorities have neither disclosed any potential amount 
nor provided guidance on how a potential change will impact the tax assessment for these years. 
Uncertain tax treatments
In 2020, Yara realized taxable losses due to disposal of shares and when restructuring the corpo­
rate holding structure. Due to uncertainty of the tax treatment related to the losses, tax assets of 
USD 89 million are not recognized in the financial statements.
At year-end 2020, Yara has an income tax provision of USD 43 million related to an ongoing tax 
case. The majority of the provision was recognized in 2019 due to a court ruling against one of 
Yara’s subsidiaries, and the provision is considered to cover the full exposure. In addition to the 
income tax provision, Yara has recognized provision for related interest charges of USD 16 million. 
Yara has appealed the ruling. 
5.7	 ‌Contractual obligations
Take-or-pay and Long-term contracts
Yara has entered into take-or-pay and long-term contracts providing for future payments to trans­
portation capacity, raw materials and energy. Yara has marketing and off-take agreements with 
some of its joint operations, see note 4.4.
	
	
	
	
	
The non-cancellable future obligations at 31 December 2020 (undiscounted amounts)
USD millions
Total
2021
418 
2022
191 
2023
122 
2024
71 
2025
65 
Thereafter
632 
Total
1,498 
Future “take-or-pay” obligations are included in the table above only if they are non-cancellable 
and the contractually agreed pricing is fixed or may otherwise deviate from observable market 
prices at the time of delivery.

Yara did not need to pay any significant amount to fulfill take-or-pay clauses in 2020.
	
For further information regarding future obligations, see note 5.4 for future obligations related to 
pensions, note 5.6 for provisions and contingencies and 4.5 for future commitments related to 
lease arrangements.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

182
5.8	‌Secured debt and guarantees
USD millions
2020
2019
Amount of secured debt
26
26
Assets used as security for debt
Machinery and equipment, etc.
4
4
Buildings and structural plant
25
23
Total
29
27
Assets used as security for non-financial liabilities
Buildings and structural plant
43
22
Total
43
22
Guarantees (off-balance sheet)
Contingency for discounted bills
 - 
1
Contingency for sales under government schemes
57
57
Non-financial parent company guarantees
668
723
Non-financial bank guarantees
173
236
Total
899
1,016
Off-balance sheet guarantees consist mainly of commercial guarantees related to contract 
obligations (Bid Bonds, Performance Guarantees and Payment Guarantees) and various man­
datory public guarantees (Customs Guarantees, Receivable VAT Guarantees). These guarantees 
are issued on behalf of Yara International ASA, its subsidiaries and equity-accounted investees. 
The guarantor could be required to perform in the event of a default of a commercial contract or 
non-compliance with public authority regulations. 	
	
Guarantees of debt issued on behalf of consolidated companies are not included since the drawings 
under such credit lines are included in the consolidated statement of financial position. The guarantee 
obligation under such guarantees is at any time limited to the amount drawn under the credit facility.
Guarantees related to pension liabilities are included to the extent such guarantees exceed the 
liability included in the consolidated statement of financial position.	
	
Guarantees issued to public authorities covering tax and VAT liabilities are not included as these 
obligations are already included in the consolidated statement of financial position.
	
	
Contingent liabilities related to the de-merger from Norsk Hydro ASA	 	
Yara is contingently liable for unfunded pension liabilities accrued prior to the consummation of 
the de-merger from Norsk Hydro ASA (Hydro) as a matter of the joint and several liability provid­
ed by Norwegian law. Hydro’s unfunded pension liabilities, calculated in accordance with Hydro’s 
accounting policies, amounted to approximately NOK 2 billion at de-merger March 24, 2004 and 
have been reduced by payments thereafter.	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

183
6	‌Financial Risk
6.1	 ‌Financial risks
Risk management policies	
Risk management in Yara is based on the principle that risk evaluation is an integral part of all 
business activities. Yara’s strategic approach is to determine appropriate risk levels or limits for 
the main risks and to constantly maintain and develop tools and procedures for monitoring the 
associated exposures. The Group’s policies, approved by the Board of Directors, thus provide 
written principles on funding risk, currency risk, interest rate risk, credit risk, and the investment 
of excess liquidity. In general, risks arising from operational activities may either be accepted 
or reduced. The policies restrict transactions that will increase the Group’s exposure beyond the 
level stemming from operations. 
 
Yara’s Executive Management is responsible for reviewing and operationalizing the board defined 
policies, while the operating segments and expert organizations act as risk owners. The financial 
risks related to the operations of the Group are thus monitored and managed by Yara’s Finance, 
Treasury & Insurance function through internal risk reports that analyze each exposure by degree 
and magnitude of risk. These risks include market risks such as currency and interest rate risk, 
credit risk and liquidity risk. The Finance, Treasury & Insurance function reports regularly to the 
Group’s Executive Management. 
Based on the overall evaluation of risk, Yara may seek to reduce its inherent exposures by using 
insurance policies, trade finance contracts, guarantees or derivative instruments such as forward con­
tracts, options and swaps. The use of such instruments is also governed by Board approved policies.  
Yara may designate and document the use of certain derivatives and other financial assets or 
liabilities as hedging instruments against changes in fair value of recognized assets and liabilities 
(fair value hedges), highly probable forecast transactions (cash flow hedges) and net investments 
in foreign operations (net investment hedges). The prospective effectiveness of any such hedge is 
assessed at inception and verified on a quarterly basis. Derivatives not designated in a hedging re­
lationship are classified as undesignated derivatives and acquired and managed within the frame­
work and policies defined by the Board of Directors also when hedge accounting is not applied. 
There were no principal changes in the Group’s approach to capital management during the years 
ending 31 December 2020 and 31 December 2019. Yara’s liquidity surplus, kept as short-term 
bank deposits, increased significantly in 2020 compared with the year before, primarily after 
receipt of the proceeds from the Qafco divestment (see note 7.1 Disposal of investments). 
	
Funding risk
The capital structure of the Group consists of interest-bearing debt as disclosed in note 5.3 Inter­
est-bearing debt, cash and cash equivalents as disclosed in note 3.4 Cash and cash equivalents 
plus equity attributable to equity holders of the parent, comprising paid-in capital and retained 
earnings as disclosed in note 5.1 Share information and statement of changes in equity.
Yara is focused on maintaining a sound funding structure. Main elements of the funding strategy 
are to keep a long-term debt base and to uphold the security and flexibility obtained through 
using diversified capital sources, avoiding dependency on single institutions or markets.
Yara does not have specific debt ratio targets and the only financial covenant is to have a debt 
to equity ratio, calculated as net interest-bearing debt divided by shareholders’ equity plus 
non-controlling interests, below 1.4. At the end of 2020, the ratio was 0.35 compared with 
0.42 at the end of 2019. The Group is not subject to any externally imposed capital requirements.
	
	
	
	
	
	
Through its financial structure, Yara has the necessary flexibility to capture the right industrial 
opportunities when they arise. As such opportunities typically materialize in periods character­
ized by industry margins and earnings below peak levels, Yara will seek to maintain adequate 
financial capacity throughout the business cycle. Yara aims to maintain a long-term mid invest­
ment grade rating level, i.e. BBB according to Standard & Poor’s methodology and Baa2 accord­
ing to Moody’s methodology. During 2020, Yara did maintain both the Baa2 rate from Moody’s 
and the BBB rate from Standard & Poor’s. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

184
Currency risk
Prices of Yara’s most important products are either directly denominated or determined in US dol­
lars. In markets outside the US, local prices will generally adjust to fluctuations in the US dollar ex­
change rate, however with a certain time lag. Yara’s raw materials costs, such as natural gas used 
in the production of ammonia, are either denominated in US dollars or highly correlated to changes 
in the US dollar exchange rate. In order to hedge Yara’s long-term exposure to fluctuations in the 
US dollar exchange rate, Yara incurs most of its debt in US dollars. During the first eight months of 
2020, the part of Yara’s US dollar debt constituting a hedge of future earnings was kept between 
USD 2,600 million and USD 2,800 million. The receipt of the proceeds from the Qafco divest­
ment reduced the hedge to around USD 1,400 million, whereafter it was gradually increased again 
to around USD 1,900 million at the end of the year (2019: increased gradually from around USD 
2,000 million to around USD 2,600 million during the year). A certain portion of the total debt is 
kept in various local currencies in order to finance local currency exposed business positions. 
	
	
	
Yara thus primarily manages currency risks by adjusting the composition of the debt or liquidity 
portfolios to changes in Yara’s overall risk exposure. Derivative instruments may also be used to 
manage currency risk related to forecast purchases and sales or to offset short-term liquidity need 
in one currency with surplus liquidity in another currency. Such forward contracts are not designat­
ed as hedging instruments for accounting purposes. Changes in fair value are therefore recognized 
in the income statement. 
Sensitivity - net income
USD millions
2020
2019
A 10% weakening 1) of the US dollar at the reporting date would have increased/(decreased) net income by
181 
241 
A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) net income by
(214)
(263)
1) Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on the value of financial instruments in the balance sheet as at year-
end. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2019. A 10% 
strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above.	
	
	
	
	
	
	
	
	
	
Sensitivity - Other comprehensive income
USD millions
2020
2019
A 10% weakening 1) of the Norwegian krone at the reporting date would have increased/(decreased) other comprehensive income by
(250)
(259)
A 10% weakening 1) of the Canadian dollar at the reporting date would have increased/(decreased) other comprehensive income by
(106)
(116)
A 10% weakening 1) of the Brazilian real at the reporting date would have increased/(decreased) other comprehensive income by
(54)
(58)
A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) other comprehensive income by
(58)
(7)
1) Against US dollar (presentation currency of the Group).
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

185
This analysis is done for illustrative purposes only, taking into consideration only the effect on 
equity in foreign operations as at year-end. Since all other variables are assumed to remain 
constant, the analysis does not reflect subsequent effects on equity. The analysis was performed 
on the same basis for 2019.
Interest rate risk
Yara has a defined framework for fair value risk arising from exposure towards fixed interest 
rates. In accordance with that framework, all bank loans have been borrowed at floating rates. A 
portion of the bond debt has been retained at fixed interest rates, while the remaining part of the 
bond debt has been converted to floating rates through interest rate swaps and cross-currency 
swaps. Consequently, the interest expense related to the converted (hedged) part of the bond 
debt will fluctuate in line with market changes. At the reporting date, the interest rate exposure 
arising from the bonds issued is summarized in the table below.
Conversion to floating rates
Carrying amounts 2020
Carrying amounts 2019
USD millions, except percentages
Notes
Maturity
Denominated 
amounts 
2020
Fixed 
interest 
rate
Basis for 
exposure 
hedged
Receive 
fixed interest 
payments
Pay floating 
interest rates 1)
Fixed 
interest 
rate
Floating 
interest 
rate
Fixed 
interest 
rate
Floating 
interest 
rate
Floating interest rate bonds
NOK (Coupon NIBOR + 0.75%)
5.3
2022
 147 
 - 
 147 
 - 
 142 
SEK (Coupon STIBOR + 1.00%)
5.3
2022
 55 
 - 
 55 
 - 
 48 
Fixed interest rate bonds
NOK (Coupon 2.55%)
5.3, 6.2
2021
 82 
2.55%
 82 
2.55%
USD LIBOR 3M + 1.14%
 - 
 83 
 - 
 79 
SEK (Coupon 1.10%)
5.3, 6.2
2022
 98 
1.10%
 98 
1.10%
USD LIBOR 3M + 1.00%
 - 
 99 
 - 
 86 
NOK (Coupon 3.00%)
5.3, 6.2
2024
 70 
3.00%
 70 
3.00%
USD LIBOR 3M + 1.33%
 - 
 73 
 - 
 68 
NOK (Coupon 2.45%)
5.3, 6.2
2024
 117 
2.45%
 117 
2.45%
USD LIBOR 3M + 1.18%
 - 
 120 
 - 
 111 
USD (Coupon 3.80%)
5.3
2026
 500 
3.80%
 - 
 499 
 - 
 498 
 - 
NOK (Coupon 2.90%)
5.3, 6.2
2027
 117 
2.90%
 117 
2.90%
USD LIBOR 3M + 1.44%
 - 
 122 
 - 
 111 
USD (Coupon 4.75%)
5.3
2028
 1,000 
4.75%
 - 
 997 
 - 
 996 
 - 
USD (Coupon 3.15%)
5.3
2030
 750 
3.15%
 - 
 746 
 - 
 - 
 - 
Total unsecured debenture bonds
 2,937 
 486 
 2,241 
 699 
 1,495 
 645 
1) Through a combination of interest rate swaps and cross-currency swaps.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

186
Interest rate profile of the Group’s interest-bearing financial instruments
USD millions
Notes
2020
2019
Outstanding long-term interest-bearing debt (including current portion)
5.3
 3,503 
 3,096 
Portion of bonds with fixed interest rate
5.3
 2,241 
 1,495 
Outstanding long-term interest-bearing debt (including current portion) less portion of bonds with fixed interest rate
 1,262 
 1,601 
Sensitivity
USD millions
2020
2019
An increase of 100 basis points in USD interest rates at the reporting date would have increased/(decreased) net income by 
 4 
 (15)
An increase of 100 basis points in NOK interest rates at the reporting date would have increased/(decreased) net income by 
 (3)
 - 
All other variables remain constant. This analysis is done for illustrative purposes only, taking into 
consideration only the effect on financial instruments in the balance sheet as at year-end. The 
analysis was performed on the same basis for 2019. A decrease of 100 basis points at the report­
ing date would have had the opposite effect of the amounts shown above.
Specific risks associated with the upcoming interest rate benchmark reform
The Group is exposed to NIBOR, STIBOR and USD LIBOR (collectively ‘IBOR’) interest rate 
benchmarks subject to the upcoming interest rate benchmark reform. In order to prepare an ac­
tion plan and ensure a smooth transition to alternative benchmark rates, Yara Finance, Treasury & 
Insurance has established an IBOR transition program. Risks hitherto identified include, but may 
not be limited to, the items listed in the below table.
Risk
Potential impact
Lack of standardized alternative term rates
Economic difference vs. IBORs and alternative rates
Different speed of transition across products and currencies
Operational adjustments required
Cash flow uncertainty, operational challenges
Changes in fair value of affected contracts
Basis risk on hedge accounting relations
Upgrade of IT systems, renegotiation of agreements
Most recent indication from the USD LIBOR benchmark administrator is that publication of 1 week and 2 month rates will cease on 31 December 2021 and other tenors on 30 June 2023. For NIBOR and 
STIBOR rates there are thus far no indicated cessation dates. Yara has currently no exposure to the USD LIBOR tenors where publication is expected to cease in 2021.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

187
Financial contracts with an IBOR benchmark reference as at 31 December 2020 
Denominated amounts
USD millions
Notes
USD
 LIBOR
NOK
 NIBOR
SEK
 STIBOR
Bonds
Pay interest
 5.3 
 - 
 (147)
 (55)
Receive interest
 - 
 - 
 - 
Bank loans
Pay interest
 5.3 
 (559)
 - 
 - 
Receive interest
 - 
 - 
 - 
Interest rate swaps
Pay interest
 6.2, 6.3 
 - 
 (387)
 (98)
Receive interest
 - 
 - 
 - 
Cross-currency swaps
Pay interest
 6.3 
 (687)
 - 
 - 
Receive interest
 6.3 
 - 
 534 
 153 
Total exposure to IBOR rates
 (1,246)
 - 
 - 
None of these contracts include fallback provisions in case the referenced benchmark interest 
rate ceases to be available. Yara therefore monitors the output from the various working groups 
managing the transition to new benchmark rates carefully and will implement appropriate fallback 
language in due course.
Credit risk
Yara has a well-established system for credit management with established limits at both cus­
tomer and country level. Yara’s geographically diversified portfolio reduces the overall credit risk 
of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara’s 
derivative financial instruments is generally limited to amounts, if any, by which the counterpar­
ty’s obligations exceed Yara’s obligations. 
The exposure to credit risk is represented by the carrying amount of each class of financial assets, 
including derivative financial instruments, recorded in the statement of financial position and as 
disclosed in note 6.3 Financial instruments.
Yara’s policy is to enter into financial instruments with various international banks with estab­
lished limits for transactions with each institution. Yara also has agreed limits for credit exposure 
(collateral agreements) with most of its main banks. At the end of the reporting period, Yara had 
deposited USD 25.6 million (2019: USD 74.8 million) in cash with its counterparties to mitigate 
exposure from financial liabilities covered by such agreements. These deposits are reported as 
“other current assets” in the consolidated statement of financial position. Collateral deposits are 
made at overnight terms and required collateral is reassessed twice every month. 
Due to Yara’s geographical spread and significant number of customers there are no significant 
concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its 
customer portfolio or on its financial instruments.
Yara may undertake a number of measures to reduce credit risk of particular receivables. Such 
measures include letters of credit, bank guarantees and credit insurance agreements. The effect 
of credit risk reduction from these measures is not considered to be material for the Group.
Liquidity risk
Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and 
by continuously monitoring forecasted and actual cash flows. Yara aims at an even debt repay­
ment schedule and has secured committed undrawn credit facilities to provide sufficient reserves 
to meet unforeseen liquidity needs. 
Undrawn facilities that the Group has at its disposal are presented in note 5.3 Interest-bearing 
debt.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

188
Contractual maturities of financial liabilities, including estimated interest payments
31 December 2020
USD millions
Carrying 
amount
Contractual 
cash flows
On demand
6 months 
or less
6-12 months
1-2 years
2-5 years
More than 
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt
 (345)
 (367)
 (39)
 (323)
 (5)
 - 
 - 
 - 
Long-term interest-bearing debt 1)
 (3,503)
 (4,261)
 - 
 (65)
 (168)
 (612)
 (747)
 (2,668)
Accrued interest expense
 (8)
 (8)
 - 
 (8)
 - 
 - 
 - 
 - 
Trade payables
 (1,431)
 (1,432)
 (7)
 (1,392)
 (33)
 - 
 - 
 - 
Payroll and value added taxes
 (303)
 (303)
 (1)
 (273)
 (29)
 - 
 - 
 - 
Other short-term liabilities
 (96)
 (96)
 - 
 (69)
 (27)
 - 
 - 
 - 
Other long-term liabilities
 (92)
 (92)
 - 
 - 
 - 
 (71)
 (6)
 (14)
Derivative financial instruments
Freestanding financial derivatives
 (67)
Outflow
 (2,825)
 - 
 (2,186)
 (99)
 (191)
 (218)
 (130)
Inflow
 2,750 
 - 
 2,156 
 87 
 181 
 203 
 123 
Commodity derivatives
 (6)
Outflow
 (8)
 - 
 (1)
 (7)
 - 
 - 
 - 
Inflow
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Hedge designated derivatives
 12 
Outflow
 (35)
 - 
 (3)
 (3)
 (6)
 (16)
 (6)
Inflow
 48 
 - 
 - 
 12 
 9 
 20 
 7 
Total 
 (5,839)
 (6,628)
 (46)
 (2,163)
 (275)
 (690)
 (765)
 (2,689)
1) Includes current portion of long-term interest-bearing debt amounting to USD 132 million. 
See note 4.5 Leases for contractual maturities of lease liabilities. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

189
31 December 2019
USD millions
Carrying 
amount
Contractual 
cash flows
On demand
6 months 
or less
6-12 months
1-2 years
2-5 years
More than 
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt
 (494)
 (519)
 (40)
 (383)
 (97)
 - 
 - 
 - 
Long-term interest-bearing debt 1)
 (3,096)
 (3,731)
 (2)
 (426)
 (78)
 (223)
 (1,150)
 (1,852)
Accrued interest expense
 (14)
 (16)
 - 
 (14)
 - 
 - 
 (2)
 - 
Accounts payable
 (1,285)
 (1,302)
 (3)
 (1,270)
 (29)
 - 
 - 
 - 
Payroll and value added taxes
 (259)
 (259)
 (1)
 (226)
 (32)
 - 
 - 
 - 
Other short-term liabilities
 (59)
 (59)
 - 
 (52)
 (7)
 - 
 - 
 - 
Other long-term liabilities
 (133)
 (144)
 - 
 (1)
 (19)
 (45)
 (67)
 (13)
Derivative financial instruments
Freestanding financial derivatives
 (79)
Outflow
 (1,139)
 - 
 (343)
 (12)
 (112)
 (539)
 (133)
Inflow
 1,052 
 - 
 334 
 9 
 96 
 489 
 124 
Commodity derivatives
 (20)
Outflow
 (23)
 - 
 (2)
 (2)
 (10)
 (10)
 - 
Inflow
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Hedge designated derivatives
 (7)
Outflow
 (64)
 - 
 (6)
 (6)
 (12)
 (28)
 (11)
Inflow
 58 
 - 
 - 
 11 
 11 
 25 
 10 
 Total 
 (5,446)
 (6,147)
 (45)
 (2,388)
 (262)
 (295)
 (1,281)
 (1,875)
1) Includes current portion of long-term interest-bearing debt amounting to USD 398 million. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

190
Derivative instruments
USD millions
Notes
2020
2019
Total fair value of derivatives
Forward foreign exchange contracts
6.3
 (38)
 (7)
Cross-currency swaps
6.3
 (29)
 (72)
Interest rate swaps designated for hedging
6.3
 12 
 (7)
Embedded commodity derivatives 
6.3
 (6)
 (20)
Balance 31 December
 (61)
 (106)
Derivatives presented in the statement of financial 
position
Non-current assets
 15 
 1 
Current assets
 3 
 - 
Non-current liabilities
 (28)
 (96)
Current liabilities
 (52)
 (11)
Balance 31 December
 (61)
 (106)
Outstanding committed forward foreign exchange contracts at 31 December
USD millions
2020
2019
Forward foreign exchange contracts, notional amount
 1,369 
 427 
All outstanding forward foreign exchange contracts at 31 December 2020 have maturity in 2021, 
except non-deliverable forward contracts totaling USD 59 million that mature in 2022. Buy 
positions are mainly in US dollars against Norwegian kroner or Brazilian reals. Sell positions are in 
various operating currencies towards Norwegian kroner.
6.2	‌Hedge accounting
A description of the Group’s general risk management policies and principles can be found in 
note 6.1 Financial risks.
Accounting policies
Yara applies hedge accounting according to IFRS 9 and designates certain derivatives as either 
hedges of the fair value of recognized assets or liabilities (fair value hedges), hedges of foreign 
currency risk of recognized assets or liabilities (cash flow hedges), or hedges of net investments 
in foreign operations.
Changes in fair value of financial instruments designated as fair value hedges are recognized in 
the consolidated statement of income. The carrying amount of the hedged item is adjusted for 
changes in the fair value attributable to the hedged risk.
Changes in fair value of financial instruments used as hedging instruments in cash flow hedges 
are recognized in equity until the hedged transactions are recognized. Any ineffective part of a 
hedge is recognized in the Consolidated statement of income.
Changes in fair value of financial instruments used as hedges of net investment in foreign 
operations are recognized as other comprehensive income. Any ineffective part of a hedge is 
recognized in the Consolidated statement of income.
Hedge accounting ceases when the hedging instrument expires, is sold, terminated or exercised. 
Hedge accounting also ceases if the hedge relationship for some reason no longer fulfills the 
requirements for hedge accounting.
Fair value hedges
In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate 
swaps as hedging instruments. The hedged risk is the change in fair value due to changes in risk-
free interest rates (NIBOR) of the NOK 700 million and NOK 600 million fixed rate bond debt 
from 2014. 

In December 2017, Yara designated a portfolio of long-term NOK and SEK fixed-to-floating 
interest rate swaps as hedging instruments. The hedged risk is the change in fair value due to 
changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million 
fixed rate bond debt and the change in fair value due to changes in risk-free interest rates 
(STIBOR) of the SEK 800 million fixed rate bond debt, all from 2017. 
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. 
However, the designation of interest rate swaps as hedging instruments and use of hedge 
accounting enables Yara to include the fair value of changes in interest rates in the carrying value 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

191
of the bonds. The corresponding adjustment in the Consolidated statement of income offsets 
the effects of the recognized interest rate swaps, leading to less volatility in net income. 
As the key parameters of the hedging instruments (interest basis, inception dates and maturity 
dates) are identical to the respective hedged items, no ineffectiveness has been identified.
Cash flow hedges
Yara had no cash flow hedges in 2020 or 2019. However, Yara has used derivative instruments to 
hedge cash flows of planned transactions in the past and may do so also in the future. 
Net investment hedges
At 31 December 2020, Yara has designated in total USD 815 million (2019: USD 930 million) of 
its USD denominated interest-bearing debt as hedges of net investments in foreign (USD based) 
operations. The hedging instruments comprise USD denominated bonds, term loans and the 
currency component of a portion of the Group’s cross-currency swap portfolio. 
The designation of interest-bearing debt as hedges of net investments leads to changes of 
foreign currency translation (gain/loss) being recognized in the Consolidated statement of 
comprehensive income instead of in the Consolidated statement of income.
As both the hedged net investments and the hedging instruments are sensitive only to 
fluctuations in the USDNOK spot rate, no ineffectiveness has been identified.
Effect on financial position and performance in 2020
Currency
Hedge 
rates
Carrying amount of 
the hedged item 1)
Accumulated amount 
of hedge adjustment 
on the hedged item 4)
Line item in the 
Consolidated statement 
of financial position 
in which the hedged 
item is included
Line item in the 
Consolidated statement 
of financial position 
in which the hedging 
instrument is included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness
This year's 
change in 
value of 
the hedging 
instrument
Hedge 
ineffectiveness 
recognized in 
Consolidated 
statement of 
income
USD millions
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
 - 
 156 
 - 
4
Long-term interest-bearing debt 
 Other long-term liabilities 
 (5)
 5 
 - 
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
 - 
 242 
 - 
 8 
Long-term interest-bearing debt 
 Other long-term liabilities 
 (14)
 14 
 - 
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
 - 
 99 
 - 
 1 
Long-term interest-bearing debt 
 Other long-term liabilities 
 (1)
 1 
 - 
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries 2), 5)
USD
Spot 
USDNOK
 815 
 - 
 - 
 187 
 Retained earnings 
Long-term 
interest-bearing debt 3)
 22 
 (22)
 - 
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) Amounts are after-tax. See note 2.8 Income tax expense for the tax effect.
3) Includes USD 1 million related to the part of the hedging instrument (cross-currency swap) which refers to the line item other long-term liabilities.
4) Included in the carrying amount of the hedged item on fair value hedges.
5) The change in value columns include the effect from a USD 115 million hedging relation discontinued in August 2020.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

192
Effect on financial position and performance in 2019
Currency
Hedge 
rates
Carrying amount of 
the hedged item 1)
Accumulated amount 
of hedge adjustment 
on the hedged item 4)
Line item in the 
Consolidated statement 
of financial position 
in which the hedged 
item is included
Line item in the 
Consolidated statement 
of financial position 
in which the hedging 
instrument is included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness
This year's 
change in 
value of 
the hedging 
instrument
Hedge 
ineffectiveness 
recognized in 
Consolidated 
statement of 
income
USD millions
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
 - 
 147 
 1 
 - 
Long-term interest-bearing debt 
 Other long-term liabilities 
 1 
 (1)
 - 
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
 - 
 221 
 6 
 - 
Long-term interest-bearing debt 
 Other long-term liabilities 
 - 
 - 
 - 
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
 - 
 86 
 - 
 - 
Long-term interest-bearing debt 
 Other long-term liabilities 
 - 
 - 
 - 
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries 2)
USD
Spot 
USDNOK
 930 
 - 
 - 
 209 
 Retained earnings 
Long-term 
interest-bearing debt 3)
 (9)
 9 
 - 
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) Amounts are after-tax. See note 2.8 Income tax expense for the tax effect.
3) Includes USD 1 million related to the part of the hedging instrument (cross-currency swap) which refers to the line item other long-term liabilities.
4) Included in the carrying amount of the hedged item on fair value hedges.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

193
6.3	‌Financial instruments
Accounting policies
A financial instrument is any contract that gives rise to a financial asset of one entity and a 
financial liability or equity instrument of another entity. Financial assets and financial liabilities 
are recognized when the Group becomes party to the contractual obligations of the instrument.
 
Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business 
model in which they are managed and their contractual cash flows. The principal categories are 
amortized cost, fair value through other comprehensive income (FVOCI) and fair value through 
profit or loss (FVTPL). 
 
Derivatives
The Group uses derivative financial instruments to hedge exposure against currency risk, interest 
rate risk and commodity price risk arising in operating, financing and investment activities. These 
derivatives are initially recognized at fair value and subsequently measured at fair value through 
profit or loss at each balance sheet date. Embedded derivatives are separated and treated as 
derivatives when the risks and characteristics of the derivative are not closely related to the 
host contract, and the host contract is not measured at fair value with changes in fair value 
recognized in the consolidated statement of income. Embedded derivatives may refer to financial 
transactions and sale and purchase transactions for gas, ammonia and other commodities. 
Fair value on derivatives is measured based on quoted market prices when these are available. 
When quoted prices from active markets are not available, the Group estimates fair value by 
using valuation models that make maximum use of observable market data. The resulting 
change in fair value is recognized immediately in the statement of income. If the derivative 
is designated and effective as a hedging instrument, the timing of the recognition in the 
consolidated statement of income depends on the nature of the hedge relationship. A derivative 
is classified as non-current if the remaining maturity of the derivative is more than 12 months, 
and as current if the remaining maturity of the derivative is less than 12 months.
All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, 
for which there are no active markets. Fair value of all items in this category, is therefore 
calculated using valuation techniques with maximum use of market inputs and assumptions 
that reasonably reflect factors that market participants would consider in setting a price, relying 
as little as possible on entity-specific inputs. Fair values of commodity contracts are especially 
sensitive to changes in forward commodity prices. None of the derivatives in this category are 
designated in hedge relationships.
Receivables and deposits
See note 3.2 for information on Trade receivables and note 3.4 for Cash and Cash equivalents. 
Other short-term and long-term receivables and deposits are initially recognized at fair value. 
Subsequently they are measured at amortized cost using the effective interest method. Short-
term items are normally not discounted. 
The carrying amounts of receivables and deposits are adjusted for expected credit losses and 
are considered to represent reasonable estimates on fair value. Interest-free receivables are 
discounted if it has a material impact on fair value. Yara records 12-months expected credit 
losses if there has not been any significant increase in credit risk since initial recognition (the 
general approach). If there has been a sig­nificant increase in credit risk, lifetime expected credit 
loss is recorded. The 12-months expected credit loss reflect loss from default events that are 
possible within the next 12 months. They are calculated as the Probability of Default based on 
the credit rating of different counterparts multiplied with the Loss Given Default based on listed 
corporate bonds. If a significant increase in credit risk since initial recognition is identified, a 
lifetime expected credit loss for the specific receivable or deposit will be recognized based on an 
individual assessment. The credit risk has normally increased significantly when a receivable is 
defaulted. 
A receivable is considered to be in default when it is overdue and enforcement activities have 
started. If there is a reasonable expectation that enforcement activities will not lead to recovery, 
the receivable is credit impaired. The receivable is written off when enforcement activities lead 
to objective evidence of the receivable being irrecoverable. 
Yara’s expected credit loss on receivables and deposits is limited. As a result, disclosures are 
reduced due to materiality.
Equity instruments
The Group has equity shares within the scope of IFRS 9 to a limited extent. These are 
initially recognized at fair value. Subsequently they are measured at fair value through other 
comprehensive income (no recycling). 
Financial liabilities
Trade payables are initially recognized at fair value. Subsequently they are measured at 
amortized cost using the effective interest method. Short-term payables are normally not 
discounted. However, short-term payables and other short-term debt are discounted if it has 
material impact on fair value. Fair value of these liabilities are assumed to be equal to their 
carrying amounts.
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. 
Subsequently they are measured at amortized cost using the effective interest method. Fair 
value on long-term interest-bearing debt and other long-term liabilities differs from the carrying 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

194
amounts since the USD debenture bonds are held with fixed interest rates and are not subject to 
hedge accounting. For these USD debenture bonds with fixed interest rates and for other long-
term liabilities, no active market is available and fair value is calculated based on the present 
value of future principal and interest cash flows. Cash flows are estimated by using LIBOR with 
different maturities as a benchmark and adding a credit margin derived from recent transactions 
or other information available. 
See note 4.5 for information on lease liabilities. 
 
Contingent consideration is initially recognized at fair value and subsequently measured at fair 
value through profit or loss. Fair value of contingent consideration is calculated considering the 
present value of expected payments, discounted using a risk-adjusted discount rate. The expect­
ed payment is determined by considering the possible scenarios of financial performance, the 
amount to be paid under each scenario and the probability of each scenario. 
Financial instruments at fair value
Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L), 
equity instruments at FV through OCI (other comprehensive income) and financial liabilities at 
FV through P&L. They are valued according to different levels in the fair value hierarchy in IFRS. 
The different levels are defined as follows:
Level 1:	 Quoted prices (unadjusted) in active markets for identical assets or liabilities. 
Level 2:	 Inputs other than quoted prices included within Level 1 that are observable for the asset 
	
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 
Level 3:	 Inputs for the asset or liability that are not based on observable market data 
	
(unobservable inputs).
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

195
Carrying amounts and fair value per category
31 December 2020
Derivatives
Receivables 
and deposits
Equity 
instruments
Financial liabilities
Non-financial 
assets/liabilities
USD millions
Notes
Fair value 
through P&L
Designated for 
hedging
Amortized cost
FV through OCI 
(no recycling) 
Amortized 
cost
FV through 
P&L
Historic cost
Total
Non-current assets
Other non-current assets
4.6
 4 
 11 
 5 
 18 
 - 
- 
 342 
 380 
Current assets
Trade receivables 
3.2
- 
- 
1,478 
- 
- 
- 
- 
1,478 
Prepaid expenses and other current assets
3.3
2 
- 
167 
- 
- 
- 
 461 
630 
Cash and cash equivalents 
3.4
- 
- 
1,363 
- 
- 
- 
- 
1,363 
Sum financial assets
6 
11 
3,024 
18 
- 
- 
792 
3,851 
Non-current liabilities
Other long-term liabilities
(19)
(9)
- 
- 
(77)
(14)
 (18)
(138)
Long-term interest-bearing debt
5.3
- 
- 
- 
- 
(3,371)
- 
- 
(3,371)
Long-term lease liabilities
4.5
- 
- 
- 
- 
(335)
- 
- 
(335)
Current liabilities
Trade and other payables
5.5
(52)
- 
- 
- 
(1,796)
(33)
1 
(1,880)
Prepayments from customers
- 
- 
- 
- 
- 
- 
(372)
(372)
Other short-term liabilities
- 
- 
- 
- 
(8)
- 
(87)
(95)
Short-term interest-bearing debt
5.3
- 
- 
- 
- 
(345)
- 
- 
(345)
Current portion of long-term debt
5.3
- 
- 
- 
- 
(132)
- 
- 
(132)
Short-term lease liabilities
4.5
- 
- 
- 
- 
(111)
- 
- 
(111)
Sum financial liabilities
(70)
(9)
- 
- 
(6,175)
(48)
(476)
(6,779)
Total net balance
(65)
2 
3,024 
18 
(6,175)
(48)
316 
(2,927)
Fair value
(65)
2 
3,024 
18 
(6,502)
(48)
Unrecognized gain/(loss)
- 
- 
- 
- 
(327)
- 
Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 for details. 	 	
	
	
	
	
	
	
	
Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. Equity instruments as of year end 2020 refer mainly to shares in 
Pohhjolan Voima Oyj. These investments are long-term and not held for trading. Dividend received in 2020 amounts to USD 1 million. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

196
31 December 2019
Derivatives
Receivables 
and deposits
Equity 
instruments
Financial liabilities
Non-financial 
assets/liabilities
USD millions
Notes
Fair value 
through P&L
Designated for 
hedging
Amortized cost
FV through OCI 
(no recycling) 
Amortized 
cost
FV through 
P&L
Historic cost
Total
Non-current assets
Other non-current assets
4.6
- 
- 
4 
19 
- 
- 
391 
414 
Current assets
Trade receivables 
3.2
- 
- 
1,564 
- 
- 
- 
- 
1,564 
Prepaid expenses and other current assets
3.3
- 
- 
176 
- 
- 
- 
377 
553 
Cash and cash equivalents 
3.4
- 
- 
300 
- 
- 
- 
- 
300 
Sum financial assets
1 
- 
2,043 
19 
- 
- 
767 
2,830 
Non-current liabilities
Other long-term liabilities
(77)
(19)
- 
- 
(116)
(17)
(18)
(247)
Long-term interest-bearing debt
5.3
- 
- 
- 
- 
(2,698)
- 
- 
(2,698)
Long-term lease liabilities
4.5
- 
- 
- 
- 
(337)
- 
- 
(337)
Current liabilities
Trade and other payables
5.5
(11)
- 
- 
- 
(1,577)
(26)
- 
(1,614)
Prepayments from customers
- 
- 
- 
- 
- 
- 
(399)
(399)
Other short-term liabilities
- 
- 
- 
- 
(14)
- 
(87)
(101)
Short-term interest-bearing debt
5.3
- 
- 
- 
- 
(494)
- 
- 
(494)
Current portion of long-term debt
5.3
- 
- 
- 
- 
(398)
- 
- 
(398)
Short-term lease liabilities
4.5
- 
- 
- 
- 
(98)
- 
- 
(98)
Sum financial liabilities
(88)
(19)
- 
- 
(5,732)
(43)
(505)
(6,386)
Total net balance
(87)
(19)
2,043 
19 
(5,732)
(43)
262 
(3,556)
Fair value
(87)
(19)
2,043 
19 
(5,830)
(43)
Unrecognized gain/(loss)
 - 
- 
- 
- 
(98)
- 
Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 for details. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

197
Financial instruments at fair value
31 December 2020
USD millions
Level 1
Level 2
Level 3
Total
Equity instruments
- 
- 
18 
18 
Derivatives, net
- 
(54)
(8)
(62)
Financial liabilities
- 
(10)
(38)
(48)
Net total balance
- 
(64)
(28)
(92)
There were no transfers between Level 1 and Level 2 in the period.
31 December 2019
USD millions
Level 1
Level 2
Level 3
Total
Equity instruments
- 
- 
19 
19 
Derivatives, net
- 
(84)
(22)
(106)
Financial liabilities
- 
(6)
(37)
(43)
Net total balance
- 
(90)
(40)
(130)
There were no transfers between Level 1 and Level 2 in the period.
Reconciliation of fair value instruments at Level 3 from opening to closing balance
USD millions
2020
2019
Balance at 1 January
 (40)
(31)
Total gains or (losses):
in income statement
 13 
16 
in other comprehensive income
(3)
(2)
Payments made
- 
1 
Disposals/additions
 1 
(23)
Reclassification from level 3 to level 2 of the fair value hierarchy
- 
- 
Foreign currency translation
 2 
(2)
Balance at 31 December
(28)
(40)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

198
Sensitivity of fair value measurement of financial instruments at Level 3 at 31 December 2020
Effect on P&L
Effect on OCI
USD millions
Favourable
(Unfavourable)
Favourable
(Unfavourable)
Derivatives (20% decrease/(increase) in ammonia price)
5 
(8)
- 
- 
Equity instruments (20% increase/(decrease) in electricity price)
- 
- 
4 
(4)
Financial liabilities (20% decrease/(increase) in DAP price)
2 
(3)
- 
- 
Total
7 
(11)
4 
(4)
The favourable and unfavourable effects on derivatives refer to embedded derivatives in energy 
contracts. The effects are calculated by decreasing/increasing the input of ammonia prices by 20% for 
the whole contract period, also for long-term contracts. All other variables remain constant. 
The favourable and unfavourable effects on equity instruments refer to fair value of unlisted eq­
uity securities. The effects are calculated based on a valuation model for estimation of fair value, 
increasing/decreasing the forward electricity prices used in the model by 20%. All other variables 
remain constant. 
The favourable and unfavourable effects on financial liabilities refer to contingent consideration 
regarding the binding agreement with the former non-controlling interest in GICS (former 
Galvani). The effects are calculated by decreasing/increasing DAP price. All other variables 
remain constant. In addition to these effects, there is a conditional future payment of maximum 
USD 30 million related to future project success in GICS (see note 7.2 for details). Fair value 
of this future payment is included as contingent consideration, but it is not included in the sensi­
tivity analysis. 
Gains and losses from financial instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2020
Derivatives
Equity 
instruments
Financial liabilities
USD millions
Notes
Fair value 
through P&L
Designated 
for hedging
FV through OCI 
(no recycling)
Amortized 
cost
Fair value 
through P&L
Total
Consolidated statement of income
6.1, 6.2
75 
19 
- 
- 
(6)
88 
Consolidated statement of comprehensive income 1)
6.2
- 
3 
(3)
28 
- 
28 
Total
75 
22 
(3)
28 
(6)
115 
1) Amounts are presented before tax. See note 2.8 for specification of taxes. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

199
2019
Derivatives
Equity 
instruments
Financial liabilities
USD millions
Notes
Fair value 
through P&L
Designated for 
hedging 2)
FV through OCI 
(no recycling)
Amortized 
cost
Fair value 
through P&L
Total
Consolidated statement of income
64 
- 
- 
- 
2 
66 
Consolidated statement of comprehensive income 1)
- 
(16)
(2)
(12)
- 
(30)
Total
64 
(16)
(2)
(12)
2 
36 
1) Amounts are presented before tax. See note 2.8 for specification of taxes. 	
	
	
	
	
	
	
	
	
2) 2019 figures are changed from what was presented in 2019 Annual report, now including currency effects on cross-currency swap closed in 2019 (which was incorrectly excluded in the 2019 report).		
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

200
7	‌Business initiatives
7.1	 ‌Disposal of investments
Disposal 2020
In 2020, Yara completed the sale of its 25% stake in Qatar Fertiliser Company (QAFCO) and re­
ceived the consideration of USD 1 billion. The transaction led to a gain of USD 97 million, which 
is recognized as Other income in the Statement of Income and reflected in the Global Plants and 
Operational Excellence segment. 
QAFCO is included in Yara’s statements with the following amounts:
USD millions
2020
2019
Statement of income
Other income
 97 
 - 
Share of net income in equity-accounted investees
8
 55 
Statement of other comprehensive income
Exchange differences on translation of foreign operations
 (6)
 - 
Remeasurements of the net defined benefit pension liability 
for equity-accounted investees
 (1)
 - 
Statement of changes in equity
Translation of foreign operations (cumulative closing balance)
 - 
 6 
Statement of financial position
Equity-accounted investees
 - 
 873 
Non-current assets held-for-sale
 - 
 - 
Statement of cash flows
Dividend from equity-accounted investees
 - 
 158 
Proceeds from sale of shares in equity-accounted investees
 1,000 
 - 
7.2	 ‌Minority buy-out 
Minority buy-out 2019
In 2019, Yara closed the agreement with the non-controlling interest in GICS (GICS Indústria, 
Comércio e Serviços S.A., former Galvani) to acquire their 40% equity interest.  
 
In addition to fair value of assets and liabilities transferred, consideration includes a cash pay­
ment of USD 70 million over a three year period from closing and a conditional future payment 
related to project success of maximum USD 30 million. In addition, Yara provided through GICS 
a capital contribution to the new entity of USD 30 million as starting capital minus adjustments 
for a normalized level of working capital.
 
The carrying amount of the non-controlling interest in GICS at the date of closing (10 July 2019) 
was USD 139 million. The difference between the carrying amount and the consideration was 
recognized as a reduction to equity attributable to shareholders of the parent of USD 151 million. 
Equity transactions with the non-controlling interest in GICS (former Galvani) in 2019: 
USD millions
GICS
Carrying amount of non-controlling interests acquired/(divested)
 139 
Consideration
 (290)
Increase/(decrease) in equity attributable to owners to the group
 (151)
Presented in the statement of changes in equity:
Increase/(decrease) to other reserves
 (54)
Increase/(decrease) to retained earnings
 (97)
Total
 (151)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

201
8	‌Other disclosures
8.1	 ‌Related parties
The Norwegian State
At 31 December 2020, the Norwegian State owned 97,094,621 shares, representing 36.21% 
of the total number of shares issued. On the same date, the National Insurance Fund, Norway 
owned 18,990,573 shares, representing 7.08% of the total number of shares issued. 
Yara Pension fund
One of Yara International ASA’s pension plans is arranged through Yara Pension Fund. This plan 
has been closed for new members since July 2006. During 2020, Yara has contributed to the 
pension fund through deductions from premium fund and premium paid by Yara International 
ASA.
Equity-accounted investees
Transactions with equity-accounted investees are described in note 4.3.
Board of Directors
Members of the Board of Directors are elected for two year terms. Their rights and obligations 
as board members are solely and specifically provided for the company’s articles of association 
and Norwegian law. The company has no significant contracts in which a Board Member has a 
material interest.
Executive Management
Executive Management remuneration is disclosed in note 8.2. 
Board of Directors compensation 2020 and number of shares owned 31 December 2020
USD thousands, except number of shares
Compensation 
earned in 2020
Number of shares
Trond Berger, Chairperson (from 7 May 2020) 1)
 73 
3,000 
Kimberly Lein-Mathiesen
 40 
500 
John Gabriel Thuestad 4)
 56 
1,200 
Håkon Reistad Fure 2) 4)
 44 
22,500 
Adele Bugge Norman Pran 2)
 53 
2,010 
Birgitte Ringstad Vartdal (from 7 May 2020) 1)
 29 
2,500 
Rune Asle Bratteberg 2) 3)
 48 
367 
Geir O. Sundbø 1) 3)
 44 
339 
Ragnhild Flesland Høimyr (from 7 May 2020) 3)
 24 
126 
Øystein Jerkø Kostøl (from 7 May 2020) 3)
 24 
208 
Geir Isaksen, Chairperson (till 7 May 2020)
 26 
n/a
Hilde Bakken (till 7 May 2020)
 14 
n/a
Eva Safrine Aspvik (till 7 May 2020)
 13 
n/a
Kari Marie Nøstberg (till 7 May 2020)
 13 
n/a
1)	 Member of the HR Committee in 2020. 
2)	 Member of the Audit Committee in 2020.
3)	 Interest-free loan of USD 1.254 given through a trust in accordance with a Yara share purchase offer.
4)	 John Gabriel Thuestad and Håkon Reistad Fure receive an additional remuneration for Board members resident outside Scandinavia, 
currently NOK 30.000 per meeting.
Compensation of Board of Directors was USD 501 thousand in 2020 compared to USD 509 
thousand in 2019.	
The Chairperson and the members of the Board have no agreements for further compensation 
due to termination or changes in the position.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

202
Compensation 2020 and number of shares owned by the deputy 
Board Members at 31 December 2020	
Compensation 
earned in 2020
Number of shares
Inge Stabæk 1)
 - 
524 
Vidar Viskjer 1)
 - 
367 
Morten Ødegård 1)
 - 
1,046 
Maiken Sandland
 - 
85 
Eva Safrine Aspvik 1)
- 
572 
Terje Borlaug 1)
- 
63 
Kari Marie Nøstberg 1)
- 
488 
Lise Gunvor Bækkevold Winther 1)
 - 
225 
	
1) Interest-free loan of USD 1.254 given through a trust in accordance with a Yara share purchase offer.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

203
8.2	‌Executive Management remuneration
Yara Executive Management: Compensation and number of shares owned at 31 December 2020
USD thousands, except number of shares
Salary 2)
Share Based 
Remuneration 1)
Other 
benefits
Pension
 benefits
Short-term 
incentive 
 accrued 3)
Accrued holiday 
pay on short-
term incentive 
accrued
Number of
 shares
Svein Tore Holsether 4) 6)
720
 216 
35
 192 
 321 
 39 
 40,373 
Lars Røsæg 4) 6)
 360 
 91 
 23 
 15 
 161
 19 
 6,254 
Tove Andersen 4) 6)
 378 
 93 
 24 
 20 
 166
 20 
 12,723 
Terje Knutsen 4) 6)
 355 
 87 
 34 
 122 
 155
 19 
 12,807 
Kristine Ryssdal 4) 6)
 350 
 88 
 41 
 15 
 153
 22 
 9,332 
Pablo Barrera Lopez 4) 6) 
 350 
 90 
 26 
 15 
 156
 19 
 7,061 
Chrystel Monthean (from 1 June, 2020) 5) 8) 9)
 193 
 81 
-
 39 
 98 
 - 
 1,899 
Pål Hestad (from 1 June, 2020) 4) 5)
 187 
 80 
 21 
 9 
 83 
 10 
 5,634 
Fernanda Lopes Larsen (from 1 October, 2020) 5)
 80 
- 
 8 
 4 
 36 
 4 
 1,955 
Lair Hanzen (till 1 October, 2020) 5) 7)
 272 
 115 
 28 
 38 
 153 
 - 
 n/a 
Lene Trollnes (till 31 May, 2020) 5) 10)
 172 
- 
10 
6 
 - 
 - 
n/a
1)	
Fixed cash amount as part of Share Based Remuneration (see description on page 206). 	
	
	
	
	
	
	
	
2)	
For Yara Executive Management no salary increase was applied. The development in base salary and actual paid salary may differ from one year to the next due to effects of the Norwegian holiday pay system, where a change in number of days holiday taken and/or annual holiday allowance 
impact salary paid. 	
	
	
	
	
	
	
	
3)	
Accrude short-term incentive payout (excluding holiday allowance) earned in 2020 to be paid in 2021.	
	
	
	
	
	
	
	
4)	
Interest-free loan of USD 1,254 given through Yara International ASA in accordance with a Yara share purchase offer.	
	
	
	
	
	
	
	
5)	
The numbers presented are for the period as member of Yara Executive Management in 2020.	
	
	
	
	
	
	
	
6)	
Salary in NOK translation rate to USD: 0.1066	
	
	
	
	
	
	
	
7)	
Salary in BRL translation rate to USD: 0.1960	
	
	
	
	
	
	
	
8)	
Salary in EUR translation rate to USD: 1.1416	
	
	
	
	
	
	
	
9)	
Benefits and perks are provided in relation to an international Assignment contract. The net value represents USD 155.250 - gross-up with average tax rate of 37.97% of the host location amounts the gross value USD 250.300.
10)	 In addition to the compensation mentioned in the table above, Lene Trollnes received a short-term Incentive payout of USD 53 097 for the period in which she was a member of the Group Executive Board. She also received termination compensation of USD 62,410, which was a net amount 
after deduction of income she had received from another employer during the period for which the severance pay applied.	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

204
Yara Executive Management: Compensation and number of shares owned at 31 December 2019	
USD thousands, except number of shares
Salary 2)
Share Based 
Remuneration 1)
Other 
benefits
Pension
 benefits
Short-term 
incentive 
accrued 3)
Accrued holiday 
pay on short-
term incentive 
accrued
Number of
 shares
Svein Tore Holsether 4) 6)
 768 
 231 
 30 
 224 
 353 
 42 
 34,613 
Tove Andersen 4) 6)
 401 
 100 
 26 
 27 
 133 
 16 
 7,862 
Terje Knutsen 4) 6)
 376 
 93 
 53 
 178 
 130 
 16 
 9,531 
Lair Hanzen 7)
 521 
 148 
 1 
 57 
 334 
-
 16,081 
Kristine Ryssdal 4) 6)
 349 
 69 
 31 
 15 
 110 
 13 
 5,795 
Lene Trollnes 4) 6)
 389 
 97 
 29 
 15 
 138 
 17 
 12,861 
Pablo Barrera Lopez 4) 6)
 345 
 94 
 33 
 16 
 147 
 18 
 3,337 
Lars Røsæg 4) 6)
 372 
 97 
 24 
 15 
 151 
 18 
 3,442 
Yves Bonte (till June 30, 2019) 5) 8)
 367 
- 
 2 
 43 
 142 
-
 n/a 
Terje Morten Tollefsen (till August 22, 2019) 4) 5) 6)
 229 
 - 
 15 
 35 
 59 
 7 
 n/a 
1) Fixed cash amount as part of Shared Based Remuneration (see description on page 206). 
2) For Yara Executive Management employed in Norway, no salary increase was applied. For Yara Executive Management member employed in Belgium, an inflation increase of 2% was applied, no salary increase was applied. For Yara Executive Management member employed in Brazil, a salary 
increase of 0.02% in line with the minimum increase under Brazil collective agreement was applied. The development in base salary and actual paid salary may differ from one year to the next due to effects of the Norwegian holiday pay system, where a change in number of days holiday taken 
and/or annual holiday allowance impact salary paid.
3) Accrude short-term incentive payout (excluding holiday allowance) earned in 2019 to be paid in 2020.
4) Interest-free loan of USD 1,346 given through Yara International ASA in accordance with a Yara share purchase offer.
5) The numbers presented are for the period as member of Yara Executive Management in 2019.
6) Salary in NOK translation rate to USD: 0,1140.
7) Salary in BRL translation rate to USD: 0.2536.
8) Salary in EUR translation rate to USD: 1.1302.
Salary freeze and no cash bonus paid to Group Executive Board for 2020 
In 2020, Yara delivered strong results with an improvement in free cash flow of USD 1.4 billion, 
an increase in ROIC to 8%, committed or distributed returns to shareholders of NOK 52/share and 
a successful reorganization of the company into a regional model with strengthened accountabil­
ity and closeness to customer. Furthermore, Yara’s industry fundamentals are robust, as the twin 
challenges of resource efficiency and environmental footprint require significant transformations 
within both agriculture and the hydrogen economy. Yara’s leading food solutions and ammonia po­
sitions are well placed to both address and create business opportunities from these challenges. 
 
Although Yara’s performance and outlook remains strong, the acceleration of the pandemic during 
recent weeks with the spread of new strains of the virus creates uncertainty for other industries, 
countries and individuals worldwide. Given this broader context and Yara’s role in society and de­
spite the company’s strong position and outlook, the Group Executive Board has asked to abstain 
from the annual salary adjustment in June 2021 for the third consecutive year. Furthermore, in 
line with Yara’s remuneration guidelines, the strong performance in 2020 qualified the Group Ex­
ecutive Board to a cash Short-Term Incentive Payout payable in April 2021. The Group Executive 
Board has however for the same reasons cited above asked for this payment to be frozen and for 
payment to be evaluated once visibility in society improves following the recent surge in Covid-19 
cases. Pending the outcome of the evaluation, the Short-Term Incentive for 2020 will in any case 
not be paid in cash, but invested by the individual members of the Group Executive Board into 
Yara shares, to further align incentives through reinvestment in the company. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

205
CEO Remuneration 2020
Svein Tore Holsether‘s remuneration consist of the following elements:
 
Annual Base Salary
The Annual Base Salary is USD 720,466 (NOK 6,758,400). No adjustment of his base salary 
was made during 2020 and it has remained unchanged since June 2018. 
Short-Term Incentive Plan
The CEO is eligible for Short-Term Incentive payout according to the plan described below. 
The Target payout is 40% with a capped payout of 50% of Annual Base Salary.
 
Share Based Remuneration
The CEO is entitled to Share Based Remuneration of 30% of Annual Base Salary according to the 
plan described below.
Pension Plans and Personal Insurance Plans 
Svein Tore Holsether is member of the following pension plans:
 
A funded Defined Contribution (DC) plan providing contribution equal to 7% of part of pensionable 
salary up to 7.1 times Norwegian Social Security Base Amount (G) plus 18% of salary between 
7.1G and 12G; 
An unfunded DC plan for salaries above 12G with contribution equal to 25% of pensionable salary 
exceeding 12G
 
Provided that he is employed by Yara at age 65 he will be entitled to an Age Limit Compensation. 
This provides a benefit equal to 65% of his Annual Base Salary at that time until age 67. In case 
he would be entitled to Severance Pay or if it is mutually agreed between him and the Yara Board 
of Directors to continue the employment beyond age 65 he will not be entitled to the Age Limit 
Compensation. 
The CEO is member of the personal insurance schemes applicable to Yara employees in Norway.
 
Other compensation elements
The CEO is granted benefits in kind according to the applicable market standard, the main ele­
ment being a fixed car allowance of USD 19,295 (NOK 181,000) annually.
 
Comments to remuneration of other members of Group Executive Management in 2020
Chrystel Monthean is member of Yara IEC AG Pension Plan for Global Assignees. This is a DC 
pension plan with employer contributions equal to 20% of Base Salary. 
 
Other members of Yara Group Executive Management are included in Yara’s plans for employees 
in Norway. Since 2006 Yara in Norway has transitioned from Defined Benefit Pension Plans to 
DC pension plan and simplified the pension plans. This work was completed in 2015 and new 
hires are now enrolled in one DC pension plan covering salary up to 12 times Norwegian Social 
Security Base Amount (G). When former pension plans were closed, existing members have been 
offered transitional or compensation arrangements.
2021 Guidelines for remuneration of Group Executive Board and Board Members in Yara 
Yara’s guidelines for remuneration of Group Executive Board and Board members is prepared in 
accordance with the Public Limited Companies Act section 6-16a. Pursuant to the Public Limited 
Companies Act section 6-16a (5) the statement will be presented to the Annual General Meet­
ing (AGM) 2021 for approval. The Ministry of Trade, Industry and Fisheries disclosed amended 
guidelines for remuneration of executives in state-owned and partly state-owned companies 
with effect from 13 February 2015 (State guidelines). Yara’s remuneration principles applying to 
Yara CEO and the other members of the Group Executive Board comply with these guidelines. 
Potential deviations will be reported in the report on remuneration of Group Executive Board and 
Board Members to the Annual General Meeting. The first report on remuneration will be reported 
at the Annual General Meeting 2022.For members of the Group Executive Board employed by 
Yara companies in other countries remuneration may deviate from the State guidelines depending 
on local market conditions. There is currently one member of Yara’s Group Executive Board who is 
employed by a non-Norwegian Yara company. 
Guidelines for remuneration of Board Members
The Chair and other Board members receive remuneration as Board members and members 
of Board Committees. The remuneration is determined by the General Meeting on the basis of 
recommendation from the Nomination Committee. Employee-elected Board members receive 
the same remuneration as shareholder-elected Board members. None of the shareholder elected 
Board members are employed by the Company. 
None of the employee-elected Board members are executives. The employee-elected Board 
members receive salary, pension and other remuneration such as bonuses, share-based remuner­
ation, car allowance, etc. in accordance with the Company’s general terms for employment. 
The Chair and other members of the Board have no agreements for compensation in the event of 
termination or changes in their positions as Board members.
Guidelines for remuneration of Group Executive Board
The Board of Directors determines the remuneration of the President and CEO (CEO) and ap­
proves the general terms of the company’s incentive plans for the Group Executive Board based 
on proposals from the HR Committee The CEO determines the remuneration to the other mem­
bers of the Group Executive Board.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

206
Deviation from the guidelines
The Board of Directors may decide to deviate entirely or partly from the guidelines temporarily in 
individual cases provided that it has been regarded to be exceptional circumstances that make it 
necessary to deviate from the guidelines in order to safeguard the company’s long - term interest, 
financial sustainability or ensure the company’s viability. Potential deviations and the reason for 
this will be reported in the report on remuneration of Group Executive Board and Board Members 
to the Annual General Meeting. 
General principles
The Board determines the total remuneration to the CEO and other members of the Group Execu­
tive Board on the basis of;
•	 A commitment to exercise moderation through responsible and not market leading remuneration;
•	 Incentivize management in line with maximizing long-term sustainable value creation to Yara’s 
shareholders and other stakeholders
•	 The need to offer competitive terms to secure the company’s competitiveness in the labor 
market 
Total remuneration for each member of the Group Executive Board, including all compensation 
elements, value of pension plan benefits and other benefits is compared to the relevant market 
on a regular basis. Pension plans for the Group Executive Board are moderate and in accordance 
with the State Guidelines for all members of the Group Executive Board that have joined after 3 
December 2015 as further described below in the section Company paid Pension Plans. 
The total remuneration for the members of the Group Executive Board comprises the following 
elements, that will be explained in detail;
•	 Base salary;
•	 Share Based Remuneration
•	 Short-Term incentive plan
•	 Pension plan benefits
•	 Other compensation elements such as internet connection and company car
Base salary
Base Salary is reviewed once a year as per 1st June as part of the Annual Salary Review for all 
employees in Yara. In addition, salaries may be reviewed if scope of responsibility is materially 
changed. The development of basic salary for Executive Management is based on the following:
•	 Annual salary adjustment for employees in Yara International ASA and Norwegian subsidiaries;
•	 Benchmark of Executive Management Salaries in peer companies
Yara CEO and the other members of the Group Executive Board voluntarily abstained from the 
annual salary adjustment in both 2019 and 2020. The Group Executive Board will for the third 
year running abstain from the annual salary adjustment as per 1st June 2021.
Share Based Remuneration (SBR)
To support the alignment between executives and shareholder interests and to ensure retention 
of key talent in the company, an amount equal to 30% of the base salary for the CEO and 25% 
of the base salary for the other members of the Group Executive Board may be awarded by the 
Board on an annual basis. The net after tax amount must be invested in Yara shares within a 
period of one month after the grant and the shares must be retained for minimum 3 years. Ex­
ecutives who resign from Yara must reimburse to the company at the time of resignation the net 
proceeds of the selling of the shares that are still within the lock-in period. 
The grant of SBR is conditional on Yara’s Net Result excluding special items and currency gain/
loss being positive over the last three years. Yara’s CEO can on a discretionary basis decide that 
SBR shall not be granted for a given year and Yara’s Board of Directors can decide that SBR shall 
not be granted to the CEO for a given year. Such an assessment will amongst other factors be 
evaluated against Yara’s performance towards its strategic targets of sustainable value creation, 
hereunder Performance Indicators linked to People, Planet and Prosperity. 
In cases where members of the Group Executive Board are recruited in other countries than Nor­
way the SBR percentage may deviate from what is mentioned above depending on local market 
conditions for remuneration.
In order to support alignment between members of the Group Executive Board and the sharehold­
er interests it is furthermore expected that members of the Group Executive Board that partic­
ipate in the SBR program, every year as a minimum - in addition to the shares received as part 
of the SBR - invest in Yara shares an amount equaling the lowest amount received as net, after 
tax Short-Term Incentive payout for the preceding year or the net amount received as SBR for the 
relevant year. Such investments should be made until the shareholding amounts to two times the 
gross remuneration package, including pensions. Furthermore, it is also expected that members 
of the Group Executive Board do not sell any Yara shares as long as they are members of the 
Group Executive Board. 
Short-term Incentive plan
To secure that the Short-Term Incentive Plan contributes to realizing Yara’s strategy, its long-
term value creation and capital allocation policy, the Short-Term Incentive Plan is based on Yara’s 
strategic targets as presented at Yara’s ESG Investor Seminar 7 December 2020, covering the 
dimensions of People, Planet and Prosperity. 
The Short-Term Incentive Plan can have an outcome for the individual executive of 0% to 50% of 
base salary and is calculated as presented in the following paragraphs. 
Company performance 
(From 0% to 30% of Base Salary) in line with the strategic targets released at Yara’s ESG Investor 
Seminar 7 December 2020 (goals included below)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

207
Progress on strategic focus areas 
(From 0% to 20% of Base Salary) in line with the strategic targets released at Yara’s ESG Investor 
Seminar 7 December 2020 (goals included below)
If all stretched goals have been met and the planned actions have been taken during the year and 
with the desired result, this will give a Short-Term Incentive pay-out of 40% of the annual Base 
Salary for Yara CEO and 35% for the other members of the Group Executive Board. The total pay-
out cannot exceed 50% of the annual Base Salary.
In cases where members of the Group Executive Board are recruited in other countries than 
Norway the percentages may deviate from what is mentioned above depending on local market 
conditions for remuneration.
Company performance
The table below shows the relation between Yara’s long-term strategic targets and the Perfor­
mance Indicators set to drive performance for 2021.
Method of measurement for Company Performance:
The assessment of the performance score is based on a scale for each Indicator, where each 
Indicator may result in an outcome between 0% of base salary, a target of 24% of base salary for 
the CEO and 21% for the other members of the Group Executive Board, and a maximum of 30% 
of base salary. The weighted sum of the outcome of the factors represents the overall outcome 
as a percentage of base salary. 
For commercial, competitive and general business reasons, the concrete target values of each 
individual Indicator are not disclosed as part of this statement.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

208
Ambition for 2025
Performance indicators 2021
People
•	No fatalities and TRI<1.0​
•	Top quartile engagement index score​
•	Top quartile Diversity & Inclusion Index score​
•	>35% female leaders in senior management positions​
People (25% of total company performance)
•	TRI rate development
•	Process safety (PSI)
•	Engagement index 
•	Diversity & Inclusion Index
•	Share of female senior leaders
•	Female/male external recruitment senior personnel
Planet
•	150 million hectares under management​
•	10% lower GHG emissions in kg CO2e/kg N produced​
•	Launching carbon marketplace​
•	30% absolute reduction in Scope 1 and 2 by 2030​
Planet (25% of total company performance)
•	Active hectares under management
•	Greenhouse gas emissions intensity
•	Energy efficiency
Prosperity
•	300-600 MUSD incremental EBITDA from new business models​
-	 USD 1.5 billion revenues from new business models​
-	 USD 1.2 billion revenues from online sales​
•	Delivering on YIP 2.0 by 2023:​
-	 Increased production: 1.3 mt ammonia and 2.8 mt finished products​
-	 Fixed cost flat at 2.34 BUSD, working capital reduced to 92 days​
•	ROIC > 10% mid cycle​
•	Premium products: volume and commercial margin growth​
Prosperity and capital discipline (50% of total company performance)
•	Ammonia production volume
•	Finished fertilizer production volume
•	Premium generated
•	Revenues from new business models
•	Revenues from online sales
•	EBITDA
•	Fixed costs
•	Working capital days
•	ROIC
•	Capital expenditure
•	Progress projects on planned time/cost
•	MSCI rating
•	Net debt / EBITDA
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

209
Strategic focus areas
The following list of factors are set to drive performance for 2021:
•	 Scale the Farming Solutions organization
•	 Strategically develop Yara Clean Ammonia
•	 Improve plant reliability toolbox
•	 Strengthen change management and dynamic upskilling
Method of measurement for Strategic Focus Areas:
The assessment of the performance score is based on a scale for each factor, where each factor 
may result in an outcome between 0% of base salary, a target of 16% of base salary for the CEO 
and 14% for the other members of the Group Executive Board, and a maximum of 20% of base 
salary. The weighted sum of the outcome of the factors represent the overall outcome as a per­
centage of base salary. 
For commercial, competitive and general business reasons, the concrete target values and weight 
of each individual factor are not disclosed as part of this statement.
In the Board’s total short-term incentive plan performance evaluation, in addition to the perfor­
mance towards the factors described above, the Board will put weight on how difficult it has been 
to achieve the results, changes in external non-controllable factors that were not anticipated 
at the beginning of the year and that the results have been achieved in accordance with Yara’s 
values and ethical principles.
Claw back of share based remuneration and short-term Incentive payments 
Shares provided by the SBR and payments that have already been made from the Short- Term In­
centive Plan are subject to claw back provisions covering both situations of misconduct and errors 
leading to financial re-statement. Enforcement of the provision will be subject to local law.
Benefit plans
Company paid pension plans
Pension Plans in Yara should be defined contribution (“DC”) plans. Executive Management on 
Norwegian employment contracts are eligible to the company paid DC Pension Plan applicable 
for all Yara employees in Norway. The contribution rates to this plan is 7% of part of pensionable 
salary up to 7.1 times Norwegian Social Security Base Amount (G) and 18% of pensionable salary 
between 7.1G and 12G.
Yara has a DC Pension Plan covering salary in excess of 12G applicable for employees on Norwegian 
employment contracts. From December 2015 this plan was closed for new members. For internal 
recruits to the Executive Management who are members of the plan at commencement, future contri­
butions to the plan stops and they become deferred members of the plan. Current members of the Ex­
ecutive Management at 3 December 2015 remain active members of the plan with future contributions.
For employees on Norwegian employment contracts, the upper retirement age is 70 years with 
the possibility for flexible retirement from age 62 in the company paid DC plans. Yara has a 
defined benefit early retirement plan for executives on Norwegian employment contracts covering 
the period from age 65 to 67 with a defined benefit equal to 65% of final salary limited to 12G. 
From 1st January 2015, the plan was closed for new members and ceased for employees below 
age 50. A DC pension plan was established to compensate members for the shortfall. Executives 
who were previously members of other Defined Benefit Pension Plans being terminated or con­
verted to DC plans might have cash allowances to compensate for the shortfall.
Executives employed by Yara companies in other countries will be covered by company paid pen­
sion plans according to national plans and markets.
Personal insurance schemes
The executives are members of the personal insurance schemes applicable to other Yara employ­
ees. These are Group Life Insurance, Disability Pension, lump-sum payment in the event of dis­
ability, occupational diseases, occupational and non-occupational accident and Health Insurance. 
In addition, they are provided with a Travel Insurance covering both the executive and family.
Other compensation elements
Executives are granted benefits in kind according to the applicable market standard. These are 
typically cell phone, internet connection and company car, alternatively fixed car allowance.
In the event of an international assignment contract, the executive and family will 
be entitled to allowances and benefits in accordance with Yara’s Global Mobility Policy.
Members of Group Executive Board on Norwegian contracts are entitled to a severance pay equal 
to six months basic salary on certain conditions. The severance pay is calculated from the end of the 
notice period. Other income the executive receives during the severance pay period will be deducted 
from the severance pay. For members of the Group Executive Board employed by Yara companies 
in other countries severance pay may deviate from the above depending on local regulations.
Voluntary share purchase program
Group Executive Board members employed in Norway can take part in the annual offer to all 
permanent Yara employees in Norway where they can buy Yara shares with a tax-exempt dis­
count being within a threshold set by the Norwegian authorities. Yara offers the employees an 
interest-free loan with repayment of one year for the purchase of the shares. This plan comes in 
addition to the SBR.
Ad-hoc compensation elements
In extraordinary circumstances related to recruitment processes, sign-on bonus may be agreed. 
Any such compensation will be reported in the report on remuneration of Group Executive Board 
and Board Members to the Annual General Meeting.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

210
8.3	‌External audit remuneration 
Deloitte AS (Deloitte) is Yara’s auditor. A few subsidiaries of Yara International ASA have appointed other audit firms. The following table shows total audit and other services delivered to the group by 
the appointed auditor. 	
	
	
	
	
USD thousands
Audit fee
Assurance 
services
Tax services
Other non-
audit services
Total
2020
Deloitte Norway
722 
365 
83 
21 
1,192 
Deloitte abroad
3,193 
32 
464 
29 
3,718 
Total Deloitte
3,916 
397 
547 
50 
4,910 
Others
331 
5 
13 
157 
506 
Total
4,247 
402 
560 
207 
5,416 
2019
Deloitte Norway
643 
105 
- 
51 
799 
Deloitte abroad
3,413 
71 
384 
120 
3,988 
Total Deloitte
4,056 
176 
384 
171 
4,787 
Others
207 
72 
110 
31 
421 
Total
4,262 
249 
494 
202 
5,208 
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

211
8.4	‌Composition of the group
The consolidated financial statement of Yara comprises 127 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). 
This list also includes major holding companies.		
Ownership
Ownership
Registered office
Main parent(s)
Yara Argentina S.A.
100.0%
Argentina
Yara Iberian S.A.U. 
Yara Australia Pty Ltd.
100.0%
Australia
Yara Technology B.V.
Yara Nipro Pty Ltd.
100.0%
Australia
Yara Australia Pty Ltd.
Yara Pilbara Fertilisers Pty Ltd.
100.0%
Australia
Chemical Holdings Pty Ltd.
Chemical Holdings Pty Ltd.
100.0%
Australia
Yara Australia Pty Ltd.
Yara Environmental Technologies GmbH
100.0%
Austria
Yara Investment GmbH
Yara Belgium S.A./N.V.
100.0%
Belgium
Yara Nederland B.V.
Yara Tertre S.A.
100.0%
Belgium
Yara Belgium S.A./N.V.
Yara Brasil Fertilizantes S.A.
100.0%
Brazil
Yara South America Investments B.V.
Yara Belle Plaine Inc.
100.0%
Canada
Yara Canada Holding Inc.
Yara Canada Holding Inc.
100.0%
Canada
Fertilizer Holdings AS
Yara Canada Inc.
100.0%
Canada
Fertilizer Holdings AS
Yara Trading (Shanghai) Co. Ltd.
100.0%
China
Yara Asia Pte Ltd.
Yara Colombia S.A.
99.4%
Colombia
Yara International ASA (70.1%) and OFD Holding S. de R.L. (29.3%)
Yara Costa Rica S. de RL.
87.6%
Costa Rica
Yara Iberian S.A.U.
Yara Danmark A/S
100.0%
Denmark
Fertilizer Holdings AS
Yara Agri Trade Misr. Ltd.
51.0%
Egypt
Yara Trade Misr.
Yara Dallol B.V.
58.6%
Ethiopia
Yara Nederland B.V.
Yara Phosphates Oy
100.0%
Finland
Yara Suomi Oy
Yara Suomi Oy
100.0%
Finland
Yara Nederland B.V.
Yara France SAS
100.0%
France
Yara Nederland B.V.
Yara Besitz GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara Brunsbüttel GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara GmbH & Co. KG
100.0%
Germany
Yara Investments Germany SE 
Yara Investment GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara Investments Germany SE
100.0%
Germany
Yara Nederland B.V.
Table continues >
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

212
> Table continued
Ownership
Ownership
Registered office
Main parent(s)
Yara Ghana Ltd.
100.0%
Ghana
Yara Nederland B.V.
Yara Hellas S.A.
100.0%
Greece
Yara Nederland B.V.
Yara Guatemala S.A.
100.0%
Guatemala
Yara International ASA
Yara Fertilisers India Pvt. Ltd.
100.0%
India
Yara Asia Pte Ltd
P.T. Yara Indonesia
100.0%
Indonesia
Yara Asia Pte Ltd.
Yara Insurance DAC
100.0%
Ireland
Fertilizer Holdings AS
Yara Italia S.p.A.
100.0%
Italy
Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%)
Yara Côte d'Ivoire S.A.
100.0%
Ivory Coast
Fertilizer Holdings AS
Yara East Africa Ltd.
100.0%
Kenya
Yara Overseas Ltd.
Yara International (M) Sdn. Bhd.
70.0%
Malaysia
Yara Asia Pte Ltd.
Yara México S. de R.L. de C.V.
99.9%
Mexico
OFD Holding S. de R.L. (70.7%) and Yara Nederland B.V. (29.2%)
Yara Mozambique Lda.
100.0%
Mozambique
Yara Nederland B.V.
Fertilizer Holdings AS
100.0%
Norway
Yara International ASA
Herøya Nett AS
100.0%
Norway
Yara Norge AS
Yara Marine Technologies AS
100.0%
Norway
Fertilizer Holdings AS
OFD Holding S. de RL
100.0%
Norway
Fertilizer Holdings AS
Yara AS
100.0%
Norway
Fertilizer Holdings AS
Yara Birkeland AS
100.0%
Norway
Fertilizer Holdings AS
Yara Norge AS
100.0%
Norway
Yara International ASA
Yara LPG Shipping AS 
100.0%
Norway
Fertilizer Holdings AS
Yara Fertilizers Philippines Inc.
100.0%
Philippines
Yara Asia Pte Ltd.
Yara Poland Sp.zo.o
100.0%
Poland
Yara Nederland B.V.
Yara Asia Pte Ltd.
100.0%
Singapore
Yara International ASA
Yara Animal Nutrition South Africa (Pty) Ltd.
100.0%
South Africa
Yara Phosphates Oy
Yara Africa Fertilizers (Pty) Ltd.
100.0%
South Africa
Yara Nederland B.V.
Yara Iberian S.A.U.
100.0%
Spain
Yara Nederland B.V.
Yara Marine Technologies AB
100.0%
Sweden
Yara Marine Technologies AS
Table continues >
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

213
> Table continued
Ownership
Ownership
Registered office
Main parent(s)
Yara AB
100.0%
Sweden
Fertilizer Holdings AS
Yara Switzerland Ltd.
100.0%
Switzerland
Yara Nederland B.V.
Yara Tanzania Ltd.
100.0%
Tanzania
Fertilizer Holdings AS
Yara Thailand Ltd.
100.0%
Thailand
Yara Asia Pte Ltd.
Yara Holding Netherlands B.V.
100.0%
The Netherlands
Fertilizer Holdings AS
Yara Nederland B.V.
100.0%
The Netherlands
Yara Holding Netherlands B.V.
Yara Sluiskil B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara South America Investments B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara Technology B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara Vlaardingen B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara Caribbean Ltd.
100.0%
Trinidad and Tobago
Fertilizer Holdings AS
Yara UK Ltd. 
100.0%
United Kingdom
Fertilizer Holdings AS
Yara North America Inc.
100.0%
United States
Yara International ASA
Freeport Ammonia LLC
100.0%
United States
Yara North America Inc.
Yara West Sacramento Terminal LLC
100.0%
United States
Yara North America Inc.
Yara Fertilizer Zambia Ltd.
100.0%
Zambia
Yara Nederland B.V.
8.5	‌Post balance sheet events
On 9 February 2021 Yara announced that a new global unit had been established – Yara Clean 
Ammonia – to capture growth opportunities within carbon-free food solutions, shipping fuel and 
other clean ammonia applications, leveraging Yara’s unique existing positions within ammonia 
production, trade and shipping. This new global unit will be reported as an additional, separate 
operating segment from 2021. 
On 18 February 2021 Yara announced that the company had signed a Letter of Intent with 
Statkraft, and Aker Horizons, aiming to establish Europe’s first large-scale green ammonia 
project in Norway, enable the hydrogen economy and accelerate the green energy transition. 
The partners will target green hydrogen and green ammonia opportunities within shipping, agri­
culture and industrial applications, by electrifying and decarbonizing Yara’s existing ammonia facil­
ity in Porsgrunn. Building on their combined expertise, the partners aim to fully remove CO2 emis­
sions from ammonia production, thereby producing emission-free fuel for shipping, carbon-free 
fertilizer and ammonia for industrial applications.
Yara’s Board will propose to the Annual General Meeting a dividend of NOK 20 per share for 
2020. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

214
Financial statements for Yara International ASA
‌Yara International ASA Income statement
215
‌Yara International ASA Balance sheet
216
‌Yara International ASA Cash flow statement
218
‌Basis for preparation
219
‌Notes to the financial statements
221
1	
‌Employee benefits
221
2	
‌Remunerations and other
225
3	
‌Intangible assets, property, plant and equipment
226
4	
‌Specification of items in the income statement
228
5	
‌Financial income and expenses
229
6	
‌Income taxes
229
7	
‌Shares in subsidiaries
231
8	
‌Specification of other balance sheet items
232
9	
‌Guarantees
232
10	 ‌Financial risks and hedge accounting
232
11	 ‌Number of shares outstanding, shareholders, 
equity reconciliation etc.
235
12	 ‌Long-term debt
237
13	 ‌Transactions with related parties
239
‌Statement from the Board and the 
‌CEO of Yara International ASA
241
‌Auditor’s report
244
‌Reconciliation of alternative 
‌performance measures in ‌the Yara Group
249
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

215
Yara International ASA
Income statement
NOK millions
Notes
2020
2019
Revenues
4
 2,322 
 2,107 
Other income
 1 
 1 
Revenues and other income
 2,322 
 2,108 
Raw materials, energy costs and freight expenses
 (21)
 (10)
Change in inventories of own production
 6 
 (7)
Payroll and related costs
2
 (1,063)
 (1,035)
Depreciation, amortization and impairment loss
3
 (206)
 (171)
Other operating expenses
4
 (2,264)
 (1,986)
Operating costs and expenses
 (3,548)
 (3,209)
Operating income
 (1,226)
 (1,102)
Financial income (expense), net
5
 17,146 
 (331)
Income before tax 
 15,920 
 (1,432)
Income tax expense
6
 (230)
 294 
Net income
 15,690 
 (1,138)
Appropriation of net income and equity transfers
Dividend proposed
 5,202 
 4,054 
Retained earnings
 10,488 
 (5,192)
Total appropriation
11
 15,690 
 (1,138)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

216
Yara International ASA
Balance sheet
NOK millions
Notes
31 Dec 2020
31 Dec 2019
ASSETS
Non-current assets
Deferred tax assets
6
 920 
 1,141 
Intangible assets
3
 605 
 697 
Property, plant and equipment
3
 79 
 83 
Shares in subsidiaries
7
 19,853 
 19,853 
Intercompany receivables
13
 38,071 
 44,927 
Other non-current assets
8
 593 
 411 
Total non-current assets
 
 60,121 
 67,111 
 
Current assets
Inventories
8
 23 
 12 
Trade receivables
 9 
 9 
Intercompany receivables
13
 12,733 
 9,202 
Prepaid expenses and other current assets
10
 404 
 829 
Cash and cash equivalents
 10,270 
 1,189 
Total current assets
 
 23,440 
 11,240 
Total assets
 
 83,561 
 78,351 
NOK millions
Notes
31 Dec 2020
31 Dec 2019
LIABILITIES AND SHAREHOLDERS' EQUITY
Equity
Share capital reduced for treasury stock
 442 
 459 
Premium paid-in capital
 117 
 117 
Total paid-in capital
 
 560 
 577 
Retained earnings 
 18,960 
 14,981 
- Treasury shares
 (2,809)
 (1,037)
Shareholders' equity
11
 16,711 
 14,521 
Non-current liabilities
Employee benefits
1
 991 
 965 
Long-term interest-bearing debt
12
 28,187 
 23,035 
Other long-term liabilities
 
 190 
 705 
Total non-current liabilities
 
 29,367 
 24,705 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

217
NOK millions
Notes
31 Dec 2020
31 Dec 2019
Current liabilities
Trade and other payables
 229 
 213 
Bank loans and other interest-bearing short-term debt
8
 1,518 
 2,519 
Current portion of long-term debt
12
 967 
 3,342 
Dividends payable
11
 5,202 
 4,054 
Intercompany payables
13
 28,789 
 28,615 
Current income tax
6
 14 
 10 
Other current liabilities
 763 
 370 
Total current liabilities
 
 37,483 
 39,124 
Total liabilities and shareholders' equity
 
 83,561 
 78,351 
The Board of Directors of Yara International ASA
Oslo, 25 March 2021
Trond Berger
Chairperson
Kimberly Lein-Mathisen
Vice chair
Adele Bugge Norman Pran
Board member
John Thuestad
Board member
Rune Bratteberg
Board member
Birgitte Ringstad Vartdal
Board member
Ragnhild Flesland Høimyr
Board member
Geir O. Sundbø
Board member
Håkon Reistad Fure
Board member
Øystein Kostøl
Board member
Svein Tore Holsether
President and CEO
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

218
Yara International ASA
Cash flow statement
NOK millions
Notes
2020
2019
Operating activities 
Operating Income
 (1,226)
 (1,102)
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation, amortization and impairment loss
 3 
 206 
 171 
Tax received/(paid)
 6 
 (16)
 (2)
Dividend received from subsidiary 
and associated companies
 11 
 11,105 
 - 
Group relief received
 900 
 4,500 
Interest and bank charges received/(paid)
 (420)
 (751)
Other
 (8)
 (4)
Change in working capital
Trade receivables
 3 
 (4)
Short-term intercompany receivables/payables
 13 
 (760)
 4,037 
Prepaid expenses and other current assets 1)
 1,132 
 62 
Trade payables
 20 
 (13)
Other current liabilities 1)
 (522)
 (477)
Net cash provided by operating activities
 10,414 
 6,417 
NOK millions
Notes
2020
2019
Investing activities
Purchases of property, plant and equipment
 3 
 (11)
 (20)
Purchases of other long-term investments 
 3 
 (108)
 (204)
Net cash from/(to) long-term intercompany loans
 13 
 8,781 
 138 
Proceeds from sales of long-term investments
 - 
 1 
Net cash provided by/(used in) investing activities
 8,662 
 (86)
Financing activities
Loan proceeds
 12 
 7,101 
 3,039 
Principal payments
 (5,258)
 (6,198)
Purchase of treasury stock
 11 
 (2,806)
 (586)
Dividend paid
 11 
 (8,811)
 (1,772)
Net cash used in financing activities
 (9,775)
 (5,518)
Foreign currency effects on cash and cash equivalents
 (221)
 - 
Net increase/(decrease) in cash and cash equivalents
 9,081 
 814 
Cash and cash equivalents at 1 January
 1,189 
 375 
Cash and cash equivalents at 31 December
 10,270 
 1,189 
1)	 2020 includes NOK 470 million net cash inflow due to currency forward contracts and prior periods’ collateral deposits with banks to keep 
credit exposure from derivatives within agreed limits.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

219
Basis for preparation
General
The financial statements for Yara International ASA have been prepared in accordance with the 
Norwegian Accounting Act and generally accepted accounting principles in Norway (NGAAP). 
Preparation of financial statements requires management to make estimates and assumptions 
that affect the reported amounts of assets, liabilities, revenues and expenses as well as disclo­
sures of contingencies. Actual results may differ from estimates.
Yara International ASA primarily holds shares in subsidiaries and provides financing to entities in 
the Yara Group. Please be aware that the information in note 5.3 Interest-bearing debt to the con­
solidated financial statements also applies to Yara International ASA. Revenue mainly stem from 
allocation of costs related to intragroup services provided.
The accompanying notes are an integral part of the financial statements.
Shares in subsidiaries
Shares in subsidiaries are presented according to the cost method. Dividends and Group reliefs 
are recognized in the income statement when these are proposed by the subsidiary. Group relief 
received is included in dividends. Shares in subsidiaries are reviewed for impairment whenever 
events or changes in circumstances indicate that the carrying amount may exceed the fair value 
of the investment. Indications may be operating losses or adverse market conditions. Fair value 
of the investment is estimated based on valuation model techniques. If it is considered probable 
that the fair value is below Yara’s carrying value, the investment is impaired. The impairment is 
reversed if the impairment situation is no longer present.
Foreign currency transactions
The functional currency of Yara International ASA is Norwegian kroner (NOK). Transactions in 
currencies other than the functional currency are recognized by applying the exchange rate at 
the date of transaction. Monetary items denominated in foreign currencies are translated using 
the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of 
historical cost in a foreign currency are not re-translated.
All realized and unrealized currency gains and losses on transactions, assets and liabilities are 
included in net income if they do not qualify for hedge accounting.
Revenue
In all material respects, revenue stem from sale of intercompany services. These are recognized 
when the services are delivered based on intragroup allocation of costs.
Interest income is recognized in the income statement as it is accrued, based on the effective 
interest method.
Receivables
Trade receivables and short-term intercompany receivables are recognized at nominal value, less 
an accrual for expected losses. The accrual for losses is based on an individual assessment of 
each receivable.
Cash and cash equivalents
Cash and cash equivalents include bank deposits and monetary items which are due in less than 
three months.
The cash held by Yara International ASA reflects that most external bank deposits are channeled 
through the group treasury function. Consequently, the level of cash held should be seen in con­
text with the intercompany receivables and payables.
Payables
Trade payables and short-term intercompany payables are recognized at nominal value.
Financial assets and liabilities
Financial assets, other than derivatives, are initially recognized in the balance sheet at fair value 
(cost) and subsequently at the lower of cost or fair value. Financial liabilities are initially recog­
nized in the balance sheet at fair value (cost) and subsequently at amortized cost.
Cost of sales and other expenses
Cost of sales and other expenses are recognized in the same period as the revenue to which they 
relate. If there is no clear connection between the expense and revenue, an estimated allocation 
is done. Other exceptions to this matching criteria are disclosed where appropriate.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

220
Income taxes
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax 
currently payable is based on taxable profit for the year. Deferred income tax expense is calculat­
ed using the liability method in accordance with the preliminary Norwegian Accounting Standard 
on Income Taxes (“NRS Resultatskatt”). Under this standard, deferred tax assets and liabilities 
are measured based on the differences between the carrying values of assets and liabilities for 
financial reporting and their tax basis, which is considered temporary in nature. Deferred income 
tax expense represents the change in deferred tax asset and liability balances during the year, ex­
cept for deferred tax related to items charged to equity. Changes resulting from amendments and 
revisions in tax laws and tax rates are recognized when the new tax laws or rates are adopted.
Intangible assets
Intangible assets acquired individually or as a group are initially recognized at fair value, and sub­
sequently amortized on a straight-line basis over their useful life. They are tested for impairment 
whenever indications of impairment are present.
Research costs are expensed as incurred. Costs incurred in development of internally generated 
intangible assets are capitalized if defined recognition criteria are met. If these recognition criteria 
are not met, development cost are expensed in the period they incur.
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is 
determined using the straight-line method over the assets’ useful life. Assets are reviewed for 
impairment whenever events or changes in circumstances indicate that the carrying amount may 
not be recoverable.
Inventories
Inventories are valued at the lower of cost, using weighted average, and net realizable value. The 
cost of inventories comprise all costs incurred in bringing the inventories to their present location 
and condition, including direct materials, direct labor, and an appropriate portion of production 
overhead, or the purchase price of the inventory.
Leased assets
Assets which are leased on conditions which substantially transfer all the economic risks and 
rewards to Yara (finance lease) are accounted for as property, plant and equipment at the present 
value of minimum lease payments, or fair value if this is lower. The corresponding finance lease 
liabilities are initially included in long-term debt. Property, plant and equipment are depreciated 
over the estimated useful lives of the assets, or the lease term if shorter. The related liabilities 
are reduced by the amount of lease payments less the effective interest expense.
Other leases are accounted for as operating leases with lease payments recognized as an expense 
over the lease term.
Forward currency contracts
Forward currency contracts are initially recognized in the balance sheet at fair value. Subsequent 
changes in fair value are recognized in the income statement.
Interest rate and cross currency swaps
Interest income and expense relating to swaps that are not designated as hedge instruments are 
recognized as net income or expense over the life of the contract. Cross currency swaps are trans­
lated into Norwegian kroner at the applicable exchange rate at the balance sheet date with the 
resulting unrealized currency translation gain or loss recognized in “Financial income/(expense), 
net” in the income statement.
Shared-based remuneration
Yara has a shared-based remuneration program which provides a fixed cash amount to eligible 
top executives. Yara purchases the shares on behalf of the executives at market prices. The 
executives holds all shareholder rights from the date of purchase but cannot sell the shares in the 
three years vesting period. This program does not have dilutive effect since it represents ordinary 
shares outstanding.
The fair value of the purchased shares is recognized as reduction in equity. The costs for the 
Shared Based Remuneration program is expensed in the year when the shares are granted. How­
ever, the costs are re-invoiced within the same year to Yara units globally as part of the shared 
cost model. The employee tax is calculated and expensed at the grant date. 
The Company also gives employees the possibility to purchase shares in Yara at a reduced price. 
The related cost is recognized when the employee exercises this option.
Employee retirement plans
Employee retirement plans are measured in accordance with IAS 19 Employee Benefits, as this is 
permitted by the Norwegian accounting standard on pensions (“NRS 6 Pensjonskostnader”). Past 
service cost is recognized immediately in the Statement of income together with any gains and 
losses arising from curtailments and settlements. Remeasurement gains and losses are recog­
nized directly in retained earnings.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

221
1	 ‌Employee benefits
Yara International ASA has incurred obligations under a funded defined benefit plan. The pension 
plan was closed to new entrants in 2006 and employees below the age of 55 received a paid-up 
policy for previously earned benefit entitlements. The defined benefit plan was replaced by a de­
fined contribution plan from the same date, which requires Yara International ASA to make agreed 
contributions when employees have rendered service entitling them to the contributions. Yara 
International ASA has no legal or constructive obligation to pay further contributions. This new 
plan applies to the future pension earnings of existing employees below the age of 55 in 2006 
and all new employees. Pension liabilities for defined benefit plans also include certain unfunded 
obligations.
Other long-term employee benefits include a provision for jubilee benefits.
Yara International ASA is obliged to and does fulfill the requirements of the act regarding manda­
tory occupational pension scheme (“Lov om obligatorisk tjenestepensjon”).
Defined benefit plans
The Company’s net obligation in respect of defined benefit plans is calculated separately for each 
plan. The amount is an estimation of future benefits that the employees have earned in return 
for their service in current and prior periods. The benefit is discounted to determine its present 
value, and the fair value of plan assets is deducted. The discount rate is the yield at the balance 
sheet date on high quality corporate bonds or government bonds where no market for high quality 
corporate bonds exists. If the bond has a different maturity from the obligation, the discount rate 
is adjusted. Qualified actuaries using the projected credit unit method perform the calculations. 
Past service costs arising from the amendment of plan benefits are recognized immediately in 
profit or loss. Remeasurement gains and losses are recognized as retained earnings through other 
comprehensive income in the period they occur, and will not be reclassified to profit or loss in 
subsequent periods. 
Defined contribution plans
Obligations for contributions to defined contribution plans are recognized as an expense in the 
statement of income when employees have rendered services entitling them to the contributions. 
Prepaid contributions are recognized as an asset to the extent that a cash refund or deduction in 
future payments is available. 
Other long-term benefits
The Company’s obligation in respect of other long-term benefits is the amount of future benefits 
that the employees have earned in return for their service in current and prior periods. The obliga­
tion is discounted based on the same principles as defined benefit plans.  
Long-term employee benefit obligations recognized in the statement of financial position
NOK millions
2020
2019
Pension liabilities for defined benefit plans
 (981)
 (956)
Termination benefits and other long-term employee benefits
 (9)
 (9)
Surplus on funded defined benefit plan
 417 
 348 
Net long-term employee benefit obligations
 (574)
 (617)
Expenses for long-term employee benefit obligations recognized in the statement of income
NOK millions
2020
2019
Defined benefit plans
 (43)
 (42)
Defined contribution plans
 (57)
 (57)
Termination benefits and other long-term employee benefits
 (10)
 (11)
Net expenses recognized in Statement of income
 (110)
 (110)
Defined benefit plans
Yara International ASA is the sponsor of Yara Pensjonskasse, a funded pension plan which also 
covers employees of its subsidiary Yara Norge AS. Plan benefits are based on years of service and 
final salary levels. Determination of the required annual contribution to Yara Pensjonskasse from 
each of the participating legal entities is defined by the bylaws of the pension fund, and is based 
on actuarial calculations. The distribution of pension costs to the participating entities is based 
on the same calculations. At 31 December 2020, the number of active participants in the funded 
defined benefit plan who were employed by Yara International ASA, was 0 and the number of 
retirees was 128. In addition, 365 current and previous employees of Yara International ASA have 
earned paid-up policies in the pension fund.
Yara International ASA participates in a multi-employer plan (AFP - “Avtalefestet pensjon”) which 
entitles most of its employees the right to retire from the age of 62. Participating entities are 
required to pay an annual fee for each of its active employees. As the information required to 
account for this part of the plan as a defined benefit plan is not available from the plan adminis­
trator, it is accounted for as if it were a defined contribution plan. The provision for defined benefit 
plans includes however the calculated obligation to pay a percentage of benefits paid to its em­
ployees who have chosen early retirement under this plan. A further defined benefit obligation is 
recognized to account for a gratuity offered by Yara International ASA to its employees who retire 
with the AFP scheme.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

222
Norwegian employees at position level of department manager or above are members of an un­
funded early retirement plan. The plan covers the period from age 65 to 67 with a defined benefit 
equal to 65% of final salary. From 2006 accrual of pension in this plan has been limited to a 
salary of 12G (i.e. 12 times the Norwegian Social Security Base Amount, which from 1 May 2020 
was NOK 101,351).
Effective 1 January 2015 Yara International ASA implemented changes to the early retirement 
schemes, both the AFP gratuity plan and the plan for early retirement from 65 to 67 for positions 
as department manager or above, in which all employees below age 50 were transferred to new 
contribution-based plans which offer increased contribution rates compared to the ordinary de­
fined contribution plan, as well as compensation contributions, where applicable. Employees aged 
50 or above retained their rights from the old plans, however with the option to choose a transfer 
to the new contribution-based plans. As the compensation contribution plans are unfunded and 
Yara International ASA retains investment risk, they are accounted for as defined benefit plans. 
Norwegian employees with salary above 12G as of 3 December 2015 are members of an un­
funded plan which requires Yara International ASA to contribute for active plan members with 
an amount equal to 25% of pensionable salary in excess of 12G for each year of service, with the 
addition of annual return on the accumulated balance. The plan was closed to new members from 
3 December 2015. As the plan is unfunded and investment risk is retained by Yara International 
ASA, the plan is included in the obligation for defined benefit plans. 
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographical 
assumptions and taking into account relevant economic environment factors. 
It is the opinion of the management of Yara International ASA that there is a sufficiently deep 
market for high quality corporate bonds in Norway, which is therefore used as reference for deter­
mination of the discount rate. Normal assumptions for demographical and retirement factors have 
been used by the actuary when calculating the obligation. Estimated future mortality is based 
on published statistics and mortality tables. The actuary has used the K2013BE mortality table. 
According to K2013BE a current employee aged 45 today would be expected to live 24.1 years 
after reaching the retirement age of 65, whereas an employee aged 65 today would on average 
be expected to live 23.4 years. 
The following financial assumptions have been applied for the valuation of liabilities (in %):
In percentages
2020
2019
Discount rate
 1.7 
 2.1 
Expected rate of salary increases
 2.1 
 2.2 
Future rate of pension increases
 0.5 
 1.0 
Actuarial valuations provided the following results:
NOK millions
2020
2019
Present value of unfunded obligations
 (860)
 (838)
Present value of wholly or partly funded obligations
 (744)
 (765)
Total present value of obligations
 (1,604)
 (1,602)
Fair value of plan assets
 1,161 
 1,113 
Social security on defined benefit obligations
 (121)
 (118)
Total recognized liability for defined benefit plans
 (564)
 (608)
Duration of liabilities at the end of the year:
Duration of liabilities (in years)
2020
Funded plan
 15.1 
Unfunded plans
 11.0 
Pension cost recognized in Statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the fol­
lowing year to determine the net pension cost. The discount rate is used to calculate the interest 
income from plan assets.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

223
The following items have been recognized in the Statement of income:
NOK millions
2020
2019
Current service cost
 (24)
 (23)
Administration cost
 (2)
 (2)
Social security cost
 (6)
 (6)
Payroll and related costs
 (32)
 (31)
Interest on obligation
 (33)
 (39)
Interest income from plan assets
 21 
 28 
Interest expense and other financial items
 (12)
 (11)
Total expense recognized in income statement
 (43)
 (42)
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of 
assumptions and estimates. Below table indicates the sensitivity of the most material financial 
assumptions applied to the defined benefit obligation, by showing the result from an increase or 
decrease in any one of the assumptions applied (all other assumptions held constant).
NOK millions
2020
2019
Actual valuation
 (1,604)
 (1,602)
Discount rate +0.5%
 (1,520)
 (1,514)
Discount rate -0.5%
 (1,695)
 (1,699)
Expected rate of salary increase +0.5%
 (1,616)
 (1,616)
Expected rate of salary increase -0.5%
 (1,592)
 (1,590)
Expected rate of pension increase +0.5%
 (1,683)
 (1,686)
Expected rate of pension increase -0.5%
 (1,531)
 (1,526)
Expected longevity +1 year
 (1,659)
 (1,658)
Expected longevity -1 year
 (1,543)
 (1,546)
Development of defined benefit obligations
NOK millions
2020
2019
Defined benefit obligation as of 1 January
 (1,602)
 (1,489)
Current service cost
 (24)
 (23)
Interest cost
 (33)
 (39)
Experience adjustments
 (32)
 (14)
Effect of changes in financial assumptions
 22 
 (98)
Benefits paid
 65 
 61 
Defined benefit obligation as of 31 December
 (1,604)
 (1,602)
Development of plan assets
NOK millions
2020
2019
Fair value of plan assets as of 1 January
 1,113 
 1,065 
Interest income from plan assets
 21 
 28 
Administration cost
 (2)
 (2)
Return on plan assets (excluding calculated interest income)
 58 
 51 
Employer contributions
 2 
 - 
Benefits paid
 (32)
 (29)
Fair value of plan assets as of 31 December
 1,161 
 1,113 
Yara Pensjonskasse (the pension fund) is a separate legal entity, independently governed by its 
Board of Directors. It is the responsibility of the pension fund’s Board of Directors to determine 
the investment strategy, and to review the administration of plan assets and the funding level of 
the pension fund. If needed, Yara International ASA will be required to increase the capital buffer 
of the pension fund.
Yara International ASA’s defined benefit plan obligations are inherently exposed to inflation 
risk, interest rate risk and longevity risk. The investment strategies of the pension fund ensures 
diversement of investments in order to keep market volatility risk at a desired level. The pension 
fund Board of Directors is targeting a satisfactory level of risk and return corresponding to the 
maturity profile of future pension benefit payments.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

224
At the end of the year, the plan assets were invested as follows:
NOK millions, except percentages
2020
2020
2019
2019
Cash and cash equivalents
10
1%
 33 
3%
Shares
446
38%
 388 
35%
Other equity instruments
101
9%
 95 
9%
Investment grade debt instruments
583
50%
 575 
52%
Properties
20
2%
 20 
2%
Total plan assets
1161
100%
 1,113 
100%
Yara Pensjonskasse (the pension fund) does not hold any investments that do not have a quoted 
market price in an active market. Nor does it hold any financial instruments issued by Yara Group 
companies.
Contributions expected to be paid by Yara International ASA to the defined benefit plans for 2021 
are NOK 33 million. The amount includes any premium to be paid to Yara Pensjonskasse and all 
benefits to be paid for unfunded plans.
Remeasurement gains / (losses) recognized in retained earnings
NOK millions
2020
2019
Cumulative amount recognized directly in retained earnings pre-tax at 1 January
 (219)
 (152)
Remeasurement gains / (losses) on obligation for defined benefit plans
 (9)
 (112)
Remeasurement gains / (losses) on plan assets for defined benefit plans
 58 
 51 
Social security on remeasurement gains / (losses) recognized directly in equity this year
 (2)
 (7)
Cumulative amount recognized directly in retained earnings pre-tax at 31 December
 (172)
 (219)
Deferred tax related to remeasurement gains / (losses) recognized directly in retained earnings
 38 
 48 
Cumulative amount recognized directly in retained earnings after tax at 31 December
 (134)
 (171)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

225
2	‌Remunerations and other
Remuneration and direct ownership of shares of the Chairperson and of the Board of Directors are 
disclosed in note 8.1 to the consolidated financial statement.	
	
	
	
Remuneration to the President and Yara management, as well as number of shares owned and 
Long-Term Incentive Plan, are disclosed in note 8.2 to the consolidated financial statements.	
	
	
	
Partners and employees of Yara’s independent auditors, Deloitte AS, own no shares in Yara Inter­
national ASA, or in any of its subsidiaries. Yara International ASA’s fee to Deloitte AS (Norway) for 
ordinary audit was NOK 4,622 thousand (2019: NOK 4,996 thousand), fee for assurance services 
NOK 2,906 thousand (2019: NOK 952 thousand), NOK 469 thousand for tax services (2019: 
NOK 54 thousand) and NOK 187 thousand for non-audit services (2019: NOK 416 thousand). 
Audit remuneration for the Group is disclosed in note 8.3 to the consolidated financial statement.	
	
	
	
At 31 December 2020, the number of employees in Yara International ASA was 608 (2019: 599).	
	
	
	
NOK millions
2020
2019
Payroll and related costs
Salaries
 (855)
 (821)
Social security costs
 (109)
 (115)
Net periodic pension costs
 (98)
 (99)
Total
 (1,063)
 (1,035)
Yara continued to give employees in Norway an opportunity to take part in a share purchase pro­
gram in 2020. All permanent employees in Norway have been offered shares with a discount and 
given an interest-free loan with a 12-month repayment profile. In order to handle this arrangement 
in an efficient way, Yara has established a foundation for employees’ shares in Yara. The founda­
tion has purchased 40,800 shares during 2020. In total 40,941 shares have been sold during 
2020 to 1,017 persons, 36 persons were allotted 20 shares and 981 persons were allotted 41 
shares. As at 31 December 2020, the foundation owns 16 shares in Yara.	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

226
3	‌Intangible assets, property, plant and equipment
2020
NOK millions, except percentages and years 
Intangible 
assets 1)
Property, plant 
and equipment 2)
Total 
Cost
 
 
 
Balance at 1 January 
1,350
190
1,541
Addition at cost
102
9
111
Balance at 31 December 
1,453
199
1,652
 
 
 
 
Depreciation, amortization and impairment loss
 
 
 
Balance at 1 January 
(654)
(107)
(761)
Depreciation and amortization
(194)
(12)
(206)
Balance at 31 December 
(847)
(120)
(967)
 
 
 
 
Carrying value
 
 
 
Balance at 1 January 
697
83
780
Balance at 31 December 
605
79
684
 
 
 
 
Useful life in years
3 - 5 
4 - 50
 
Depreciation rate 
20 - 35%
2 - 25%
 
1) Intangible assets mainly consist of computer software systems, patents and trademarks.	
2) Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as security at 31 December 2020.	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

227
2019
NOK millions, except percentages and years 
Intangible 
assets 1)
Property, plant 
and equipment 2)
Total 
Cost
 
 
 
Balance at 1 January 
1,170
168
1,339
Addition at cost
181
23
203 
Derecognition
(1)
(1)
(2)
Balance at 31 December 
1,350
190
1,541
 
 
 
 
Depreciation, amortization and impairment loss
 
 
 
Balance at 1 January 
(497)
(95)
(590)
Depreciation and amortization
(158)
(13)
(171)
Balance at 31 December 
(654)
(107)
(761)
 
 
 
 
Carrying value
 
 
 
Balance at 1 January 
674
74
748
Balance at 31 December 
697
83
780
 
 
 
 
Useful life in years
3 - 5 
4 - 50
 
Depreciation rate 
20 - 35%
2 - 25%
 
1) Intangible assets mainly consist of computer software systems, patents and trademarks.	
	
	
	
	
2) Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as security at 31 December 2019.	
	
	
	
	
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

228
4	‌Specification of items in the income statement
Revenue
Sales to geographical areas
2020
2019
NOK millions
External
Internal
Total
External
Internal
Total
Norway
 - 
 83 
 83 
 - 
 91 
 91 
European Union 1)
 - 
 1,968 
 1,968 
 38 
 1,715 
 1,753 
Europe, outside European Union 1)
 24 
 18 
 42 
 - 
 4 
 4 
Africa
 - 
 19 
 19 
 - 
 21 
 21 
Asia
 - 
 64 
 64 
 - 
 57 
 57 
North America
 - 
 33 
 33 
 - 
 35 
 35 
Latin America
 - 
 94 
 94 
 - 
 126 
 126 
Australia and New Zealand
 - 
 18 
 18 
 - 
 20 
 20 
Total
 24 
 2,298 
 2,322 
 38 
 2,069 
 2,107 
1) Sales to the United Kingdom are included as part of the European Union for 2019 but not for 2020.
	
	
Other operating expenses
NOK millions
2020
2019
Selling and administrative expense
 (1,739)
 (1,508)
Rental and leasing 1)
 (59)
 (58)
Travel expense
 (14)
 (49)
Other
 (452)
 (371)
Total
 (2,264)
 (1,986)
Of which research costs 2)
 (405)
 (506)
1)	 Expenses mainly relate to office and lease contracts for company cars.
2)	 Over the last few years, Yara has focused on orienting research and development resources towards commercial activities, both with respect 
to process and product improvements and agronomical activities.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

229
5	‌Financial income and expenses
NOK millions
Notes
2020
2019
Dividends and group relief from subsidiaries 
 16,405 
 900 
Loss on sale of shares in subsidiaries 1)
 - 
 (2)
Interest income group companies
13
 788 
 1,017 
Other interest income
 35 
 34 
Interest expense group companies
13
 (78)
 (274)
Other interest expense
 (1,056)
 (1,367)
Interest expense defined pension liabilities
1
 (33)
 (39)
Return on pension plan assets
1
 21 
 28 
Net foreign exchange gain/(loss)
 999 
 (613)
Other financial income/(expense)
 65 
 (15)
Financial income/(expense), net
17,146
(331)
1) Yara Costa Rica S. de RL.
6	‌Income taxes
Specification of income tax expense

NOK millions
2020
2019
Current tax expense 1)
 (20)
 (12)
Deferred tax income/(expense) recognized in the current year
 (210)
 306 
Income tax income/(expense)
 (230)
 294 
1) Withholding taxes and prior years adjustment, see specification in the table below.
Reconciliation from nominal statutory tax rate to effective tax rate
NOK millions
2020
2019
Income before taxes
 15,921 
 (1,432)
Statutory tax rate
22%
22%
Expected income taxes at statutory tax rate
 (3,503)
 315 
The tax effect of the following items:
Group releif received from subsidiary with no tax effect
 3,323 
 - 
Withholding taxes
 (16)
 (7)
Prior years adjustment
 (4)
 (5)
Tax law changes
 - 
 - 
Non-deductible expenses
 (32)
 (16)
Other
 - 
 7 
Income tax income/(expense)
 (230)
 294 
Effective tax rate
(1%)
21% 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

230
Specification of deferred tax assets/(liabilities)
Company name
Opening balance
Charged to income
Reclassified from 
equity to profit or loss
Charged to equity
Closing balance
Non-current items
Property, plant and equipment
 7 
 -
 - 
 - 
 6 
Pension liabilities
 120 
 4 
 - 
 (10)
 110 
Other non-current assets
 (748)
 (302)
 1 
 - 
 (1,051)
Other non-current liabilities and accruals
 499 
 (353)
 - 
 - 
 146 
Total
 (125)
 (652)
 1 
 (10)
 (788)
Current items
Accrued expenses
 29 
 69 
 - 
 - 
 98 
Total
 29 
 69 
 - 
 - 
 98 
Tax loss carry forwards
 1,236 
 372 
 - 
 - 
 1,608 
Net deferred tax asset/(liability)
 1,140 
 (210)
 1 
 (10)
 920 
Tax loss carry forwards are expected to be fully utilized by taxable interest income on group funding and taxable group contributions from Yara’s operating companies in Norway.	
	
	
	
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

231
7	‌Shares in subsidiaries
Company name
Ownership 1)
Ownership by 
other group 
companies
Registered 
office
Functional 
currency
Total equity in 
the company 
2020 functional 
currency millions
Net income/
(loss) 2020 
in functional 
currency millions
Carrying value 
2020 NOK 
millions
Carrying value 
2019 NOK 
millions
Subsidiaries owned by Yara International ASA
Fertilizer Holdings AS
100%
-
Norway
NOK
 24,185 
 8,796 
 16,178 
 16,178 
Yara Norge AS
100%
-
Norway
NOK
 2,317 
1,110
 1,303 
 1,303 
Yara Asia Pte. Ltd. 
100%
-
Singapore
USD
 1,271 
 90 
 1,114 
 1,114 
Yara Colombia S.A.
70.1%
29.3%
Colombia
COP
 476,125 
 88,057 
 763 
 763 
Yara North America Inc. 
100%
-
USA
USD
 386 
 20 
 468 
 468 
Yara Guatemala S.A.
100%
-
Guatemala
GTQ
 176 
 28 
 24 
 24 
Yara Lietuva, UAB
100%
-
Lithuania
EUR
 (2)
 2 
 1 
 1 
Yara International Employment Co. AG
100%
-
Switzerland
EUR
 2 
 - 
 1 
 1 
Profesionistas AAL
0.04%
99.96%
Mexico
MXN
 3 
 2 
 - 
 - 
Operaciones BPT
10%
90%
Mexico
MXN
 - 
 - 
 - 
 - 
Total
 19,853 
 19,853 
1) Percentage of shares owned equals percentage of voting shares owned. A number of the above mentioned companies also own shares in other companies as specified in their annual reports. See also note 8.4 to the consolidated financial statements.		
	
	
	
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

232
8	‌Specification of other balance sheet items
NOK millions
Notes 
2020
2019
Other non-current assets
Surplus on funded defined benefit plans
1
 417 
 348 
Long-term fair value derivative hedging instrument
 98 
 2 
Interest rate swap designated for hedging (external)
 31 
 4 
Other
 47 
 57 
Total
 593 
 411 
Inventories
Finished goods
 18 
 11 
Raw materials
 6 
 1 
Total
 23 
 12 
Other liquid assets
Bank deposits with maturity between three 
months and one year
 - 
 - 
Total
 - 
 - 
Bank loans and other short-term 
interest-bearing debt
External loans
 985 
 2,033 
Interest-bearing loans from group assocoates 
and joint arrangements
 333 
 346 
Bank overdraft
 200 
 141 
Total
 1,518 
 2,519 
9	‌Guarantees
NOK millions
2020
2019
Guarantees (off-balance sheet)
Guarantees for debt in subsidiaries
 7,902 
 5,749 
Non-financial guarantees
 8,614 
 9,658 
Total
 16,515 
 15,408 
Yara International ASA provides guarantees arising in the ordinary course of business, including 
performance bonds and various payment or financial guarantees. See note 5.8 Secured debt and 
guarantees to the consolidated financial statements for further information about guarantees.
10	‌Financial risks and hedge accounting
Financial risks in Yara and the use of derivative instruments are described in note 6.1 to the 
consolidated financial statement, Financial risks. The exposure to credit risk is represented by 
the carrying amount of each class of financial assets, including derivative financial instruments, 
recorded in the balance sheet.	
	
	
	
	
	
Liquidity risk	
	
	
	
	
	
	
Yara International ASA manages liquidity risk by maintaining adequate reserves and committed 
bank facilities and by continuously monitoring forecasted and actual cash flows. Non-current 
intercompany receivables are related to funding of subsidiaries and have a maturity profile match­
ing the external debt maturities (see note 12 Long-term debt for details). Current intercompany 
receivables and payables mainly reflect intercompany current account balances and will fluctuate 
with fertilizer seasons. Committed liquidity reserves are maintained to meet unforeseen events.		
	
	
	
	
	
	
	
	
	
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

233
Yara International ASA’s derivative instruments outstanding at 31 December are shown in the 
following table. 	
	
	
	
	
	

NOK millions
2020
2019
Fair value of derivatives
Forward foreign exchange contracts (external)
(323)
 (31)
Forward foreign exchange contracts (Yara Group internal)
(187)
 7 
Cross currency swaps (external)
(159)
 (631)
Interest rate swaps designated for hedging (external)
98 
 (61)
Balance at 31 December
(571)
(716)
Derivatives presented in the balance sheet
Non-current assets
128 
 6 
Current assets
2
 10 
Non-current liabilities
(190)
 (697)
Current liabilities
(512)
 (35)
Balance at 31 December
(571)
(716)
Forward foreign exchange contracts
Yara is committed to the following outstanding forward foreign exchange contracts. 

NOK millions
2020
2019
Forward foreign exchange contracts (external), notional amount
8,301 
2,268 
Forward foreign exchange contracts (Yara Group internal), 
notional amount
6,089 
6,939 
All outstanding forward foreign exchange contracts at 31 December 2020 have maturity in 2021, 
except non-deliverable forward contracts equivalent to NOK 504 million that mature in 2022. 
External buy positions are mainly in US dollars against Norwegian kroner or Brazilian reals. 
External sell positions are in various operating currencies towards Norwegian kroner.
Hedge accounting
Fair value hedges
In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate 
swaps as hedging instruments. The hedged risk is the change in fair value due to changes in risk-
free interest rates (NIBOR) of the NOK 700 million and NOK 600 million fixed rate bond debt 
from 2014. The swaps have different interest payment dates (quarterly vs. annually), but identical 
interest basis and maturity as the hedged debt and are assessed to be highly effective. 
In December 2017, Yara designated a portfolio of long-term NOK and SEK fixed-to-floating 
interest rate swaps as hedging instruments. The hedged risk is the change in fair value due to 
changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed 
rate bond debt and the change in fair value due to changes in risk-free interest rates (STIBOR) of 
the SEK 800 million fixed rate bond debt, all from 2017. The swaps have different interest 
payment dates (quarterly vs. annually), but identical interest basis and maturity as the hedged 
debt and are assessed to be highly effective.
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. 
However, the designation of interest rate swaps as hedging instruments and use of hedge 
accounting enables Yara to include the fair value of changes in interest rates in the carrying 
value of the bonds. The corresponding adjustment in the Consolidated Statement of Income 
offsets the effects of the recognized interest rate swaps, leading to less volatility in net income.
Cash flow hedges
Yara had no cash flow hedges in 2020 or 2019. However, Yara has used derivative instruments to 
hedge cash flows of planned transactions in the past and may do so also in the future. 
In 2007, Yara used treasury locks to hedge the future cash flows of a USD 300 million portion 
of the June 2009 bond issue. The loss on these contracts was recognized directly in equity and 
was proportionally reclassified into interest expense and deferred tax until 2019 when the bond 
expired. Amount reclassified to interest expense in 2020 was NOK 0 million after tax (2019: 
NOK 5 million).
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

234
Effect on financial position and performance in 2020
Carrying amount 
of the hedged item 1)
Accumulated amount 
of hedge adjustment 
on the hedged item 
included in the 
carrying amount 
of the hedged item
Line item in 
the Balance sheet 
in which the hedged 
item is included
Line item in 
the Balance 
sheet in which 
the hedging 
instrument is 
included
Change 
in value of 
the hedged 
item used for 
calculating 
hedge 
ineffective-
ness 2)
Change in 
value of 
the hedging 
instrument 2)
Hedge 
ineffectiveness 
recognized 
in Income 
statement
Company name
Currency
Hedge rates
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
 - 
 1,332 
 - 
32
Long-term 
interest-bearing debt
 Other long-term 
liabilities 
 (43)
 43 
 - 
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
 - 
 2,065 
 - 
 68 
Long-term 
interest-bearing debt
 Other long-term 
liabilities 
 (119)
 119 
 - 
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
 - 
 841 
 - 
 6 
Long-term 
interest-bearing debt
 Other long-term 
liabilities 
 (4)
 4 
 - 
1)	 The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)	 All amounts are pre-tax. 
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Effect on financial position and performance in 2019
Carrying amount 
of the hedged item 1)
Accumulated amount 
of hedge adjustment 
on the hedged item 
included in the 
carrying amount 
of the hedged item
Line item in 
the Balance sheet 
in which the hedged 
item is included
Line item in 
the Balance 
sheet in which 
the hedging 
instrument is 
included
Change 
in value of 
the hedged 
item used for 
calculating 
hedge 
ineffective-
ness 2)
Change in 
value of 
the hedging 
instrument 2)
Hedge 
ineffectiveness 
recognized 
in Income 
statement
Company name
Currency
Hedge rates
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
 - 
 1,288 
 11 
 - 
 Long-term 
interest-bearing debt 
 Other long-term 
liabilities 
 9 
 (9)
 - 
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
 - 
 1,946 
 52 
 - 
 Long-term 
interest-bearing debt 
 Other long-term 
liabilities 
 1 
 (1)
 - 
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
 - 
 756 
 - 
 2 
 Long-term 
interest-bearing debt 
 Other long-term 
liabilities 
 (2)
 2 
 - 
1)	 The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)	 All amounts are pre-tax. 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

235
For either hedging category, there are no balances remaining from a hedging relationship for 
which hedge accounting is no longer applied.
Specific risks associated with the upcoming interest rate benchmark reform
Yara is exposed to NIBOR, STIBOR and USD LIBOR interest rate benchmarks subject to the 
upcoming interest rate benchmark reform. Please see note 6.1 Financial risks to the consolidated 
financial statement for further information about the transition.	
	
	
	
	
	
	
	
11	 ‌Number of shares outstanding, shareholders, 
equity reconciliation etc.
Yara International ASA was established 10 November 2003. The company was established with 
a share capital of 108,610,470 consisting of 63,888,512 shares at NOK 1.70 per share. At 31 De­
cember 2020, the company has a share capital of NOK 455,824,803 consisting of 268,132,237 
ordinary shares at NOK 1.70 per share. 	
	
	
	
	
	
Yara owns 5,131,128 own shares at 31 December 2020. For further information on these issues 
see note 5.1 to the consolidated financial statement.	
	
	
	
	
	
Shareholders holding 1% or more of the total 268,132,237 shares issued as of 31 December 2020 
are according to information from Nasdaq.	
	
	
Name
Number of shares
Holding (%)
Ministry of Trade, Industry and Fisheries
 97,094,621 
36.2%
Norwegian National Insurance Scheme fund
 18,990,573 
7.1%
Sprucegrove Investment Management, Ltd
 7,385,570 
2.8%
The Vanguard Group, Inc.
 5,253,687 
2.0%
BlackRock Instritutional Trust Company, N.A.
 4,988,939 
1.9%
Polaris Capital Management, LLC
 4,476,599 
1.7%
Storebrand Kapitalforvaltning AS
 3,746,535 
1.4%
DNB Asset Management AS
 3,640,987 
1.4%
Templeton Invenstment Counsel, L.L.C.
 3,384,604 
1.3%
KLP Forsikring
 3,225,375 
1.2%
Fidelity Management & Research Company
 3,082,553 
1.1%
State Street Global Advisors (US)
 3,025,183 
1.1%
Arrowstreet Capital, Limited Partnership
 2,887,393 
1.1%
Handelsbanken Asset Management
 2,725,235 
1.0%
Nordea Funds Oy
 2,619,112 
1.0%
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

236
Shareholders’ equity
NOK millions
Paid-in capital
Retained earnings
Total shareholders’ 
equity
Balance 31 December 2018
 581 
 19,942 
 20,522 
Net income of the year
 - 
 (1,138)
 (1,138)
Dividend proposed
 - 
 (4,054)
 (4,054)
Cash flow hedges
 - 
 2 
 2 
Actuarial gain/(loss) 1)
 - 
 (53)
 (53)
Adjustment to proposed dividend previous years
 - 
 (2)
 (2)
Treasury shares 2) 
 (4)
 (754)
 (757)
Balance 31 December 2019
 577 
 13,943 
 14,521 
Net income of the year
 - 
 15,690 
 15,690 
Dividend proposed 5)
 - 
 (5,202)
 (5,202)
Actuarial gain/(loss) 1)
 - 
 37 
 37 
Additional dividend to proposed dividend for 2020 6)
 - 
 (4,766)
 (4,766)
Adjustment to proposed dividend previous years
 9 
 9 
Treasury shares 3) 4)
 (17)
 (3,559)
 (3,576)
Balance 31 December 2020
 560 
 16,153 
 16,713 
1) Yara International ASA has decided to use the option in NRS 6A to adopt IAS19. For further information, see the accounting principles note 1.
2) As approved by General Meeting 7 May 2019.
3) As approved by General Meeting 7 May 2020.
4) See note 5.1 to the consolidated financial statement for more information.
5) Based on total shares issued less 5.131.128 own shares less commitment to redeem 2.912.838 shares from the Norwegian State.	
6) Additional dividend as approved in Extraordinary General Meeting 17 November 2020, NOK 18 per share.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

237
12	‌Long-term debt
Weighted 
average 
interest rates
Denominated amounts 2020
Carrying amounts
NOK millions
Notes
Maturity
Currency 
millions
NOK millions
2020
2019
Unsecured debenture bonds in NOK (Coupon 2.55%)
6.1
2021
2.6%
 700 
 700 
 708 
 693 
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.75%)
2022
1.1%
 1,250 
 1,250 
 1,249 
 1,250 
Unsecured debenture bonds in SEK (Coupon STIBOR + 1.00%)
2022
0.7%
 450 
 470 
 470 
 425 
Unsecured debenture bonds in SEK (Coupon 1.10%)
6.1
2022
1.2%
 800 
 836 
 841 
 756 
Unsecured debenture bonds in NOK (Coupon 3.00%)
6.1
2024
3.0%
 600 
 600 
 624 
 595 
Unsecured debenture bonds in NOK (Coupon 2.45%)
6.1
2024
2.5%
 1,000 
 1,000 
 1,025 
 974 
Unsecured debenture bonds in USD (Coupon 3.80%)
6.1
2026
3.9%
 500 
 4,397 
 4,246 
 4,378 
Unsecured debenture bonds in NOK (Coupon 2.90%)
6.1
2027
2.9%
 1,000 
 1,000 
 1,040 
 972 
Unsecured debenture bonds in USD (Coupon 4.75%)
6.1
2028
4.8%
 1,000 
 - 
 8,488 
 8,752 
Unsecured debenture bonds in USD (Coupon 3.15%)
6.1
2030
3.2%
 750 
 6,595 
 6,352 
 - 
Unsecured bank loans in USD
1.3%
 484 
 4,252 
 4,111 
 7,584 
Outstanding long-term debt
 29,154 
 26,377 
Less: Current portion
 (967)
 (3,342)
Total
 28,187 
 23,035 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

238
At 31 December 2020, the fair value of the long-term debt, including the current portion, is NOK 31,938 million and the carrying value is NOK 29,154 million. See notes 5.3 Interest-bearing debt and 6.1 
Financial risks to the consolidated financial statements for further information about long-term debt. 	
	
	
Payments on long-term debt fall due as follows
NOK millions, except percentages and denominated amounts
Debentures
Bank loans
Other long-term debt
Total 1)
2021
 708 
 260 
 - 
 967 
2022
 2,559 
 1,534 
 - 
 4,093 
2023
 - 
 260 
 - 
 260 
2024
 1,649 
 1,538 
 - 
 3,187 
2025
 - 
 260 
 - 
 260 
Thereafter
 20,127 
 260 
 - 
 20,387 
Total
 25,043 
 4,111 
 - 
 29,154 
1) Including current portion.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

239
13	‌Transactions with related parties
Transactions with related parties are mainly associated with the group treasury function and rendering of group services by the employees of Yara International ASA.
NOK millions
Notes 
2020
2019
Income statement
Yara Belgium S.A.
 1,500 
 1,297 
Yara Norge AS
 80 
 88 
Yara Sluiskil B.V.
 76 
 80 
Yara Brasil Fertilizantes S.A.
 59 
 67 
Other
 582 
 537 
Internal revenues
4
 2,298 
 2,069 
Fertilizer Holdings AS
 14,000 
 - 
Yara Norge AS
 1,300 
 900 
Yara Asia Pte Ltd
 1,032 
 - 
Yara Guatemala S.A. 
 73 
 - 
Dividends and group relief from subsidiaries
5
 16,405 
 900 
 
Yara Holding Netherlands B.V.
 201 
 261 
Yara Norge AS
 136 
 177 
Yara Nederland B.V.
 95 
 274 
Yara Sluiskil B.V.
 66 
 61 
Yara Suomi Oy
 48 
 32 
Yara AB 
 40 
 32 
Other
 202 
 181 
Interest income group companies
5
 788 
 1,018 
NOK millions
Notes 
2020
2019
Fertilizer Holdings AS
 (16)
 (47)
Yara Canada Holding Inc.
 (12)
 (30)
Yara Asia Pte Ltd
 (10)
 (33)
Yara Switzerland Ltd
 (10)
 (47)
Yara Norge AS
 (9)
 (13)
Yara Caribbean Ltd
 - 
 (32)
Other
 (22)
 (72)
Interest expense group companies
5
 (78)
 (274)
Non-current assets
Yara Holding Netherlands B.V.
 14,726 
 18,796 
Yara Sluiskil B.V.
 4,784 
 4,505 
Yara Norge AS
 4,684 
 4,831 
Yara Suomi Oy
 3,611 
 3,105 
Yara Investments Germany SE
 3,289 
 3,166 
Yara Investment GmbH
 1,749 
 1,648 
Yara AB
 1,686 
 1,547 
Yara France SAS
 1,465 
 1,380 
Other
 2,076 
 5,949 
Intercompany receivables
 38,070 
 44,927 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

240
NOK millions
Notes 
2020
2019
Current assets
Fertilizer Holding AS
 4,000 
 999 
Yara AS
 3,942 
 1,080 
Yara Norge AS
 1,344 
 - 
Yara Belgium S.A.
 471 
 999 
Yara Italia S.p.A.
 451 
 523 
Yara Phophates Oy
 355 
 467 
Freeport Ammonia LLC
 354 
 456 
Yara LPG Shipping AS
 303 
 349 
Other
 1,512 
 1,752 
Intercompany receivables
 12,733 
 9,202 
Current liabilities
Yara Nederland B.V.
 (7,372)
 (6,579)
Yara Asia Pte Ltd
 (3,066)
 (3,181)
Yara GmbH & Co. KG
 (2,953)
 (2,536)
Yara Tertre S.A.
 (2,680)
 (2,007)
Yara Italia S.p.A.
 (1,980)
 (1,985)
Yara Switzerland Ltd
 (1,737)
 (1,912)
Other
 (9,001)
 (10,416)
Intercompany payables
 (28,789)
 (28,615)
Trinidad Nitrogen Company Ltd.
 (116)
 (118)
Yara Freeport LLC DBA Texas Ammonia
 (217)
 (198)
Yara Pilbara Nitrates Pty Ltd
 - 
 (12)
Other
 - 
 (17)
Interest-bearing loans from Group associates and 
joint arrangements
 (333)
 (345)
Remuneration to the Board of Directors and Yara Management are disclosed in notes 8.1 and 
8.2 to the consolidated financial statements. Yara International ASA has transactions with Yara 
Pensjonskasse (pension fund). See note 5 for more information.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

241
Statement from the Board and the CEO of Yara International ASA
The Board of Directors and the CEO have today considered and approved the integrated report for 
Yara International ASA (“Company”) and the Yara Group (“Group”) for the 2020 calendar year and 
as of 31st December, 2020. 
The consolidated financial statements have been prepared in accordance with IFRS as adopted by 
EU as well as additional information requirements as per the Norwegian Accounting Act. The finan­
cial statements for the Company have been prepared in accordance with the Norwegian Accounting 
Act and generally accepted accounting practice in Norway.
We confirm to the best of our knowledge that:
•	 The 2020 financial statements for the Company and the Group have been prepared in accor­
dance with applicable accounting standards
•	 The information in the financial statements gives a true and fair view of the Company’s and the 
Group’s assets, liabilities, financial position and result as of 31st December, 2020
•	 The integrated report 2020 has been prepared in accordance with the International Integrated 
Reporting Framework (IR) 1) and meets the information requirements of the Norwegian accounting 
act with regard to the Report of the Board of Directors and statements on corporate governance 
and corporate social responsibility
•	 The integrated report for the Company and the Group; 
	
-	
gives a true and fair view of the Company’s and the Group’s development, performance 
	
and financial position, and
	
-	
includes a description of the principal risks and uncertainty factors facing the 
	
Company and the Group
•	 That the country-by-country report for 2020 has been prepared in accordance with the 
Norwegian Accounting Act § 3-3d and the Norwegian Security Trading Act § 5-5a
1)	 2013 edition of the International Integrated Reporting Framework as published by the International Integrated Reporting Council (IIRC) on 
https://integratedreporting.org/ 
The Board of Directors of Yara International ASA
Oslo, 25 March 2021
Trond Berger
Chairperson
Kimberly Lein-Mathisen
Vice chair
Adele Bugge Norman Pran
Board member
John Thuestad
Board member
Rune Bratteberg
Board member
Birgitte Ringstad Vartdal
Board member
Ragnhild Flesland Høimyr
Board member
Geir O. Sundbø
Board member
Håkon Reistad Fure
Board member
Øystein Kostøl
Board member
Svein Tore Holsether
President and CEO
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

242
The below listed parts of the Yara Annual Report 2020 constitutes the Report of the Board of Directors
Norwegian Accounting Act
Content
Annual Report chapter reference 
Page reference
Section 3-3a, 
1st para
Information regarding the nature and location of the business, including information on any branch 
offices.
Introduction
Board message 
Note 8.4 
Note 2.3
4
99-107 
211-213 
126-132
Section 3-3a, 
2nd para
Review of the development and results of the company’s operations and position together with a 
description of the key risks and uncertainty factors facing the company, hereunder also information on 
research and development activities.
Prosperity performance 
Strategic priorities 
Strategic risks 
People risks 
Planet risks 
Prosperity risks 
58-65 
20-24
25-27 
46-47 
53-54
66-68 
Section 3-3a, 
5th para
A description that provides a basis for assessing the company’s further outlook, including whether the 
results for the year agree with previously stated target results and expected developments and give 
reason for any discrepancy.
Board message 
99-107
Section 3-3a, 
6th para
Information regarding any financial risk that is significant to the evaluation of the company’s assets, 
liabilities, financial position and results.
Prosperity risk 
Note 6.1
Note 1 
66-68
183-190 
120-121 
Section 3-3a, 7th para, cfr. 
Section 4-5
Information regarding the going concern assumption.
Prosperity performance 
58-65 
Section 3-3a, 
8th para
Proposal for the allocation of profit or settlement of loss.
Board message 
99-107
Section 3-3a, 
9th para
Information about the work environment, along with an overview of implemented measures relevant to 
the working environment and including information on injuries, accidents and sick leave rates.
People performance 
Board message 
43-45 
99-107 
Section 3-3a, 
10th para
Information on matters relating to the business, hereunder its factor inputs and products, which may 
result in a not insignificant impact on the external environment. The environmental impact each 
aspect of the business has or may have, as well as measures implemented or planned implemented to 
prevent or reduce any negative environmental impacts, shall be stated. 
Planet performance
Board message 
Managing outcomes and value creation 
50-52
99-107 
29-30 
Section 3-3a, 
11th para
Information on whether insurances covering the board members’ and CEO’s potential liabilities 
towards the company and third parties are maintained, including information on the relevant insurance 
coverage.
(To be reported for 2021 onwards.)
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

243
Norwegian Accounting Act
Content
Annual Report chapter reference 
Page reference
Section 3-3a, 12th para, 
cfr. Securities Trading Act 
Section 5-8a (1)
Shareholders information:
A description of any provisions of articles of association that restrict the right to trade 
in the shares of the company.
N/A
Section 3-3a, 12th para, 
cfr. Securities Trading Act 
Section 5-8a (2)
Shareholders information:
A description of who exercises the rights attached to shares in any employee share schemes where 
authority is not exercised directly by the employees covered by the scheme.
N/A
Section 3-3a, 12th para, 
cfr. Securities Trading Act 
Section 5-8a (3)
Shareholders information:
Any agreements between shareholders which are known to the company and which restrict the 
possibilities of trading in or exercising voting rights attached to shares.
N/A
Section 3-3a, 12th para, 
cfr. Securities Trading Act 
Section 5-8a (4)
Shareholders information:
Any significant agreements to which the company is a party, the terms of which take effect, alter or 
terminate as a result of a takeover bid, and a description of those terms. 
N/A
Section 3-3b
Report on corporate governance
Corporate governance 
76-98
Section 3-3c, first para
Report on social responsibility
Board message 
People performance 
People risk 
Planet performance 
Planet risk 
Prosperity risk 
99-107 
43-45 
46-47 
50-52
53-54 
66-68 
Section 3-3d
Report on payments to the authorities, etc. (country by country reporting) 
Separate report available on Latest annual 
report page, yara.com 
Norwegian Gender 
Equality Act 
Section 26a 
Accounting for the factual status of gender equality, equal pay and diversity, and actions taken 
to fulfill requirements
People performance 
Board message
43-45 
99-107 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

244
Auditor’s report
To the General Meeting of Yara International ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Yara International ASA, which comprise:
•	 The financial statements of the parent company Yara International ASA (the Company), which 
comprise the balance sheet as at 31 December 2020, the income statement and cash flow statement 
for the year then ended, and notes to the financial statements, including a summary of significant 
accounting policies, and
•	 The consolidated financial statements of Yara Inernational ASA and its subsidiaries (the Group), which 
comprise the statement of financial position as at 31 December 2020, the statement of income, 
statement of comprehensive income, statement of changes in equity and statement of cash flows 
for the year then ended, and notes to the financial statements, including a summary of significant 
accounting policies.
In our opinion:
•	 The financial statements are prepared in accordance with the law and regulations.
•	 The accompanying financial statements give a true and fair view of the financial position of the 
Company as at 31 December 2020, and its financial performance and its cash flows for the year then 
ended in accordance with the Norwegian Accounting Act and accounting standards and practices 
generally accepted in Norway.
•	 The accompanying consolidated financial statements give a true and fair view of the financial position 
of the Group as at 31 December 2020, and its financial performance and its cash flows for the year 
then ended in accordance with International Financial Reporting Standards as adopted by the EU.
Basis for Opinion
We conducted our audit in accordance with laws, regulations, and auditing standards and practices 
generally accepted in Norway, including International Standards on Auditing (ISAs). Our responsibilities 
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial 
Statements section of our report. We are independent of the Company and the Group as required by 
laws and regulations, and we have fulfilled our other ethical responsibilities in accordance with these 
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion.
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the financial statements of the current period. These matters were addressed in the context 
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters. 
The key audit matters identified in our audit are: 
•	 Tax assets and liabilities 
•	 Impairment of goodwill and property, plant and equipment
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo, Norway
Tel: +47 23 27 90 00
www.deloitte.no
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to 
as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each 
DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.no to learn more.
© Deloitte AS 
Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282 
	
	
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

245
Tax assets and liabilities 
Key audit matter 
As detailed in note 1 and 2.8, the Group has recognized deferred tax assets of USD 485 million. Total 
unrecognized deferred tax assets are USD 312 million, of which USD 133 million represent unused tax 
losses in Brazil. Furthermore, Yara’s operations in Brazil also generate tax credits. As disclosed in note 1 
and 4.6, the Group has recognized an amount of USD 125 million in tax credits related to the operations 
in Brazil. Recognition of these assets are based on management assumptions related to future operating 
results and timing of utilization.
As detailed in note 1 and 2.8, management applies judgment to determine to what extent these deferred 
tax assets and tax credits qualify for recognition in the statement of financial position. This involves 
judgment as to the likelihood of the realization of deferred tax assets and tax credits. The expectation 
that the benefit of these deferred tax assets and tax credits will be realized is dependent on sufficient 
taxable profits in future periods and the ability to utilize the tax credits. Recoverability of the tax credits is 
also dependent on interpretation of laws and regulations, which may be subject to change over time.
As detailed in note 1 and 5.6, the Group is engaged in a number of juridical and administrative 
proceedings related to disputed tax matters with uncertain outcome. Management is required to make 
certain judgments and estimates to recognize and measure the effect of uncertain tax positions. 
Due to the significant management judgment involved in estimation and recognition of deferred tax 
assets, uncertain tax positions and tax credits, we have assessed this to be a Key Audit Matter.	
How the matter was addressed in the audit
Our audit procedures included the following, among others:
•	 We evaluated relevant controls associated with accounting for tax balances, including deferred tax 
assets, tax credits and uncertain tax positions. 
•	 We involved our tax specialists in evaluating management’s judgments and conclusions.
•	 We challenged the appropriateness of management’s assumptions and estimates in relation to 
the likelihood of generating future taxable profits to support the recognition of deferred tax assets. 
We evaluated the forecasted taxable profits and consistency of these forecasts with historical 
performance. 
•	 We evaluated management’s assessment of the probable outcome related to uncertain tax positions.
•	 We reviewed applicable third-party evidence and correspondence with tax authorities.
•	 We considered the adequacy of the Group’s disclosures related to uncertain tax positions, deferred 
tax assets and tax credits.
Page 2
Independent Auditor’s Report -
Yara International ASA
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

246
Impairment of goodwill, property, plant and equipment
Key audit matter
As disclosed in note 1, 4.1 and 4.2, the Group has recognized goodwill of USD 831 million and property, 
plant and equipment (PP&E) of USD 8,579 million. The Company’s goodwill is tested for impairment on 
an annual basis while PP&E is tested for impairment when events or changes in circumstances indicate 
that the carrying amount of the asset may not be recoverable.
Determining whether goodwill and PP&E are impaired requires estimation of the value in use. As 
disclosed in note 4.7, the value in use calculation requires management to make significant estimates and 
assumptions related to future commodity prices, gas prices as well as assumptions related to discount 
rates, future production levels and capital expenditures. Changes in these assumptions could have a 
significant impact on the value of goodwill and PP&E.
Net impairment losses of USD 46 million were recognized in the year ended 31 December 2020.
Due to the significant judgment involved in determining the assumptions used in the testing for 
impairment of goodwill, property, plant and equipment we have assessed this to be a Key Audit Matter.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
•	 We evaluated relevant controls associated with the impairment review process. 
•	 We challenged management’s key assumptions used in the cash flow forecasts included within the 
impairment models. 
•	 We challenged specifically the urea- and ammonia prices, gas prices, assumed production levels, capital 
expenditure and discount rate assumptions, including consideration of the risk of management bias. 
•	 We compared urea- and ammonia and gas prices to third party publications.
•	 We used internal valuation specialists in assessing discount rate assumptions used and testing the 
models.
•	 We validated the mathematical accuracy of cash flow models and agreed relevant data to the latest 
production plans and approved budgets. 
•	 We considered the adequacy of the disclosures provided by the Group in relation to its impairment 
reviews.
Page 3
Independent Auditor’s Report -
Yara International ASA
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

247
Other information
Management is responsible for the other information. The other information comprises information in the 
integrated report, except the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any 
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors and the President and CEO for the Financial Statements
The Board of Directors and the President and CEO (Management) are responsible for the preparation 
in accordance with law and regulations, including a true and fair view of the financial statements of the 
Company in accordance with the Norwegian Accounting Act and accounting standards and practices 
generally accepted in Norway, and for the preparation and true and fair view of the consolidated financial 
statements of the Group in accordance with International Financial Reporting Standards as adopted by 
the EU, and for such internal control as management determines is necessary to enable the preparation 
of financial statements that are free from material misstatement, whether due to fraud or error. 
In preparing the financial statements, management is responsible for assessing the Company’s and 
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern. The financial statements of the Company use the going concern basis of accounting insofar as 
it is not likely that the enterprise will cease operations. The consolidated financial statements of the Group 
use the going concern basis of accounting unless management either intends to liquidate the Group or to 
cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee 
that an audit conducted in accordance with laws, regulations, and auditing standards and practices 
generally accepted in Norway, including ISAs will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of 
these financial statements.
As part of an audit in accordance with laws, regulations, and auditing standards and practices generally 
accepted in Norway, including ISAs, we exercise professional judgment and maintain professional 
skepticism throughout the audit. We also:
•	 identify and assess the risks of material misstatement of the financial statements, whether due to 
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting 
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may 
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 
•	 obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Company’s or the Group’s internal control.
•	 evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management.
•	 conclude on the appropriateness of management’s use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to events 
or conditions that may cast significant doubt on the Company and the Group’s ability to continue as 
a going concern. If we conclude that a material uncertainty exists, we are required to draw attention 
in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or conditions may cause the Company and the 
Group to cease to continue as a going concern.
Page 4
Independent Auditor’s Report -
Yara International ASA
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

248
•	 evaluate the overall presentation, structure and content of the financial statements, including the 
disclosures, and whether the financial statements represent the underlying transactions and events in 
a manner that achieves a true and fair view.
•	 obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the consolidated financial statements. 
We are responsible for the direction, supervision and performance of the group audit. We remain 
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards.
From the matters communicated with those charged with governance, we determine those matters 
that were of most significance in the audit of the financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation 
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine 
that a matter should not be communicated in our report because the adverse consequences of doing so 
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Opinion on the integrated report
Based on our audit of the financial statements as described above, it is our opinion that the information 
presented in the integrated report concerning the financial statements, required by the Norwegian 
Accounting Act section 3-3a, 3-3b and 3-3-c (the Board of Directors’ report, the statements on 
Corporate Governance and Corporate Social Responsibility) and the going concern assumption is 
consistent with the financial statements and complies with the law and regulations.
Opinion on Registration and Documentation
Based on our audit of the financial statements as described above, and control procedures we have 
considered necessary in accordance with the International Standard on Assurance Engagements (ISAE) 
3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, it is our 
opinion that management has fulfilled its duty to produce a proper and clearly set out registration and 
documentation of the Company’s accounting information in accordance with the law and bookkeeping 
standards and practices generally accepted in Norway.
Oslo, 25 March 2021
Deloitte AS
Aase Aa. Lundgaard
State Authorised Public Accountant (Norway)
Page 5
Independent Auditor’s Report -
Yara International ASA
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

249
Reconciliation of alternative performance measures in the Yara Group
Yara makes regular use of certain non-GAAP financial alternative performance measures 
(APMs), both in absolute terms and comparatively from period to period. The APMs used are the 
following:
 
- 	 Operating income
- 	 EBITDA
- 	 EBITDA excluding special items
- 	 Return on invested capital (ROIC)
- 	 Fixed cost
- 	 Net operating capital (days)
- 	 Net interest-bearing debt
- 	 Net debt/equity ratio
- 	 Net debt/EBITDA excluding special items ratio
- 	 Basic earnings per share excluding currency and special items
 Definitions and explanations for the use of these APMs are described below, including 
reconciliations of the APMs to the most directly reconcilable line item, subtotal or total 
presented in the financial statements.
 
The EBITDA in USD per tonne Sales and Marketing segment was introduced as an Alternative 
Performance Measure in Fourth quarter 2019, as an indication of the margin improvement 
targeted by the segment. With the new regional organizational structure announced in May 2020, 
Yara further strengthened its position to commercially optimize its entire value chain tailored 
to regional market differences and opportunities, and will communicate updated APMs in due 
course. 
Operating income
Operating income is directly identifiable from Yara’s consolidated statement of income and is 
considered key information in order to understand the Group’s financial performance. It provides 
performance information which covers all activities which normally are to be considered as 
“operating”. Share of net income in equity-accounted investees is however not included. 
 
EBITDA
Earnings before interest, tax, depreciation and amortization (EBITDA) is used for providing 
consistent information on Yara’s operating performance and debt servicing ability. Such a 
measure is relative to other companies and frequently used by securities analysts, investors 
and other stakeholders. EBITDA, as defined by Yara, includes operating income, share of net 
income in equity-accounted investees, interest income and other financial income. It excludes 
depreciation, amortization and impairment loss, as well as amortization of excess values in 
equity-accounted investees. Yara’s definition of EBITDA may differ from that of other companies.
 
EBITDA excluding special items
EBITDA excluding special items is used to better mirror the underlying performance in the 
reported period, adjusting for items which are not primarily related to the period in which they 
are recognized. For details on special items, see page 65 in chapter 2, Yara in review, section 
Prosperity performance.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

250
Reconciliation of operating income to EBITDA excluding special items
USD millions
2020
2019
Operating income
 1,176 
 989 
Share of net income in equity-accounted investees
 20 
 65 
Interest income and other financial income
 62 
 76 
Depreciation and amortization 1) 
 919 
 923 
Impairment loss 2)
 46 
 43 
Earnings before interest, tax and depreciation/amortization (EBITDA)
 2,223 
 2,095 
Special items included in EBITDA 3)
 (62)
 70 
EBITDA, excluding special items
A
 2,161 
 2,165 
1) Including amortization of excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
3) For details on special items, see page 65 in chapter 2, Yara in review, section Prosperity performance.
Reconciliation of net income to EBITDA 
USD millions
2020
2019
Net income
 690 
 589 
Income taxes
 160 
 214 
Interest expense and other financial items
 165 
 182 
Foreign currency translation (gain)/loss
 243 
 145 
Depreciation and amortization 1) 
 919 
 923 
Impairment loss 2)
 46 
 43 
EBITDA
 2,223 
 2,095 
1) Including amortization of excess value in equity-accounted investees.
2) Including impairment loss on excess value in equity-accounted investees.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

251
ROIC
Return on invested capital (ROIC) is defined as Net Operating Profit After Tax (NOPAT) divided 
by average invested capital calculated on a 12-months rolling average basis. NOPAT is defined 
as operating income excluding amortization and impairment of intangible assets other than 
goodwill, plus interest income from external customers, minus tax cost calculated on the previous 
mentioned items with a 25% flat rate, and plus net income from equity-accounted investees. 
Average invested capital is defined as total current assets excluding cash and cash equivalents, 
plus a normalized cash level of USD 200 million, minus total current liabilities excluding 
short-term interest-bearing debt and current portion of long-term debt, plus property, plant and 
equipment, plus right-of-use assets, plus goodwill and plus equity-accounted investees.
 
NOPAT and average invested capital are defined and reconciled as components in the reporting 
of ROIC as an APM. They are not considered to be separate APMs. 
Reconciliation of operating income to net operating profit after tax
USD millions
2020
2019
Operating income
 1,176 
 989 
Amortization and impairment of intangible assets
 44 
 46 
Interest income from external customers
 54 
 60 
Calculated tax cost (25% flat rate) on items above
 (319)
 (274)
Share of net income in equity-accounted investees
 20 
 65 
Net operating profit after tax (NOPAT)
B
 976 
 886 
Reconciliation of net income to net operating profit after tax
USD millions
2020
2019
Net income
 690 
 589 
Amortization and impairment of intangible assets
 44 
 46 
Interest income from external customers
 54 
 60 
Interest income and other financial income
 (62)
 (76)
Interest expense and other financial items
 165 
 182 
Foreign currency translation (gain)/loss
 243 
 145 
Income tax, added back
 160 
 214 
Calculated tax cost (25% flat rate)
 (319)
 (274)
Net operating profit after tax (NOPAT)
B
 976 
 886 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

252
Reconciliation of invested capital and ROIC calculation
USD millions
2020
2019
Total current assets as reported
 5,637 
 4,785 
Cash and cash equivalents as reported
 (1,363)
 (300)
Normalized level of operating cash
 200 
 200 
Total current liabilities as reported
 (3,165)
 (3,317)
Short-term interest-bearing debt as reported
 345 
 494 
Current portion of long-term debt as reported
 132 
 398 
Short-term lease liabilities as reported
 111 
 98 
Property, plant and equipment as reported
 8,579 
 8,614 
Right-of-use assets as reported
 430 
 428 
Goodwill as reported
 831 
 844 
Equity-accounted investees as reported
 107 
 970 
Adjustment for 3-months/12-months average
 356 
 180 
Invested capital
C
 12,200 
 13,395 
Return on invested capital (ROIC)
D=B/C
8.0%
6.6%
Yara Improvement Program (YIP)
Yara has established a corporate program to drive and coordinate existing and new improvement 
initiatives, the Yara Improvement Program. At its Capital Markets Day on 26 June 2019, Yara 
launched an extended version of this program which distinguish between three defined pillars; 
a) higher production returns and lower variable costs, b) leaner cost base, and c) smarter 
working capital management. At the same time, Yara moved to reporting operational metrics 
on underlying value drivers to provide information on project performance to management, and 
which Yara also considers to be relevant for external stakeholders. The operational metrics are 
reported on a rolling 12-months basis and include: 
 
- production volume (kt), 
- energy efficiency (Gj/T), 
- fixed cost (USD millions), and
- net operating capital (days).
 
The fixed cost, and the net operating capital measures represent financial alternative performance 
measures and are defined below. The production volume and energy efficiency are physical 
measures and are defined and reported in the Prosperity performance section in chapter 2 of the 
integrated report.
 
Fixed cost is defined as the subtotal “Operating costs and expenses” in the consolidated statement of 
income minus variable product cost (raw materials, energy, freight), other variable operating expenses, 
depreciation, amortization and impairment loss. The reported amounts are adjusted for items which 
are not considered to be part of underlying business performance for the period (for details on special 
items, see page 65 in chapter 2, Yara in review, section Prosperity performance.), currency effects, 
and items which relate to portfolio and structural changes. The currency effects are calculated by 
converting from local currency to reporting currency using baseline exchange rates as of 2018. The 
portfolio and structural changes refer to the acquisition of the Vale Cubatão Fertilizantes complex in 
Brazil and the ammonia plant in Freeport. 
 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

253
Net operating capital days are reported on a 12-months average basis and is defined as the net 
of credit days, inventory days and payable days. Credit days are calculated as trade receivables, 
adjusted for VAT payables, relative to total revenue and interest income from customers. 
Inventory days are calculated as the total inventory balance relative to product variable costs. 
Payable days are calculated as trade payables adjusted for payables related to investments, 
relative to supplier related operating costs and expenses.
As Yara Improvement Program performance measures are presented to report on the progress 
towards Yara’s strategic goals, previous calendar year is considered to represent the relevant 
comparatives. 
Reconciliation of operating costs and expenses to fixed cost
USD millions
2020
2019
Operating costs and expenses
 10,551 
 11,946 
Variable part of Raw materials, energy costs and freight expenses
 (7,399)
 (8,714)
Variable part of Other operating expenses
 (31)
 (25)
Depreciation and amortization
 (919)
 (923)
Impairment loss
 (46)
 (43)
Currency effects (using baseline exchange rates as of 2018)
 209 
 102 
Special items within fixed cost
 (44)
 (53)
Fixed cost
 2,322 
 2,291 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

254
Reconciliation of Net operating capital days
USD millions
2020
2019
Trade receivables as reported 
 1,478 
 1,564 
Adjustment for VAT payables
 (83)
 (64)
Adjustment for 12-months average
 106 
 186 
Adjusted trade receivables (12-months average) 
 E 
 1,501 
 1,686 
Revenue from contracts with customers
 11,591 
 12,858 
Interest income from external customers
 51 
 56 
Total revenue and interest income from customers
 F 
 11,641 
 12,914 
Credit days
 G=(E/F)*365 
 47 
 48 
Inventories as reported
 2,161 
 2,360 
Adjustment for 12-months average
 (25)
 140 
Inventories (12-months average)
 H 
 2,136 
 2,500 
Raw materials, energy costs and freight expenses
 8,021 
 9,334 
Fixed product costs and freight expenses external customers
 (1,522)
 (1,564)
Product variable costs
 I 
 6,498 
 7,770 
Inventory days
 J=(H/I)*365 
 120 
 117 
Trade and other payables as reported
 1,880 
 1,614 
Adjustment for other payables
 (451)
 (329)
Adjustment for payables related to investments
 (160)
 (116)
Adjustment for 12-months average
 (66)
 162 
Trade payables (12-months average)
 K 
 1,203 
 1,331 
Operating costs and expenses 
 10,551 
 11,946 
Depreciation and amortization
 (919)
 (922)
Impairment loss
 (46)
 (43)
Other non-supplier related costs
 (1,397)
 (1,271)
Operating costs and expenses, adjusted
 L 
 8,190 
 9,710 
Payable days
 M=(K/L)*365 
 54 
 50 
Net operating capital days
 N=G+J-M 
 113 
 115 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

255
Capital structure measures
Yara reports the Group’s net interest-bearing debt, net debt/equity ratio and net debt/EBITDA 
excluding special items ratio to provide information on the Group’s financial position as references 
to the targeted capital structure as communicated in Yara’s financial policy. In addition, Yara’s 
reporting of net interest-bearing debt highlights key development factors which supplement the 
consolidated statement of cash flows. Net interest-bearing debt is defined by Yara as cash and 
cash equivalents and other liquid assets, reduced for short-term and long-term (including current 
portion) interest-bearing debt, and lease liabilities. The net debt/equity ratio is calculated as net 
interest-bearing debt divided by shareholders’ equity plus non-controlling interests. The Net Debt/
EBITDA ratio is calculated as net interest-bearing debt divided by EBITDA excluding special items 
on a 12-months rolling basis.
Net interest-bearing debt
USD millions
31 Dec 2020
31 Dec 2019
Cash and cash equivalents
 1,363 
 300 
Short-term interest-bearing debt
 (345)
 (494)
Current portion of long-term debt
 (132)
 (398)
Short-term lease liabilities
 (111)
 (98)
Long-term interest-bearing debt
 (3,371)
 (2,698)
Long-term lease liabilities
(335) 
 (337)
Net interest-bearing debt
 O 
 (2,930)
 (3,725)
Net debt/equity ratio
USD millions
31 Dec 2020
31 Dec 2019
Net interest-bearing debt
O
 (2,930)
 (3,725)
Total equity
P
 (8,220)
 (8,909)
Net debt/equity ratio
 Q=O/P 
 0.36 
 0.42 
Net debt/EBITDA excluding special items ratio
USD millions
31 Dec 2020
31 Dec 2019
Net interest-bearing debt
O
 (2,930)
 (3,725)
EBITDA, excluding special items (last 12 months)
A
 2,161 
 2,165 
Net debt/EBITDA excluding special items ratio
 R=(O)/A 
 1.36 
 1.72 
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

256
Basic earnings per share excluding currency and special items
Basic earnings per share (EPS) excluding currency and special items is an adjusted EPS measure 
which mirrors the underlying performance in the reported period by adjusting for currency effects 
and items which are not primarily related to the period in which they are recognized. This APM 
represent net income after non-controlling interests, excluding foreign currency translation gain/
loss and special items after tax, divided by average number of shares outstanding in the period. 
The tax effect on foreign currency and special items is calculated based on relevant statutory tax 
rate for simplicity. 
Earnings per share
USD millions, except earnings per share and number of shares
2020
2019
Weighted average number of shares outstanding
S
 267,985,860 
 272,319,232 
Net income attributable to shareholders of the parent
T
 691 
 599 
Foreign currency translation gain/(loss)
U
 (243)
 (145)
Tax effect on foreign currency translation gain/(loss)
V
 73 
 38 
Non-controlling interest share of currency (gain)/loss, net after tax
W
 - 
 (1)
Special items within income before tax 1)
X
 17 
 (126)
Tax effect on special items
Y
 17 
 23 
Special items within income before tax, net after tax
Z=X+Y
 34 
 (102)
Special items within income tax
AA
 - 
 (38)
Non-controlling interest's share of special items, net after tax
AB
 (1)
 (2)
Net income excluding currency and special items
AC=T–U–V+W–Z–
AA+AB
 826 
 842 
Basic earnings per share
 AD=T/S 
 2.58 
 2.20 
Basic earnings per share excluding currency and special items
 AE=AC/S 
 3.08 
 3.09 
1) For details on special items, see page 65 in chapter 2, Yara in review, section Prosperity performance.
Yara Integrated Report 2020
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

yara.com

Yara Integrated Report 2021
Growing a Nature-
Positive Food Future

Growing a Nature-Positive Food Future  
To better reflect our holistic and progressive strategy, 
‘Growing a Nature-Positive Food Future’ is our new 
ambition statement. This encompasses our expertise 
in crop nutrition solutions and our goal of climate 
neutrality, but also goes further. We will expand our 
knowledge-sharing to create measurable, positive 
global impact in order to help feed the world and 
contribute to a responsible food system while 
protecting nature, reducing emissions, and improving 
livelihoods. 
Concretely, we will:  
•	 Establish partnerships to decarbonize agriculture and 
shipping   
•	 Use our deep and growing knowledge, products, and 
digital solutions to enhance crops and soil health, 
while reducing pollution   
•	 Reach more farmers and communities to improve 
nutrition and quality of life through our global scale   
•	 Protect and restore nature and reverse climate 
change through science-based targets and actions   
•	 Contribute to creating a viable, profitable food 
future for all  
The new ambition statement will be our guide to areas 
where we will aim to create positive global impact, 
and where we will measure success. Our new KPI 
and target structure will enable us to fine-tune our 
performance tracking.   
Our strategic pillars remain the same – to advance 
operational excellence and expand our reach and 
offerings. Yara’s ability to drive change is based 
on operating a worldwide production- trade- and 
marketing system, with people on the ground in more 
than 60 countries. We are involved throughout the food 
value chain, from mining of minerals, to processing 
and providing expert crop nutrition advice to farmers, 
to piloting organic-based fertilizer products, leveraging 
upcycled nutrients in our product portfolio.
We recognize the urgent nature and climate crises 
which are unfolding, and we are positioning Yara to 
play an important role in driving change and value 
creation for the future.

Key figures
About Yara
Yara grows knowledge to responsibly feed the 
world and protect the planet. Supporting our vision 
of a world without hunger and a planet respected, 
we pursue a strategy of sustainable value growth, 
promoting climate-friendly crop nutrition and 
zero-emission energy solutions. Yara’s ambition is 
focused on growing a nature positive food future 
that creates value for our customers, shareholders 
and society at large and delivers a more sustaina­
ble food value chain.
To achieve our ambition, we have taken the lead 
in developing digital farming tools for precision 
farming, and work closely with partners through­
out the food value chain to improve the efficiency 
and sustainability of food production. Through 
our focus on clean ammonia production, we aim 
to enable the hydrogen economy, driving a green 
transition of shipping, fertilizer production and 
other energy intensive industries.
Founded in 1905 to solve the emerging famine in 
Europe, Yara has established a unique position as 
the industry’s only global crop nutrition company. 
We operate an integrated business model with 
around 17,800 employees and operations in 
over 60 countries, with a proven track record of 
strong returns. In 2021, Yara reported revenues of 
USD 16.6 billion.
SHORTCUT
Go to the Financial
Statements for 2021 here
Return on invested capital
(8.0% in 2020) 1)
MUSD
Operating income (1,176 in 2020) 1)
Diversity and inclusion index
(74% in 2020)
million tonnes
Scope 1+2 CO2e emissions
(17.7 in 2020)
7.9%
1,068
77%
17.5
58 NOK
Total cash returns per share
paid and proposed for 2021
17,800
employees
ROIC (Percent)
0
2
4
6
8
10
2021
2020
2019
2018
2017
4.0
3.8
6.6
8.0
7.9
TRI
0,0
0,5
1,0
1,5
2,0
2,5
2021
2020
2019
2018
2017
1.8
1.4
1.4
1.3
1.0
2021
2020
Prosperity performance
Revenue and other Income
USD million
16,607 
11,728
Operating income 1)
USD million
1,068
1,176
EBITDA 1) 2)
USD million
2,804
2,223
Net income attributable to 
shareholders of the parent
USD million
384
691
Investments 3)
USD million
902
933
Debt/Equity ratio 1) 4)
0.55
0.36
Net cash flow from operations
USD million
1,406
2,047
Basic earnings per share 5)
USD
1.75
2.58
People performance 
Engagement rate
Percent
79 
79
TRI rates 6)
Per million 
hours worked
1.0
1.3
Planet performance
GHG intensity 7)
GHG/tonne 
produced
3.0
3.0
Energy use
Petajoules
279
1)	See page 255 for definitions, 
explanations and reconciliations of 
alternative Performance Measures 
(APMs).
2)	EBITDA, as defined by Yara, includes 
operating income, interest income, 
other financial income and share of net 
income in equity-accounted investees. It 
excludes depreciation, amortization and 
impairment loss, as well as amortization 
of excess values in equity-accounted 
investees.
3)	Investment in property, plant and 
equipment, long-term securities, 
intangibles, long-term advances and 
investments in non-consolidated 
investees.
4)	Net interest-bearing debt divided by 
shareholders’ equity plus non-controlling 
interests.
5)	Yara currently has no share-based 
compensation program that results in a 
dilutive effect on earnings per share.
6)	TRI: Number of Total Recordable Injuries 
per million hours worked, contractors 
included.
7)	The GHG intensity indicator covers scope 
1, 2 and parts of scope 3 emissions 
from suppliers, but does not represent 
a complete carbon footprint. Measured 
against tonnes nitrogen in Yara’s 
products.

Global presence
Yara is the industry’s most global player. 
We combine production and marketing of 
crop nutrition products and solutions with a 
farmer-centric approach, turning a century of 
agronomic knowledge into value for millions 
of farmers around the globe.
Yara-branded retail outlets around the world
10,800‌+
Countries with 
operations
60
Countries with sales
160
Production plants
28
Terminals, warehouses, blending 
units and bagging facilities
200
sales
)
nes
1)
Countries with sales 1)
Head office
Yara Plants
Smaller sites 2)
Phosphate mines 3) 
Joint ventures
Sales/marketing offices, R&D sites
Digital Hub
1)	More than 10,800 Yara-branded retail 
outlets around the world
2)	Yara operated terminals and logistical 
production sites
3)	Salitre, Brazil, is being divested

Content
01
‌THIS IS YARA
Our strategic 
direction
‌CEO message
07
‌2021 Highlights
10
‌Company presentation
11
‌How we create value
14
Clean ammonia to grow a 
Nature‑Positive Food Future
15
‌Megatrends
18
‌Our strategy
20
Strategy scorecard
24
‌Managing outcomes
28
Engaging with our stakeholders
30
‌Materiality
35
02
‌YEAR IN REVIEW
Responsible 
performance
‌PEOPLE
39
Black Talent Initiative
40
‌People performance
43
 
‌PLANET
50
Five questions on regenerative 
agriculture
51
‌Planet performance
53
 
‌PROSPERITY
56
A new era of digital production
57
‌Prosperity performance
59
‌The Yara share
68
 
GOVERNANCE
71
Ethics & Compliance on demand
72
Governance performance
73
 
‌External framework guidance
75
03
‌FROM THE BOARDROOM
Delivering on 
our commitment
‌Corporate governance
79
‌Group Executive Board
97
‌Board of Directors
101
‌Board message
106
‌Risk management
116
04
‌FINANCIAL STATEMENTS
Transparent 
performance
‌Consolidated financial statements 126
‌Financial statements for 
‌Yara International ASA
220
‌Statement from the Board and the 
‌CEO of Yara International ASA
247
‌Auditor’s report
250
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group
255
About the report
This is Yara International ASA’s 2021 Integrated 
Report. Yara’s integrated report builds on the 
guiding principles set out in the International <IR> 
Framework from the Value Reporting Foundation. 
The report outlines Yara’s business model and strat­
egy, describes how we create value, and documents 
our People, Planet, Prosperity and Governance 
in 2021. Additional information on sustainability 
topics is available in the separate Sustainability 
report available on yara.com.WSJ 100 – Most sustainably managed companies
Listed as one of the 100 most sustainably 
managed companies in the worldThe Governance Group
Number three in a review of ESG 
disclosures from the 100 largest 
companies on the Oslo Stock Exchange
Yara won the Finance for the Future award in the 
category “Communicating Integrated Thinking”Sustainalytics – a Morningstar company
Medium risk and number two of 60
Agri-Chemicals companies
Copyright ©2020 Sustainalytics. All rights reserved. This [publication/ article/ section]‌ con­
tains information developed by Sustainalytics (www.sustainalytics.com). Such information and 
data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and 
are provided for informational purposes only. They do not constitute an endorsement of any 
product or project, nor an investment advice and are not warranted to be complete, timely, 
accurate or suitable for a particular purpose. Their use is subject to conditions available at 
https://www.sustainalytics.com/legal-disclaimers.
Yara was ranked as no. 29 on 
Fortune’s prestigious Change the 
World List
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

THIS IS YARA
Our strategic 
direction
We recognize the urgent nature and climate crises 
which are unfolding, and we are responding. By 
ensuring operational excellence and broadening 
our core to create shared value based on the 
changes around us, we will deliver on our ambition 
of Growing a Nature-Positive Food Future. 
06
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

CEO COMMENT
Purpose-driven 
prosperity 
2021 reinforced the importance of being a purpose-
driven company. At Yara, we experienced this 
firsthand, as all 17,800 colleagues went the extra 
mile to keep our operations running, because they 
knew so well the importance of the work they do; to 
feed a growing population in a time of crisis, and to 
deliver industrial solutions essential for society. 
Not only did this mindset enable us to keep operations running in 
extreme times, but we were also able to take further steps to evolve our 
strategy and future-proof our business. 
Looking at our triple “bottom line” – through the lenses of people, 
planet and prosperity – we can conclude that we enter 2022 strength­
ened, more focused and more able. 
An expanded responsibility for PEOPLE 
No financial achievement is worth celebrating if it comes at the expense 
of the safety of our employees. At Yara, we say, and mean, that safety 
comes first. I am extremely proud of the systematic work being done 
under our Safe by choice program, which in 2021 led us to our lowest 
injury rate so far, with the number of total recordable injuries (TRI) at 
1.0. Although this is best in class in our industry, we will not be satis­
fied until we have reached zero accidents. I go through every accident 
“Looking at our ‘triple 
bottom line’ – through 
the lenses of people, planet 
and prosperity – we can 
conclude that we enter 2022 
strengthened, more focused 
and more able.”
07
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

report and know that all of them are avoidable. We will 
therefore continue the work towards zero TRI with full 
strength. 
The pandemic has expanded our work on Health & 
Safety, to also include several new measures to counter 
stress and fatigue. During the past two years we have 
put in place universal standards across the whole organ­
ization, to relieve stress and improve the wellbeing and 
safety of our employees. These measures include access 
to external counselling through our insurance policies, 
paid sick leave, income security for up to three months 
in case of job loss due to the pandemic, and also a new 
global standard for parental leave ensuring 6 months 
full pay for primary caregivers and 1 month for second­
ary caregivers. 
In addition to this, in the past two years we have paid 
out a universal end-of-the-year bonus of USD 1000 to 
every employee, regardless of where they are located. 
Whether you are an engineer in Germany, an agron­
omist in Tanzania or an accountant in Singapore, the 
payment has been the same. This has contributed to a 
strong sense of unity and a “we’re in this together”-at­
titude. 
I strongly believe there is a clear and mutual value for 
both the company and its employees to have universal 
basic rights in place globally, even if it is not required 
by law.
When this is written, we are three weeks into the war 
in Ukraine. Yara quickly condemned the Russian 
military invasion and was also directly impacted when 
our offices in Kyiv were hit by a missile. We also chose 
to participate actively in the public debate about the 
geopolitical risk to the global food system. We need to 
prevent the war in Ukraine from leading to a hunger 
catastrophe in the most vulnerable and food insecure 
regions, as millions are food dependent on precisely 
Russia and Ukraine. 
Together with other leading players in the food chain, 
we offered short-term humanitarian aid while at the 
same time engaging to increase the resilience of the food 
system, including reducing the dependency on Russia.
A healthier PLANET 
Just as a financial improvement cannot be celebrated if 
it comes at the expense of the health and safety of our 
people, it also cannot be celebrated if it comes at the 
expense of the health and safety of our planet. 
Yara adopted the UN Sustainable Development Goals 
early on and has used them as a framework for devel­
oping our business strategy. During the past year, we 
have seen considerable progress and confirmation that 
we are positioned to benefit from the green shift. 
One such area is the work we’re doing on clean 
ammonia – both blue and green. In the energy tran­
sition, ammonia has the potential to support the 
decarbonization of several energy-intensive industries, 
since it is more suitable than hydrogen to transport and 
store. We therefore established Yara Clean Ammonia 
as a separate unit last spring, to capitalize on our 
world-leading position within production, trading and 
transportation of ammonia. 
The pandemic has expanded our work 
on Health & Safety, to also include several new 
measures to counter stress and fatigue.
08
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

In less than a year, we have seen a lot of progress: 
we have established a joint venture to electrify our 
Porsgrunn plant, teamed up with Singapore-based 
commodity trading company Trafigura and initiated 
collaboration with JERA in Japan to decarbonize 
power generation. And in Sweden, we are pioneering 
green fertilizers in partnership with Lantmännen, to 
achieve a decarbonized food value chain. 
In parallel with establishing and developing commercial 
contracts, we are engaging in public-private part­
nerships to de-risk climate action in energy intensive 
sectors. We are a founding member of First Movers 
Coalition (FMC), which brings together forward-think­
ing companies to jumpstart demand for emerging 
clean technologies. FMC is co-led by the US State 
Department and World Economic Forum. Through 
this initiative, we are committed to supplying clean 
ammonia to be used either as fossil-free shipping fuel or 
fossil-free fertilizers. 
Building long-term PROSPERITY 
The financial results of 2021 show improved underly­
ing performance, demonstrating our business model’s 
resilience in a volatile market environment. Higher 
prices more than offset increased energy costs, higher 
fixed costs and currency effects. The market environ­
ment was supportive, as a result of strong demand 
and a tight global supply situation. However, high and 
volatile natural gas prices continue to pose a challenge 
for the nitrogen industry in Europe, adding to global 
food security concerns in a situation with already tight 
supply across the main nutrients. 
We have continued to focus on operational improve­
ments in 2021, in combination with strict capital 
discipline and a clear capital allocation policy. On the 
production side, we are on track to reach our 2023 
target on finished fertilizer, while ammonia production 
and energy efficiency was impacted by reliability issues 
as well as production curtailments in Europe. Fixed 
costs increased in 2021 as communicated, however 
this was offset by lower capex. Operating capital days 
ended at a record low level reflecting lower inventory 
and receivable days. 
The return on invested capital (ROIC) ended at 7.9 
percent. This was in line with a year earlier, with asset 
impairments offsetting margin growth. With a proposed 
dividend of NOK 30 per share, the total cash return 
paid and proposed for 2021 amounts to NOK 58 per 
share. 
A profitable green shift 
During the past years, we have seen a number of com­
mitments from the private sector to reduce emissions 
and accelerate the green transition. This gives cause for 
optimism. On the other hand, the pledges from nations 
to cut emissions show that we risk not reaching the 
goals of the Paris agreement. 
Yara is in the fortunate situation that the business is 
built around providing sustainable solutions for agri­
culture and for industrial customers within a regulatory 
framework that seeks to promote nature-positive out­
comes. We will therefore continue to be a positive force 
for a profitable green shift – combining prosperity with 
purpose. 
Svein Tore Holsether
President and CEO
09
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

2021
Highlights
•	 Yara published its plan to estab­
lish Europe’s first large-scale green 
ammonia project in Norway 
•	 Yara moves to fully integrated 
reporting and starts to report on the 
integrated scorecard as part of quar­
terly reporting 
Q1
•	 Yara Growth Ventures established 
•	  MoUs with Trafigura and Jera to col­
laborate on clean ammonia projects 
•	 Commercial launch of the Agoro 
Carbon Alliance 
Q2
•	 Divestment of Salitre phosphate 
mining project in Brazil 
•	 Launch of Hegra joint venture in 
Porsgrunn 
•	 Acquisition of Finnish Ecolan to 
expand organic fertilizer business 
•	 Yara curtails ammonia production 
due to high gas prices 
Q3
•	 Yara Birkeland took its maiden 
voyage to the Oslo fjord 
•	 Yara joins «First Movers Coalition” 
at COP26 to accelerate use of hydro­
gen as an essential part of the future 
net-zero energy system 
•	 Yara receives Enova funding for clean 
ammonia demonstration project in 
Porsgrunn 
•	 New ambition statement launched 
Q4
Q1
Q2
Q3
Q4
2021
10
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Group Executive 
Board (GEB)
COMPANY PRESENTATION
The organization
Our organizational structure reinforces strategy execution. 
Empowering local operations, strengthening accountability 
and driving customer centricity.
EVP Corporate Development 
& Deputy CEO
Lars Røsæg
EVP & General Counsel
Kristine Ryssdal
Farming Solutions 1)
 
EVP & Chief Financial Officer
Thor Giæver
REGIONAL UNITS
EVP Europe
Mónica Andrés
EVP Africa & Asia
Fernanda Lopes Larsen
EVP Americas
Chrystel Monthean
Global Plants & 
Operational Excellence
Pål Hestad
EVP People, Process 
& Digitalization
Solveig Hellebust
Yara Clean Ammonia
Magnus Ankarstrand
Agoro Carbon Alliance
Alex Bell
Yara Industrial Solutions
Jorge Noval
Yara International ASA
Svein Tore Holsether
1)	Ref. to changes in the Group Executive Board, pages 113–114
11
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

COMPANY PRESENTATION
Regions & 
functions
Our three regional units Africa & Asia, Americas and Europe operate in a fully integrated setup, producing 
and delivering Yara’s existing fertilizer solutions in addition to commercializing and selling new offerings 
under the guidance of Farming Solutions. The Global Plants & Operational Excellence segment operates 
Yara’s largest and export-oriented production plants (Porsgrunn, Sluiskil).
Global Plants
Pål Hestad
EVP, Global Plants
5.8%
7,056
thousand tonnes
Produciton 
finished 
fertilizer
570
USD million
1,994
EBITDA
ROIC
Employees
Europe
Mónica Andrés
Enríquez
EVP, Europe
12.2%
9,232
thousand tonnes
Deliveries
664
USD million
3,478
EBITDA
ROIC
Employees
Americas
Chrystel Monthean
EVP, Americas
7.3%
14,463
thousand tonnes
Deliveries
991
USD million
6,933
EBITDA
ROIC
Employees
Africa & Asia
Fernanda Lopes
Larsen
EVP, Africa & Asia
3.9%
4,681
thousand tonnes
Deliveries
248
USD million
1,806
EBITDA
ROIC
Employees
Farming Solutions 
In addition to the operating segments, Yara has a global function - Farming Solutions. This function has a global mandate to drive the transformation of Yara’s core crop nutrition 
business, developing both existing and new solutions including premium products, digital business, food value chain collaboration and climate-neutral solutions.
12
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

18.8%
11.8%
 500,000
4,154
thousand tonnes
7,430
thousand tonnes
U.S. contracted 
acres 1)
Ammonia 
sales
Deliveries
131
USD million
287
USD million
80
37
1,845
EBITDA
EBITDA
ROIC
ROIC
Employees
Employees
Employees
COMPANY PRESENTATION
Global 
units
The Clean Ammonia segment contains Yara’s Ammonia Trade and Shipping business, and it plays a 
vital role in Yara’s production system through optimizing production capacity utilization. The segment 
also leads Yara’s exploration of new green and blue ammonia projects. Yara Industrial Solutions mainly 
provides nitrogen-based solutions and services across a wide range of industries. The segment performs its 
activities through five global commercial units; Transport Reagents, Mining Applications, Base Chemicals, 
Industrial Nitrates and Yara Marine Technologies. The Agoro Carbon Alliance combines Yara’s deep 
agronomic knowledge with new technology to enable Farm-Based Carbon Solutions that support and 
incentivize farmers’ transition to sequestering carbon in their soils.
Agoro Carbon Alliance
Yara Clean Ammonia
Yara Industrial Solutions
Alex Bell
CEO of Agoro Carbon Alliance
Magnus Ankarstrand
President Yara Clean Ammonia
Jorge Noval
President Yara Industrial Solutions
1)	Size of farmland covered by signed contracts for Agoro carbon program. 
13
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

HOW WE CREATE VALUE
From field to fork
Our business model combines production, sales and marketing in one, global system.
It enables us to deliver premium products, share knowledge and develop innovative 
solutions to farmers, distributors and food value chains worldwide.
INPUT
We employ
Yara employs an array of resources 
and assets to create value and deliver 
on our mission.
Energy
•	 Natural gas
to produce
ammonia
Materials
•	 Minerals to
produce crop 
nutrition
Infrastructure
•	 28 production 
plants
•	 200 infrastruc­
ture points 
globally
•	 10,800 
Yara-branded 
retail outlets 
worldwide
Knowledge
•	 Unique agro­
nomic and 
industrial 
knowledge
•	 17,800
employees
representing 
great diversity
Financials
•	 Strong track 
record
•	 High credit rating
•	 Liquid share
Brand
•	 Global
recognition
•	 Quality and
reliability
We produce
We produce a 
comprehensive range of 
nitrogen-based fertilizers 
and industrial products.
Production
•	 # 1 producer of nitrates
and and compound NPK
•	 # 2 producer of ammonia
•	 Flexible and scalable
production system
We supply
Our global footprint enables 
consistent and reliable 
deliveries to customers 
worldwide.
Distribution
•	 Global network of sales 
offices, terminals and
warehouses
•	 Timely deliveries aligned with 
crop cycles and
demand
We deliver
We deliver complete crop 
nutrition solutions for the 
farming community and food 
industry, as well as nitrogen-
based solutions for industrial 
use.
Farmer
•	 Sales to 20 million farmers
•	 Agronomists worldwide
•	 Complete package of
premium products,
knowledge and digital tools 
for modern farming
OUTPUT
We create
People
A safe and inspiring work­
place, helping to feed 289 
million people
Planet
Sustainable farming and 
food solutions, based on 
ambitious nature and 
climate targets.
Prosperity
Superior shareholder returns 
from efficient operations 
along with new and greener 
revenue streams.
Grower needs 
and insight
Crop nutrition 
solutions
14
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

CASE
Clean ammonia 
to grow a Nature-
Positive Food Future
2021 began with the establishment of Yara Clean 
Ammonia and ended with securing funding from ENOVA 
SF to begin electrifying Yara’s Porsgrunn plant. This 
funding agreement concluded a year of milestones, as Yara 
officially embarked on the road to decarbonizing a full-
scale ammonia plant and deliver on its strategic ambition 
of enabling the hydrogen economy. 
The fuel of the future 
The world needs clean energy. There is an increasing consensus that 
clean ammonia could be a clean energy source for food production, 
shipping, and other energy-intensive sectors. 
This is because ammonia does not emit CO2 during combustion and 
is seen as an effective future energy carrier due to its properties ideally 
suited for the hydrogen economy. It liquifies at –33 degrees Celcius 
compared to -253 degrees for hydrogen, and has a higher energy 
density, making it more efficient to transport and store. 
The challenge is that conventional ammonia production based on 
natural gas as a raw material emits a significant amount of CO2. 
However, if we store the CO2 created in the production process, we 
get blue ammonia. If we replace gas and produce ammonia using water 
We need 
a cross-sectoral 
push, strong 
regulatory 
frameworks and 
structural incentives 
to make clean 
ammonia a viable 
alternative to 
conventional 
sources
15
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

and renewable energy – hydro-electric, solar power or wind turbines 
– we get green ammonia. 
Clean ammonia comprises both blue (up to 95% carbon reduction), 
and green ammonia (100% carbon reduction). 
Although not well-known, ammonia actually plays a major role 
globally. As a key component in mineral fertilizer, half of the global 
population depends on ammonia for food security. 
“Ammonia is an essential component of our ability to grow enough 
food for a growing population. If we succeed in producing green 
ammonia at scale, we will not only be contributing to feeding the 
world responsibly, but also providing clean fuel for shipping and 
other energy-intensive sectors.” says Magnus Ankarstrand, President 
of Yara Clean Ammonia. 
Collaboration for first-mover advantage 
Although Yara is a leading ammonia player globally, we need col­
laboration and support across many sectors to enable the hydrogen 
economy. The key challenge to overcome is cost. Ammonia based on 
renewable energy is still far more expensive than gas. 
That is why in 2021, Yara Clean Ammonia announced several new 
collaborations, including with Idemitsu Kosan, Jera, Kyushu Electric 
Power and Trafigura, covering topics such as thermal energy produc­
tion in Japan and global shipping. 
Yara’s commitment to collaboration for clean ammonia develop­
ment was made clear at COP26 in Glasgow in November where 
Yara joined US President Joe Biden’s “First Movers Coalition”, 
committing to decarbonize agriculture and long-distance shipping 
through the development of clean ammonia. At COP26, Yara also 
joined the World Business Council for Sustainable Development and 
Yara Clean Ammonia
Although not well-known, ammonia actually plays a major role 
globally. As a key component in mineral fertilizer, half of the global 
population depend on ammonia for food security.
16
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Sustainable Markets Initiative’s H2Zero, with the aim 
of driving growth in the demand for, and supply of, 
hydrogen. 
“We need a cross-sectoral push, strong regulatory 
frameworks and structural incentives to make clean 
ammonia a viable alternative to conventional sources. 
2021 was truly a collaborative year. If we continue 
with the concerted efforts in the years to come, I am 
confident that clean ammonia can play a major part in 
driving a green transition,” says Ankarstrand. 
Decarbonizing a full scale ammonia plant 
In addition to the challenge of making clean ammonia 
an economically viable alternative to fossil fuels, 
shifting production to clean ammonia requires huge 
investments. To make clean ammonia a reality, external 
funding and support is needed. 
Yara’s fertilizer plant in Herøya, Porsgrunn is one of 
Norway’s largest sources of CO2 emissions outside the 
oil and gas industry, releasing 800,000 tonnes of CO2 
annually. 
In December 2021, Norwegian state enterprise Enova 
announced that Yara had been granted NOK 283.25 
million for a demonstration project at Herøya. The 24 
MW demonstration plant, where the technology will 
be demonstrated and quality assured, will be one of 
the largest pilot green ammonia projects in the world, 
producing 20 kilo tons of green ammonia annually. 
The results and findings from Yara’s demonstration 
project will be of immense value to the overarching 
ambition of fully decarbonizing the Herøya ammonia 
plant. 
This is the ambition of the joint venture established in 
2021, called HEGRA (Herøya Green Ammonia), which 
was established to electrify Yara’s Porsgrunn plant and 
produce clean ammonia at scale (~450 kilotons per 
year). 
Essential for climate neutrality 
“We must scale up clean ammonia projects to produce 
the large volumes of clean ammonia needed, and the 
value chain must find efficient ways of using it. This is 
not only key to enabling the hydrogen economy, but a 
vital step towards decarbonizing Yara’s production and 
reaching our ambition of climate neutrality by 2050,” 
Ankarstrand concludes. 
Yara’s efforts to enable the hydrogen economy, produce 
green fertilizer and supply clean ammonia as an alter­
native fuel is a strategic contribution to reach our own 
and the world’s climate commitments. And in doing so, 
Yara is delivering on its ambition of Growing a Nature-
Positive Food Future.
Magnus Ankarstrand
President of Yara Clean Ammonia.
Yara CEO Svein Tore Holsether (top left corner) and other founding members of the First Movers Coalition together 
with John Kerry and President Joe Biden at COP26 in Glasgow.
17
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

MEGATRENDS
The world is changing fast
Agriculture, the food value chain and industries are 
undergoing profound changes. These are the megatrends 
significantly shaping our industry and markets. 
» See how the megatrends creates risks and opportunities, page 19
Climate change
Changing climatic patterns are set 
to impact agricultural production 
throughout the world, mainly impeding 
plant growth. Across most sectors, 
there are increasing pressures and 
expectations for climate actions and a 
reduction of greenhouse gas emissions. 
>20%
of global greenhouse gas emission 
stems from agriculture, forestry 
and land use change 
Water stress
Water is crucial for plant growth. There 
is no substitute. Agriculture is a huge 
consumer of water, and lack thereof is a 
major stress factor in crop production. 
Climate change disrupts precipitation 
patterns, while extensive irrigation 
taps aquifers and reduces water quality 
through salination. 
Dietary shifts
Conscious consumers, particularly in 
high income countries, are increasingly 
driving diets based on healthier and 
sustainable choices, and more plant-
based nutrition. Globally, however, the 
trend towards higher calorie and animal 
protein intakes continues. 
Soil degradation
Roughly one third of the world’s soil is 
degraded, and soil erosion, biodiversity 
loss, and pollution are high on the list 
of causes. Farming without adequate 
replenishment of nutrients adds to 
the problem. Best farming practices, 
however, focus on soil health, carbon 
capture, and regenerative agriculture. 
Circular economy
Resource scarcity, growing 
sustainability awareness, and increased 
consumer pressure is creating a push 
towards a circular economy. It creates 
a push for the recycling of nutrients in 
agriculture and food value chains, as 
well as for organic fertilizers. 
Food industry integration
Agriculture and the food value chain are 
becoming increasingly integrated. Input 
providers are joining forces, farms are 
growing in scale and professionalism, 
the food industry is moving upstream, 
and the whole industry is under pressure 
to achieve new levels of sustainability. 
Digitalization
Digital innovation and technological 
transformation are fundamentally 
changing strategies and practices in 
decision making, fertilizer application, 
farm automation and traceability. It has 
started to impact the entire food value 
chain. 
18
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

MEGATRENDS
Opportunities and risks from the megatrends 
Megatrends present new opportunities which we can actively pursue, as well as risks which we need to mitigate. 
Opportunities 
•	 Shifts towards sustainability and transparency, where our crop nutrition 
offerings provide a good starting for finding solutions 
•	 Digital tools to enable new market channels, and reduce the yield gap 
through farmer connectivity 
•	 Mainstream adoption of green ammonia and hydrogen 
•	 Focus on soil health, water use and bio-diversity, where optimal fertilizer 
use has a positive impact 
•	 New monetization opportunities from increased data access 
Risks 
•	 Regulatory changes, consumer demand for sustainability and optimized 
fertilizer use can lead to lower fertilizer demand growth 
•	 Environmental costs and taxes can increase costs 
•	 Reduction in demand, commoditization and increased price transparency 
can challenge fertilizer premiums 
•	 Competitive landscape can be disrupted 
•	 Increased uncertainty related to the competitive position of our European 
production 
19
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Our strategy
We entered this decade with an updated strategy and the overarching ambition of Growing a Nature-Positive Food Future. 
Yara is broadening its business model
Accelerate operational excellence
Culture of entrepeneurship
Efficient operations
Holistic performance management
Expand our reach and offering
New commercial offerings
Focused asset growth
New business opportunities
Growing a 
Nature-Positive 
Food Future
Over the past two decades, Yara’s business model has 
developed from focusing on our asset and product base 
– what we have, to focusing on farmers and complete 
solutions – how we can contribute. 
This development is reflected and emphasized in our 
strategy. Essentially, we want to be a leading partner to 
farmers and food companies by providing sustainable 
solutions to help them thrive and meet their goals and 
commitments. We will continue to improve our fertilizer 
production and competitive edge, what we have, but we 
are increasingly aiming to expand our reach and offerings 
- tapping into the opportunities emerging in our business 
environment, how we can contribute. 
» 1. Accelerate operational excellence
» 2. Expand our commercial reach and offerings
20
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

STRATEGIC PRIORITITES
Accelerate 
operational 
excellence
We are embarking on a significant 
journey, requiring shifts in mindset 
and behavior as well as efficiency. 
“We have an aspiration to become 
climate neutral by 2050, and we 
have more than 90 projects that will 
reduce the emissions by 10% from 
today’s level.” 
Operational excellence is paramount to unlock 
the potential of our strategy. It equips us with 
a strong core as we expand our reach and 
offering and develop new business models. Our 
approach to operational excellence is multidi­
mensional and covers our culture and people 
as well as the efficiency and footprint of our 
operations. 
Culture and people 
Our strategy will lead us into new territory. 
To succeed with new customers, new business 
models, new partners, and new solutions, we 
will invest in a culture of entrepreneurship and 
continuous improvement. Employee engage­
ment, leadership, cultural evolvement, diversity, 
equity and inclusion, and dynamic upskilling 
are all topics of high priority. Our responsible 
business conduct remains integral, safeguarding 
health, safety, ethics, and the environment. 
Efficient operations 
Efficient operations form the very backbone of 
our business. Our work in this field is centered 
around the Yara Improvement Program 2.0. A 
number of initiatives have been rolled out since 
2015, not least in the digital area which is set 
to optimize and transform Yara’s operations. 
We have progressed significantly in our digital 
efforts in the production system as well as 
towards the farmers. We are broadening the 
digital focus going forward to include sales and 
marketing, sustainability and traceability, and 
transforming our end-to-end business processes 
through an uplift of our enterprise resource 
management system. Going forward, the 
largest contributions are expected to come from 
improved reliability and plant steering. 
Holistic performance management 
We will manage and measure our value cre­
ation along the three axes People, Planet and 
Prosperity, taking a holistic approach to our 
performance management to integrate sustain­
ability. As an early mover in mitigating GHG 
emissions, we are well positioned to meet the 
EU Commission target of 55% reduction by 
2030 compared to 1990 levels. We have an 
aspiration to become climate neutral by 2050, 
and we have initiated more than 90 projects 
that will reduce the emissions by another 10% 
from today’s level by 2025. With the required 
public co-funding and regulatory framework in 
place, we have an ambition to reduce our scope 
1 & 2 emissions by 30% in 2030, from the 
2019 baseline. A pathway for scope 3 emissions 
will be defined through the process of establish­
ing a Sectoral Decarbonization Approach for 
our industry. 
We have also adapted our governance structure 
to drive holistic thinking and will move forward 
with strategic reviews of our asset base and 
stricter prioritization of activities. 
21
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

STRATEGIC PRIORITITES
Expand our 
reach and 
offering
We will continue to operate with 
commercial excellence across 
markets every day, while broadening 
our core and enabling a hydrogen 
economy. 
To reach our ambitions, we will build on our 
core as a leading food solutions company to 
expand our reach and offering. Developing new 
commercial offerings and business models will 
be decisive to evolve our revenue base. 
New commercial offerings
Yara Farming Solutions and our regional units 
will explore four concrete avenues to expand 
our reach and offerings: 
1. New revenue models
Our combination of knowledge, digital tools 
and crop nutrition enable us to pursue new 
revenue models to unlock potential for higher 
margins and decouple our products from global 
commodity prices. New models can include 
outcome-based business models, new pricing 
models, such as subscriptions or charge per 
hectare, or establishing low-carbon, organic and 
organo-mineral offerings which we do not have 
today. 
2. Selling services 
We will commercialize and monetize Yara’s 
knowledge through digitally enabled services, 
primarily subscription based. Our goal is to 
gain access to recurring revenue streams that 
have yet to be captured. Sustainability services 
along with digital agronomy services and farm-
to-fork connectivity services are among the 
services that can be commercialized this way. 
 
3. New geographies or segments 
We will target new geographies and segments 
to leverage new revenue models and services. 
This will include stepping up in regions where 
we have a broader presence as well as entering 
new markets, such as organic fertilizers, which 
is particularly prominent in Europe. 
4. Channel transformation 
New digital platforms can shift sales to high­
er-margin channels and enable new digital 
integration with retailers. Farmer surveys con­
ducted during the Covid-19 pandemic suggest 
an increasing desire to buy inputs online. We 
will explore both direct-to-farm online business 
platforms and direct-to-retailer online plat­
forms. 
New business opportunities
Yara’s founders were entrepreneurs who took 
great risk when faced with a significant business 
opportunity. In their spirit we want to explore 
two business opportunities with fundamentally 
different value drivers. 
We have an ambition to generate an 
incremental USD 300–600 million 
EBITDA from new business models 
by 2025.
22
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

1. Clean carbon marketplace 
Our portfolio, global footprint and 
knowledge about climate-smart farming 
represent a great starting point to set 
up a carbon business. By reducing emis­
sions and sequestering carbon at farms, 
we can create new revenue streams from 
carbon credits, enabling us to reward 
farmers for climate-smart practices. We 
have launched Agoro Carbon Alliance 
to scale this opportunity. 
2. Clean ammonia 
Yara has established Yara Clean 
Ammonia in response to, and to help 
enable a clean hydrogen and ammo­
nia-based economy – which has quickly 
gained momentum. Clean ammonia 
is regarded as the most promising 
zero-emissions alternative to fossil fuels 
by the shipping industry, which is likely 
to be the first sector to use ammonia 
at scale. We are well positioned to 
become the clean ammonia champion 
by leveraging our strengths in produc­
tion, logistics and trading. By running 
initial green ammonia production pilots 
in Pilbara (Australia) and Porsgrunn 
(Norway), in addition to exploring large 
scale blue ammonia (CCS), we will build 
knowledge, develop the market and 
prepare for a larger project portfolio. 
3. Venture investments 
We believe that the strategic value of 
doing venture investments is high. If 
done right, they can create measurable 
value for Yara and our shareholders. 
Through Yara Growth Ventures, we 
will invest into clearly defined themes 
such as climate smart crop solutions, 
decarbonization of fertilizer production, 
farm connectivity and new revenue 
models in agriculture. 
Focused growth 
We need scale to lead the development 
of more sustainable food production, 
to be a relevant commercial partner, 
and to be a discussion partner for key 
stakeholders. Successful implementation 
of our strategy also requires growth. To 
this end, our growth agenda sets three 
priorities. Firstly, we will seek growth 
to strengthen our Farming Solutions 
offering, such as in digital technology 
and reach, and in recycled and organic 
nutrients. Secondly, we will consider 
value-adding assets, such as NPK and 
high-value products. And finally, we 
will seek scale in markets of strategic 
importance. 
Our
priorities 2022
Strengthen Yara’s culture of 
entrepreneurship and leadership
Commercialize the food 
value chain connection
Develop our Clean Ammonia 
and Agoro businesses
23
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Strategy scorecard
This is Yara’s Strategy scorecard. It contains the KPIs we use to measure the progress on the execution of our corporate strategy. 
On the next page you can read how our KPIs are connected to our material topics and the UN Sustainable Development Goals.
People
Yara KPI
Measure
2021
2025 
Target
Strive towards zero 
accidents
TRI
1.0
<1.0
Engagement index
Index
79 
Top 
quartile
Diversity and inclusion index
Index
77 
Top 
quartile
Female senior managers 1)
%
29 
40
Planet
Yara KPI
Measure
2021
2025 
Target
Energy efficiency 1)
GJ/t NH3
33.4
32.7
GHG emissions, intensity
t CO2e /t N
3.0 
2.7 
GHG emissions, scope 1+2 2)
Mt CO2e
17.5
13.0
Active hectares 3)
MHa
8.2 
150 
Carbon marketplace
TBD 
1)	Energy efficiency target is for 2023
2)	GHG absolute emissions scope 1+2 target is a 30% reduction by 2030 from a 2019 
baseline
3)	Cropland with digital farming user activity within defined frequency parameters
1)	The definition of the KPI was updated during 2021, and the target performance was 
changed from 35% to 40%. 
Prosperity
Yara KPI
Measure
2021
2025 
Target
Ammonia production 1)
Mt
7.8 
8.9 
Finished fertilizer production 1)
Mt
21.8 
23.9 
Premium generated 
MUSD
280 
N/A 
Revenues from new 
business models 
MUSD
11 
1,500 
Revenues from online sales 
MUSD
4 
1,200 
Working capital 2)
Days
83 
92 
Capital return (ROIC) 2)
%
7.9 
>10 
Fixed costs 2)
MUSD
2,487 
2,314 
Capex 3)
BUSD
0.9 
1.2 
Net debt / EBITDA 2)
Ratio
1.36 
1.5-2.0 
MSCI rating 
Score
A 
A 
Sustainalytics rating 
Score
Med 
Med 
1)	Target is for 2023
2)	See page 255 for definitions, explanations and reconciliations of Alternative Performance 
Measures (APMs).
3)	CAPEX max 1.2 for 2022 onwards (including maintenance)
24
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

UN Sustainable Development Goals 
at the core of our business 
Yara believes the private sector has a great responsi­
bility to help deliver on the Sustainable Development 
Goals (SDGs). The adoption of the SDGs in 2015 
coincided with Yara’s first materiality assessment. We 
had already oriented our strategy towards creating 
shared value, and the SDGs were a natural benchmark 
for identifying societal impact. Since then, sustainability 
has been embedded and integrated into Yara’s strategy. 
We firmly believe that our knowledge and purpose 
give us a competitive advantage in a market that values 
sustainable development. 
Our 2021 materiality update is the basis for our SDG 
impact assessment. While we see all 17 SDGs as rele­
vant to Yara, we have highlighted the ones where we 
believe we have the greatest potential to enhance posi­
tive and mitigate negative impacts on society. 
Sustainable 
Development Goal 
Impact 
Yara KPI 
Supporting initiative 
Linked to material topics 
We envision a world without hunger. This can be supported by sustainable inten­
sification of agriculture, as well as the development of more fair and resilient food 
systems. Yara’s products help grow enough nutritious food to feed 289 million 
people, our 800+ agronomists support farmers around the world to improve yields 
and quality, and our many region-specific projects and strengthen local and regional 
food systems. 
•	 Active hectares under digital 
management   
•	 Revenues from new business 
models  
•	 Finished fertilizer production 
•	 Action Africa 
•	 Farm to Market Alliance 
•	 Helping communities in Brazil 
•	 Precision farming tools 
•	 Socioeconomic impacts on 
communities
•	 Digitalization
•	 Profitability
Women make up almost half of all farmers globally, yet they face gender-specific 
obstacles like access to land and resources. Empowering female farmers would 
both improve gender equality globally and significantly contribute to food security. 
Gender equality is also a priority within Yara. The chemical industry has traditionally 
been a field dominated by men, and we currently work to recruit more women in 
general and more female senior managers in particular. 
•	 Female senior managers  
•	 Diversity & inclusion index 
•	 Women in Agronomy 
•	 Diversity, equity and inclusion 
program 
•	 Work-Life Balance and Well-
being Framework 
•	 Leadership and employee 
enablement
•	 Diversity, equity and inclusion
•	 Health and well-being at work
Agriculture accounts for 70 percent of freshwater use worldwide (FAO, 2017). 
Greater food demand, driven by a rising world population, will put further strain on 
water resources. Yara contributes to improving water management through preci­
sion farming technology, fertigation, and best practice crop nutrition management 
knowledge. 
•	 Active hectares under digital 
management   
•	 Revenues from new business 
models  
•	 Farm Water Advisor 
•	 Farm Weather App 
•	 Fertilizer and biostimulants for 
increased water uptake 
•	 Sustainable farm management
•	 Water management in pro­
duction
•	 Protection of ecosystems
25
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Sustainable 
Development Goal 
Impact 
Yara KPI 
Supporting initiative 
Linked to material topics 
The world needs a clean energy transition fast. Clean ammonia and hydrogen 
are two possible future clean fuels. As a global leader in ammonia production 
for fertilizer, with many partnerships and projects underway globally, we are well 
positioned to support a clean energy future in both shipping and food production. 
•	 Energy efficiency  
•	 Revenues from new business 
models 
•	 Yara Clean Ammonia unit 
•	 Clean Hydrogen Pledge 
•	 First Movers Coalition 
•	 Opportunities in clean tech
•	 Energy
•	 Profitability
Yara works to be an attractive employer that ensures decent work, fair pay, and 
benefits. Yara values the work-life balance of its employees and works closely with 
unions. The health and safety of employees is our no 1 priority, and we set high 
goals for ourselves at an already industry-leading level. In addition, Yara has an 
important role to play to ensure that agriculture provides sufficient financial reward 
for farmers and rural communities. 
•	 Strive towards zero accidents  
•	 Diversity & inclusion index  
•	 Female senior managers  
•	 Active hectares under digital 
management   
•	 Revenues from new business 
models  
•	 Revenues from online sales 
•	 Work-Life Balance and Well-
being Framework 
•	 Safe by Choice 
•	 Annual Health & Safety Day 
•	 Action Africa 
•	 Farm to Market Alliance 
•	 Living Wage project 
•	 Occupational and process 
safety
•	 Human rights and labor 
practice
•	 Health and well-being at work
•	 Sustainable supply chains
•	 Sustainable finance
As a large industrial company committed to developing a culture of entrepre­
neurship, Yara wants to take a leading role in demonstrating that the industry is 
integral to developing the technology and solutions needed for a green transition. 
Innovation is part of our DNA, and through innovative technology and new part­
nerships, we are taking steps to enable the hydrogen economy, fossil-free food 
production, and nature-positive farming practices. 
•	 Revenues from new business 
models  
•	 Carbon marketplace 
•	 Ammonia production  
•	 Finished fertilizer production  
•	 Revenues from online sales 
•	 Yara Clean Ammonia 
•	 First Movers Coalition 
•	 Precision farming tools 
•	 Yara Growth Ventures
•	 Entrepreneurship and agility
•	 Profitability
•	 Sustainable finance
•	 Opportunities in clean tech
A diverse and inclusive work environment in which employees feel valued for their 
unique contributions and feel safe to speak up benefits our business and innovation 
and supports social and economic equality. While we have had gender diversity 
on our leaders’ agenda for quite a few years, Diversity, Equity and Inclusion is now 
firmly anchored in Yara’s strategy. 
•	 Engagement index  
•	 Diversity & inclusion index  
•	 Diversity, equity and inclusion 
program 
•	 Global Diversity and 
Inclusion Day
•	 Women in Agronomy 
•	 Black Talent Initiative 
•	 Diversity, equity and inclusion
•	 Leadership and employee 
enablement
•	 Socioeconomic impacts on 
communities
We have more mouths to feed, limited land to farm and fewer resources to draw 
upon, which makes it critical to develop more sustainable consumption and produc­
tion patterns. Yara works to reduce food waste through improved nutrient balance 
in food and improved market access for farmers, and to recycle non-renewable 
nutrients in our production. 
•	 Carbon marketplace   
•	 Revenues from new business 
models
•	 Organic fertilizers 
•	 Waste management 
•	 Sustainable Procurement 
Policy
•	 Circularity
•	 Profitability
•	 Regulatory change and com­
pliance
•	 Opportunities in clean tech
26
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Sustainable 
Development Goal 
Impact 
Yara KPI 
Supporting initiative 
Linked to material topics 
Climate change is the greatest global challenge we face and a serious threat to 
agricultural productivity in many parts of the world. We are contributing along two 
main avenues: reducing greenhouse gas emissions from our own operations, and 
offering and exploring new, sustainable solutions for farmers, food companies, and 
the hydrogen economy. Environmental performance is a vital part of our license to 
operate. 
•	 Energy efficiency  
•	 GHG emissions intensity 
•	 GHG emissions, scope 1+2 
•	 Active hectares under digital 
management Carbon market­
place   
•	 Revenues from new business 
models  
•	 Agoro Carbon Alliance 
•	 Climate Scenario Analysis 
•	 Climate Neutral by 2050 
•	 Science Based Targets 
•	 GHG 2025 program 
•	 Climate change
•	 Opportunities in clean tech
•	 Sustainable finance
•	 Regulatory change and com­
pliance
•	 Sustainable farm management
•	 Energy
•	 Digitalization
•	 Profitability
Use of fertilizer – of both mineral and organic origin – comes with a risk of runoff, 
leaching or volatilization, which can cause eutrophication of waterways, or even 
dead zones in lakes or coastal waters. Yara provides agronomic advice for balanced 
crop nutrition, precision farming tools and digital solutions to enhance the efficiency 
of crop nutrition. This in turn helps to mitigate risk of nutrient pollution. 
•	 Revenues from new business 
models  
•	 Active hectares under digital 
management 
•	 Atfarm 
•	 Precision farming tools 
•	 Opportunities in clean tech
•	 Sustainable farm management
We are aware of our contributions – and limitations. We cannot solve global 
challenges in isolation and strongly advocate more cross-sectoral and innovative 
partnerships. We collaborate with a large number of governmental agencies, 
private companies and organizations to facilitate knowledge sharing and sustaina­
ble development. 
•	 Revenues from new business 
models  
•	 Carbon marketplace 
•	 Active hectares under digital 
management 
•	 Clean Hydrogen Pledge 
•	 Farm to market alliance
•	 Lantmännen 
•	 Nestlé 
•	 Volcafe 
•	 Opportunities in clean tech
•	 Circularity
•	 Digitalization
•	 Profitability
27
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Managing outcomes 
and value creation
Sustainability is embedded in our strategic priorities and actions. Simply put, our 
approach is to minimize any negative impacts from our activities while maximizing 
our contribution to feeding the world responsibly. While improvements are always 
ongoing, we believe that the bottom line is a solid net positive. 
Impacts
Response
Value  
creation
Sourcing
We use natural gas, electricity and 
minerals to make our fertilizers. The 
majority of our raw materials comes 
from non-renewable sources. 
•	 269,788,077 MMBtu natural gas / hydro­
carbons 
•	 2.1 million tonnes P rock 
•	 Circular economy 
•	 Decarbonize 
•	 Resource optimization 
•	 Sustainable Procurement Program 
•	 Yara Bio and Nature brands launched 
based on circular nutrients 
•	 Three green ammonia pilots and one full-
scale project 
•	 Industrial symbiosis initiatives 
Production
Fertilizer production is energy 
intensive and causes emissions to air 
and water. The water we withdraw is 
mostly returned unpolluted. 
•	 17.5 m tonnes CO2e from Yara plants 
•	 8,700 tonnes NOx from Yara plants 
•	 966 million m3 water withdrawals 
•	 Energy optimization 
•	 Decarbonization program 
•	 Environmental roadmaps to mitigate 
emissions to air and water 
•	 17,800 jobs created 
•	 Raising industry standards for energy 
efficiency 
•	 Supporting a Sectoral Decarbonization 
Approach for the industry 
•	 Setting Science Based Targets 
Transportation
Transportation causes emissions to 
air and consumes fuels 
•	 2.6 million tonnes CO2e from transport of 
Yara’s raw materials and products 
•	 Product stewardship 
•	 Ammonia as energy carrier 
•	 Zero-emission shipping vessel Yara 
Birkeland 
•	 Yara Maritime solutions for fuel optimiza­
tion and NOX and SOX abatement 
•	 Yara Diesel Exhaust Fuel products 
•	 Reliable deliveries of crop nutrition, 
supporting farmers worldwide 
•	 Enabling transport sector to reduce harmful 
emissions 
28
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Impacts
Response
Value  
creation
Fertilizer application
Nutrient losses from denitrification, 
volatilization, runoff or leaching, 
can cause GHG emissions and 
eutrophication of waterways. 
•	 46.6 million tonnes CO2e from use of Yara 
fertilizers 
•	 Precision farming tools 
•	 R&D on field emissions 
•	 Yara Water Solution 
•	 Nitrate portfolio 
•	 Yara’s sensor tools and crop nutrition 
solutions can help improve farm 
performance 
Natural environment
Agriculture uses 70% of mankind’s 
freshwater withdrawals, uses 1/3 
of the land and is the main driver of 
deforestation. Nutrient imbalance is 
a driver for soil degradation. 
Industrial and transport emissions 
contribute to environmental 
degradation and public health issues. 
•	 Balanced crop nutrition 
•	 Soil testing and analytical services 
•	 Yara Environmental Solutions (DeNOX, SOX 
abatement, H2S and odour abatement) 
•	 Reduced deforestation from agricultural 
intensification, sparing GHG emissions of 
roughly 590 billion tonnes CO2e 
•	 1.8 million tonnes of acidifying and 
harmful NOX and SOX emissions abated 
using Yara environmental solutions 
Food consumption
Dietary changes drive food demand, 
while about 1/3 of the food is lost or 
wasted. 
•	 Micronutrients supporting health 
•	 R&D for improved crop quality 
•	 289 million people fed by the use of our 
crop nutrition solutions 
29
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Engaging with our stakeholders
We engage with a wide range of stakeholders both globally and locally. Engaging and keeping good relations with 
stakeholders is integral to our transformation, delivering on our ambition to Growing a Nature-Positive Food Future. 
Stakeholder procedure 
Understand and respond to stakeholders’ needs, 
while managing impacts. 
Institutionalized stakeholder process 
Strategic stakeholder engagement to support 
strategy, ambition, mission, and vision. 
Farmer
Food 
industry
Farmers
With agronomists on the ground worldwide, we have a 
deep understanding of farmers’ needs and the capacity 
to meet them. 
Employees
We nurture a culture of openness and accessibility to 
senior management, engaging employees in corporate 
matters through several channels 
Food industry
The food industry is under pressure to provide health­
ier and more sustainable food. We position Yara as a 
preferred partner in this transformation. 
Suppliers 
We stay in regular contact with a 
wide range of suppliers and expect 
them to live up to internationally 
recognized best practices. 
Regulators and policy makers 
Regulatory actions are crucial to reach 
the SDGs and the Paris agreement. We 
engage with regulators and policy making 
processes to share our knowledge. 
Investors and lenders 
Our strategy targets superior share­
holder return from sustainable 
solutions. 
Stakeholder engagement in 2021
A detailed review of Yara’s 2021 stakeholder engagement is available in the Sustainability Report. This review covers all 
mapped stakeholder groups, the main items covered in the stakeholder dialogues, and Yara’s responses. 
Distributors and retailers 
Efficient operations depend on 
mutual understanding between 
Yara’s operations and those of our 
distributors and retailers. 
30
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

ENGAGING WITH OUR STAKEHOLDERS
Strategic engagement 
in 2021 
Yara, including its CEO, engaged strategically to pursue the 
realization of Yara’s strategy and ambition, the SDGs, and the 
goals of the Paris agreement.
Delivering the EU Green Deal 
Since the launch of the EU Green Deal in 2019, the European Union has been focusing on 
ways to reach climate neutrality by 2050 and to make the food system more sustainable. 
We expanded our capacity to engage in the public debate, using Yara’s initiatives as con­
crete cases on how to turn the ambition of the Green Deal into reality. In the context of 
the World Economic Forum’s CEO Action Group for the European Green Deal, Yara’s 
CEO participated in meetings with Frans Timmermans (European Commission EVP 
for the European Green Deal), Paolo Gentiloni (EU Commissioner, Economy), Valdis 
Dombrovskis (European Commission EVP for An Economy that Works for People), and 
European Ministers for Climate Action (Belgium, Ireland, and Italy). 
Fit for 55 
Fit for 55 is a part of the European Green Deal, with the EU’s Climate Law setting a 
binding target to, by 2030, reduce greenhouse gas emissions by 55 percent compared 
to 1990, putting Europe on the path to climate neutrality by 2050. Fit for 55 includes 
reforming the Emission Trading System, Renewable Energy Directive, and the Gas 
Regulation. 
In 2021, we expanded our capacity to engage in the 
public debate, using Yara’s initiatives as concrete 
cases for how to turn the ambition of the Green Deal 
into reality
31
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

A Carbon Border Adjustment Mechanism is needed 
to manage trade between regions with varying carbon 
pricing. Together with other export-oriented businesses, 
Yara is sharing data, insights, and recommendations 
with European authorities and national ministries 
about the future competitiveness of European low-car­
bon exports. Reaching the 55% target will require 
more than transforming industrial production. The 
entire value chain from producer to end-customer needs 
to be reconfigured, in addition to creating demand for 
low-carbon products. 
Farm to Fork and CAP 
To be successful in achieving its ambition of making the 
food system more sustainable, the EU must build part­
nerships with farmers and the broad agri-food value 
chain in order to bring about change at scale. Yara will 
help to drive the ambition of the Farm to Fork Strategy, 
including the EU’s ambitions on halving nutrient losses 
by 2030. We support this by actively working with 
farmers on upscaling both best nutrient management 
practices and precision farming to optimize yields, 
produce healthier crops, and enhance soil health. By 
using best practices and solutions that exist today, 
European farmers can already improve nutrient use 
efficiency by at least 20%, while increasing yields and 
incomes by 5-7%, and reducing their carbon footprint 
related to mineral fertilization by up to 20%. 
Yara is contributing to the development of the new 
Common Agricultural Policy, which will start in 
January 2023, by advocating at the European and 
national level in favor of developing Strategic Plans 
that support farmers’ profitability and sustainability 
simultaneously. This is possible by, for example, using 
the new eco-schemes that reward famers for sustainable 
nutrient management practices beyond the baseline, or 
supporting the deployment of precision farming and 
digital tools, or increasing the share of agricultural land 
committed to improving nutrient management across 
Europe. 
Yara also welcomes and supports measures aimed 
at facilitating the large-scale implementation of farm 
practices to reduce the agricultural carbon footprint 
and remove carbon from the atmosphere, in line with 
the European ambition to promote carbon farming as a 
business model for healthier ecosystems. 
Food systems transformation 
Yara engaged in the 2021 United Nations Food Systems 
Summit (UN FSS). We also participated in regional 
and global Food Systems Dialogues (FSDs) to discuss 
food systems policies and economics, science-based 
targets and pathways, the potential for innovation, and 
the inclusive approach required for a just transition. 
Yara took an active role in the UN FSS Private Sector 
Guiding Group for Soil Health. 
Yara recognizes the critical role of the next generation 
in the transition, and in 2021 continued to promote 
youth entrepreneurship by way of Generation Africa’s 
GoGettaz Agripreneur Prize, awarded at the Africa 
Green Revolution Forum in September. 
Climate Engagement 
Yara’s CEO and key experts attended the COP26 
meeting in Glasgow. Yara is a founding member of the 
First Movers Coalition (FMC), which is co-led by the 
US State Department and the World Economic Forum. 
Yara is a founding member 
of the First Movers Coalition 
(FMC) launched at COP26, 
a coalition of companies 
pledging to buy zero-
emission goods and services 
by 2030 to drive demand
32
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

FMC was formally launched at the COP26 meeting 
in Glasgow. The FMC is a platform for companies to 
commit to buying zero-emission goods and services by 
2030, to create demand for low-carbon technologies, 
to make them cost-competitive, and to build the clean 
supply chains of the future. 
Yara’s CEO represented the company in the WEF’s 
Alliance of CEO Climate Leaders’ virtual meetings 
throughout the year. The Alliance authored a report 
on “Winning the Race to Net-Zero” and advocated 
for world leaders to raise ambitions for 1.5°C-aligned 
Nationally Determined Contributions. That implies at 
least halving global emissions by 2030 and committing 
to global net-zero by 2050, underpinned by robust 
policy roadmaps and interim targets. The Alliance also 
urged developed countries to meet and exceed their 
USD 100bn commitment to support developing coun­
tries’ efforts to mitigate and adapt to climate change, 
and it encouraged the major development finance insti­
tutions to also committing to science-based guidelines 
across their lending portfolios. 
In keeping with Yara’s commitment to Science Based 
Targets from the previous year, 2021 saw the continued 
support of the development of a Sector Decarbonization 
Approach to the nitrogen fertilizer industry in line with 
the Paris agreement. We continued to participate in the 
WBCSD Scaling Positive Agriculture working group. 
Yara also signed the Clean Hydrogen Pledge through 
WBCSD. 
Regenerative agriculture and soil health 
Yara is committed to an ambitious and integrated 
agenda to halt nature loss, which has tangible 
economic impacts. In 2021, this commitment was 
further strengthened by the company embedding 
nature-positive agriculture outcomes in its strategic 
ambition. 
Working with partners including One Planet Business 
for Biodiversity (OP2B), IMAGINE Food Collective, 
and the Sustainable Agriculture Initiative (SAI) 
Platform, Yara has taken an active role in shaping the 
pragmatic definition and implementable principles 
of regenerative agriculture as a useful foundation for 
industry transformation, published by OP2B at the 
IUCN Annual Conference in July. 
Yara is an active partner in the WBCSD-IFA-Cropin 
hosted Coalition for Soil Health alongside 12 industry 
and business association partners. Yara endorsed the 
Coalition’s call to action for the establishment of a 
multi-stakeholder coalition to facilitate the adoption 
and scaling of soil health restoration practices with 
33
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

outcomes for growth, productivity, rural livelihoods, 
climate, and nature. 
In 2021, we established partnerships with global and 
regional food companies to decarbonize and to imple­
ment regenerative agriculture in their supply chains, 
offering a range of digital tools and sustainable crop 
nutrition solutions that improve soil health, nutrient 
use efficiency, lower carbon, and support farmers and 
food companies in their transition to regenerative agri­
cultural practices and zero net. We have also taken an 
active role in the Business for Nature Coalition, reflect­
ing nature’s critical role as the infrastructure supporting 
humanity. As part of a “super year for nature”, Yara 
endorsed a nature positive commitment letter. 
IFA 
The International Fertilizer Association (IFA) elected 
Yara’s CEO as its new Chair of the association in June 
2021. IFA is the only global fertilizer association, with 
more than 430 members in some 70 countries and a 
mission to promote efficient and responsible produc­
tion, distribution, and use of plant nutrients. In 2021, 
IFA – with the support of Yara - launched a project to 
map the way to reduce emission of fertilizer use. The 
project will be completed in 2022. 
Sustainability in the Nordics 
Yara is part of the Nordic CEOs for a Sustainable 
Future. The group represents 13 of the Nordic region’s 
largest companies across several industries, commit­
ted to integrating the UN Sustainable Development 
Goals in their respective business strategies. The two 
main focus areas of the initiative have been gender 
equality and climate action. In May 2021, the initiative 
launched a guide for climate risk management, recom­
mending that the Nordic Governments encourage all 
Nordic companies to start integrating the Task Force 
on Climate-related Financial Disclosures (TCFD) rec­
ommendations. 
In June 2021, Yara’s CEO was elected President of The 
Confederation of Norwegian Enterprise (NHO), i.e., 
Chairman of the Board of NHO. His most important 
task is to represent Norwegian business, and to support 
and challenge the NHO administration in their work 
with the ambitions and the policy of NHO’s Roadmap 
for the Business Community of the Future. 
Yara was one of the main sponsors of the Zero 
Emission Conference in Oslo in November 2021, which 
was mainly a digital event due to Covid-19 restrictions. 
The conference is one of the largest and longest running 
climate solutions conferences in Europe, organized 
by the Norwegian environmental foundation Zero 
Emission Resource Organization (ZERO). Yara’s focus 
was on green ammonia as the shipping fuel of the 
future. 
Yara joined as Nobel Peace Prize Celebration Partner, 
promoting the Nobel Peace Prize 2020 to the World 
Food Programme, and through this collaboration, 
foster food security and peace through knowledge, 
inspiration, and engagement. This included support 
throughout 2021 of all activities at NPC related to the 
Nobel Peace Prize 2020, such as the Nobel Peace Prize 
exhibition, digital seminars, participation at the Fix 
the Food conference and festival, with a focus on food, 
peace, and sustainable food systems, and sponsoring 
the broadcasting of the Nobel Peace Prize concert in 
December 2021. 
34
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

MATERIALITY
Setting our priorities 
In 2021, we renewed our approach to materiality to ensure we prioritize and consistently 
manage the topics that matter to our success and to our stakeholders. 
At Yara, we want to focus our efforts on the topics that 
truly matter to our value creation and to our stakehold­
ers. We are mindful that sustainability entails both risks 
and opportunities to Yara. We embrace the concept 
of double materiality, meaning that we recognize that 
these risks and opportunities can be material from both 
a financial and non-financial perspective. 
In 2021, we linked the materiality assessment to our 
strategy and risk processes and, ultimately, with our 
ambition of Growing a Nature-Positive Food Future. 
Our mapping of impacts also drew on feedback from 
our Stakeholder Management Procedure to capture 
the views and expectations of our stakeholders more 
systematically. We also adopted a tiered approach, 
clarifying our prioritization of issues. 
Four-step approach 
We conducted the materiality assessment in four steps, 
led internally by our Sustainability Governance function: 
1. Identify impacts 
We review and consult with sources, both internal 
and external, to identify several external and internal 
sources to identify relevant issues and develop a materi­
ality universe of potential and actual impacts from our 
activities and business relationships. The scope of the 
assessment covers issues within Yara’s sphere of control.
2. Prioritize topics 
Involving experts from around the organization, we 
assess the significance of the impacts to Yara’s value 
creation and to our stakeholders’ assessments and 
decisions regarding our company, and prioritize them 
in tier 1 and 2 topics. 
3. Validate and approve material topics 
The resulting list and matrix of material topics is val­
idated by our Strategy and Risk functions against our 
strategic priorities and Yara’s risk profile, and finally, 
approved by the CFO and directionally supported by 
the Board Audit and Sustainability Committee (BASC). 
4. Implement 
The 2021 materiality assessment yielded results which 
reconfirmed the existing KPIs in Yara’s Strategy score­
card. It also prompted more consistent target-setting 
for tier 2 topics and a restructuring of our sustainability 
reporting. 
Further details on materiality and our methodology can 
be found in the Sustainability Report 2021. 
35
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

To ensure that we manage and measure our 
performance consistently, we apply thresh­
olds for tier 1 and tier 2 topics: 
Tier 1 topics are strategically important and 
reported through strategic KPIs on a quar­
terly basis, to the extent possible. 
Tier 2 topics are materially important and 
reported annually through targets. For some 
tier 2 topics, target-setting is ongoing and 
targets will first be published in the 2022 
report.
Connecting material topics to performance measurement 
AMBITION
OUR PILLARS
TIER 1 TOPICS
TIER 2 TOPICS
KPIs 
All tier 1 topics are to be measured
through strategic KPIs
Targets
All tier 2 topics are measured 
annually through targets
Growing a 
Nature-Positive 
Food Future
People
•	 Occupational and process safety
•	 Leadership and employee 
enablement
•	 Diversity, equity and inclusion
•	 Entrepreneurship and agility
•	 Human rights and labor practice 
•	 Health and well-being at work
•	 Security and emergency
•	 Product safety
Planet
•	 Opportunities in clean tech
•	 Climate change
•	 Sustainable farm management
•	 Energy
•	 Water management in pro­
duction
•	 Air quality
•	 Circularity
•	 Protection of ecosystems
Prosperity
•	 Profitability
•	 Sustainable finance
•	 Digitalization
•	 Customer management
•	 Sustainable supply chains
•	 Socioeconomic impacts on 
communities
Governance
•	 Business integrity
•	 Regulatory change and 
compliance
•	 Stakeholder engagement
•	 Board composition and oversight
The overview of material tier 1 and 2 topics is the 
outcome of the prioritization process in which we 
engaged internal subject-matter experts. They assessed 
each subtopic in terms of scale and likelihood of neg­
ative and positive impacts on Yara, and in terms of 
their importance for our stakeholders’ assessments and 
decisions related to our company. 
The assessment process was facilitated by our 
Sustainability Governance function, which provided 
second opinions and initiated broader discussions when 
needed. We also determined where in our value chain 
the impacts are relevant, and whether they are likely to 
play out over the short (0-1 years), medium (2-5), or 
long term (6-30). 
TIER 2 
TOPICS
TIER 1 
TOPICS
Importance to Yara
Importance to stakeholders 
Increasing importance
Materiality 
threshold 
Increasing importance
36
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

​Material topics and how Yara understands them
PEOPLE: Our employees and culture are impor­
tant success criteria for Yara. We measure how 
we develop a culture of safety, engagement, 
diversity and inclusion among our employees. 
Occupational and process safety: 
Keeping all our employees, contractors 
and neighbouring communities safe 
and minimally exposed to risks gener­
ated by our processes. 
Leadership and employee enable­
ment: Developing, recruiting and 
retaining the skills and talent needed 
to deliver our strategy and fulfil our 
purpose. 
Diversity, equity and inclusion: 
Building an inclusive and diverse 
working environment, and ensuring fair 
treatment and equal opportunities for 
all employees. 
Entrepreneurship and agility: Our 
ability to design, launch and run new 
business models to exploit business 
opportunities. 
Human rights and labour practices: 
Respecting internationally recognized 
human rights along with all relevant 
labour rights throughout our operations 
and in our supply chain, and maintain­
ing good and constructive relations with 
our employees and their organizations.
Health and well-being at work: 
Promoting a healthy working environ­
ment that protects the physical and 
mental well-being of all while at work. 
Security and emergency: Protecting 
our people, environment, assets and 
reputation from internal and external 
threats and potential emergencies. 
Product safety: Taking proper care 
of our products’ compliance, quality, 
safety and environmental footprint 
through the entire value chain.
PLANET: Our ambition is to become 
nature-positive and climate neutral by 
2050. Decarbonizing our own operations is 
critical, but we also want to contribute to reduc­
ing emissions and impacts on nature both from 
our operations and from the farmers and other 
customers who use our solutions.
Opportunities in clean tech: 
Reaping the benefits of implementing 
low-carbon and other environmental 
technologies in our operations and in 
our offerings.
Climate change: Mitigating climate 
change by reducing greenhouse gas 
emissions and adapting to climate 
change by increasing our resilience.
Sustainable farm management: 
Facilitating and supporting sustainable 
farming practices that impact positively 
on crop quality, GHG emissions, soil 
quality and water use efficiency.
Energy: Improve energy efficiency and 
intensity, and define the company posi­
tion on sourcing of renewable energy.
Water management in production: 
Protecting clean water and minimizing 
water stress by using water and man­
aging discharges efficiently.
Air quality: Protecting fresh air and 
preventing ambient air pollution by 
mitigating emissions to air.
Circularity: Moving towards Circular 
Economy by using materials efficiently 
and improving waste management by 
prioritizing recycling and circularity and 
developing technologies to enable it.
Protection of ecosystems: Supporting 
the health of ecosystems by preventing 
deforestation and loss of nature and 
species, and by preserving soil and 
water quality.
PROSPERITY: We aim to improve the profita­
bility of our operations and grow new business 
areas to create value for our customers and 
society at large, and to  deliver superior returns 
to our shareholders.
Profitability: Sustaining profitability 
in our business and delivering superior 
shareholder returns based on reliable 
and cost-efficient operations, capital 
discipline and global optimization.
Sustainable finance: Supporting 
sustainable finance by implementing 
sustainability criteria in our investment 
decisions, and maintaining a favour­
able ESG profile and high ratings on 
ESG criteria.
Digitalization: Applying digital tech­
nologies to improve our production, 
agronomy services and overall busi­
ness.
Customer management: Customers’ 
experience, interaction and perception 
of the whole series of encounters with 
Yara when they buy goods or services.
Sustainable supply chains: 
Understanding and managing environ­
mental, social and economic impacts 
along the value chain.
Socioeconomic impacts on commu­
nities: Establishing and maintaining 
mutually beneficial relationships with 
the communities in which we operate. 
GOVERNANCE: Sound governance is the foun­
dation for living our purpose, and for progressing 
on the other three pillars People, Planet and 
Prosperity.
Business integrity: Honoring respon­
sible business conduct and promoting 
accountability by maintaining proper 
policies and practices, upholding a 
culture of respect, honesty and fair­
ness, and contributing to transparency.
Regulatory change and compliance: 
Conforming to all applicable laws, 
regulations, standards, permits and 
voluntary agreements while keeping 
abreast of and prepared for new regula­
tory changes.
Stakeholder engagement: Engaging 
with material stakeholders, including 
the processes in place to identify and 
understand stakeholders’ key concerns 
and Yara’s impact on stakeholders, 
for soliciting stakeholders’ input, and 
for guiding the Board’s prioritizations 
for long-term value creation.
Board composition and oversight: The 
extent to which the composition, role, 
and work of our Board of Directors is 
aligned with long-term value creation.
37
Yara Integrated Report 2021
01	 ‌THIS IS YARA
‌CEO message
‌2021 Highlights
‌Company presentation
‌How we create value
Clean ammonia to grow a 
Nature‑Positive Food Future
‌Megatrends
‌Our strategy
Strategy scorecard
‌Managing outcomes
Engaging with our stakeholders
‌Materiality
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Our reporting reflects the way we manage our performance 
– holistically. Systems and oversight are integral to making 
progress on our People, Planet and Prosperity indicators. 
Further aligning with Stakeholder Capitalism metrics, we 
have adopted Governance as a fourth pillar. 
YEAR IN REVIEW
Responsible performance
38
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

People
Our employees and their knowledge 
are Yara’s greatest asset, and 
Yara works to protect not only the 
physical, but also the psychological 
safety of its people. To reap the full 
benefits of employees’ knowledge 
and experiences, Yara is working 
to increase diversity, equity, and 
inclusion in our company. 
39
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

CASE
Black Talent 
Initiative 
The business case for diversity has never been stronger 
but to reap its benefits we also need equity and inclusion. 
In 2021, Yara’s Black Talent Initiative embarked on the 
road to eliminating racial discrimination and making Yara a 
diverse, equitable, and inclusive workplace. 
The murders of George Floyd, Breonna Taylor, Ahmaud Arbery and 
others in 2020 sparked outrage and started debates all over the world 
about systemic racism. In a letter to all employees in June 2020, Yara’s 
CEO Svein Tore Holsether vowed to fast-track the ongoing diversity 
and inclusion work to ensure that discrimination is rooted out and that 
all employees have equal opportunities. 
Diversity does not equal inclusion	
 
Being a global company with colleagues in 60 countries, many people 
thought of Yara as an inclusive, culturally and ethnically diverse 
company. Moreover, Yara has had Diversity & Inclusion as an integral 
part of its business strategy since 2018. 
Yara’s 2020 employee survey revealed that 88% of Yara’s employees 
felt treated with respect as an individual, and 84% believed that Yara 
promotes and values diversity. In 2021, these numbers improved to 
90% and 87%, respectively. 
40
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

At the same time, a race audit completed in March 2021 by an inde­
pendent third-party, involving more than 100 colleagues in the US, 
Europe, Brazil, and South Africa, found clear evidence in policies, 
practices, and the lived experiences of Black colleagues in Yara, that 
systemic barriers that impact their ability to progress and thrive in the 
company do exist.
While many organizations may be diverse, it takes continuous effort 
to make it inclusive. An inclusive leadership and culture are needed to 
create a work environment free from bias and discrimination and with 
equal opportunities. 
Naming the issue 
While recognizing that discrimination, bias, and lack of visibility and 
opportunities also affect other minority groups in Yara, the decision 
was made to start the journey towards becoming a high performing, 
racially diverse, inclusive organization with a focus on Black talent. 
“The Black Talent initiative is not a one-off project, but rather a first 
step. The truth is that opportunities for Black individuals in the cor­
porate world are unfortunately limited and Black people, particularly 
Black women, feature among the most frequent absence. last on the 
perverse scale of inequality. And sometimes you have to name the 
issue explicitly to be able to resolve it. Zooming in our efforts on Black 
individuals is about focus - not about exclusion. Our hope is, in fact, 
that other ethnic and minority groups in Yara draw inspiration from 
our efforts to address their more specific needs,” says Fernanda Lopes 
Larsen, EVP Africa & Asia. 
Where we are 
Many are impatient and want to see change happen quickly. But doing 
it right, means doing it thoroughly. The race audit with in-depth inter­
views and focus groups was the foundation for concrete action. 
The objective of Yara’s Black Talent Initiative is to: 
1.	tackle racial bias and discrimination 
2.	improve ethnic diversity across the business 
3.	ensure equal opportunities for Black talent at Yara. 
41
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

In 2021, 170 senior leaders started a Borderless 
Leadership Program, a program intended to build 
knowledge and skills among managers to improve their 
comfort and capability in addressing non-inclusive 
behavior. Yara’s summer interns received training on 
the topics of inclusion and power and privilege, and 
all employees were invited and encouraged to do an 
individual Race Diversity Self-Assessment. In 2022, a 
leadership program for Black talents will be launched. 
The business case for diversity, equity
and inclusion. 
Analyses show that the most diverse companies are 
now more likely than ever to outperform less diverse 
peers on profitability. Because it is both the right and 
the smart thing to do, Yara has diversity, equity, and 
inclusion as key components of our corporate strategy. 
The events, discussions, and learnings of the last two 
years have contributed to a shift in mindset: 
“I sense much more openness and curiosity to learn and 
talk about a subject that for most was not part of their 
daily lives. It is heartwarming to see white colleagues 
trying to understand the realities and challenges Black 
people face in the corporate world and society at large, 
while pledging support and commitment to become 
an ally to the cause” says Anika Jovik, CFO Industrial 
Solutions and co-leader of the Black Talent Initiative 
together with Fernanda. 
To establish a diverse environment free from formal 
hurdles and discrimination does not mean we will have 
created an environment wherein everyone has equal 
opportunities. “The starting points in life for black 
and white people are normally very different due to 
historical and economic reasons and understanding that 
is essential for Yara to design and implement targeted 
interventions and provide the right level of support”, 
complements Fernanda. 
Our approach to the Black Talent initiative starts 
from the principle that racial and ethnic diversity is 
a strength. Individually and organizationally, we will 
benefit immensely from the value that diversity brings 
if we create the right environment for individuals to 
thrive. 
Making sure we do so is everyone’s responsibility. 
Fernanda Lopes Larsen
EVP Africa & Asia
Anika Jovik
CFO Industrial Solutions
42
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

81
NA
73
79
79
76
0
20
40
60
80
100
2025
Target
2021
2020
2019
2018
2017
PEOPLE
People performance
We believe every accident is preventable. Our goal is to drive the 
total recordable injury (TRI) rate down to 1.0 or less by 2025, a 
stepping stone to achieving our ultimate goal of zero injuries. In 
2021, we recorded a TRI rate of 1.0, in line with our 2025 goal 
and lower than industry benchmarks. Strong safety focus and 
reduced personnel at our sites during the pandemic explain the 
achievement. 
The pandemic continued to influence all areas of employee 
engagement at Yara in 2021. Our actions were primarily focused 
on the health, safety, and well-being of our employees. The 
engagement index remained high and at the same level as in 2020. 
The diversity, equity, and inclusion (DEI) index developed 
positively, reflecting our many initiatives to promote a culture 
of diversity, equity, and inclusion in our workforce. We saw 
improvements in all aspects of the survey, most notably related to 
our employees’ feeling of being treated with respect and being free 
to express their views. 
Throughout 2021 we kept up efforts to increase the share of 
female senior managers. Inclusive talent management initiatives 
drove better retention and more promotion and hiring of women, 
increasing the share to 29%. 
Strive towards zero accidents
TRI 
Engagement index
%
Female senior managers 1)
%
Diversity, equity and inclusion index
%
0,0
0,5
1,0
1,5
2,0
2,5
2025
Target
2021
2020
2019
2018
2017
1.8
1.4
1.4
1.3
1.0
1.0
NA
NA
73
74
77
74
0
20
40
60
80
100
2025
Target
2021
2020
2019
2018
2017
0
10
20
30
40
50
2025
Target
2021
2020
2019
2018
2017
N/A
N/A
22
24
29
40
1)	The definition of the KPI was updated during 2021, and the 
target performance was changed from 35% to 40%.
43
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Corporate KPIs 
Strive towards zero accidents 
Total recordable injuries (TRI) is the sum of loss time 
injuries (LTI), restricted work cases (RWI), and medical 
treatment cases (MTC). The TRI rate is calculated as 
the TRI per million hours worked for employees and 
contractors combined. 
Engagement index 
Employee engagement is measured through surveys 
done by an external third party, providing a data-driven 
analysis against international benchmarks. Yara’s target 
performance is to be in the top quartile of the bench­
mark. The threshold for being in the top quartile was at 
76% in 2021. 
Diversity, equity and inclusion index 
The Diversity, equity, and inclusion index is meas­
ured through surveys done by an external third party, 
providing a data-driven analysis against international 
benchmarks. The threshold for being in the top quartile 
was at 74% in 2021. 
Female senior managers 
The number of female senior managers is measured as 
the percentage of top positions, as defined by Yara’s 
position level system, that are held by women. In 2021, 
we introduced a practice in line with peer companies 
and benchmarkable with industry indices, including 
only leadership positions, with at least one permanent 
direct report, at the top three levels in the organiza­
tion. The previous definition included all high-graded 
employees. 
Performance indicators 
Gender equal pay gap 
Yara analyzes gender pay levels correcting for factors 
such as responsibility in position, education, and expe­
rience. In 2021, we expanded the number of countries 
included from 16 to 25, covering over 7,000 employ­
ees. The scope of the study is on non-tariff contract 
employees, as the tariff schedules provide strong 
protection against bias due to gender. The gaps were 
reported ranging from 0% in several countries to 10% 
in Singapore. 
Unadjusted gender pay gap 
The rate shows the difference between average male 
salaries over average female salaries in percent, irre­
spective of other variables, such as position level. This 
indicator therefore primarily serves the purpose of 
understanding how women are progressing in their 
careers in the company. Given that the majority of 
Yara’s male population hold entry level positions and 
women are predominant at the middle level, women’s 
average salaries are slightly higher than men’s. In 2021, 
the unadjusted gender pay gap analysis included 84% 
of our workforce. 
Unit of 
measure
2021 
2020 
2019 
2018 
2017 
People indicators
Gender equal pay gap 1) 
0 - 10% 
0 – 14% 
2.1 – 16% 
n.a.  
n.a.  
%  
Unadjusted gender pay gap 
(1.4) 
(0.4) 
(2.6) 
n.a 
n.a 
% 
Employee turnover rate  
11.5 
10.4 
14.4  
11.4 
17.3  
%  
Sick leave rate 2)
3.0 
3.4 
3.2 
3.4 
2.8 
% 
Discrimination and harassment 
notifications  
77 
49 
76 
119 
109 
Number  
 
1) 	Not comparable year-over-year due to expanded number of countries and new variables included in the analysis. Results are being provided as ranges of gender equal pay gaps on each 
country in the analysis.
2)	In 2021 the sick leave hours related to confirmed Covid-19 cases were excluded from our sick leave rate
44
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Employee turnover rate 
The rate is calculated as number of permanent staff 
terminations in the period divided by the starting 
permanent employee headcount. Turnover rates vary 
considerably between our regions due to different labor 
market characteristics. For 2021, Yara’s regions had the 
following turnover rates: Brazil, 16.9%; rest of Latin 
America, 11.2%; Asia & Oceania, 14.5%; Europe, 
7.2%; North America, 8.8% and Africa 4%. 
Sick leave rate 
The rate is calculated as the percentage of Yara 
employees’ sick leave hours against the total number of 
working hours. In 2021 the sick leave hours related to 
confirmed Covid-19 cases were excluded from our sick 
leave rate.
Discrimination and harassment notifications 
Yara encourages employees and other stakeholders to 
raise any concern or suspicion they may have of vio­
lations of regulatory requirements or Yara’s Code of 
Conduct. The figure provided represents the number of 
reported cases involving discrimination or harassment. 
Each case is investigated, and action is taken for all sub­
stantiated cases. Further details on substantiated cases 
are reported in the separate Sustainability Report. 
Human rights management 
Human rights metrics are not easily expressed in 
numeric terms and are reported from a management 
perspective. A more complete review is presented in the 
Sustainability Report 2021, in the Human rights and 
labor practices chapter. 
Yara’s Human Rights Policy is set out in our Code 
of Conduct and describes our priority areas and the 
salient risks identified. Yara’s Ethics and Compliance 
Department has organizational responsibility to provide 
a best-in-class ethics and compliance program, playing 
a key role in the management of risks related to human 
rights. Yara’s Board of Directors, Group Executive 
Board, and CEO are updated on a regular basis. 
Yara’s global human rights risk assessment is updated 
annually. The 2021 risk assessment identified 19 
high risk countries, up from 18, in 2020. Previous 
human rights impact assessments have identified risk 
of negative impact from our operations in connection 
with contracted labor performing services for Yara, 
especially where manual labor is combined with heat 
exposure. Mitigating actions are in place to address 
these issues locally, and in cases where findings are 
relevant to Yara globally, actions have been initiated to 
implement or develop new policies to lift our standards 
in all locations. 
In 2021, we established, for example, a global Physical 
Work Environment Procedure, relevant for all employ­
ees working on our sites, including contracted workers. 
We also started a project with external subject matter 
experts to define a living wage benchmark for all our 
employees, including guidance on how to set similar 
requirements for contractors and subcontractors. This 
work will continue in 2022. 
In 2021 we conducted human rights impact assess­
ments at our main production sites in Brazil, including 
selected fertilizer blending units and bagging ware­
houses. The main concerns identified were related to: 
•	 Occupational health and safety issues on site, includ­
ing manual labor in hot working conditions 
•	 Working conditions for contracted logistics providers 
•	 Working conditions for contractors and other busi­
ness partners on our sites 
•	 Child and adolescent sexual exploitation in local 
communities due to influx of labor at ports and in 
industrial areas (see below) 
•	 Discrimination, harassment, and bullying 
Mitigating actions are in place to address these issues. 
The findings related to child and adolescent sexual 
exploitation has priority as one of the major social 
issues identified in the local communities near Yara’s 
operations. Site-specific findings are followed up locally, 
and progress is reported regularly to the Executive 
Committee in Brazil. Findings and actions are also for­
mally discussed at the highest levels in the organization. 
45
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Equality and anti-discrimination 
Part 1: State of gender equality 
In the table below, we present the breakdown percent­
age differences between average payments for men 
and average payments for women employed by Yara’s 
Norwegian companies for the year of 2021. Payments 
considered in the table were split in five categories: 
1.	base salary and fixed allowances, 
2.	the previous in addition to overtime 
payments in 2021, 
3.	the previous in addition to ad-hoc payments, such 
as house allowance and other one-off kinds, 
4.	the previous in addition to short-term 
incentives, as bonus payments and 
5.	the previous in addition to benefits-in-kind. 
The stratification among grade bands follows the job 
levelling parameters used in our pay grade methodol­
ogy, Willis Towers Watson, being: 
1.	Operators 
2.	TW -11 (Administrative/ Professional / Supervisors) 
3.	TW 12-13 (I - Middle Management 
/ Subject Matter Expert) 
4.	TW 14-15 (II - Middle management 
/ Subject Matter Expert) 
5.	TW 16+ (Top Management) 
The overall result considering base salary differences is 
-0.8%, meaning women have on average higher base 
salaries than men. It is an expected pattern considering 
the majority of the male population in these compa­
nies are located in entry levels, while women are more 
predominant in the middle level. When adding other 
payments, these differences increase towards men, 
especially in relation to overtime and ad-hoc payments. 
Differences also tend to increase the higher the level of 
the job, especially due to the lower representation of 
women in the highest levels of the organization.
Gender distribution
Salary differences 
Men 
Women 
Cash benefits
Natural benefits
Base Salary + 
Overtime + 
Ad-hoc payments + 
Bonus 
Base Salary 
differences 
Base Salary + 
Overtime 
Base Salary + 
Overtime + 
Ad-hoc payments 
Base Salary + 
Overtime + 
Ad-hoc payments + 
Bonus 
Base Salary + 
Overtime + 
Ad-hoc payments + 
Bonus + 
Benefits-in-kind 
Total 
997 
433 
3.6% 
(0.8%)
1.1% 
2.7% 
3.6% 
3.5% 
1 
421
83 
7.1% 
2.7% 
5.0% 
6.8% 
7.1% 
6.9% 
2 
166 
117 
15.9% 
8.1% 
12.8% 
15.4% 
15.9% 
15.9% 
3 
200 
126 
7.5% 
4.4% 
5.6% 
7.1% 
7.5% 
7.4% 
4 
152 
79 
7.6% 
5.8% 
5.5% 
6.5% 
7.6% 
7.6% 
5 
58 
28 
23.0% 
18.9% 
18.9% 
19.6% 
23.0% 
22.9% 
46
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Even though this might show an alarming scenario, this 
data represents the so-called unadjusted gender pay gap 
among these employees, because it disregards several 
other effects over salaries, such as experience time, 
education level, performance, and market conditions 
for different jobs and locations in each of those grade 
bands. Our more in-depth study for Norway, presented 
in our Sustainability Report, suggests that other vari­
ables are more related to salary variations rather than 
gender. 
All in all, we recognize there is still work to do. Yara is 
committed to creating more opportunities for a more 
balanced representation in the top levels and in the 
overall population, while providing equal pay for equal 
work. We have implemented stricter rules for salary 
review and recruitment processes and other actions are 
being managed and adopted by each unit as permitted 
by local laws. 
Total employees 
(permanents + 
non-permanents) 
Temporary 
employees 
Employees who 
took parental leave 
Average number of 
weeks on parental 
leave 
Part-time 
employees 
Involuntary 
part-time 
Female 
30% 
21% 
36 (8.2%) 
30 
23 (51%) 
0 
Male 
70% 
79% 
48 (4.8%) 
14 
22 (49%) 
0 
At Yara, and especially in countries with the necessary legislative flexibility, the decision to work part-time is entirely 
up to each individual employee. Yara does not offer part-time positions to candidates nor has it had to use of this 
practice to prevent layoffs. In 2021 there were 23 women out of the 55 part-time employees in Norway. None of 
them worked part-time involuntarily. 
47
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Part 2: Our work for equality and 
against discrimination 
Principles, procedures, and standards for 
gender equality and against discrimination 
Several policies and processes are in place to set the 
grounds for gender equality and prevent discrimination: 
•	 Our Code of Conduct outlines our stance of a range 
of topics, including our commitment to creating an 
equal opportunity workplace, free from discrimina­
tion and harassment 
•	 Our Recruitment Policy has the purpose to hire the 
right talent at the right time at the right place at the 
right cost, while ensuring a fair process and equal 
opportunities and promoting diversity. The policy 
sets out roles and responsibilities to ensure that we 
treat all candidates professionally and expose internal 
career opportunities by making open positions visible 
to all employees. 
•	 Yara has a comprehensive Compensation Policy 
to ensure attraction, reward, and quality across all 
positions in the company, and to handle terminations 
consistently. While individual remuneration will vary 
based on specific factors such as country, employ­
ment market conditions, position, performance, and 
competence, we are committed to paying employees 
fairly, regardless of personal beliefs or any individual 
characteristics. To this end, we have installed a salary 
review process, in which HR staff support line man­
agers in setting fair and unbiased salary increases and 
perform a global analysis to ensure that salary move­
ments are aligned with the fair pay approach. 
•	 Our Performance and Development Process outlines 
the way we systematically manage the performance 
and development of employees to increase attrac­
tion, performance, engagement, and retention, and 
to ensure that all employees are treated in a fair, 
transparent, and consistent way. We carry out per­
formance management job appraisal processes for all 
employees in annual cycles, with formal discussions 
as well as more frequent follow-ups. Managers are 
also expected to provide frequent feedback, coaching, 
and support to employees.   
•	 Yara’s Work-life Balance and Well-Being Framework 
was launched in 2020 and clarifies our position on, 
among other things, flexible working hours, meeting 
times, frequent travelling, and family caregiver 
leave. It also includes a commitment to support 
mental health and well-being and establishes a 
company-wide standard for parental leave and for 
conversations before, during, and after an employee 
goes on extended leave. 
•	 Ensuring work-life balance is also embedded in our 
Employee Travel Process. As a general principle, 
meetings and seminars shall be held virtually where 
this is possible and appropriate. Employee travels are 
used only when necessary for business reasons and 
each travel should be evaluated by the employees, 
in line with their work-life balance and the business 
requirements.  
48
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

How we work to ensure equality and non-discrimination in practice 
Several actions were put in place towards equality and non-discrimination around Yara operations all over the 
world. Please see our Diversity, Equity, and Inclusion chapter in the Sustainability Report 2021 for more content 
describing our DEI programs and results achieved in 2021. Below is a summary table of actions focusing on the 
gender dimension in Norway: 
Area 
Actions 
Measures 
Responsibility 
Status 
Strategy 
Set targets for women in senior leadership positions at the 
global level and in the managerial positions in units and 
follow-up regularly 
Improve % of female in top levels 
EVP People, Process & Digitalization 
On going 
Compensation 
Set a target for equal pay for equal work gap and follow-up 
development with units 
Decrease equal pay for equal work gap in all 
countries 
Compensation & Benefits / HRBPs 
On going 
Impose salary review guidelines 
Monitoring equal pay for equal work, avoiding 
gaps to occur over time 
Compensation & Benefits 
Complete 
Recruitment 
Include multiple women in shortlists for recruitment, 
headhunting approach 
Increase female hires rates 
Recruiters / HRBPs 
On going 
Distinguish minimum requirements from differentiators 
in job postings and apply gender neutrality standards on 
titles and descriptions 
Increase female application rates 
Recruiters / HRBPs 
On going 
Guarantee that entry programs (e.g., internship and 
trainee) have fair gender distribution 
Increase female representation in the entry levels 
of the organization 
Recruiters / HRBPs 
On going 
Talent management 
Analyze talent review and readiness per gender on succes­
sion review 
Improve identification of female talents 
Talent Management / HRBPs 
On going 
Leadership development 
Ensure representation of under-represented groups in 
leadership programs and forums 
Increase representation in development opportu­
nities 
Leadership development 
On going 
Diversity, Equity & Inclusion 
Implement training, development programs, and DEI 
network to increase allyship and raise awareness of 
unconscious bias 
Improve DEI in Yara 
Talent Management 
On going 
Implement specific programs to increase female rep­
resentation in certain clusters, offering development 
opportunities and more exposure (e.g., Women in 
Agronomy) 
Improve % of female representation in all depart­
ments in area, especially those more composed 
by men 
Talent Management / Units 
On going 
E&C
Discrimination and harassment awareness and training 
# of harassment / discrimination cases towards 0 
Ethics and Compliance / Talent 
Management 
On going 
49
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Planet
Yara works to come nature-positive 
and climate-neutral by 2050. We are 
cutting emissions in our own production, 
developing tools to cut in-field emissions 
and protect biodiversity, and contributing 
to a green shift in shipping and other 
energy-intensive industries by enabling 
the hydrogen economy. 
50
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

CASE
Five questions on 
regenerative agriculture 
Touted as the next big thing in sustainable farming, Anke Kwast, soil enthusiast and 
Yara’s VP Climate Neutral Roadmap & Business Support, answers your questions 
about regenerative agriculture. 
1.	What is regenerative agriculture? 
First of all, regenerative agriculture it is not only 
about agriculture. It is about nature, climate 
and our food system. 
There is no agreed definition yet of which 
farming practices constitutes regenerative 
agriculture. A lot of work is being done in the 
international science and policy communities. 
But generally, regenerative agriculture is about 
just that: agricultural practices that regenerate 
the natural resources used in farming; soil, 
biodiversity and water being key resources of 
any farming system that we need to protect and 
regenerate. 
At Yara, we support the view that regenerative 
agriculture should enhance not only the envi­
ronmental, but also the social and economic 
dimensions of sustainable food production. 
2.	What is the status of the regenerative 
agriculture agenda globally? 
The concept of regenerative agriculture is to 
implement science-based practices to serve a 
climate-neutral and nature-positive food system. 
This concept needs to be translated into a frame­
work to provide guidance for its application. 
This framework needs to 
•	 become a global standard by anchoring it 
within an existing framework for climate- 
and nature action, and thus make it verifiable 
by experts and continuously updated 
•	 address all relevant aspects of farming, such 
as nature, climate, food security and farmer 
prosperity 
•	 enable an evolution from practice-based to 
outcome-based metrics to ease implementation 
•	 be supported by all levels of the food chain to 
make it affordable and attractive for farmers 
to implement 
•	 be adaptable to the large heterogeneity of 
farms and farmers 
5 questions:
1.	What is regenerative agriculture?
2.	What is the status of the 
regenerative agriculture agenda 
globally? 
3.	How does regenerative 
agriculture differ from organic 
and sustainable farming? 
4.	Isn’t reducing fertilizer use a key 
part of regenerative agriculture? 
5.	Where does Yara fit in here? 
51
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3.	How does regenerative agriculture differ 
from organic and sustainable farming? 
I would put it the other way around and ask, “What 
do we have in common and how can we join forces to 
speed up the implementation of better practices?”. This 
collaborative attitude will prevent us from being lost in 
translation and losing precious time. 
We have now reached the tipping point where it is 
evident that we must transform the whole food system to 
create a more sustainable, resilient, and fair value chain. 
In the next few years, we have to earn the trust of all 
kind of farmer communities to transform to a sus­
tainable and regenerative food production system. All 
initiatives and projects contributing to this goal are 
most welcome. 
4.	Isn’t reducing fertilizer use a key part of 
regenerative agriculture? 
Yes, some experts and initiatives have that as a focus 
area. For many years, we have added excessive amounts 
of nitrogen to our soils, posing a global risk to soil and 
water quality. Nutrient- and nitrogen use efficiency is a 
key focus area for Yara. We have always focused on the 
importance of supplying crops with the exact type and 
amount of nutrients they need – no more, no less. 
Increasing nutrient use efficiency, protecting and 
enhancing biodiversity at and around farms, improving 
or preserving carbon and water retention in the soil, 
enhancing the resilience of crops and nature and sup­
porting the livelihoods of farming communities are key 
elements of the regenerative agriculture agenda that are 
all supported by Yara. 
5.	Where does Yara fit in here? 
Yara is a large agricultural company with a global 
presence that is actively looking for ways to reduce the 
climate- and nature footprint of farming and create a 
better food system. That is the reason Yara is actively 
supporting both the engagement and implementation of 
regenerative agriculture practices on the ground. 
Yara and its more than 800 agronomists have 
unmatched offering of sustainable crop nutrition 
solutions, including planning, analytical services and 
precision farming technologies. 
However, there are obstacles to implementing more 
sustainable farming practices. The transformation 
comes with a cost and a risk and this has to be shared 
with the famers. We need to incentivize and support 
front runners and early adaptors in agriculture. This 
is where Yara’s Agoro Carbon Alliance comes in – 
incentivizing farmers to implement carbon smart farm 
practices. Sometimes only a minor change can have a 
big impact! 
I am confident that Yara’s new ambition, ‘Growing 
a Nature-Positive Food Future’, will give increased 
motivation and strength to our quest for better farming 
practices and a more fair and resilient food system. 
By making the complex simple, providing updated and 
tailored agronomic advice to farmers all over the world, 
digital farming is the future of sustainable food produc­
tion.
Anke Kwast
VP Climate Neutral Roadmap & Business Support
52
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02	 ‌YEAR IN REVIEW
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Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

PLANET
Planet performance
We continue to improve our energy efficiency and plant relia­
bility through the Yara Improvement Program 2.0. Major plant 
stops and restarts due to high natural gas prices in Europe did, 
however, cause a 0.6% increase in energy use per tonne produced 
ammonia from 2020 to 2021. 
The efforts to reach our 2025 GHG emissions intensity target 
include more than 90 profitable projects across our plants and 
regions, at an estimated investment of more than USD 300 million. 
Altogether, these projects represent GHG emission reductions of 
about 2 million tonne CO2e by 2025. At year-end 2021, the pro­
jects completed and under execution represented 1.4 million tonne 
CO2e per year. We are on track to reach the 2025 target. 
Step change technologies are key enablers for reaching our 2030 
GHG emissions scope 1 + 2 target. In 2021, we commenced on 
the project to electrify ammonia production at Yara Porsgrunn, 
Norway to deliver green ammonia from the electrolysis of water. 
Our focus on active hectares in 2021 was to establish the founda­
tions of our Product Strategy with a lens on Yara’s 2025 ambition 
of 150 million hectares, building the capability to innovate and 
scale digital solutions around our agronomic value offering to 
deepen farm and field connectivity, and expanding our sustaina­
bility solution development to support nature-positive outcomes. 
Energy efficiency
GJ/t NH3 
GHG emissions, Scope 1+2 (market based)
Million tonne CO2e 
GHG intensity
t CO2e/t N 
Active hectares 1)
Million hectares 
33.7
34.1
33.7
33.2
33.4
32.7
0
10
20
30
40
2023
Target
2021
2020
2019
2018
2017
0
5
10
15
20
25
2030
Target
2021
2020
2019
2018
2017
16.2
18.5
18.5
17.7
17.5
-30%1)
1)	From a 2019 baseline
1)	Yara has historically reported performance as Hectares under management 
which represents hectares owned by farmers, who have registered them in 
our digital tool(s). The updated definition adds a filter to only count hectares 
with user activity within defined frequency parameters. 
1)	2018 onwards, Scope 1 emissions from own generation 
of electricity has been included.
0
1
2
3
4
2025
Target
2021
2020
2019
2018
2017
2.9
3.01)
3.0
3.0
3.0
2.7
0
25
50
75
100
125
150
2025
Target
2021
2020
2019
2018
2017
N/A
N/A
N/A
7.6
8.2
150
53
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Five questions on regenerative 
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‌Planet performance
 
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A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Corporate KPIs
Energy efficiency
Consumption of hydrocarbons, mostly natural gas, for 
the ammonia production process is both Yara’s main 
variable cost and driver of GHG emissions. Energy effi­
ciency improvements come with a dual bottom line and 
climate benefit, and it is expressed as GJ consumed per 
tonne ammonia produced. The indicator covers 49% of 
the Tringen plant, while Cubatão and Babrala are out 
of scope. Data including these sites are available in the 
Sustainability Report. 
GHG intensity
The GHG intensity KPI is defined as tonne emissions 
of CO2e per tonne nitrogen in Yara’s own produced 
products. The CO2e emissions include scope 1, scope 
2 (electricity consumption), and emissions from pro­
duction of Yara’s third-party ammonia consumption. 
Information on transportation and other scope 3 emis­
sions is found in the Sustainability Report. The KPI is to 
reduce the carbon intensity by >10% from 2018 to 2025. 
Our ambition is to become climate neutral by 2050. 
GHG scope 1 + 2 emissions
On top of the intensity KPI, Yara in 2020 established 
an additional climate KPI – to reduce the absolute scope 
1 + 2 emissions by 30% by 2030 from a 2019 baseline 
Scope 2 emissions are market based. 
Active hectares 
Knowledge transfer to farmers is a lever which can 
contribute to multiple benefits, including improved 
productivity, farmer income, and environmental per­
formance. Active hectares are defined as cropland with 
digital farming user activity within defined frequency 
parameters. Connecting the farmers and getting insight 
into what happens on the field enables us to provide 
relevant solutions to farmers and to trace and docu­
ment how the food is produced. 
Performance indicators
Energy consumption
Consumption of hydrocarbons, mostly natural gas, is 
both the main feedstock and the main energy source 
supporting the ammonia production process. 
Emissions to air
The main emissions to air from fertilizer plants 
and phosphate mines are nitrogen oxides, sulphur 
oxides, and dust. More details are available in the 
Sustainability report. 
Raw materials consumption
Ammonia is produced from nitrogen from the air, 
reacting with hydrogen, mostly harvested from natural 
gas. Yara also sources phosphorous and potash, e.g., 
for NPK fertilizers. Yara owns and operates two phos­
phorous mines; Salitre in Brazil (sold to EuroChem) 
and Silinjärvi in Finland. 
Water withdrawal
The total withdrawal figure is given here. In Yara’s pro­
duction, water is primarily used for cooling purposes. 
Thus, 90% of the water withdrawn is returned to the 
water course. 
Freshwater withdrawal in water stressed areas
Yara’s plants are located across several continents and 
operate under highly variable environments. Our sites 
undergo water risk screening using the WRI Aqueduct 
water risk atlas tool. The figure shows the percentage of 
freshwater withdrawals which occur in areas of high or 
extremely high baseline water stress. 
Sites in flood hazard areas
Our sites undergo water risk screening using the WRI 
Aqueduct water risk atlas tool. The figure shows the 
number of major sites which are located in areas at 
risk of flooding. Analysis will continue with in-depth 
screening of how physical climate risks may affect each 
site’s performance during its expected lifetime, also 
identifying relevant adaptation or mitigation solutions 
where relevant.
Environmental provisions
Environmental provisions are the estimated future cost for 
environmental remediation on Yara’s sites. More informa­
tion is found in the notes to the financial statements. 
Fines and penalties
The indicator shows the total sum of fines and other 
penalties for environmental breaches. If any severe 
cases over a materiality threshold of USD 5 million 
are identified, a description is available in the separate 
Sustainability report.
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Five questions on regenerative 
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A new era of digital production
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Cicero Green revenues 
Yara has engaged Cicero Green to assess the ‘greenness’ 
of our revenues. The analysis is published separately as 
a Cicero Shades of Green company report. 
Cicero Green investments 
Yara has engaged Cicero Green to assess the ‘greenness’ 
of our CAPEX. The analysis is published separately as a 
Cicero Shades of Green company report. 
EU Taxonomy eligibility 
Yara has voluntarily disclosed an EU Taxonomy report 
for 2021. The table provides the key performance 
indicators for Taxonomy eligibility. The full report is 
available on the annual reporting web page on 
Yara.com. 
2021
2020
2019
2018
2017
Unit of 
measure
Planet indicators
Energy consumption
273 
279  
285 
301 1) 
266 
PJ  
Emissions to air: NOX
8,700 
8,300 
8,500 
9,400 
7,800 
tonne NO2 
Emissions to air: SOX
2,000 
2,100 
2,100 
2,800 
2,000 
tonne SO2 
Emissions to air: Dust
2,900 
2,800 
2,500 
3,900 
3,400 
tonne 
Raw materials: 
Natural gas 2) 
269,788,077 
276,343,747 
280,202,282 
272,737,517 
251,452,620 
MMBtu  
Raw materials: 
Phosphate  
2,114,136 3) 
2,046,221 3)  
1,758,096 
1,532,427 
1,676,671 
tonne P2O5  
Raw materials: Potash  
2,256,135 
2,356,358 
2,057,282 
2,143,023 
2,302,813 
tonne K2O  
Water withdrawal 4)    
966 
1,012 
1,045 
1,022 
862 
million m3  
Of which freshwater with­
drawal in water stressed 
areas  
2% 
2% 
2%  
3%  
4% 
%  
Sites in flood hazard 
areas 
15 
15 
15 
15 1) 
11 
Nr of sites 
Environmental 
provisions 
78 
76 
77 
75 
48 
USD million 
Fines and penalties for 
environmental breaches 
61,500
340,500 
229,000 
300,000 
146,000 
USD  
Cicero Green revenues  
37 6)
43 
38 
n.a. 
n.a. 
% 
Cicero Green 
investments  
61
64 
77 
n.a. 
n.a. 
% 
EU Taxonomy eligible 
revenue 5) 
9
n.a. 
n.a. 
n.a. 
n.a. 
% 
EU Taxonomy eligible 
CapEx 5) 
51
n.a. 
n.a. 
n.a. 
n.a. 
% 
EU Taxonomy eligible 
OpEx 5) 
30
n.a. 
n.a. 
n.a. 
n.a. 
% 
1)	Babrala and the three Cubatão sites included 2018 onwards 
2)	Numbers adjusted from 2017 to reflect sites where we have operational control (Tringen now included) and removal of hydrogen consumption (Hull). 
3)	The scope of the indicator has been expanded to include third party NPS and NPK products sourced by Yara. 2020 and 2021 figures are not directly comparable to previous years. 
4)	Numbers adjusted from 2017, as a cooling water stream in Sluiskil is included in the reporting. 
5)	Disclosure should be read together with the Taxonomy Report, which is disclosed on the annual reporting web page on Yara.com 
6)	Fossil based ammonia is not considered as green. Increased ammonia prices in 2021 was the main driver for the reduced percentage revenue shaded as green. 
55
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Five questions on regenerative 
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A new era of digital production
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Prosperity
Yara will continue to be a positive 
force for a profitable green shift. 
Operational excellence equips us with 
a strong core and enables us to profit 
from the opportunities arising in our 
business environment to create value 
for our shareholders, customers, and 
society at large. 
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Five questions on regenerative 
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A new era of digital production
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
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04	 ‌FINANCIAL STATEMENTS

CASE
A new era of digital 
production 
Can data improve the safety, product quality, and 
environmental footprint of production? The short answer is yes. 
Marcus Furuholmen, SVP Digital Core Solutions, explains how. 
In 2021, Yara launched its biggest digital production initiative to date. 
With the support of Amazon Web Services (AWS), Yara is building a new 
Digital Production Platform (DPP). The new DPP will be the key enabler to 
digitize Yara’s production system, covering 24 sites, 122 production units, 
and one mine. 
Chasing the golden batch 
The internet of things, machine learning, robotics, and cloud services are 
technologies powering the new Digital Production Platform. Although these 
concepts can seem hard to grasp, it is really all about gathering and utilizing 
various production data to improve processes and outcomes. 
“Take the production process of NPK fertilizers, for example, which 
requires adjustments for each individual grade. It can be challenging for 
the production teams to keep track of the best set points for each grade to 
achieve optimum results. Golden Batch is a control room web application 
that monitors the process and assists operators in selecting ideal set points 
for critical parameters influencing throughput. The solution helps to reach 
higher stable production volumes, and we have already seen the first positive 
results,” says Marcus Furuholmen. 
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Five questions on regenerative 
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‌The Yara share
 
GOVERNANCE
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‌External framework guidance
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The vision is that the next generation DPP will be the 
digital core powering and collecting information from 
the Yara production landscape, making it available 
across Yara, and serving as a basis for innovation for 
future applications. 
Production performance for People and Planet 
The new DPP will not only help to improve production 
volumes and deliver on several other Prosperity KPIs, 
but it will also strengthen Yara’s People and Planet 
performance. 
For example, Ammonia Start-up Assistant is an appli­
cation that focuses on optimizing ammonia plant 
start-ups, increasing energy efficiency, and reducing 
greenhouse gas emissions. 
Helping to keep employees safe is Smart Safety Sensors, 
a digital solution that leverages Internet of Things 
devices for personnel and vehicles to avoid collisions, 
helping Yara reach its goal of zero accidents. 
“Yara will use the new DPP as the platform to build 
and scale digital solutions, which will help us further 
improve safety, reliability, product quality, plant 
efficiency, and environmental footprint. With new 
technologies and constant innovation, more solutions 
will come,” Furuholmen says. 
What’s next? 
The DPP program faced some challenges in 2021 relat­
ing mainly to supply chain delays. Three workstreams 
are racing to build the new platform, connect it to local 
site data sources, and migrate existing applications. 
The aim is to have Yara’s next generation Digital 
Production Platform fully operational by mid-2022. 
Having the new DPP as a platform for digital solutions 
is only the first step. With the platform, Yara personnel 
both on- and off-site will be given access to data and a 
new generation of tools - allowing them to build dash­
boards, explore data, and uncover new insights in a 
way that has not been possible until today. 
In addition, Yara is also looking into the possibility of 
a Digital Production Innovation Center where Yara can 
collaborate with suppliers, distributors, manufacturers, 
and other partners to unlock innovation on top of 
millions of new, well-structured data points. 
“Yara’s mission is to responsibly feed the world and 
protect the planet. The digitalization of our produc­
tion system will help us achieve it. The new DPP will 
help Yara to improve efficiency, foster collaboration, 
increase the quality and quantity of our fertilizer prod­
ucts, and most importantly, to support Yara’s ambition 
of Growing a Nature-Positive Food Future,” concludes 
Furuholmen. 
“Yara’s mission is to responsi­
bly feed the world and protect 
the planet. The digitalization of 
our production system will help 
us achieve it”
Marcus Furuholmen
SVP Digital Core Solutions
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Five questions on regenerative 
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‌Planet performance
 
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A new era of digital production
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

PLANET
Prosperity performance
Production output 
Million tonnes
Production adjusted for major turnarounds and market optimi­
zation effects, to better reflect underlying performance
ROIC 
%
Return on invested capital will reflect the value created for shareholders
Fixed cost 1)
Billion USD
Total fixed cost adjusted for portfolio and currency effects
1)	See page 255 for definitions, explanations and reconciliations of alternative 
Performance Measures (APMs). 
0
10
20
30
40
2023
2021
2020
2019
2018
28.7
28.8
29.0
29.5
32.8
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2023
2021
2020
2019
2018
2.31
2.29
2.32
2.49
2.30
4.0
3.8
6.6
8.0
7.9
> 10%
0
2
4
6
8
10
12
Mid-cycle
2021
2020
2019
2018
2017
Yara’s full-year 2021 EBITDA excluding special items was 34% higher 
than a year earlier, mainly reflecting 42% higher revenues due to increased 
market prices more than offsetting increased energy cost, higher fixed costs, 
and currency effects. Net Income was 44% lower than a year earlier as the 
higher EBITDA was offset by higher impairment costs mainly related to the 
Salitre and Dallol projects.
59
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04	 ‌FINANCIAL STATEMENTS

Yara’s full-year 2021 EBITDA excluding special items was 34% higher than a year 
earlier, mainly reflecting higher prices more than offsetting increased energy cost and 
higher fixed costs. Total deliveries were 1% lower as a 3% decline in crop nutrition 
products was partially offset by a 7% increase of industrial products. 
Europe’s full-year 2021 EBITDA was 39% higher than a year earlier, as higher prices 
more than offset lower deliveries and higher feedstock costs. Total deliveries were 9% 
lower driven by lower pre buying in the first half of the 2021/22 season. 
Americas’ full-year 2021 EBITDA was 76% higher than a year earlier, mainly reflect­
ing higher production margins in North America and slightly higher deliveries which 
were partly offset by higher fixed costs and inventory write downs. 
Africa & Asia’s full-year 2021 EBITDA was 53% higher than a year earlier, mainly 
reflecting higher production margins on ammonia, partly offset by a change in fair 
value of an embedded derivative. 
Global Plants & Operational Excellence (GPOE) full-year 2021 EBITDA was at the 
same level than a year earlier, as higher nitrogen and phosphate prices offset increased 
energy and raw material costs and the lower income from divestments. The segment 
recognized a profit in 2020 related to the Qafco divestment. 
Clean Ammonia’s full-year 2021 EBITDA was 2% higher than a year earlier, mainly 
reflecting an improved ammonia market which more than compensated for a negative 
effect from sales contracts with lagged prices.
Industrial Solutions’ full-year 2021 EBITDA was 17% lower than a year earlier, as 
higher prices and deliveries were more than offset by the steep increase in energy prices 
during the fourth quarter and lower activity in Maritime. 
ESG rating
Yara integrates ESG into its operations, with solicited scores from MSCI and Sustainalytics.
MSCI
2021
2020
2019
2018
2017
Score
A
BBB
BB
BBB
BBB
MSCI rating is scored on the scale: CCC – B – BB – BBB – A – AA – AAA where AAA is best. Yara’s target score: A 
Discalimer statement
Disclaimer statement: The use by Yara of any MSCI ESG research llc or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, 
service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Yara by MSCI. MSCI 
services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos 
are trademarks or service marks of MSCI.
Sustainalytics
2021
2020
2019
2018
2017
Score
24.2
Medium
24.8
Medium
28.4
Medium
30.8
High
n/a
n/a
Sustainalytics risk ratings are shown as higher figures presenting higher residual ESG risks. Risk brackets are 0-10: Negligible, 10-20: Low, 
20-30: Medium, 30-40: High, 40+: Severe. Yara is ranked as the second-best performer in the Agri-chemicals subindustry group.
60
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Five questions on regenerative 
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A new era of digital production
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
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‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Financial highlights 1)
USD millions, except where indicated otherwise
2021
2020
2019
2018
2017
Revenue and other income
16,607
11,728
12,936
13,054
11,400
Operating income
1,068 
1,176
989
402
457
EBITDA 2)
 2,804 
2,223
2,095
1,523
1,348
EBITDA 2) excl. special items
 2,891 
2,161
2,165
1,525
1,430
Net income attributable to shareholders of the parent
 384 
691
599
159
477
Basic earnings per share 3)
 1.75 
2,58
2,2
0,58
1,75
Basic earnings per share excl. foreign currency translation and special items 3)
4.73 
3,08
3,09
1,68
1,83
Net cash provided by operating activities
1,406 
2,047
1,907
756
791
Net cash used in investing activities
 (874)
248
(1,044)
(2,000)
(1,338)
Net debt/equity ratio
0.55 
0,36
0,42
0,43
0,25
Net debt/EBITDA excl. special items (last 12 months) ratio
 1.36 
1,36
1,72
2,49
1,66
Average number of shares outstanding (millions)
 256.8 
268,0
272,3
273,2
273,2
Return on invested capital (ROIC)
7.9%
8,00%
6,60%
3,80%
4,00%
1)	See page 255 for definitions, explanations and reconciliations of Alternative Performance Measures (APMs). 
2)	EBITDA 2018 and before not adjusted by IFRS 16.
3)	USD per share. Yara currently has no share-based compensation programs resulting in a dilutive effect on earnings per share. 
Key statistics
2021
2020
2019
2018
2017
Yara production (thousand tonnes) 1)
 
Ammonia
7,261
7,606
8,479
8,305
7,459
Finished fertilizer and industrial products, excl. bulk blends
20,856
21,047
22,060
21,887
20,203
Yara deliveries (thousand tonnes) 1)
Ammonia trade
2,007
1,966
2,527
2,478
n/a
Fertilizer
28,376
29,291
27,620
27,869
n/a
Industrial product
7,430
6,920
7,837
8,272
n/a
Total deliveries
37,814
38,177
37,983
38,619
n/a
Yara's Energy prices (USD per MMBtu)
 
Global weighted average gas cost
9.3
3.8
4.7
6.2
5.0
European weighted average gas cost
11.7
3.6
5.4
8.3
6.1
1)	Including Yara share of production in equity-accounted investees, excluding Yara-produced blends
61
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04	 ‌FINANCIAL STATEMENTS

Market information
Average of publication prices
2021
2020
2019
2018
2017
Urea granular (fob Egypt)
 USD per tonne 
 479 
246
263
274
243
CAN (cif Germany)
 USD per tonne 
 339 
191
226
226
207
Ammonia (fob Black Sea)
 USD per tonne 
 488 
204
240
288
259
DAP (fob US Gulf)
 USD per tonne 
 602 
314
356
415
348
Phosphate rock (fob Morocco)
 USD per tonne 
 118 
80
91
89
91
 
 
 
 
 
 
European gas (TTF)
 USD per MMBtu 
 13.1 
3.0
4.8
7.9
5.6
US gas (Henry Hub)
 USD per MMBtu 
3.7 
2.0
2.7
3.1
3.0
EUR/USD currency rate
 
1.2
1.1
1.1
1.2
1.1
USD/BRL currency rate
 
5.4
5.1
3.9
3.6
3.2
Improvement Program
Yara launched an extended improve­
ment program at its Capital Markets 
day on June 26 2019, following solid 
improvements achieved in the previous 
three years. As part of this, Yara moved 
to reporting operational metrics on 
a rolling 12-months (L12M) basis to 
better reflect underlying performance. 
On a rolling 12-month basis, underlying 
production of ammonia and finished fer­
tilizers increased by around 0.6 million 
tonnes compared to 2020, largely driven 
by reliability improvements and the 
planned ramp up of finished fertilizers 
capacity expansion in Rio Grande. 
Energy Efficiency developed negatively 
compared to the previous year following 
reliability issues in ammonia production 
and to a lesser degree economical cur­
tailments. 
Fixed Costs are trending higher than 
the target in line with the planned 
increase communicated through 2021. 
The increase reflects strategic growth 
initiatives being expensed rather than 
capitalized and increased inflationary 
pressure. Productivity improvements 
remain a key focus area going forward 
to drive operational efficiency. 
Net Operating Capital days have signif­
icantly improved through 2021 and are 
already at a lower level than the target 
for 2023. The reduction was mainly 
driven by improved inventory turnover 
and lower credit terms. 
2021
2020
2019
2018
Production - ammonia (kt) 1)
7,782
7,696 
7,772 
7,850 
Production - finished products (kt) 1)
21,760
21,258 
21,067 
20,870 
Energy Efficiency (GJ/T) 2)
33,.4
33,.2 
33,.7 
34,.1 
Fixed Costs (USD millions) 3)
2,487
2,322 
2,291 
2,314 
Net operating capital (days) 3)
83
113 
115 
 104 
1)	Production output measured on rolling 12 months, adjusted for major turnarounds and market optimization effects. Adjustments are done 
to better reflect the underlying production performance. Numbers exclude Qafco and Lifeco volumes. 2018 baseline includes growth and 
debottleneck projects already communicated, and is adjusted related to Galvani and Pardies portfolio effects. 
2)	Energy Efficiency (GJ/t) looks at the L12M total energy consumption per tonne ammonia produced. 
3)	For definitions of Fixed cost and Net operating capital days, refer to the APM section, page 255. 
62
Yara Integrated Report 2021
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03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Financial items 
Full-year net financial expense was mar­
ginally higher than a year ago, with the 
variance primarily explained by a higher 
net foreign currency translation loss. 
Interest expense for the full year was 
USD 3 million higher than a year before, 
primarily explained by lower capitalized 
interest related to expansion projects. 
The full-year foreign currency transla­
tion loss of USD 251 million comprises 
a loss of USD 100 million on the US 
dollar denominated debt positions and 
a loss of USD 151 million on internal 
positions in other currencies than USD. 
The year before, the losses on the US 
dollar denominated debt positions and 
the internal positions in other currencies 
than USD were USD 86 million and 
USD 157 million respectively. 
Income tax 
The tax cost for the year 2021 is 
USD 355 million, which is approxi­
mately 48% of income before tax. The 
effective tax rate for the full year is 
negatively impacted by the impairments 
of Salitre and Dallol with limited tax 
effect, in addition to increased valuation 
allowance and currency loss on certain 
deferred tax assets. 
Net interest-bearing debt
As a supplement to the consolidated 
statement of cash flows (page 132), this 
table highlights the key factors behind 
the development in net interest-bearing 
debt. Net interest-bearing debt at the 
end of 2021 was USD 3,930 million, up 
from USD 2,930 million at the end of 
2020. Dividends, buybacks, net invest­
ments and new leases more than offset 
the cash earnings. Net investments for 
the year 2021 amounted to USD 874 
million, including USD 902 million of 
capital expenditures, partly offset by 
proceeds from sales of property, plan, 
equipment and other long-term assets 
for USD 29 million. The majority of 
investments were regular maintenance 
investments in Yara’s production 
system. During 2021, Yara paid out 
dividends and purchased own shares for 
a total of USD 1,578 million. The debt/
equity ratio at the end of 2021, calcu­
lated as net interest-bearing debt divided 
by shareholders’ equity plus non-con­
trolling interests, was 0.55 compared 
with 0.36 at the end of 2020. At the 
end of 2021, the net debt/EBITDA excl. 
Special items (last 12 months) ratio is 
1.36 unchanged compared to the end of 
2020.
Variance analysis
USD millions
2021
 EBITDA 2021 
2,804 
 EBITDA 2020 
2,223 
 Reported EBITDA variance 
581 
 Special items variance (see page 66 for details) 
(149)
EBITDA variance ex special items
730 
 Volume/Mix 
(25)
 Margin 
941 
 Currency translation 
 (46)
 Other 
(140)
Total variance explained
730 
Net interest-bearing debt
USD millions
2021
Net interest-bearing debt at beginning of period, including 
IFRS 16 implementation effect 
(2,930)
Cash earnings 1)
 2,263 
Dividends received from equity-accounted investees
 8 
Net operating capital change
(874)
Investments (net)
(830) 
Yara dividend and buy-backs
(1,578) 
New leases 2)
(144)
Other, including foreign currency translation gain/(loss)
 155 
Net interest-bearing debt at end of period
(3,930)
1)	Operating income plus depreciation and amortization, minus tax paid, net gain/(loss) on disposals, net interest expense and bank charges. 
2)	New lease arrangements in scope for IFRS 16 increase the net interest-bearing debt without having an immediate cash impact.
63
Yara Integrated Report 2021
01	 ‌THIS IS YARA
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Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Liquidity
At the end of 2021 Yara had USD 394 million in 
cash and cash equivalents, and USD 2,100 million in 
undrawn committed bank facilities. We consider the 
company’s cash and financial position to be strong.
Farming solutions 
Yara is transforming its core to become a provider 
of climate-neutral food solutions. To measure the 
advance of this transformation the metrics “Revenues 
from new business models” (MUSD 11 in 2021, with 
a MUSD 1,500 target for 2025) and “Revenues from 
online sales” (MUSD 4 in 2021, with a MUSD 1,200 
target for 2025) were developed. The focus in 2021 
has been to develop pilots for multiple initiatives in all 
regions as a first step to progress on this area.
Premiums generated measures Yara’s ability to grow 
premium offerings and to generate a positive price 
premium compared with alternative commodity prod­
ucts. The reduction in the premium generated in 2021 
compared to the previous year mostly reflects the rapid 
increase in the commodity prices throughout the year. 
Yara’s realized average prices for premium products 
increased less than the commodity reference as there 
is a normally a time lag to realize higher prices due to 
normal orderbook.
Financial items
USD million
2021
2020
2019
2018
2017
Interest income
64
61
74
78
75
Dividends and net gain/(loss) on securities
-
1
2
3
2
Interest income and other financial income
64
62
76
81
77
 
 
 
 
Interest expense
(138)
(135)
(157)
(127)
(57)
Net interest expense on net pension liability
(5)
(5)
(9)
(7)
(8)
Net foreign currency translation gain/(loss)
(251)
(243)
(145)
(278)
99
Other
(21)
(25)
(15)
(19)
(17)
Interest expense and foreign currency translation gain/(loss)
(415)
(408)
(327)
(431)
17
 
 
 
 
Net financial income/(expense)
(351)
(346)
(251)
(350)
94
Production volumes
Thousand tonnes
2021
2020
2019 
2018 
2017
Ammonia
7,261
7,606
8,479
8,305
7,459
 of which equity-accounted investees
-
181
1,000
1,039
1,061
 
 
 
 
Urea
4,739
5,175
6,419
6,327
5,257
 of which equity-accounted investees
-
268
1,504
1,517
1,573
Nitrate
6,254
6,471
6,225
6,136
6,173
NPK
6,442
6,104
5,697
5,736
5,504
CN
1,773
1,640
1,543
1,623
1,511
UAN
917
959
974
835
931
SSP-based fertilizer
717
647
1,087
1,115
822
MAP
14
51
115
116
-
Total Finished Products 1)
20,856
21,047
22,060
21,887
20,199
64
Yara Integrated Report 2021
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Black Talent Initiative
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Five questions on regenerative 
agriculture
‌Planet performance
 
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‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Deliveries (detailed table)
Thousand tonnes
2021
2020
2019
Yara deliveries
Ammonia trade
2,007 
 1,966 
 2,527 
Fertilizer
 28,376 
 29,291 
 27,620 
Industrial Product
 7,430 
 6,920 
 7,837 
Total deliveries
 37,814 
 38,177 
 37,983 
Crop Nutrition deliveries
Urea
5,745 
 6,051 
 5,909 
Nitrate
5,477
 5,826 
 5,412 
NPK
 10,400 
 10,444
 9,943 
of which Yara-produced compounds
 6,208 
 6,243 
 5,618 
of which blends
 3,585 
 3,657 
 3,801 
CN
 1,745 
 1,594 
 1,237 
UAN
 1,295 
 1,405 
 1,287 
DAP/MAP/SSP
 904 
 991 
 1,096 
MOP/SOP
 1,534 
 1,462 
 1,326 
Other products
 1,275 
 1,519
 1,411 
Total Crop Nutrition deliveries
 28,376 
 29,291 
 27,620 
Europe deliveries
Urea
 940 
 1,009 
 796 
Nitrate
 3,770 
 4,333
 4,057 
NPK
 2,582 
 2,769 
 2,714 
of which Yara-produced compounds
 2,426 
 2,632 
 2,555 
CN
 440 
 446 
 393 
Other products
 1,500 
 1,559 
 1,492 
Total deliveries Europe
 9,232 
 10,116 
 9,452 
Thousand tonnes
2021
2020
2019
Americas deliveries
Urea
 2,683
 2,700 
 2,615 
Nitrate
 1,336 
 1,170 
 1,117 
NPK
 6,104 
 5,939 
 5,687 
of which Yara-produced compounds
 2,421 
 2,159 
 1,797 
of which blends
 3,157 
 3,285 
 3,441 
CN
 1,096 
 962 
 679 
DAP/MAP/SSP
 820 
 889 
 1,014 
MOP/SOP
 1,432 
 1,374 
 1,233 
Other products
 991 
 1,240 
 1,115 
Total deliveries Americas
 14,463 
 14,275 
 13,461 
of which North America
 3,465 
 3,481 
 3,254 
of which Brazil
 8,801 
 8,814 
 8,438 
of which Latin America ex Brazil
 2,198 
 1,979 
 1,769 
Africa & Asia deliveries
Urea
 2,121 
 2,342 
 2,497 
Nitrate
 371 
 322 
 237 
NPK
 1,714 
 1,735 
 1,542 
of which Yara-produced compounds
 1,361 
 1,453 
 1,266 
CN
 209 
 186 
 166 
Other products
 265 
 314 
 264 
Total deliveries Africa & Asia
 4,681 
 4,900 
 4,707 
of which Asia
 3,499 
 3,730 
 3,525 
of which Africa
 1,182 
 1,169 
 1,182 
Industrial Solutions deliveries
Ammonia 1)
 563 
 543 
 625 
Urea 1)
 1,645 
 1,577 
 1,792 
Nitrate 2)
 1,234 
 1,069 
 1,146 
CN
 201 
 182 
 434 
Other products 3)
 1,636 
 1,605 
 2,028 
Water content in industrial ammonia and urea
 2,152 
 1,944 
 1,811 
Total Industrial Solutions deliveries
 7,430 
 6,920 
 7,837 
1)	Pure product equivalents.
2)	Including AN Solution.
3)	Including sulphuric acid, ammonia and 
other minor products.
65
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GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Special items
Fixed cost effect
EBITDA effect
Operating income effect
USD million
2021
2020
2021
2020
2021
2020
Environmental provisions
 - 
1
 - 
1
 - 
1
Scrapping of project development and provision for demolition
 - 
(1)
 - 
(6)
 - 
(5)
Impairment of non-current assets
 - 
 - 
 - 
 - 
6
(25)
Contract derivatives gain/(loss)
 - 
 - 
(1)
 - 
(1)
 - 
Restructuring cost
(8)
 - 
(8)
 - 
(8)
 - 
Additional bonus to employees
(4)
(4)
(4)
(4)
(4)
(4)
Total Europe
(12)
(4)
(13)
(9)
(7)
(34)
Environmental provisions
 - 
(4)
 - 
(4)
 - 
(4)
Salitre divestment
(6)
 - 
(6)
 - 
(344)
 - 
Settlement of employee benefit plan
2
 - 
2
 - 
2
 - 
Supplier settlement
 - 
 - 
37
 - 
37
 - 
Provision related to closure of plant
(10)
4
(10)
4
(10)
4
Impairment of non-current assets
 - 
 - 
 - 
 - 
(44)
(3)
Additional bonus to employees
(7)
(7)
(7)
(7)
(7)
(7)
Total Americas
(21)
(7)
15
(7)
(366)
(10)
Supplier claim compensation
 - 
 - 
8
 - 
8
 - 
Impairment of non-current assets
 - 
 - 
 - 
 - 
(43)
(2)
Contract derivatives gain/(loss)
 - 
 - 
(90)
14
(90)
14
Additional bonus to employees
(2)
(2)
(2)
(2)
(2)
(2)
Total Africa & Asia
(2)
(2)
(83)
12
(127)
10
Impairment of non-current assets
6
 - 
6
 - 
(236)
 - 
Qafco divestment
 - 
 - 
 - 
97
 - 
97
Additional bonus to employees
(2)
(2)
(2)
(2)
(2)
(2)
Total Global Plants & Operational Excellence
4
(2)
4
95
(238)
96

Table continues on the next page >
66
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
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Five questions on regenerative 
agriculture
‌Planet performance
 
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‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Fixed cost effect
EBITDA effect
Operating income effect
USD million
2021
2020
2021
2020
2021
2020
Environmental provision
(10)
 - 
(10)
 - 
(10)
 - 
Settlement of employee benefit plan
4
 - 
4
 - 
4
 - 
Impairment of non-current assets
 - 
 - 
 - 
 - 
(3)
 - 
Restructuring cost
(1)
 - 
(1)
 - 
(1)
 - 
Additional bonus to employees
(2)
(2)
(2)
(2)
(2)
(2)
Total Industrial Solutions
(9)
(2)
(9)
(2)
(12)
(2)
Contract derivatives gain/(loss)
 - 
 - 
1
1
1
1
Additional bonus to employees
 - 
 - 
 - 
 - 
 - 
 - 
Total Clean Ammonia
 - 
 - 
1
1
1
1
Action Africa
 - 
(20)
 - 
(20)
 - 
(20)
Impairment of non-current assets
 - 
 - 
 - 
 - 
 - 
(15)
Portfolio management costs
 - 
(7)
 - 
(7)
 - 
(7)
Additional bonus to employees
(2)
(2)
(2)
(2)
(2)
(2)
Total Other and Eliminations
(2)
(28)
(2)
(28)
(2)
(44)
Total Yara
(42)
(44)
(87)
62
(751)
17
Board conclusion 
In the opinion of the Board of Directors, the consolidated financial statements provide a true and fair view of the group’s financial performance during 2021 and financial posi­
tion on 31 December 2021. According to section 3–3 of the Norwegian Accounting Act, we confirm that the consolidated financial statements and the financial statements of the 
parent company have been prepared based on the going concern assumption, and that it is appropriate to make that assumption. 
67
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
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‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

The Yara share
Yara aims to be an attractive 
investment for shareholders, and to 
provide competitive returns compared 
to other investment alternatives. 
The Yara share shall be liquid and an 
attractive investment opportunity.
We are committed to serving all our share­
holders and potential investors by providing 
accurate, comprehensive and timely infor­
mation. Our policy is equal treatment of 
all stakeholders, including analysts, banks, 
institutional investors, and private sharehold­
ers. All information that may be important 
and relevant for Norwegian and international 
markets is provided in the form of releases to 
the Oslo Stock Exchange (OSE), media and 
financial newswires. Yara presents quarterly 
results as live webcasts.
Share performance and distribution
In 2021, 143 million shares were traded 
on the OSE at a value of NOK 62 billion. 
The average daily trading volume for Yara 
shares on the OSE during 2021 was 568,538. 
The highest closing price during the year 
was NOK 494.00 and the lowest was 
NOK 360.70. The year-end closing price was 
NOK 445.00, representing a 25% increase 
Yara share price indexed (31.12.2020 = 100)
OBX indexed (31.12.2020 = 100)
Common share data
Q1
Q2
Q3
Q4
2021
2020
Basic earnings per share
0.05
2.1
(0.56)
0.16
1.75
2.58
Average number of shares 
outstanding 1)
261,154,877
256,646,180
254,725,627
254,725,627
256,789,744
267,985,860
Period end number of shares 
outstanding 1)
259,580,357
254,725,627
254,725,627
254,725,627
254,725,627
263,001,109
Average daily trading volume 2)
625,085
536,035
530,405
582,163
568,538
759,519
Average closing share price 
412
447
447
443
437
338
Closing share price 
(end of period) 
445
453
434
445
445
356
Closing share price high 
449
473
494
472
494
378
Market capitalization 3) 
(end of period NOK billion)
115.5
115.4
110.6
113.4
113.4
95.5
Dividend per share 4)
20
30
50
38
Dividend yield 5)
11.2%
10.7%
Total shareholder return 6)
33.9%
9.4%
1)	Excluding own shares
2)	Only traded on OSE
3)	Calculated by multiplying the period’s closing share price 
with the outstanding shares as of period end
4)	Including 20 NOK per share additional dividend paid 3Q 
2021 and 30 NOK per share proposed for 2021 
5)	Based on 31 December share price
6)	Measured in US dollars
60
80
100
120
30.12.21
30.11.21
31.10.21
30.09.21
31.08.21
29.07.21
30.06.21
31.05.21
29.04.21
31.03.21
29.02.21
29.01.21
﻿30.12.20
68
Yara Integrated Report 2021
01	 ‌THIS IS YARA
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Black Talent Initiative
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Five questions on regenerative 
agriculture
‌Planet performance
 
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‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

from the 2020 year-end closing price. Yara’s 2021 total 
shareholder return (TSR) was 33.9% measured in US 
dollars, with dividends reinvested. Yara’s market value 
as of 31 December 2021 was NOK 113.4 billion.
At year-end 2021, Yara had 44,485 shareholders. 
Non-Norwegian investors owned 41.2% of the total 
stock, of which 17.9% were from the United States 
and 6.2% from the United Kingdom. The Norwegian 
State, through the Ministry of Trade and Industry, 
is the largest single owner with 36.2% of the shares. 
Norwegian private ownership of Yara shares was 
22.6% at the end of 2021.
Shareholding distribution
(as of 31 December 2021)
Ownership structure:
No of shares
No of shareholders
% of share capital
1-100
27,647
0.0%
101-1000
13,617
1.8%
1001-10000
2,427
2.8%
10001-100000
570
7.7%
100001-1000000
194
23.5%
above 1,000,000
30
63.9%
44,485
Shareholding distribution 1)
(as of 31 December 2021)
Ownership structure:
Name
Holding (%)
Ministry of Trade, Industry and Fisheries
 36.2 
The Government Pension Fund Norway 
 7.0 
The Vanguard Group, Inc.
 2.1 
BlackRock Institutional Trust Company, N.A.
 2.0 
Sprucegrove Investment Management, Ltd.
 2.0 
DNB Asset Management AS
 1.9 
Polaris Capital Management, LLC
 1.6 
Storebrand Kapitalforvaltning AS
 1.5 
Arrowstreet Capital, Limited Partnership
 1.4 
KLP Forsikring
 1.3 
State Street Global Advisors (US)
 1.3 
Fidelity Management & Research 
Company LLC
 1.3 
Alfred Berg Kapitalforvaltning AS
 0.9 
INVESCO Asset Management Limited
 0.9 
Nordea Funds Oy
 0.9 
Pareto Asset Management AS
 0.8 
UBS Asset Management (UK) Ltd.
 0.8 
Schroder Investment Management Ltd. (SIM)
 0.7 
LSV Asset Management
 0.7 
SAFE Investment Company Limited
 0.7 
Danske Invest Asset Management AS
0.6
1)	This shareholder list is delivered by Nasdaq and VPS through their service Nominee ID. 
The list is made by analyzing information provided by registered shareholders on request 
from Yara International. Neither Nasdaq nor VPS guarantee that the information is 
complete. For a list of the largest registered shareholders as of 31 December 2021, 
see note 11 on page 242 in this Integrated Report.
Shareholding distribution 1)
(as of 31 December 2021)
Norwegian state
Norwegian private
US
UK
Other
36.2%
22.6%
6.2%
17.9%
17.1%
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Yara Integrated Report 2021
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02	 ‌YEAR IN REVIEW
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Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

ADR performance and voting rights
Yara has a sponsored level 1 ADR (American 
Depository Receipt) program in the United States. The 
ADRs are not listed, but are bought and sold OTC, 
i.e. through any broker licensed to buy and sell US 
securities. The ADR ratio is two (2) ADRs to one (1) 
ordinary Yara share. On 31 December 2021, the ADR 
was quoted at USD 25.31, a 21.7% increase for the 
year. To find a recent price quote for Yara ADRs please 
go to www.adr.com. The ticker symbol is YARIY.
Shares must be registered with the Norwegian Central 
Securities Depository (Verdipapirsentralen) in the name 
of the real owner if holders want to vote for their shares 
at the shareholders’ meeting. Holders of Yara ADRs 
should check their voting rights with JPMorgan, which 
is the depository bank for Yara ADRs.
Cash distribution policy
Yara’s targeted capital structure is a mid- to long-term 
net debt/EBITDA range of 1.5-2.0 and a net debt/
equity ratio below 0.6. Subject to these requirements, 
Yara’s ordinary dividend shall be 50% of net income. 
Shareholder returns are distributed primarily as cash, 
with share buybacks as supplemental lever. The div­
idend pertaining to a fiscal year will be declared at 
Yara’s Annual General Meeting in the following year.
In 2021 Yara paid USD 1,467 million in dividends 
and share buybacks 1) representing approximately 
213% of net income in 2020. Dividends accounted 
for USD 1,214, representing approximately 176% of 
2020 net income, while share buybacks 1) amounted 
to USD 164 million, representing approximately 37% 
of 2020 net income. Yara’s Board will propose to 
the Annual General Meeting a dividend payment of 
NOK 30 per share for 2021, which represents approxi­
mately 78% of net income attributable to shareholders 
of the parent excluding special items, totaling a 
payment of USD 867 million based on outstanding 
shares at 31 December 2021 and the USDNOK 
exchange rate at 31 December 2021.
The Yara Annual General Meeting on 6 May 2021 
authorized Yara’s Board to buy back up to 5% of 
total shares (12,736,281 shares) before the 2022 Yara 
Annual General Meeting, at a purchase price not less 
than NOK 10 and not more than NOK 1,000. A pre­
condition for the program was that an agreement was 
entered into with the Norwegian State where the State 
committed to sell a proportional share of its holdings to 
leave the State’s ownership (36.21%) unchanged.
2022 Annual General Meeting
The Yara Annual General Meeting will take place at 
16:30 (CEST) Thursday 10 May 2022. Information 
about how shareholders register for the Annual General 
Meeting will be published on www.yara.com no later 
than 21 days prior to the event, including information 
on how to register attendance or vote.
Analyst coverage
22 financial analysts provide market updates and 
estimates for Yara’s financial results, of whom 13 are 
located outside Norway.
Rating
Rating agencies Moody’s and Standard & Poor’s 
have rated Yara as solid investment grade. Reflecting 
its strong market position and cost leadership, Yara 
is rated investment grade “Baa2” with Moody’s and 
“BBB” with Standard & Poor’s.
Change of address
Shareholders registered in the Norwegian Central 
Securities Depository should send information about 
changes of address to their registrars and not directly to 
the company.
Registrar information
Registered shareholders may contact our registrar in 
Norway regarding share transfers, address changes and 
other issues related to their holding of Yara shares. The 
contact details are shown below.
Share facts
Ticker: YAR
Listing: Oslo Stock Exchange (OSE)
Yara’s registrar in Norway and ADR depositary bank
Contact details to Yara’s registrar in Norway and ADR deposi­
tary bank can be found on the company’s website:
yara.com/investor-relations/share-and-debt-information/
registrar-and-auditor/
2022 Dividend schedule
Ex-dividend date
11 May 2022
Payment date
20 May 2022
2022 Release dates
Q1:	 27 April 2022
Q2:	 19 July 2022
Q3:	 20 October 2022
Q4:	  8 February 2023
1)	Including the corresponding committed pro-rate redemption of shares from the Norwegian state of shares related to buy-backs performed in 2021, paid after the 2021 Annual General Meeting
70
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Governance   
Responsible business conduct requires 
proper Governance structures in place, 
safeguarding value in Yara and for our 
stakeholders, across the People, Planet 
and Prosperity dimensions. We ensure 
that success is achieved in the right 
way, according to high standards. 
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02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

CASE
Ethics & Compliance on demand 
A new Yara app gives easy access to Ethics & Compliance guidance and will facilitate 
decision-making and responsible business conduct for employees on the go. 
As a global company, Yara is exposed to different 
cultures, traditions, labor conditions, and threats. 
The YaraEthics app is available to all employees but 
is expected to give extra benefit to non-office-based 
employees and frequent travelers. 
“We are dedicated to responsible business conduct 
throughout our operations and value chain, and the 
YaraEthics App is a way of making guidance and 
relevant resources easily accessible for employees who 
might find themselves in situations of uncertainty”, says 
Cira Holm, Yara’s Chief Compliance Officer. 
The app is available in 14 languages, and gives employ­
ees quick access to, among other things: 
•	 Yara’s Code of Conduct 
•	 Relevant compliance policies and guidelines 
•	 The Ethics hotline 
•	 Declaration forms for conflict of interest, gifts & 
hospitality, and facilitation payments 
In Yara’s annual Ethics Survey, 18% of respondents felt 
that ethics considerations slow their ability to achieve 
business objectives. This app is intended to make it 
easier and faster to reach the right conclusion, when 
faced with difficult practical decisions. 
“We continue to develop our governance structures and 
frameworks to ensure business integrity in Yara. This 
app will not only facilitate decision-making at critical 
times but will also make it easier to report suspicion of 
misconduct and importantly, make it easier for employ­
ees to educate themselves on business integrity and 
ethical business conduct,” Cira Holm concludes”
“We continue to develop our governance structures and frame­
works to ensure business integrity in Yara. This app will not 
only facilitate decision-making at critical times but will also 
make it easier to report suspicion of misconduct and impor­
tantly, make it easier for employees to educate themselves on 
business integrity and ethical business conduct”
Cira Holm
Chief Compliance Officer
72
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

GOVERNANCE 
Governance performance 
In 2021, we saw 29% fewer reported environmental grievances 
from local communities than we did in 2020. This was achieved 
through active stakeholder engagement along with improvements 
at our production sites. 
In total, we registered fines of USD 400,000 for breaches of laws 
and regulations other than environmental ones in 2021. Yara 
considers fines above 5 MUSD to be significant, and should such 
fines occur, they will be described in further detail. 
We increased the number of face-to-face risked-based Ethics and 
Compliance trainings and raised the employees’ completion of 
Code of Conduct e-learning. This e-learning is mandatory for all 
new hires to promote and uphold an ethical culture across Yara. 
Of the 34 reported fraud and corruption notifications, 27 were 
resolved within the reporting period, and 12 were substantiated 
according to Yara’s Investigation Procedure. Disciplinary actions 
as a result of investigations in 2021 led to 14 dismissals and 15 
warnings. 
Ensuring that employees trust our reporting channels and are 
comfortable voicing their concerns is a key focus area in for the 
Ethics and Compliance Department. 
Unit of 
measure
2021 
2020 
2019 
2018 
2017 
Governance indicators
Environmental grievances 
from local communities  
100 
140 
135 
165 
165 
Number  
Non-compliance with laws 
and regulations in the 
socio-economic area  
400,000 
235,000 
257,000 
81,000 
400,000 
USD  
Number of face-to-face 
risked based Ethics and 
Compliance trainings  
3,592 
3,042 
2,699 
3,985 
3,737 
Headcount  
Employees completion of 
Code of Conduct e-learning  
94% 
93%  
86% 
83% 
n.a.  
 % 
Fraud and corruption notifi­
cations  
34 
35 
57 
51 
46 
Number  
73
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Performance indicators
Environmental grievances from 
local communities 
Number of environmental grievance cases registered 
from neighbors of our infrastructure or production 
facilities. 
Non-compliance with laws and regulations 
in the socio-economic area 
The sum of registered fines in Yara for issues other than 
environmental breaches. 
Number of face-to-face risked based 
Ethics and Compliance trainings 
The Ethics and Compliance training program is 
delivered by regional compliance managers. Training 
content is targeted at the participants based on a risk 
assessment considering factors such as function, role, 
seniority, and location. 
Employees’ completion of Code 
of Conduct e-learning 
The mandatory e-learning includes all topics covered 
by the Code of Conduct. All new hires with access to 
a PC are expected to complete the e-learning within 
3 months. The purpose is to prevent corruption and 
human rights abuses and to promote a culture in which 
these matters are difficult to perpetrate. This is meas­
ured as the percentage of employees with access to the 
learning platform, who at year-end have completed the 
e-learning since their commencing date. 
Fraud and corruption notifications 
Through whistleblowing and other channels, Yara is 
alerted to a number of cases where employees or others 
suspect fraud or corruption. Yara encourages such 
reporting. The figures represent the raw number of 
reported cases. Each case is investigated, and action is 
taken for all substantiated cases. 
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Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

TCFD REPORTING
External framework guidance
The following indexes provide readers’ guidance on how Yara covers TCFD reporting, EU Guidelines on 
reporting climate-related information and WEF Stakeholder Capitalism indicators:
EU Guidelines and TCDF
EU Non-Financial Reporting Directive Requirements and TCFD Recommended Disclosures:
Non-Financial Reporting Directive Requirements
TCFD Recommended Disclosures
Business Model
Policies and 
Due Diligence Processes
Outcomes
Principal Risks and Their 
Management
Key Performance Indicators
Governance
a)‌  Board’s oversight
AR, Corp Gov
b)  Management’s role
AR, Corp Gov
Strategy
a)  Climate-related risks and opportunities
AR, Strategy
AR, Risk management 
AR, Strategy
b)  Impact of climate-related risks and opportunities
AR, Strategy
c)  Resilience of the organization’s strategy
AR, Strategy
Risk 
management
a)  Processes for identifying and assessing
AR, Risk management
b)  Processes for managing
AR, Risk Management
c)  Integration into overall risk management
AR, Strategy
AR, Corp Gov
AR, Risk management 
Metrics & 
Targets
a)  Metrics used to assess
AR, Planet performance
b)  GHG emissions
AR, Planet performance
c)  Targets
AR, Planet performance
AR: Yara Integrated Report 2021 
SR: Sustainability Report 2021
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Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

TCFD recommended indicators for the chemical industry:
Metric
Reported where
Comment
Revenues/savings from investments in low-
carbon alternatives
AR, Planet performance.
Revenues according to 
Cicero Shades of Green
Expenditures (OpEx) for low-carbon alternatives
AR, Planet performance 
Total energy consumed, broken down by source
SR, Performance - Planet
Total fuel consumed, percentage from coal, 
natural gas, oil, and renewable sources
SR, Performance - Planet
Total energy intensity
AR, Planet performance
Reported for ammonia
Percent of fresh water withdrawn in regions 
with high or extremely high baseline water 
stress
AR, Planet performance
GHG emissions intensity from buildings and 
from new construction and redevelopment
n.a.
Not material to Yara
Area of buildings, plants or properties located in 
designated flood hazard areas
AR, Planet performance
Investment (CapEx) in low-carbon alternatives
AR, Planet performance
EU Guidelines on reporting climate-related information:
Metric
Reported where
Comment
Scope 1 GHG
AR, Planet performance
Scope 2 GHG emissions
SR, Performance - Planet
Scope 3 GHG emissions
SR, Performance - Planet
GHG absolute target
AR, Planet performance
Energy consumption
AR, Planet performance
Energy efficiency target
AR, Planet performance
Renewable energy consumption
SR, Performance - Planet
Assets exposed to physical climate risks
AR, Planet risks
AR, Risk management
Partial disclosure, 
analysis ongoing
EU Taxonomy disclosures
AR, Planet performance
Separate report available 
on yara.com 
Green Bond Ratio
0%
76
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

Stakeholder Capitalism metrics
At the CEO level, Yara has commit­
ted to implementing the Measuring 
Stakeholder Capitalism white paper 
in our reporting. Published by World 
Economic Forum in September 2020, 
the white paper was developed on 
basis of the Davos Manifesto 2020, a 
declaration on the universal purpose 
of companies. The process was sup­
ported by the International Business 
Council (IBC) of which Yara’s CEO is a 
member. Yara’s adoption of the People, 
Planet and Prosperity dimensions is a 
first step of implementation.
Theme
Core metrics
Reported where
Comments
Principles of 
Governance
Governing purpose
Setting purpose
AR, inside cover
Quality of governing body
Governance body composition
AR, Board message
Stakeholder engagement
Material issues impacting stakeholders
AR, Stakeholders & 
Materiality
Ethical behavior
Anti-corruption
SR, Prosperity performance
Protected ethics advice and reporting 
mechanisms
SR, Codes, policies and key 
processes
Risk and opportunity oversight
Integrating risk and opportunity into 
business process
AR, Corp Gov , risks chapters 
for Strategy and Planet
Planet
Climate change
Greenhouse gas (GHG) emissions
AR, Planet performance
TCFD implementation
Ref. above tables
Nature loss
Land use and ecological sensitivity
SR, Planet performance
Freshwater availability
Water consumption and withdrawal in 
water-stressed areas
AR, Planet performance
People
Dignity and equality
Diversity and inclusion (%)
AR, People performance
Pay equality (%)
SR, People performance
Wage level (%)
n.a.
Risk for incidents of child, forced or 
compulsory labour
SR, How we work – Ethic & 
Compliance
Health and well-being
Health and safety (%)
SR, People performance
Skills for the future
Training provided (#, $)
SR, People performance
Prosperity
Employment and wealth generation
Absolute number and rate of 
employment
SR, People performance
Economic contribution
SR, Prosperity performance
Financial investment contribution
AR, Planet performance
Partial disclosure,
Cicero Shades of Green
Innovation of better products and 
services
Total R&D expenses ($)
n.a.
Community and social vitality
Total tax paid
Separate Country-by-country 
tax report
Available on yara.com, 
annual reporting page
77
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
‌PEOPLE
Black Talent Initiative
‌People performance
 
‌PLANET
Five questions on regenerative 
agriculture
‌Planet performance
 
‌PROSPERITY
A new era of digital production
‌Prosperity performance
‌The Yara share
 
GOVERNANCE
Ethics & Compliance on demand
Governance performance
 
‌External framework guidance
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS

FROM THE BOARDROOM
Delivering on our 
commitment
Yara’s Corporate Governance and company processes 
are set up to diligently oversee, control and manage the 
company’s risks and opportunities. An open and active 
corporate governance is crucial for aligning the interests 
of shareholders, management, employees and other 
stakeholders.
Success can only be celebrated when it is achieved the right 
way, and our way of conducting business defines who we are 
as a company. HESQ and Ethics & Compliance make up our 
license to operate and are integrated in everything we do.
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02	 ‌YEAR IN REVIEW
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‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

Governance 
report
79
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
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‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

GOVERNANCE REPORT
Corporate governance
An open and active corporate governance is crucial for 
aligning the interests of shareholders, management, 
employees, and other stakeholders of Yara. Yara’s Board of 
Directors (“Board”) believes that good corporate governance 
drives long-term value creation and promotes sustainable 
business conduct. 
Governance framework 
Yara is subject to corporate governance reporting requirements according 
to the Norwegian Accounting Act section 3-3b, the Oslo Stock Exchange 
Rulebook II – Issuer Rules, Chapter 4.4, and the Norwegian Code of 
Practice for Corporate Governance (the “Code”), freely available at 
lovdata.no, oslobors.no, and nues.no respectively. 
This report follows the system used in the Code and forms part of the 
Report of the Board of Directors. 
1. Implementation and reporting of corporate governance
Yara’s Board of Directors promotes and supports open and clear commu­
nication of the company’s key governance and decision processes. Yara’s 
Board of Directors believes that good corporate governance drives long-
term value creation and promotes sustainable business conduct. As set 
out in Yara’s Code of Conduct chapter 12.1, available at Yara.com, Yara 
has a responsibility to communicate timely, completely, and accurately 
with our shareholders, government regulators, and the general public. As 
set out in the Code of Conduct chapter 2.5 and 2.8, Yara is committed to 
complying with all applicable laws, rules, and regulations in the countries 
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02	 ‌YEAR IN REVIEW
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‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

where the company operates, and Yara continually 
strives to improve its corporate governance and culture. 
 Yara complies with the recommendations of the Code 
with the exception of the separate election of each can­
didate for the Board of Directors and the Nomination 
Committee. The justification for this deviation and the 
selected, alternative solution is provided in section 6 
below. 
2. Business
Founded in 1905 to solve the emerging famine in 
Europe, Yara has a worldwide presence with around 
17,000 employees and operations in over 60 countries. 
In 2021, Yara reported revenues of USD 16.6 billion. 
Yara is headquartered in Oslo, Norway, and is listed at 
Oslo Stock Exchange. 
The scope of Yara’s business is defined in its Articles of 
Association, section 2: 
“The objectives of the company are to engage in indus­
try, commerce and transport, and to engage in other 
activities connected with these objectives. Activities may 
also proceed through participation in or in co-operation 
with other enterprises.” 
The Articles of Association are published at Yara.com. 
Yara’s mission is to responsibly feed the world and 
protect the planet, and Yara’s vision is of a collabo­
rative society, a world without hunger and a planet 
respected. To meet these commitments, we have taken 
the lead in developing sustainable food solutions, 
including premium crop nutrition products, digital 
farming tools, and close collaboration with growers, 
farmers, and partners throughout the food value chain. 
Through its Clean Ammonia unit, Yara is uniquely 
positioned to enable the hydrogen economy and accel­
erate the green energy transition by targeting green 
ammonia opportunities within shipping, agriculture, 
and industrial applications. Yara fosters an open 
culture of diversity and inclusion that promotes the 
safety and integrity of our employees, contractors, 
business partners, as well as society at large. 
Yara’s Board of Directors conducts an annual 
review of Yara’s objectives, risk profile, and strategy. 
Furthermore, the company’s compliance with these 
objectives, risk profile and strategy, as well as the need 
for possible adjustments of them, are monitored by the 
Board throughout the year. For more information on 
the Board’s work relative to company’s objectives, risk 
profile, and strategy, see page 89. 
Sustainability is integral to Yara’s core business strat­
egy, and Yara has committed itself to the ten principles 
of the UN Global Compact, the UN Sustainable 
Development Goals, and the Paris Agreement. The 
company disclosures follow the GRI Standards, which 
comply with both the Norwegian Accounting Act and 
the Euronext guidance, on ESG reporting. Yara meas­
ures success through its Strategy Scorecard, with KPIs in 
the People, Planet, Prosperity, and Governance topics. 
The Yara Group Executive Board adopts the Corporate 
global target in relation to gender diversity. This implies 
that a target of minimum 40% female positions holders 
is met at this level by 2025. This target has already been 
exceeded with the current level being 50%. 
The Yara Recruitment and Compensation policies are 
applicable to the Group Executive Board positions also. 
This implies no discrimination in selection processes, 
and a process with equal opportunities while promot­
ing diversity. To ensure fair and non-discriminatory 
practice in relation to Compensation, Yara adopts job 
leveling at the Group Executive Board level. In accord­
ance to the Compensation policy, market benchmarks 
are then sourced at country levels to ensure equality 
within and across borders. Performance and DEI 
program implementation is described on pages 46–49. 
3. Equity and dividends
Yara’s capital allocation policy is based on an overall 
objective to maintain a mid-investment grade credit 
rating, while at the same time providing investors with 
a potential for cyclical upside in dividends. Yara’s 
targeted capital structure is a mid- to long-term net 
debt/EBITDA range of 1.5-2.0 and a net debt/equity 
ratio below 0.60. Subject to these requirements, Yara’s 
ordinary dividend shall be 50% of net income. Interim 
cash returns may be distributed, subject to proposal 
from the Board and approval in the General Meeting. 
Shareholder returns are distributed primarily as cash, 
with share buybacks as a supplemental lever. 
New equity will only be issued in connection with concrete 
step growth opportunities. No general mandate is granted 
to the Board to increase the company’s share capital. Yara 
may execute share buy-back programs as an integral part 
of its shareholder policy. Every year since the company’s 
IPO, Yara’s Board has secured an authorization from 
the Annual General Meeting to buy back up to 5% of 
total shares in the company during the next year, for 
subsequent cancellation. A precondition for each annual 
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program is that an agreement is made with the Norwegian 
State where the State commits to sell a proportional share 
of its holdings to leave the State’s ownership (36.21%) 
unchanged. The mandates granted to the Board of 
Directors for the company to purchase its own Yara shares 
are limited in time to the date of the next Annual General 
Meeting or latest end of June the relevant year. 
4. Equal treatment of shareholders 
Transactions involving the company’s own shares, such 
as the share buy-back program as mentioned in section 
3 above, are executed via the stock exchange at prevail­
ing stock exchange prices, with on-going disclosure via 
stock exchange releases and the company’s own web 
pages. Share redemptions from the Norwegian State are 
carried out at the same price terms as for the buy-backs 
carried out via the stock exchange. Yara may execute 
buy-backs via external bank mandate subject to “safe 
harbor” exemptions. 
For the company’s related party transactions, the man­
datory regulations in the Norwegian Public Limited 
Companies Act (“PLC”) §§3-9 and 3-10 following 
are supplemented by IFRS (International Financial 
Reporting Standards) standards. Thus, the members 
of the Board of Directors and Executive Management 
are required to disclose all entities that would be con­
sidered to be “related parties” under applicable IFRS 
regulation. Transactions with such entities are subject 
to specific disclosure and approval requirements, see 
further information in section 9 below. 
5. Shares and negotiability
The Articles of Association place no restrictions on the 
transferability of Yara shares, and the shares are freely 
negotiable. There are no voting restrictions linked to 
the shares. 
There are no restrictions on the purchase or sale of 
shares by the Board of Directors and the Executive 
Management as long as insider regulations are adhered 
to. Yara’s Share-based Remuneration program (SBR) 
requires the Executive Management to use the net 
amount after tax for the purchase of Yara shares, 
restricting the sale of such shares for three years follow­
ing the purchase. 
6. General meetings
In accordance with PLC § 5-1 (1), the Yara general 
meetings rank at the top of the corporate governance 
structure. In 2021, Yara held its Annual General 
Meeting on 6 May 2021 and an Extraordinary General 
Meeting on 6 September 2021. More information 
about the content of said meetings is given in the text 
box below. 
The general meetings are convened in writing by the 
Board of Directors in accordance with PLC §§ 5-9 and 
5-10, and prepared and conducted in accordance with 
PLC Chapter 5 and Yara’s Articles of Association §9. 
The Annual General Meeting is held before the end 
of June each year. This is in accordance with Yara’s 
Articles of Association §10 and PLC § 5-6 (1). 
All general meetings are convened by the Board of 
Directors at least 21 calendar days before the relevant 
general meeting date, cf. PLC §§ 5-10 (2), first sentence 
and 5-11 b no 1. The general meeting notice is sent 
to all shareholders individually or to their depository 
banks. The meeting notice includes information regard­
ing shareholders’ rights and guidelines for meeting 
registration and voting, including information regarding 
the processes for shareholders’ electronic participation, 
electronic advance voting, and the use of proxy. In 
accordance with Yara’s Articles of Association §9, the 
shareholders’ registration deadline for notice of attend­
ance is no more than five calendar days prior to the 
meeting. 
The general meetings are normally held as physical 
meetings at Yara’s head offices in Oslo, cf. PLC § 
5-8. However, for the 2021 general meetings it was 
decided by the Board of Directors, in accordance with 
the Articles of Association §9 and Norwegian legis­
lation exempting companies from physical meeting 
requirements, to hold the meetings as digital meetings 
only. This was decided in line with government recom­
mendations to reduce the risk of coronavirus spread/
contagion. 
In accordance with PLC §§ 6-3 and 6-10 and Yara’s 
Articles of Association §7, the General Meeting elects 
the shareholders’ representatives to the Board of 
Directors and approves their remuneration. In accord­
ance with Yara’s Articles of Association §7, the General 
Meeting also elects the Nomination Committee and 
approves the remuneration of the committee members. 
The Company has chosen not to follow the Code’s 
recommendation to vote separately on each candidate 
nominated for election to the Board and Nomination 
Committee. This choice is based on the Nomination 
Committee’s process being focused on the combined 
qualifications and experience of the proposed members 
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of the Board and the Committee, and that the voting 
should therefore also be combined. 
In accordance with PLC § 5-6 (2) the Annual General 
Meeting approves the Financial Statements, the Report 
of the Board of Directors, and any dividend payment 
proposed by the Board. In accordance with PLC § 5-6 (5) 
this Corporate Governance Report is also presented to the 
Annual General Meeting for approval. In accordance with 
PLC §§ 5-6 (3) and 6-16 a (5) the company’s Guidelines 
on salary and other remuneration for executive personnel 
was presented to and approved by the Annual General 
Meeting at the 2021 Annual General Meeting. The 
requirements of PLC § 6-16 a (5) is that the guidelines 
must be presented to the Annual General Meeting for 
approval upon any material changes to the Guidelines and 
at least every fourth year. At the 2021 Annual General 
Meeting it was confirmed by the Chair of the Board that 
the guidelines will in any case be presented for approval 
also at the 2022 Annual General Meeting. In accordance 
with PLC §§ 5-6 (4) and 6-16 b (2) the company’s Report 
on salary and other remuneration for executive personnel 
will be presented to the Annual General Meeting for 
consultative vote from and including the 2022 Annual 
General Meeting. In accordance with PLC § 7-1, the 
General Meeting elects the company’s external auditor 
and approves the auditor’s remuneration. 
Shareholders are entitled to have matters dealt with 
by the General Meeting provided that the relevant 
matters are reported in writing to the Board at least 
28 days before the date of the General Meeting, cf. 
the Norwegian Public Limited Liability Companies 
Act section 5-11, cf. section 5-11 b. Matters that are 
not on the agenda may not be voted on at the General 
Meeting. Shareholders are entitled to present alterna­
tives to the Board’s proposal under each agenda item, 
provided that the alternative proposals are within the 
scope of the item under consideration. 
In accordance with the Articles of Association §9, docu­
ments regarding matters to be considered at the general 
meeting are by decision of the Board made available at 
company’s website. A shareholder may still request the 
relevant documents to be sent to him or her. 
Shareholders are entitled to vote according to their 
number of shares owned and registered with the 
Norwegian Central Securities Depository Euronext VPS 
(“VPS”) at the date of the general meeting. The share­
holders may vote on each agenda item put forward in 
the General Meeting. 
The Chair of the Board and the CEO are present 
at the general meeting, along with the leader of the 
Nomination Committee and the external auditor, to the 
extent the agenda items make such attendance relevant. 
All Board members are encouraged to participate at the 
general meetings. 
The general meeting elects an independent person to 
chair the meeting. The minutes of the general meetings 
are published on the company website right after the 
meeting. 
7. Nomination Committee
Yara’s Articles of Association §7 states that the company 
shall have a Nomination Committee consisting of four 
members elected by the General Meeting, and that 
the General Meeting approves the procedure for the 
Nomination Committee. The latest approved version of 
the procedure for the Nomination Committee, which 
forms the basis for how the Nomination Committees 
conducts its work, is available on Yara’s website. The 
Nomination Committee’s procedure is in line with the 
recommendations of Section 7 of the Code. 
The Nomination Committee makes proposals to the 
Annual General Meeting regarding shareholder-elected 
members of the Board of Directors, members of the 
Nomination Committee, and their remuneration. 
The Nomination Committee also recommends which 
members the Board should elect as Chair and Deputy 
Chair. The rationale for the Nomination Committee’s 
recommendations is included in their proposal. 
Members of the Nomination Committee are elected 
for two-year terms. According to the Nomination 
Committee procedure, there should be a gradual rota­
tion among the committee members. 
The Nomination Committee consists of the following 
members, all of whom are independent of the Board 
and Executive Management: 
Otto Søberg, Chair (Partner, Norscan Partners AS) 
Thorunn Kathrine Bakke (Director, Norwegian 
Ministry of Industry, Trade and Fisheries) 
Ottar Ertzeid (Independent Board Member) 
Ann Kristin Brautaset (Deputy Director Equities at 
Folketrygdfondet (the The Government Pension Fund 
Norway) 
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The contact details of the Chair of the Nomination 
Committee are available on Yara’s website, and share­
holders with inputs to the Nomination Committee’s 
work are encouraged to send these to the Chair of 
the Nomination Committee. Further details on the 
Nomination Committee’s work in 2021 is given in 
Governance Report 2021, page 91. 
8. Board of Directors: Composition 
and independence
In accordance with PLC § 6-12, the Board of Directors 
has the overriding responsibility for the management of 
the company. The Board’s role and responsibility is also 
to supervise the company’s day-to-day management 
and the company’s activities in general, cf. PLC § 6-13. 
The responsibility for the day-to-day management has 
been delegated to the CEO as set out in the Rules of 
Procedure for the CEO of Yara International ASA, 
approved by the Board of Directors in accordance with 
PLC § 6-13 (2). 
Pursuant to Yara’s Articles of Association §6, the 
company’s Board of Directors shall be composed of 3 
to 11 members. The current Board of Directors consists 
of ten members. Six of these are shareholder-elected 
Board members (including the Chair), all elected by 
the General Meeting for two-year terms based on the 
Nomination Committee’s nomination. The remaining 
four Board members are elected by the employees in 
a separate process pursuant to PLC §§ 6-4 (3) and 
6-5. In accordance with PLC § 6-35 (2), Yara and its 
employees have agreed not to have a corporate assem­
bly and the company is thus required to include four 
employee elected members in the Board. Yara believes 
this solution, with employee elected board members 
instead of a corporate assembly, supports more direct 
communication between shareholders and manage­
ment, increases accountability, and improves the speed 
and quality of the company’s decision-making. There is 
a full gender balance between the shareholder-elected 
board members (3 male and 3 female). Amongst the 
employee-elected Board members, 3 members are male 
and 1 member is female. The Board’s gender compo­
sition is accordingly compliant with the mandatory 
requirements set out in PLC § 6-11 a. 
The Board elects both its Chair and Deputy Chair 
among the Board members, based on a recommenda­
tion from the Nomination Committee. The Board also 
appoints and dismisses, if applicable, the CEO and 
determines the CEO’s remuneration. 
The shareholder-elected members of the Board are 
independent of the company’s management, main 
shareholders, and material business contracts, and 
do not have specific assignments for the company in 
addition to their duties as Board members. The same is 
valid for the employee representative Board members, 
other than their employment contracts. Members of 
the Executive Management are prohibited from being 
members of the Board. All Board members are encour­
aged to own shares in the company. 
9. The work of the Board of Directors
The Board has established written instructions for its 
own work. These instructions are set out in the Rules 
of Procedure for the Board of Yara International ASA. 
Among other things, the Board Procedure states that all 
Board members and the CEO shall immediately notify 
the Board in writing if he or she has an interest in a 
transaction or agreement that has been entered into or is 
considered to be entered into by the Company. The Board 
Procedure includes instructions on the handling of agree­
ments with related parties and intra-group agreements, 
hereunder instructions that all such agreements shall be in 
writing or documented in writing, entered into on arms-
length basis, and that it shall be assessed on a case-by-case 
basis whether a third-party fairness opinion of the relevant 
agreement is required. There were no significant transac­
tions between the company and related parties in 2021, 
except for ordinary commercial transactions with subsidi­
aries and non-consolidated investees. These were based on 
arm’s length market terms. 
The Board has established an Annual Cycle which sets 
out all planned meeting dates, regular Board agenda 
items, and procedures for Board document prepa­
rations. The Board Procedure and Annual Cycle are 
evaluated by the Board on an annual basis. 
The CEO reports monthly to the Board on operational 
and financial developments and results, as well as other 
material company and industry developments, includ­
ing but not limited to sustainability topics. 
Pursuant to Yara’s Rules of Procedure for the Board 
and Yara’s Code of Conduct, all Board members and 
members of Yara’s management are committed to 
making the company aware of any material interest 
they may have in items to be considered by the Board. 
Neither a Board member nor the company CEO may 
participate in Board discussions or decisions of matters 
that are of such particular significance for him or 
her, or for any close associate of his or hers, that the 
member must be deemed to have a special or prominent 
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personal or financial interest in the matter. If the 
Chair is or has been personally involved in matters of 
material significance to the company, any Board review 
of such matters will be chaired by another member of 
the Board. In the case of the Chair’s absence, Board 
meetings will be chaired by the Deputy Chair. 
The Board of Directors has established an Audit and 
Sustainability Committee and a HR Committee. Both 
committees work as preparatory bodies for the Board 
and according to specific mandates approved by the 
Board, see more information regarding said commit­
tee’s work below. 
The Board of Directors conducts an annual evaluation 
of its qualifications, experience, and performance, 
which is also presented to the Nomination Committee. 
HR Committee 
The HR Committee reviews the performance of, and 
proposes terms and compensation for, the CEO to 
the Board of Directors. The committee also reviews 
and proposes guidelines for executive remuneration 
and material employment matters, and advises the 
CEO and the Board on People Strategy, People related 
KPIs and other critical topics linked to the People & 
Organization framework. The HR Committee shall 
consist of three Board members, including the Chair of 
the Board who also chairs the HR Committee. In 2021, 
the HR Committee, in addition to the Chair, consisted 
of one shareholder elected Board member and one 
employee elected Board member. 
Board Audit and Sustainability Committee 
The Board Audit and Sustainability Committee (BASC) 
assists the Board of Directors in supervision of the 
integrity of the Company’s accounts, the process for 
financial and sustainability reporting, and the internal 
control related to financial and sustainability reporting 
and risk management and performance of the external 
auditor. The BASC further evaluates the performance 
of the internal audit function related to areas within the 
mandate of BASC, ensuring sustainability governance 
processes provide an understanding of the company’s 
significant stakeholders and materiality. The BASC con­
ducts an annual evaluation according to its mandate. 
The BASC consists of three members of the Board and 
has the independence and competence required by 
legislation. The Chair of the Board is not a member of 
BASC. 
10. Risk management and internal control
Yara’s risk management and internal control activities 
are integrated with the corporate strategy and business 
planning processes, based on the principle that risk 
evaluation is an integral part of all business activities. 
While risk management is a centrally governed process, 
the responsibility for day-to-day risk management 
activities is placed with the operating segments and 
corporate functions. The Yara Board of Directors and 
Executive Management evaluate and define yearly risk 
appetite across key strategic, financial, operational, 
compliance and HESQ dimensions. 
The Board believes that expressing the company’s risk 
appetite within important areas of its business activity 
helps to convey how the company approaches and eval­
uates risk to investors, customers, and society at large. 
Defining risk appetite is also a prerequisite for setting 
optimal risk tolerance with supporting controls. 
The Board carries out separate annual reviews of the 
company’s most important risk exposures and internal 
control systems. Risks are also considered by the Board 
in relation to the assessment of specific projects and 
ongoing operations. 
The BASC performs ongoing evaluations of risk and 
control related to financial reporting. Yara Internal 
Risk and Audit supports Yara Management and the 
Board of Directors in terms of evaluating the effective­
ness and efficiency of internal controls and gives an 
independent view on risk management. 
Yara Internal Risk and Audit performs independent 
audits both at subsidiary and group level, as well as 
audits and reviews of specialist functions involved 
in business operations, financial reporting, and risk 
management. The Chief Audit Executive reports func­
tionally to the Board of Directors and administratively 
to the Chief Executive Officer. Yara Internal Risk 
and Audit has no direct operational responsibility 
or authority over any of the activities it reviews. The 
unit has unrestricted access to all functions, records, 
physical properties, and personnel relevant to the per­
formance of its tasks. It also has full and free access to 
Yara Executive Management, the Board of Directors, 
and the BASC. 
The external auditor provides a description of the main 
elements in the audit to the BASC, including observa­
tions on Yara internal control related to the Financial 
Reporting process. 
Yara’s internal control framework is based on the 
principles of the integrated framework for internal 
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control established by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO).
The five framework components are:
•	 control environment 
•	 risk assessment 
•	 control activities 
•	 information and communication 
•	 and monitoring. 
The content of the different elements are described 
below. 
Control environment
Yara’s Corporate Social Responsibility policy and 
Code of Conduct are integrated in its risk management 
and internal control systems, through global employee 
training programs and an Integrity Due Diligence 
process which covers both existing business partners 
and forward-looking business development activities. 
Yara’s Steering System is one of the pillars of Yara’s 
internal control system. It aims to ensure that all Yara 
employees act in a consistent manner and in line with 
quality standards and business needs. All Yara employ­
ees are encouraged to raise questions or issues about 
such matters with line management and through alter­
native channels, including a whistle-blowing system. 
Risk assessment 
The Enterprise Risk Management unit is the key facili­
tator of the internal risk management system and shall 
assist Executive Management with implementing and 
maintaining an appropriate risk management frame­
work to support identification, analysis, management, 
and reporting of all types of risk. The unit further 
coordinates risk management activities within Yara and 
consolidates reporting on risks. 
Control activities 
Yara’s Group Accounting is responsible for the prepa­
ration of the Financial Statement and to ensure that the 
Financial Statement is reported according to applicable 
laws and regulations and in accordance with adopted 
accounting policies. 
The Controller function is responsible for the Board of 
Directors and Management reporting as well as plan­
ning and coordinating the business plan process. 
The Internal Control function regulates the governance 
structure for Internal Control over Financial Reporting 
(ICFR) and material non-financial reporting as well as 
manages and controls risks related to financial reporting. 
The BASC performs reviews of the quarterly and 
annual financial statements with special focus on trans­
action types, which includes judgments, estimates or 
issues with major impact on the Financial Statement. 
The internal and external auditors participate in these 
meetings. In addition to the quarterly and annual 
reporting, the Board of Directors receives pre-quarterly 
performance reports. 
Information and communication 
The Yara Steering System provides all employees with 
an overview of the prevailing corporate policies and 
procedures. Yara’s Accounting Manual describes cor­
porate accounting policies and is continuously updated 
and revised for any changes related to IFRS and Yara’s 
Accounting Policies.
Monitoring 
All bodies and functions described above monitor 
and assess for any need of corrective actions related 
to financial and operational risk within their area of 
responsibility. 
11. Remuneration of the Board of Directors
The remuneration of the Board of Directors is proposed 
by the Nomination Committee and approved by the 
General Meeting, and is not linked to the company’s 
performance. Shareholder elected Board members are 
not granted share options. 
The remuneration of the Board of Directors reflects the 
Board’s responsibility, expertise, time commitment, and 
the complexity of the company’s activities. 
In 2021, the remuneration to the Chair of the Board of 
Directors was NOK 669,000 per annum prior to the 
Annual General Meeting, increasing to NOK 690,000 
per annum thereafter. The remuneration to the Vice 
Chair was NOK 400,000 per annum prior to the 
Annual General Meeting, increasing to NOK 412,000 
per annum after the Annual General Meeting. The 
remuneration to the other Board members was 
NOK 352,000 per annum prior to the Annual General 
Meeting and NOK 363,000 per annum thereafter. 
Additional remuneration to Board members resi­
dent outside Norway was NOK 30,000 per meeting 
prior to the Annual General Meeting, increasing to 
NOK 30,900 per meeting after the Annual General 
Meeting. Remuneration to deputy representatives to 
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the Board was NOK 10,650 per meeting, increasing 
to NOK 10,950 per meeting after the Annual General 
Meeting. 
The remuneration to the Chair of the BASC was 
NOK 180,000 per annum prior to the Annual General 
Meeting, increasing to NOK185,500 per annum 
thereafter. The remuneration to the other BASC 
members was NOK 101,000 per annum prior to the 
Annual General Meeting and NOK 104,000 per annum 
thereafter. 
The remuneration to the Chair of the HR Committee 
was NOK 90,000 per annum prior to the Annual 
General Meeting, and NOK 90,000 per annum there­
after. The remuneration to the other HR Committee 
members was NOK 70,000 per annum prior to the 
Annual General Meeting and NOK 72,200 per annum 
thereafter. 
The total compensation to Board members in 2021 
is disclosed in Note 8.1 in the consolidated financial 
statements. 
12. Remuneration of executive personnel
In accordance with PLC § 6-16 a, Yara prepares guide­
lines for salary and other remuneration of its executive 
personnel which in accordance with PLC §§ 6-16 a 
(5) and 5-6 (3) are presented to the Annual General 
Meeting for approval. 
The Ministry of Trade, Industry and Fisheries disclosed 
amended guidelines for remuneration of executives in 
state-owned and partly state-owned companies with 
effect from 13 February 2015 (State guidelines). The 
Yara Guidelines presented for and approved by the 
2021 Annual General Meeting was in accordance with 
these State guidelines. The Yara 2022 Guidelines to be 
presented for the Annual General Meeting’s approval 
at the 2022 Annual General Meeting will be prepared 
in accordance with updated State guidelines as per 
30 April 2021. 
In accordance with PLC §§ 6-16 b, Yara also pre­
pares a report on salary and other remuneration of 
its executive personnel. From and including the 2022 
Annual General Meeting, the company will, in accord­
ance with PLC §§ 6-16 b (2) and 5-6 (4) present such 
report for the previous year for the Annual General 
Meeting’s consultative voting. Deviations from the 
State guidelines, if any, will be covered in the report. 
For members of the Group Executive Board employed 
by Yara companies in other countries, remuneration 
may deviate from the State guidelines depending on 
local market conditions. There is currently one member 
of Yara’s Group Executive Board who is employed by 
a non-Norwegian Yara company. For full disclosures 
of the Guidelines and Report in accordance with PLC 
§§ 6-16a and 6-16 b, please see page 92 below and the 
Yara Executive Remuneration Report 2021 available at 
yara.com. 
13. Information and communications
Communication with financial markets is based on the 
principles of openness and equal treatment of all share­
holders. Yara shall provide the public with accurate, 
comprehensive, and timely information, in order to 
form a good basis for making decisions related to valu­
ation and trade of the Yara share. The aim of providing 
such information is to reduce investors’ risk and the 
volatility of the Yara share, contributing to a pricing of 
the Yara share that reflects the company’s underlying 
values and future prospects. 
Yara’s main communication channels are stock 
exchange releases, press releases and its own web 
pages (www.yara.com) in order to secure that the 
same information is made available to all audiences 
simultaneously. Although Yara holds regular meetings 
for analysts, investors, journalists, and employees, all 
material new information is first published to the stock 
exchange and on Yara’s web pages. Yara will provide 
a consistent level of information regardless of whether 
the news is positive or negative. 
Yara does not provide guidance on financial results. 
However, Yara may communicate guidance and/or 
targets for discrete activity areas. In addition, Yara 
provides sensitivities that can be used to calculate the 
financial effects of changes in market prices and cur­
rency exchange rates. 
Yara spokespersons to financial markets (investors, 
analysts and financial media) are the Chief Executive 
Officer, the Chief Financial Officer, Head of Investor 
Relations, VP Corporate Communications and Investor 
Relations Officer(s), or others authorized by these. 
Questions from investors and financial analysts to other 
Yara personnel shall be referred to Investor Relations. 
All meetings with investors and financial analysts 
shall be arranged/coordinated by Investor Relations, 
and presentation materials for such meetings shall be 
prepared or approved by Investor Relations. Investor 
Relations shall normally accompany Yara managers in 
investor/analyst meetings. 
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Yara publishes quarterly financial results according to 
its financial calendar which is published annually on its 
web pages and to the Oslo Stock Exchange. Ahead of 
announcement of quarterly results, Yara has a “closed 
period” when contact with external analysts, investors, 
and journalists is minimized. Yara will not comment 
upon own activities or market developments during 
this period, to minimize the risk of unequal informa­
tion in the marketplace. The closed periods are from 
16 January until the fourth-quarter results publication, 
from 1 April until the first-quarter results publication, 
from 1 July until the second-quarter results publication, 
and from 1 October until the third-quarter results 
publication. 
Yara is subject to regulation relevant for companies 
listed on the Oslo Stock Exchange. 
14. Take-overs
The Board of Directors will not seek to hinder or 
obstruct takeover bids. In the event of a takeover bid 
for the company, the Board will seek to comply with 
the Code recommendations, obtaining a valuation from 
an independent expert and making a recommendation 
to Yara’s shareholders regarding acceptance of the 
bid. The Board will ensure that shareholders are given 
sufficient information and time to form an opinion on 
an offer. 
The Norwegian Securities Act regulates takeover 
attempts. Shareholders at the Annual General Meeting 
will, according to law, make the decision on any poten­
tial takeover bids. 
15. Auditor
The Board has delegated to the BASC to monitor the 
external auditor, and the BASC reports the outcome of 
this work to the Board. The external auditor submits 
annually the main features of the plan for audit of the 
company the forthcoming year. The external auditor 
participates each quarter in BASC meetings where 
financial statements are addressed, as well as the BASC 
and Board meetings where the annual account is 
addressed and approved. In the latter, the auditor pro­
vides to the BASC a description of the main elements 
of the audit of the preceding financial year, including 
any uncovered material weaknesses related to internal 
controls of the financial reporting process.
The external auditor shall also:
•	 Annually confirms its independence 
•	 Discloses any services besides the statutory audit 
services which have been provided to the company 
during the financial year 
•	 Discloses any threats to its independence and docu­
ment measures taken to mitigate such threats 
The external auditor also meets with the BASC at least 
once per year to review the company’s internal control 
procedures, the potential weaknesses identified, and 
the proposals for improvement. The external auditor 
and the Board meet at least once a year without Yara 
Executive Management being present. 
The use of the external group auditor for advisory 
services, tax services, and other services outside the 
ordinary audit scope shall be pre-approved by the BASC. 
Within defined limits, the CFO and the VP Accounting 
& Tax have been delegated authority to pre-approve 
such services. The external group auditor is responsible 
for reporting such services to the BASC and to perform 
an ongoing assessment of independence. Norwegian 
laws and regulations stipulate the type of non-audit 
services that external auditors can perform for Yara.
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

GOVERNANCE REPORT
Governance Report 2021 
Yara’s Board of Directors in 2021 
The current Yara Board of Directors consists of six 
shareholder-elected members and four employee-elected 
members. The shareholder-elected members were 
elected at the Annual General Meeting 7 May 2020. All 
Board members were re-elected from previous year(s), 
save for Birgitte Ringstad Vartdal, who joined the 
Board from the AGM 2020 election. The four employ­
ee-elected Board members were also elected in 2020 in a 
separate process among Yara’s employees in accordance 
with PLC §§ 6-4 (3) and 6-5, see also section 8 above. 
The Board consists of the below members whom by the 
end of 2021 held the following shareholding in Yara 
International ASA: 
Shareholder-elected Board members:
Trond Berger: 3,000 
Kimberly Mathisen: 500 
Håkon Reistad Fure: 25,000 
Adele Bugge Norman Pran: 2,010 
John Thuestad: 1,200 
Birgitte Ringstad Vartdal: 2,500 
Employee-elected Board members:
Rune Bratteberg: 432 
Ragnhild Flesland Høimyr: 299 
Øystein Kostøl: 273 
Geir Sundbø: 404
Board activities in 2021 
Yara’s Board of Directors convened 10 times during 
2021. Eight of the meetings were ordinary Board meet­
ings and two of the meetings were extraordinary Board 
meetings. The ordinary Board meetings were run for 
approximately 5.5 hours, except for a two-day meeting 
in June, a shorter audio meeting in July, and a full-day 
meeting (9 hours) in December. The extraordinary 
Board meetings were shorter meetings conducted as 
conference calls. 
Seven Board members attended all Board meetings, 
while three Board members were excused for two of the 
extraordinary meetings. 
General Meetings in 2021 
Yara’s Annual General Meeting (AGM) was held on 6 May 
2021. In order to reduce Covid-19 risk and in accordance with 
government recommendations and Norwegian legislation, the 
meeting was conducted digitally. An Extraordinary General 
Meeting (EGM) was held on 6 September 2021. This meeting 
was also conducted digitally, for the same reasons.
At the AGM, a total of 159,126,975 shares, representing 
61,31% of the share capital of the Company, were represented. 
The Chair of the Board, Yara’s external auditor, and the Chair 
of the Nomination Committee were physically present at the 
meeting, as well as Yara’s CEO, CFO, and General Counsel 
from the Yara executive management. 
In addition to regular matters, the AGM approved a dividend 
for 2020 of NOK 20.00 per share, approved a reduction 
of Yara’s share capital from NOK 455,824,802.90 to 
NOK 433,033,565.90 related to the executed share buy-
back program with subsequent changes to Yara’s Articles of 
Association §4 regarding share capital, and approved a new 
Power of attorney to the Board for acquisition of up to 5% 
(12,736,281 shares) of Yara’s share capital with a total face 
value of up to NOK 21,651,677.70 in the open market and 
from the Norwegian State. The AGM also approved certain 
amendments to the company’s Articles of Associations §§9 
and 10 in order to clarify that general meeting participation by 
electronic means applies to all general meetings, and not only 
the AGM. There were no board members or members of the 
Nomination Committee up for election in 2021. 
At the EGM in September 2021, a total of 161,050,613 
shares, representing 63,23% of the share capital of the 
Company, were represented at the meeting. The Chair of the 
Board was physically present at the meeting, as well as Yara’s 
CEO, CFO, and General Counsel from the company’s executive 
management. The EGM approved an additional dividend of 
NOK 20.00 per share on the basis of the Company’s annual 
account for the financial year 2020. 
89
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

The Board’s Annual Cycle sets out a list of regular 
Board agenda items which are discussed and/or 
approved by the Board at least annually. These items 
include the company’s business plan, strategy and 
financial targets, dividend proposal, annual and mid-
year reports from Yara Ethics and Compliance, Yara 
Internal Risk and Audit, Yara Health, Environmental, 
Safety and Quality, CEO remuneration and targets, 
succession planning, corporate governance review and 
approval, governance documents review and approval, 
approval of the company’s Integrated Report and 
General Meeting papers, and Board self-evaluation. 
Sustainability is embedded in Yara’s corporate strategy 
and regularly reported on to the Board through the 
Y3P scorecard, Yara’s three-part scorecard with KPIs 
covering people, planet, and prosperity. In all Board 
meetings the CEO provides a thorough report on the 
company’s operational and financial developments and 
results, and other material company and industry devel­
opments. On a monthly basis, the Board receives an 
update on the company’s KPIs. In addition, deep-dives 
on sustainability and strategic topics from the regions 
and new business areas are presented in the Board 
meetings throughout the year. In 2021, Yara’s work 
to reduce its GHG emissions and the ongoing work on 
implementing integrated reporting were presented to 
the Board. Other key Board agenda items and decisions 
in 2021 include the Belarus sourcing situation, major 
organizational changes (incl. changes to the execu­
tive management), the establishment of Yara Clean 
Ammonia and the divestment of Yara’s interest in the 
Salitre mining project in Brazil. During the year, several 
relevant topics have also been presented by external 
speakers in the Board meetings, including a session on 
macro-economic developments. 
In April 2020, the Board started to receive bi-weekly 
updates on the Covid-19 situation. In 2021, the report­
ing related to Covid-19 was included in the monthly 
updates. 
A Board visit to one or more of Yara’s sites and/or pro­
jects is usually conducted each year. In 2021, the Board 
visited the Glomfjord plant in Norway. During the 
visit, the Board attendees discussed the progress of the 
operational excellence and the continuous improvement 
work happening at Yara’s production sites. The Board 
also visited other local companies, including a renewa­
ble energy provider, to further understand sustainable 
development opportunities in the area. 
The Board annually conducts a self-evaluation, facili­
tated by an external independent third party. In 2021, 
said self-evaluation was conducted in Q1 in close coop­
eration with Russel Reynolds Associates.
BASC activities in 2021 
The Board Audit and Sustainability Committee (BASC) 
met, as according to plan, eight times in 2021. All 
BASC members attended seven meetings, while one 
member was excused for one meeting. 
In line with the BASC annual cycle, the BASC has 
continued to focus on both financial and sustainability 
performance with related risks and controls. The 2021 
agenda included Yara’s sustainability governance struc­
ture, Climate risk project and report, matters relating 
to EU Taxonomy, as well as Yara’s ESG benchmark 
scores and sustainability ratings. 
The BASC meetings also covered matters relating to the 
annual business plan, strategy and risk management, 
with a special focus in 2021 related to risk of supplies 
of key raw material from Belarus, accounting, financial 
and non-financial reporting, including status on internal 
control for both financial and non-financial reporting, 
tax, finance and treasury, improvement programs, 
compliance and ethics, HESQ, legal proceedings, Yara 
Internal Risk and Audit (YIRA) audit plan and report­
ing, IT and cyber security and other compliance-related 
matters. The BASC has also met with the external 
auditor as part of the annual cycle, including approval 
of services. In addition, the BASC has held meetings 
with the CEO, the CFO and the chief audit executive. 
In 2022 BASC aims to hold two meetings per quarter 
focusing on strategic priorities including, sustainability 
performance, strategy and risk management and finan­
cial reporting.
HR committee activities in 2021 
The committee held six meetings in 2021. All members 
attended all six meetings. 
The Committee reviewed and proposed to the Board 
the Short-Term Incentive (STIP) 2020 pay-out for Yara 
CEO, STIP 2021 for Yara CEO, allocation of Share 
Based Remuneration for Yara CEO, and to offer Yara 
CEO to participate in this year’s voluntary share pur­
chase scheme for Yara employees. The committee also 
reviewed these plans with respect to Group Executive 
90
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

Board (GEB) and other Yara employees, and provided 
Yara CEO with feedback. 
Other cases the committee reviewed and proposed to 
the board were the 2021 Yara guidelines for executive 
remuneration and the reporting of executive remuner­
ation in 2020, Yara People Strategy “Grow&Yara” 
– Response to Yara Strategy, KPIs related to People 
and succession planning for Yara CEO and other 
positions in GEB. The Committee also reviewed and 
commented on the results of the Yara Employee Survey 
2020 and started the work on preparing the Executive 
Remuneration Report for 2021 and the Executive 
Remuneration Guidelines for 2022.
Nomination committee activities in 2021 
The Nomination Committee, which is independent 
from the Board and Executive Management, held 20 
meetings in 2021. The committee had full attendance 
in the meetings except one meeting, for which one 
member was excused. 
In 2021, the remuneration to the Chair of the 
Nomination Committee was NOK 8,500 per meeting 
prior to the Annual General Meeting and thereafter 
NOK 8,750 per meeting. The remuneration to the 
other members of the Nomination Committee was 
NOK 6,400 per meeting prior to the Annual General 
Meeting and thereafter NOK 6,600 per meeting. 
The Nomination Committee works with a long-term 
perspective and considers Yara’s strategy when nom­
inating and evaluating the Board. The Nomination 
Committee strives to ensure that the Board comprises of 
individuals that both individually and collectively rep­
resent diverse and varied backgrounds, and who bring 
complementary competencies to the Board. For gender 
diversity specifically, the Nomination Committee works 
to ensure minimum 40% gender representation in the 
Board, as deemed mandatory by the Public Limited 
Liability Companies Act § 6-11 a. The Nomination 
Committee also considers the capacity of the Board 
members to ensure they are able to dedicate sufficient 
time and attention to their duties, as well as their inde­
pendency from Yara’ management. 
The term for the current Board members runs until 
2022. Although there were no elections of new 
Board members in 2021, the Nomination Committee 
conducted their yearly evaluation of the Board’s perfor­
mance. 
When reviewing the Board’s work and composition, the 
Nomination Committee, also takes into consideration 
the outcome of the Board’s yearly self-evaluation. In 
2021, said self-evaluation was conducted in Q1 in close 
cooperation with Russel Reynolds Associates. The 
Nomination Committee also encourages and proac­
tively seeks out perspectives from Yara’s shareholders 
to help inform their work. This includes directly 
contacting the 30 largest shareholders on an annual 
basis and providing an open invitation to dialogue on 
the Yara.com website. During 2021, the Nomination 
Committee had dialogues and received inputs from 
several Yara shareholders and these inputs have been 
taken into consideration by the Nomination Committee 
when preparing its 2022 proposal. The Nomination 
Committee also conducted individual conversations 
with each Board member, both shareholder-elected and 
employee-elected, during the second half of 2021. 
The Nomination Committee is well underway with 
their work for the 2022 nominations. As part of this 
job, the Nomination Committee has maintained an 
open dialogue with the Chair of the Board and the 
management to understand which Board competencies 
will be most effectful in supporting Yara with execut­
ing its strategy and in achieving its aspirations in the 
future. The Nomination Committee will present its 
updated evaluation and its recommendation for share­
holder-elected Board members to the AGM in May 
2022. Once available, a link will be added to the digital 
annual report landing page. 
The Nomination Committee’s past proposals and 
respective Board evaluations made to the AGM are 
available in the Investor Relations section of Yara.com.
91
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

GOVERNANCE REPORT
2022 Guidelines on salary 
and other remuneration for executive personnel 
Yara’s guidelines for remuneration of the Group 
Executive Board and Board members is prepared 
in accordance with the Public Limited Companies 
Act section 6-16a. Pursuant to the Public Limited 
Companies Act section 6-16a (5) the statement will 
be presented to the Annual General Meeting (AGM) 
2022 for approval. The Ministry of Trade, Industry 
and Fisheries disclosed amended guidelines for remu­
neration of executives in state-owned and partly 
state-owned companies with effect from 30 April 2021 
(State Guidelines). Yara’s remuneration principles 
applying to Yara CEO and the other members of the 
Group Executive Board comply with these guidelines. 
The State guidelines apply at the outset to the entire 
group. Potential deviations will be reported in the 
report on remuneration of the Group Executive Board 
and Board Members to the Annual General Meeting. 
For members of the Group Executive Board employed 
by Yara companies in other countries remuneration 
may deviate from the State Guidelines depending on 
local market conditions. There is currently one member 
of Yara’s Group Executive Board who is employed by a 
non-Norwegian Yara company. 
Guidelines for remuneration of Board Members 
The Chair and other Board members receive remu­
neration as Board members and members of Board 
Committees. The remuneration is determined by the 
General Meeting on the basis of a recommendation 
from the Nomination Committee. Employee-elected 
Board members receive the same remuneration as 
shareholder-elected Board members. None of the 
shareholder-elected Board members are employed by 
the Company. 
None of the employee-elected Board members are exec­
utives. The employee-elected Board members receive 
salary, pension and other remuneration such as bonuses, 
Share Based Remuneration, car allowance, etc. in accord­
ance with the Company’s general terms for employment. 
The Chair and other members of the Board have no 
agreements for compensation in the event of termina­
tion or changes in their positions as Board members. 
Guidelines for remuneration of 
Group Executive Board 
The Board of Directors determines the remuneration of 
the President and CEO (CEO) and approves the general 
terms of the company’s incentive plans for the Group 
Executive Board based on proposals from the Board 
HR Committee. The CEO determines the remuneration 
to the other members of the Group Executive Board. 
Deviation from the guidelines 
The Board of Directors may decide to deviate from the 
guidelines temporarily in individual cases. This requires 
exceptional circumstances making this necessary in 
order to safeguard the company’s long-term interest, 
financial sustainability or ensure the company’s viabil­
ity. Potential deviations and the reasons for this will be 
reported in the report on remuneration of the Group 
Executive Board and Board Members to the Annual 
General Meeting. 
General principles 
The Board determines the total remuneration to the 
CEO and other members of the Group Executive Board 
on the basis of; 
•	 Incentivize management in line with maximizing 
long-term sustainable value creation to Yara’s share­
holders and other stakeholders; 
•	 The need to offer competitive terms to secure the 
company’s competitiveness in the labor market; 
•	 A commitment to exercise moderation through 
responsible and not market leading remuneration 
92
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

Total remuneration for each member of the Group 
Executive Board is compared to the relevant market on 
a regular basis. Pension plans for the Group Executive 
Board are moderate and in accordance with the State 
Guidelines for all members of the Group Executive 
Board that have joined after 3 December 2015. This is 
further described below in the section Company paid 
pension plans. 
The total remuneration for the members of the Group 
Executive Board comprises the following elements: 
•	 Base Salary 
•	 Share Based Remuneration 
•	 Short-Term Incentive plan 
•	 Pension plan benefits 
•	 Other compensation elements such as internet con­
nection and company car 
The group executive board has over the past three years 
had an accumulated base salary increase of 0% as the 
members have abstained from salary adjustments. The 
corresponding average Norwegian salary increase in 
the same period was 8,3 percent on an accumulated 
basis. Salary adjustments in 2022 will for the Group 
Executive Board as a maximum be set equal to the 
frame for salary regulation according to applicable 
central collective bargaining agreements in Norway. 
Base Salary 
Base Salary is reviewed once a year as per 1st June as 
part of the Annual Salary Review for all employees in 
Yara. In addition, salaries may be reviewed if scope of 
responsibility is materially changed. The development 
of Base Salary for the Group Executive Board is based 
on the following: 
•	 Annual salary adjustment for employees in Yara 
International ASA and Norwegian subsidiaries 
•	 Benchmark of Executive Management Salaries in 
peer companies 
Yara CEO and the other members of the Group 
Executive Board voluntarily abstained from the annual 
salary adjustment in both 2019, 2020 and 2021. 
Share Based Remuneration (SBR) 
To support the alignment between executives and 
shareholder interests and to ensure retention of key 
talents in the company, an amount equal to 30% of 
the Base Salary may be awarded by the Board on an 
annual basis. The net after tax amount must be invested 
in Yara shares within a period of one month after the 
grant and the shares must be retained for minimum 3 
years. Executives who resign from Yara must reimburse 
to the company at the time of resignation the net pro­
ceeds of the selling of the shares that are still within the 
lock-in period. 
The SBR percent for other members of the Group 
Executive Board than the CEO will be adjusted from 
25% to 30% with effect from 2023. The change has 
been made to ensure that the SBR plan is competitive 
and adapted to the market. The CEO was eligible for a 
30% SBR also before 2023.
The grant of SBR is conditional on Yara’s Net Result 
excluding special items and currency gain/loss being 
positive in sum over the last three years. Yara’s CEO 
can on a discretionary basis decide that SBR shall 
not be granted for a given year and Yara’s Board of 
Directors can decide that SBR shall not be granted 
to the CEO for a given year. Such an assessment will 
amongst other factors be evaluated against Yara’s 
performance towards its strategic targets of sustaina­
ble value creation, hereunder Performance Indicators 
linked to People, Planet and Prosperity. 
In cases where members of the Group Executive Board 
are recruited in other countries than Norway the SBR 
percentage may deviate from what is mentioned above 
depending on local market conditions for remuneration. 
In order to support alignment between members of the 
Group Executive Board and the shareholder interests 
it is furthermore expected that members of the Group 
Executive Board that participate in the SBR program, 
every year as a minimum - in addition to the shares 
received as part of the SBR - invest in Yara shares an 
amount equaling the lowest amount received as net, 
after tax Short-Term Incentive payout for the preceding 
year or the net amount received as SBR for the relevant 
year. Such investments should be made until the share­
holding amounts to two times the gross remuneration 
package, including pensions. Furthermore, it is also 
expected that members of the Group Executive Board 
do not sell any Yara shares as long as they are members 
of the Group Executive Board. 
Short-term Incentive Plan 
The Short-term Incentive Plan contributes to realizing 
Yara’s strategy, its long-term value creation and capital 
allocation policy. The plan sets stretched annual goals 
covering the dimensions People, Planet and Prosperity 
on the basis of Yara’s communicated strategic score­
card goals, which are reported quarterly. 
93
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

The annual goals are divided into Company 
Performance and Strategic Focus Areas as further 
described below. If all stretched goals are met, the CEO 
and the members of the Group Executive Board will 
obtain a target bonus of 40% of Base Salary. Maximum 
gross before tax payout is 50% of Base Salary. The 
maximum payout includes accrual of holiday pay on the 
bonus payout where this is applicable. 
The target bonus for other members of the Group 
Executive Board than the CEO was adjusted from 35% 
to 40% with effect from 2022. The target bonus for the 
CEO was 40% also before 2022. 
In cases where members of the Group Executive Board 
are recruited in other countries than Norway the per­
centages may deviate from what is mentioned above 
depending on local market conditions for remuneration. 
Company Performance 
The table below includes the performance indicators 
set to drive performance for 2022, in line with Yara`s 
strategic goals. A reference table details out how differ­
ent achievements affect the score for each performance 
indicator. The table is based on the premise that if 
the stretched target for an indicator being reached by 
100%, it corresponds to the target bonus payout. Each 
indicator has an individual weight and the weighted 
sum of the performance score for each indicator rep­
resents the overall outcome as a percentage of Base 
Salary. The maximum bonus payout for Company 
Performance is 30% of Base Salary.
The objectives for the year and achieved results will be 
disclosed in the report on remuneration of the Group 
Executive Board and Board Members to the Annual 
General Meeting. Some of the performance indicators 
are market sensitive and consequently yearly targets 
will not be specified.
Strategic Focus Areas 
A set of strategic focus areas to drive performance is 
established for each year. The following focus areas are 
set for 2022: 
•	 Implement Grow@Yara with focus on leadership 
development & leadership communication 
•	 Scale up digital farmer connectivity and commercial­
ize food value chain partnerships 
•	 Establish mineral fertilizer as a key component in 
regenerative agriculture, supported by growth in 
bio-stimulants and organic farming 
•	 Decarbonize and improve the competitiveness of 
our asset base, by continuing to drive operational 
excellence 
•	 Accelerate the digital transformation of our core 
processes, including a new ERP platform 
The achievement of goals for the individual Strategic 
Focus Area will be assessed in accordance with the table 
below with a maximum bonus of 20% of Base Salary. 
The achieved result for each of the Strategic Focus 
Areas will be disclosed in the report on remuneration of 
the Group Executive Board and Board Members to the 
Annual General Meeting. 
In addition to the performance evaluation described 
above, the board will take into account how difficult 
it has been to achieve the results, changes in external 
non-controllable factors that were not anticipated at 
the beginning of the year and that the results have been 
achieved in accordance with Yara’s values and ethical 
principles. 
Performance Scale on Strategic Focus Areas
The planned action have been taken during 
the year with the following success score
Less than 50%
50%
75%
100%
110% 
or more
Correspond to the following pay-out in % of Base Salary
0%
8.0%
12.0%
16.0%
20.0%
94
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

People
(25% weight)
Yara KPI 
2020
2021
2025 
Target 
Measure
Strive towards zero 
accidents
1.3
1.0
<1.0
TRI
Process safety 
71%
87%
95% 
%
Engagement index
79% 
79% 
Top 
quartile 
Index 
Diversity and inclusion 
index
74% 
77% 
Top 
quartile 
Index 
Female senior 
managers 1)
24% 
29%
40% 
%
Female/male, external 
recruitment senior 
personnel 
25% 
30% 
50% 
% 
Planet
(25% weight)
Yara KPI 
2020
2021
2025 
Target 
Measure
Energy efficiency 1)
33.2 
33.4
32.7
GJ/t NH3
GHG emissions, 
intensity 
3.0
3.0
2.7
t CO2e/t N 
Active hectares 2)
7.6
8.2
150 
MHa 
Carbon marketplace
TBD 
1)	Energy efficiency target is for 2023
2)	Cropland with digital farming user activity within defined frequency parameters
1)	The definition of the KPI was updated during 2021, and the target performance was 
changed from 35% to 40%.
Prosperity
(50% weight)
Yara KPI 
2020
2021
2025 
Target 
Measure
Ammonia production 1)
7.7
7.8
8.9
Mt 
Finished fertilizer 
production 1) 
21.3
21.8
23.9
Mt 
Premium generated
1,036
280
n.a. 
MUSD 
Revenues from new 
business models
6
11
1,500
MUSD
Revenues from 
online sales
0
4
1,200
MUSD 
EBITDA 
2,223
2,804
>2,800
MUSD 
Working capital 2) 
113
83
92
Days 
Capital return (ROIC) 2)
8.0
7.9
>10
%
Fixed costs 2)
2,322
2,487
2,314 
MUSD 
Capex 3)
0.8
0.9
1.2
BUSD 
Progress projects on 
planned time/cost 
According 
to project 
plan 
MSCI rating
BBB
A
A
Score 
Sustainalytics rating
Med
Med
Med
Score 
Net debt / EBITDA 2) 
1.36
1.36
1.5-2.0
Ratio 
1)	KPI target year is 2023 
2)	See page 255 for definitions, explanations and reconciliations of Alternative Performance 
Measures (APMs).
3)	CAPEX max 1.2 for 2022 onwards (including maintenance) 
95
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
‌Corporate governance
‌Group Executive Board
‌Board of Directors
‌Board message
‌Risk management
04	 ‌FINANCIAL STATEMENTS

Claw back of share based remuneration 
and Short-term Incentive payments 
Shares provided by the SBR and payments that have 
already been made from the Short-term Incentive Plan 
are subject to claw back provisions covering both 
situations of misconduct and errors leading to financial 
re-statement. Enforcement of the provision will be 
subject to local law. 
Benefit Plans 
Company paid pension plans 
Pension plans in Yara should be defined contribution 
(“DC”) plans. Members of the Group Executive Board 
on Norwegian employment contracts are eligible to the 
company paid DC Pension Plan applicable for all Yara 
employees in Norway. The contribution rates to this 
plan is 7% of part of pensionable salary up to 7.1 times 
Norwegian Social Security Base Amount (G) and 18% 
of pensionable salary between 7.1G and 12G. 
Yara has a DC Pension Plan covering salary in excess of 
12G applicable for employees on Norwegian employ­
ment contracts. From December 2015 this plan was 
closed for new members. For internal recruits to the 
Group Executive Board who are members of the plan 
at commencement, future contributions to the plan 
stops and they become deferred members of the plan. 
One current member of the Group Executive Board at 
3 December 2015 remains active member of the plan 
with future contributions. 
For employees on Norwegian employment contracts, 
the upper retirement age is 70 years with the possibility 
for flexible retirement from age 62 in the company 
paid DC plans. Yara has a defined benefit early retire­
ment plan for executives on Norwegian employment 
contracts covering the period from age 65 to 67 with 
a defined benefit equal to 65% of final salary limited 
to 12G. From 1 January 2015, the plan was closed 
for new members and ceased for employees below age 
50. A DC pension plan was established to compensate 
members for the shortfall. Executives who were previ­
ously members of other Defined Benefit Pension Plans 
being terminated or converted to DC plans might have 
cash allowances to compensate for the shortfall. 
Executives employed by Yara companies in other coun­
tries will be covered by company paid pension plans 
according to national plans and markets. 
Personal insurance schemes 
The executives are members of the personal insurance 
schemes applicable to other Yara employees. These are 
Group Life Insurance, Disability Pension, lump- sum 
payment in the event of disability, occupational dis­
eases, occupational and non-occupational accident and 
Health Insurance. In addition, they are provided with 
a Travel Insurance covering both the executive and 
family. 
Other compensation elements 
Executives are granted benefits in kind according to 
the applicable market standard. These are typically cell 
phone, internet connection and company car, alterna­
tively fixed car allowance. 
In the event of an international assignment contract, 
the executive and family will be entitled to allowances 
and benefits in accordance with Yara’s Global Mobility 
Policy. 
Members of the Group Executive Board on Norwegian 
contracts are entitled to a severance pay equal to six 
months Base Salary on certain conditions. The sev­
erance pay is calculated from the end of the notice 
period. Other income the executive receives during 
the severance pay period will be deducted from the 
severance pay. For members of the Group Executive 
Board employed by Yara companies in other countries 
severance pay may deviate from the above depending 
on local regulations. 
Ad-hoc compensation elements 
In extraordinary circumstances related to recruit­
ment processes, sign-on bonus may be agreed up to a 
maximum of the Base Salary that has been agreed. Any 
such compensation will be reported in the report on 
remuneration of the Group Executive Board and Board 
Members to the Annual General Meeting. 
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FROM THE BOARDROOM
Group executive board
Read more about 
our mangement 
team by clicking 
on their pictures or 
names. You can also 
continue reading on 
the following pages.
Svein Tore Holsether
Thor Giæver
Mónica Andrés Enríquez
Pål Hestad
Fernanda Lopes Larsen
Solveig Hellebust
Chrystel Monthean
Kristine Ryssdal
Lars Røsæg
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04	 ‌FINANCIAL STATEMENTS

Svein Tore Holsether (1972)
POSITION
President and
Chief Executive Officer
YEAR OF APPOINTMENT
2015
EMPLOYED
2015
EDUCATION
Bachelor’s degree, specializing in Finance & Management from 
the University of Utah, USA
EXPERIENCE
Mr. Holsether is passionate about promoting the Sustainable 
Development Goals in the global business arena. To contribute 
to a thriving future and drive inclusive growth, he is a member 
of the Executive Committee and Chair of the Food & Nature 
program for the World Business Council for Sustainable 
Development (WBCSD). He was a Commissioner of the 
Business and Sustainable Development Commission (BSDC), 
and also serves on the Executive Committee and Board of 
the International Fertilizer Association (IFA). Previously, Mr. 
Holsether has held a range of executive and senior position in 
large industrial companies, including in Orkla, Sapa and Elkem.
SHARES OWNED AT YEAR-END 2021 46,263
Thor Giæver (1972)
POSITION
EVP & Chief Financial Officer
YEAR OF APPOINTMENT
2021
EMPLOYED
2004
EDUCATION
Bachelor’s (Hons) degree from the School of Management, 
University of Bath, UK.
EXPERIENCE
Giæver has served as EVP and CFO since July 2021. He 
joined Yara in 2004 and has held several senior positions in 
the company. He was SVP Investor Relations from 2011 to 
2021 and has previously held the positions of Acting CFO 
(2014-2015) and Head of Controlling & Risk Management 
(2009-2011). He also has earlier experience from a number of 
finance positions at Ford Motor Company (1996-2004).
SHARES OWNED AT YEAR-END 2021 5,988
Lars Røsæg (1982)
POSITION
EVP, Corporate 
Development & 
Deputy CEO
YEAR OF APPOINTMENT
2021
EMPLOYED
2017
EDUCATION
Degree (“Siviløkonom”) from the Norwegian School of
Economics (NHH)
EXPERIENCE
Mr. Røsæg has served as Executive Vice President Corporate 
Development & Deputy CEO since July 2021. He previously 
held the position of EVP & Chief Financial Officer (2018-2021) 
and Vice President Global JVs & CEO Office (2017-2018). He 
has broad experience from senior finance and strategy positions 
at Sapa (2012-2017) and Orkla (2005-2012). Røsæg is a 
certified Diversity Manager in line with the requirements from 
Norsk Sertifisering AS. 
SHARES OWNED AT YEAR-END 2021 9,397
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04	 ‌FINANCIAL STATEMENTS
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Mónica Andrés Enríquez (1970)
POSITION
EVP, Europe
YEAR OF APPOINTMENT
2021
EMPLOYED
1998
EDUCATION
Master’s degree in Business Administration from Instituto 
de Empresa Spanish Business School Degree in Agronomy 
Engineering from the Spanish Polytechnic University of 
Engineers (ETSIA)
EXPERIENCE
Ms. Andrés has served as EVP Europe since July 2021. She has 
previously held several positions in the company. She was VP 
Farming Solutions Europe (2020-2021), Project Manager for 
Yara Europe Strategy and SVP BU South Europe (2019-2020), 
SVP BU Asia (2017-2019), and Country manager for Spain and 
Portugal (2013-2016). She was employed by Hydro in 1998 as 
field agronomist.
SHARES OWNED AT YEAR-END 2021 3,240
Solveig Hellebust (1967)
POSITION
EVP, People, Process 
and Digitalization
YEAR OF APPOINTMENT
2022
EMPLOYED
2020
EDUCATION
Ph.D. degree in Agricultural Trade from the Norwegian 
University of Life Sciences. Master’s degree in Agricultural 
Economics from the University of Illinois at Urbana-Champaign. 
Master of Management and Economics (“Siviløkonom”) from BI 
Norwegian Business School
EXPERIENCE
Ms. Hellebust has served as EVP People, Process and 
Digitalization since July 2021. She joined Yara in December 
2020 in the position of Senior Vice President and Chief HR 
Officer. For almost 11 years (2009-2019), Ms. Hellebust was 
Group Executive Vice President at DNB with 9 years as Group 
Executive Vice President HR, followed by the role of Group 
Executive Vice President People and Operations. She has also 
held various executive HR roles in Pronova BioPharma (2004-
2009) and Telenor (2001-2004). Prior to her executive roles, 
Ms. Hellebust served three years as Associate Professor of 
Economics at BI Norwegian Business School.
SHARES OWNED AT YEAR-END 2021 579
Pål Hestad (1971)
POSITION
EVP, Global Plants &
Operational Excellence
YEAR OF APPOINTMENT
2020
EMPLOYED
1995
EDUCATION
Master’s degree in Industrial Electrochemistry from Norwegian
University of Science and Technology (NTNU)
EXPERIENCE
Mr. Hestad has served as Executive Vice President Global 
Plants & Operational Excellence since June 2020. He has been 
a Yara employee since 1995. Since then, Mr. Hestad has held 
several positions at Yara’s Glomfjord plant (Process Engineer, 
Operations Engineer, Productivity Engineer, Production 
Manager and Plant Manager). He has also held the positions of 
Head of Productivity (2003-2004), Regional Plant Manager, 
Germany (2010-2012), Regional Head of Production (2012-
2018), and Senior Vice President Production, Northern Europe 
& Canada (2018-2020).
SHARES OWNED AT YEAR-END 2021 9,258
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04	 ‌FINANCIAL STATEMENTS
Back to the overview

Fernanda Lopes Larsen (1974)
POSITION
EVP, Africa & Asia
YEAR OF APPOINTMENT
2020
EMPLOYED
2012
EDUCATION
Master’s degree in Civil Engineering from Graz University of 
Technology, Austria and a specialization in Corporate Innovation 
from Stanford University, United States
EXPERIENCE
Ms. Lopes Larsen has served as EVP Africa & Asia since 
September 2020. She joined Yara in 2012 and has since held 
several senior positions in the Company, the most recent being 
Senior Vice President for Indirect Procurement (2016-2020). 
Prior to joining Yara, Ms. Lopes Larsen held manufacturing and 
procurement positions in consumer goods and pharmaceutical 
companies Procter & Gamble and GlaxoSmithKline. 
SHARES OWNED AT YEAR-END 2021 4,168
Chrystel Monthean (1967)
POSITION
EVP, Americas
YEAR OF APPOINTMENT
2020
EMPLOYED
1991
EDUCATION
Post-graduate degree in agronomy engineering from Ecole 
Nationale Ingenieurs Techniques Horticulture et Paysage, 
France. Master’s degree in International Business and 
Technology Transfer from Rouen Business School, France.
EXPERIENCE
Ms. Monthean has served as EVP Americas since October 
2020. She has been a Yara employee since 1991. Her previ­
ous positions in the company include EVP Africa & Asia (June 
2020), Manager, BU Latin America (2018-2020), Value Chain 
Director (2013-2018), and Managing Director of Yara Vietnam 
(2007-2013). Prior to moving to Asia and Latin America, 
Ms. Monthean held roles in various commercial functions and 
countries in Europe.
SHARES OWNED AT YEAR-END 2021 4,770
Kristine Ryssdal (1960)
POSITION
EVP, HR & General Counsel
YEAR OF APPOINTMENT
2020
EMPLOYED
2016
EDUCATION
Master of Laws degree from the London School of Economics
Law degree from the University of Oslo
EXPERIENCE
Ms. Ryssdal has served as EVP, HR & General Counsel since 
June 2020. Previously, she held the position of EVP General 
Councel 2016-2020. Before joining Yara, Ms. Ryssdal held the 
position of Vice President Legal at Statoil 2012-2016. Prior to 
this, Ryssdal was Senior Vice President and Chief Legal Officer 
of Renewable Energy Corporation ASA 2008-2012, Senior 
Advisor Commercial & Legal Affairs at Norsk Hydro / Statoil 
Hydro 2006-2008, Legal Counsel at Norsk Hydro 1998-2006, 
and Attorney at the Attorney General’s office 1987-1998. 
Sustainability is an integrated part of her leadership agenda as 
responsible for Ethics & Compliance and Diversity & Inclusion 
in the Group Executive Board. Ryssdal is also a member of the 
Executive Board of the Central Bank of Norway, supervising 
amongst others responsible investments of the Norwegian Oil 
Fund.
SHARES OWNED AT YEAR-END 2021 12,108
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Back to the overview

FROM THE BOARDROOM
Board of Directors
Read more about our Board of 
Directors by clicking on their 
pictures or names. You can also 
continue reading on the following 
pages.
Trond Berger
Rune Bratteberg
Håkon Reistad Fure
Ragnhild F. Høimyr
Øystein J. Kostøl
Kimberly Mathisen
Adele B. Norman Pran
Geir O. Sundbø
John Thuestad
Birgitte R. Vartdal
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Trond Berger (1957)
POSITION
Chair of the Board
Chair of the HR Committee
ELECTED BY/YEAR
Shareholders, 2018
POSITION
CEO in Blommenholm Industrier since 2020 
EDUCATION
Master’s degree in Economics from the BI Norwegian School of 
Management and is a State-Authorized Public Accountant. 
Graduate of the Norwegian Armed Forces’ Officer Candidate 
School 
EXPERIENCE
Mr. Berger is CEO of Blommenholm Industrier. Previously, he 
was Investment director at Blommenholm Industrier (2019-
2020). From 1999 to 2019, Mr. Berger served as Executive 
Vice President of Schibsted ASA, including as CFO with 
responsibility for Sustainability. Previous positions also include 
Investment Director with Stormbull (1998), Executive Vice 
President (CFO) of Nycomed ASA, and Executive Vice President, 
Strategy and Business Development at Nycomed Amersham 
(1997-98), and partner at Arthur Andersen (1981-92). 
OTHER ASSIGNMENTS
Mr. Berger is also Chair of the Board of Bertil O Steen Holding, 
Arctic Asset Management, and Polaris Media, as well as 
member of the Board in Oslo House and Sayonara. 
BOARD MEETINGS ATTENDANCE 10
HR COMMITTEE ATTENDANCE 6
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 3
SHARES OWNED AT YEAR-END 2021 3,000
Rune Bratteberg (1960)
POSITION
Member of the Board
Member of the Audit and 
Sustainability Committee
ELECTED BY/YEAR
Employees, 2012
POSITION
Head of Product Stewardship and Compliance since 2019 
EDUCATION
Degree in Information Technology and a Degree in Nordic 
Languages and History from University of Bergen 
EXPERIENCE
Mr. Bratteberg has been a Yara (Hydro) employee since 1986. 
He has held different IT and HESQ leadership positions within 
Hydro and Yara, from 2001 to 2009 as CIO. 
Bratteberg has been a member of the Chemical Industry 
Advisory Board to SAP AG 2004-2009, and Chairman of the 
Board at the Scandinavian School of Brussels 2009-2011. 
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 10
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 8
SHARES OWNED AT YEAR-END 2021 432
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Back to the overview

Håkon Reistad Fure (1987)
POSITION
Member of the Board
Member of the Audit and 
Sustainability Committee
ELECTED BY/YEAR
Shareholders, 2019
POSITION
CEO of MyBank since 2021 
Chairman of Company One since 2020 
EDUCATION
Master’s degree in Finance from the Norwegian School of 
Management (Handelshøyskolen BI) 
EXPERIENCE
Mr. Fure currently serves as CEO of MyBank ASA and was previ­
ously Chairman of MyBank’s Board (2020-2021). His previous 
positions include Equity Research at DNB Markets (2007-2014) 
and Partner of Magni Partners (2014-2020). 
Mr. Fure has held several board member positions. In 2015, 
he joined the corporate assembly of Storebrand ASA and was 
subsequently elected a board member of Storebrand ASA (2015-
2018), directly representing a group of shareholders. In 2016, Mr. 
Fure was elected to the board of Avida (2016-2020), where he 
also acted as CEO in 2018. 
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 9
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 6
SHARES OWNED AT YEAR-END 2021 25,000
Ragnhild Flesland Høimyr (1987)
POSITION
Member of the Board
ELECTED BY/YEAR
Employees, 2020
POSITION
Production Manager CN & NPK2 at the Yara Porsgrunn Plant 
since 2019 
EDUCATION
Master of Science degree from the University South-Eastern 
Norway 
EXPERIENCE
Ms. Høimyr has been a Yara employee since 2015. Previously, 
Ms. Høimyr held the position of Process Engineer NPK/CN area 
in Porsgrunn (2015-2019). 
She has served as member of the Telemark University College 
Board (2010-2012), and as Chairman of the Board of the 
Student Welfare Organization in Telemark (2012-2014). 
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 10
SHARES OWNED AT YEAR-END 2021 299
Øystein J. Kostøl (1982)
POSITION
Member of the Board
ELECTED BY/YEAR
Employees, 2020
POSITION
Project Director at Yara Clean Ammonia 
EDUCATION
Master of Technology degree from NTNU (Trondheim, Norway) 
on Energy and Environment. 
EXPERIENCE
Mr. Kostøl has been a Yara employee since 2012 and is cur­
rently project director for Hegra (Herøya Green Ammonia). He 
heads the labor union Tekna at Yara. Previous positions at Yara, 
include working as project manager in different Yara mining 
projects (2012-2017), which entailed being based in Ethiopia 
(2012-2015). He has also worked in the Innovation depart­
ment, focusing on climate neutral solutions (2017-2021). 
Mr. Kostøl has previously worked in the Norwegian utility 
company Statkraft. 
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 10
SHARES OWNED AT YEAR-END 2021 273
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Kimberly Mathisen (1972)
POSITION
Vice chair of the Board
ELECTED BY/YEAR
Shareholders, 2019
POSITION
CEO of C4IR Ocean since 2022 
EDUCATION
BS in engineering from the University of Illinois 
MBA from Harvard Business School 
EXPERIENCE
Kimberly Mathisen is the CEO of C4IR Ocean. Her previous 
positions have included GM of Microsoft Norway (2016-2021), 
CEO of Orkla Home & Personal Care (2013-2016); Global VP 
& Alliance Leader, Eli Lilly (2011-2013); General Manager, 
Germany and Norway, Eli Lilly (2007-2010); Co-Founder 
Appear Networks (2000-2001); and Production Leader, Procter 
& Gamble (1994-1999). 
 
Kimberly has extensive board experience including Abelia 
(2017-2021), NHST (parent of Dagens Næringsliv) (2011-
2019), Meda AB (2015-2016), Borregaard (2012-2013), and 
Kappa Bioscience (2009-2014). 
OTHER ASSIGNMENTS
Ms. Mathisen is on the Advisory Board of Nysnø and Sintef and 
a member of Friends of Ocean Action.
BOARD MEETINGS ATTENDANCE 10
SHARES OWNED AT YEAR-END 2021 500
Adele Bugge Norman Pran (1970)
POSITION
Member of the Board
Chair of the Audit and
Sustainability Committee
ELECTED BY/YEAR
Shareholders, 2019
POSITION
Professional Board member and management consultant 
EDUCATION
Bachelor and master’s degrees in law from the University of Oslo 
Master’s degree in Auditing and Accounting 
EXPERIENCE
Mrs Pran is a professional board member with considerable 
experience working on issues of sustainability in her respective 
board positions. 
 
She was previously in the Private Equity industry for 13 years. 
As a Partner of Herkules Capital, Mrs. Pran was in charge of the 
following business areas: Finance, Treasury, Investor Relations, 
Acquisitions and divestments, strategy and Business devel­
opment, Legal, Compliance and ESG (2004-2016). Prior to 
Herkules Capital Mrs. Pran was part of the Deals team in PWC 
(1999-2004). 
OTHER ASSIGNMENTS
Mrs. Pran is currently on the board of ABG Sundal Collier ASA, 
B2Holding ASA, Zalaris ASA, Motorgruppen AS and Hitec 
Vision ASA. She is a member of the strategic Advisory Board of 
Boards Impact Forum and Chair of the ABG Women in Finance 
Foundation. 
BOARD MEETINGS ATTENDANCE 10
AUDIT & SUSTAINABILITY COMMITTEE ATTENDANCE 8
SHARES OWNED AT YEAR-END 2021 2,010
Geir O. Sundbø (1963)
POSITION
Member of the Board
Member of the
HR Committee
ELECTED BY/YEAR
Employees, 2010
POSITION
Corporate employee representative of Yara International 
Chairman of European Works Council (EWC) of Yara 
International 
EDUCATION
Skilled Chemical Process operator 
EXPERIENCE
Mr. Sundbø has been a Yara (Hydro) employee since 1987. He 
has worked extensively as a skilled chemical process operator 
(1987-2004). He has been actively engaged in trade union 
matters since 1989 and has, since 2004, been a full-time 
employee representative at Yara. 
 
Mr. Sundbø previously held various roles at both Herøya 
Arbeiderforening (1993-2019) and Industri Energi Control 
Committee (2010-2019). He also served as a Board member 
of Bjørkøya Utvikling AS (2009-2019). 
OTHER ASSIGNMENTS
BOARD MEETINGS ATTENDANCE 9
HR COMMITTEE ATTENDANCE 6
SHARES OWNED AT YEAR-END 2021 404
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Back to the overview

John Thuestad (1960)
POSITION
Member of the Board
ELECTED BY/YEAR
Shareholders, 2014
POSITION
Executive Vice President Bauxite & Alumina at Norsk Hydro 
ASA since 2018 
EDUCATION
Master’s degree in Metallurgy from NTNU 
MBA from Carnegie Mellon University 
EXPERIENCE
Prior to his current position, Mr. Thuestad led Hydro Extruded 
Solutions, Europe (2017-2018). His previous experiences at 
Hydro/Sapa include EVP Sapa Extrusions Europe (2013-2017) 
and leading the Sapa Profiles with production plants in Europe, 
North America and China (2012-2013). 
 
Other previous positions include EVP Group President Primary 
Metals at Alcoa Global Primary Products (2007-2012), CEO 
of Elkem AS (2005-2007) and Elkem Aluminium AS (2000-
2007). Prior to that, Mr. Thuestad was Managing Director of 
Norzink AS and Fundo AS. Mr. Thuestad has served as Board 
member/Chairman of Tyssefaldene AS (1997-2000), Board 
member of Borregaard AS (2005-2007), Statkraft/Groener AS 
(2000-2003) and as Officer of Alcoa Inc (2010-2011). 
OTHER ASSIGNMENTS
Member of the Executive committee of International Aluminium 
Institute (IAI) 
BOARD MEETINGS ATTENDANCE 10
SHARES OWNED AT YEAR-END 2021 1,200
Birgitte Ringstad Vartdal (1977)
POSITION
Member of the Board
Member of the
HR Committee
ELECTED BY/YEAR
Shareholders, 2020
POSITION
Executive Vice President European Wind and Solar at Statkraft 
since 2020 
EDUCATION
Master’s degree in Engineering Mathematics from the 
Norwegian School of Science and Technology (NTNU) 
Master’s degree in Financial Mathematics from Heriot-Watt 
University in Edinburgh 
EXPERIENCE
Ms. Vartdal is EVP of Statkraft and responsible for Statkraft’s 
European Wind and Solar. Vartdal previously served as CEO 
of Golden Ocean Group (2016-2019), and as CFO of Golden 
Ocean Group (2010-2016). She has also held various manage­
ment positions in Torvald Klaveness (2004-2010) and worked 
for Hydro Energi (2001-2004). Ms. Vartdal has held several 
Board positions, including Seadrill (2019-2020), Sevan Drilling 
(2013-2016), and Mowi (2016-2020). She was also Chairman 
of the Board for Sevan Drilling (2015-2016) and a Member of 
the Corporate Assembly at Equinor (2016-2020). 
OTHER ASSIGNMENTS
Ms. Vartdal is currently on the Board of Vartdal Fiskeriselskap 
AS and serves on the Board of several Statkraft AS companies. 
BOARD MEETINGS ATTENDANCE 9
HR COMMITTEE ATTENDANCE 6
SHARES OWNED AT YEAR-END 2021 2,500
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Board message
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MESSAGE FROM THE BOARD OF DIRECTORS
Managing volatility, 
delivering strong 
results
In 2021, the Board focused its work on the significant 
transformation the company is undergoing, evidenced 
by further portfolio adjustments and progress within 
clean ammonia. Further, the Board has spent time on 
the company’s management of both a volatile market 
environment and the pandemic, building on the regional 
model it established in 2020. 
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Two larger transactions were announced in 2021 
supporting the company’s strategic direction: the divest­
ment of the Salitre asset in Brazil and the establishment 
of the Hegra joint venture aiming to electrify and decar­
bonize Yara’s ammonia plant at Herøya. Continued 
capital discipline and competitive shareholder returns 
were also high on the agenda during 2021. With the 
30 NOK per share dividend which will be proposed to 
the Annual General Meeting in May 2022, total cash 
returns paid or proposed for 2021 amount to 58 NOK 
per share 1). 
The Board has also devoted considerable time in 2021 
to the situation in Belarus. Yara has a strong com­
mitment to universal human rights and condemns all 
forms of repression and human rights violations. With 
the support of human rights organizations and trade 
unions, Yara has sought positive change by leveraging 
its presence in Belaruskali to promote technical and 
occupational safety and workers’ rights. However, the 
effects on the supply chain from the current sanctions 
on Belarus forced Yara to initiate a wind-down of its 
sourcing of Belarusian potash, which is expected to be 
completed by 1 April 2022. 
The company’s integrated reporting has been further 
matured during 2021, with Yara’s updated Strategy 
scorecard being central both for internal performance 
management and external reporting. 
Volatile market environment 
In 2021 both Yara’s product prices and input costs 
increased significantly. Global nitrogen prices strength­
ened, driven by strong demand and limited supply 
additions. Volatility was particularly high in the fourth 
quarter, with the urea price three times higher and 
European natural gas prices almost six times higher 
than in the same period the previous year. As a result of 
the record high gas prices, Yara curtailed production at 
several of its European ammonia facilities in September 
2021. The impact on finished fertilizer production 
was limited, as unprofitable ammonia production 
was replaced with sourcing from Yara plants outside 
Europe, and from Yara’s global ammonia trade and 
shipping network. 
Yara’s regional model, established in 2020, has been 
key to managing the volatile market environment in 
2021. To ensure Yara responds efficiently, the oper­
ating segments have collaborated extensively, with 
significantly increased coordination and meeting activ­
ity to ensure optimal decisions and risk mitigation amid 
the volatility. 
Covid-19 response 
Yara has a triple responsibility in the ongoing global 
pandemic: firstly, to safeguard its employees, contrac­
tors, partners, neighbors, and society at large; secondly, 
to be a responsible company and act in accordance with 
government guidelines and regulations; and thirdly, to 
keep operations running and help support the supply 
of food and other essential products to society. This 
means that the timing of turnarounds, improvement 
initiatives, and other projects is optimized to reduce the 
risk of prolonged outages. 
At end 2021, Covid-19 management went into a 
new phase, with the operating segments taking over 
the crisis response management from the corporate 
Covid-19 Response Team established by Yara early 
2020. Reporting has continued with frequent updates 
to the Board of Directors. The Covid-19 team, with 
representatives from all Yara’s operational segments 
and corporate functions, has continued to meet regu­
larly to coordinate, support, and share best practices 
across Yara’s global operations. Yara’s operations have 
performed well during Covid-19, as have agricultural 
markets and supply chains overall. 
Nature positive 
In 2021, Yara updated its ambition statement to 
Growing a Nature-Positive Food Future. The ambition 
statement now includes our pre-existing ambition to 
achieve climate neutrality across all scopes by 2050, but 
further broadens its perspective to better capture how 
Yara will deliver on its Mission and Vision. 
While more work will be carried out through 2022 to 
provide further details, the content will include partner­
ships to decarbonize agriculture and shipping, solutions 
to reduce pollution related to core production and 
along the food chain, solutions to enhance crop and soil 
1)	Share buybacks included in the year of purchase, including the corresponding pro-rate redemption of shares from the Norwegian state
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health, increase farmer connectivity, product traceabil­
ity, improve nutrition and quality of life, protect and 
restore nature, and to reverse climate change through 
science-based targets and actions.   
These focus areas, together with the mission statement, 
are anchored in the strategy announced at Yara’s ESG 
Investor Seminar in December 2020. In combination 
with a strong commitment to a clear capital allocation 
policy, Yara is well positioned to continue driving 
sustainable long-term value creation for its shareholders 
and other stakeholders. 
The Company 
Yara is an integrated food solutions company with an 
industrial portfolio. Headquartered in Oslo, Norway, 
Yara is listed on the Oslo Stock Exchange. Yara’s 
knowledge, products, and solutions grow customers’ 
businesses profitably and responsibly, while protecting 
the earth’s resources, food, and environment. The 
company mission is to “Responsibly feed the world 
and protect the planet”. Yara’s business activities are 
carried out within six operational segments: Europe, 
Americas, Africa & Asia, Global Plants & Operational 
Excellence, Industrial Solutions, and Clean Ammonia. 
The regional segments (Europe, Americas, and Africa 
& Asia) operate in a fully integrated setup, comprising 
production, supply chain, and commercial operations, 
producing and delivering Yara’s existing fertilizer 
solutions in addition to commercializing and selling 
new offerings under the guidance of Farming Solutions. 
The Global Plants & Operational Excellence segment 
operates Yara’s largest and export-oriented production 
plants (Porsgrunn, Sluiskil) and has a key role in driving 
operational and HSE improvements, competence devel­
opment, and technical project execution across Yara’s 
production system. 
Yara Industrial Solutions mainly provides nitro­
gen-based solutions and services across a wide range of 
industries. This segment performs its activities through 
five global commercial units: Transport Reagents, 
Mining Applications, Base Chemicals, Industrial 
Nitrates, and Yara Marine Technologies. These com­
mercial units are backed by six dedicated production 
plants across Europe, Latin America, Africa, and Asia. 
Yara Clean Ammonia was established as a separate 
segment in 2021. The Clean Ammonia segment con­
tains Yara’s Ammonia Trade and Shipping business, 
which plays a vital role in Yara’s production system, 
optimizing production capacity utilization with off-
takes of merchant ammonia volumes from surplus 
producing plants and supply of ammonia to consuming 
plants. In addition, Yara Ammonia Trade and Shipping 
sources and trades ammonia externally. The segment 
is also evaluating several new green and blue ammonia 
projects with the aim of serving growing markets for 
clean ammonia and add scale to its existing business. 
Active portfolio management has always been a key 
pillar in Yara’s strategy as evidenced, for example, 
through the divestment of GrowHow UK and the 
European CO2 business. In 2021, Yara continued 
to develop its portfolio through divesting the Salitre 
phosphate mining project in Brazil. The divestment 
contributes to streamlining Yara’s portfolio and real­
locating capital and resources in line with our capital 
allocation policy. 
Sustainability governance 
Yara supports the United Nations Global Compact, 
the United Nations Guiding Principles on Business and 
Human Rights, the OECD Guidelines for Multinational 
Enterprises, the International Bill of Human Rights, 
and the core conventions of the International Labor 
Organization (ILO). 
Yara continuously works to integrate sustainability 
into all core business decision-making processes, the 
company governance structure, and performance man­
agement. Performance is measured along the People, 
Planet, Prosperity, and Governance dimensions. The 
Board Audit and Sustainability Committee (BASC) 
oversees sustainability-linked topics for the Board. Yara 
also has a Sustainability Committee, which is consti­
tuted by the Group Executive Board. 
The People and Planet dimensions of sustainability are 
governed through Yara’s steering system and defined 
in our HESQ Policy and Code of Conduct, both signed 
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by the President and CEO. The corporate HESQ, 
Ethics and Compliance, and Sustainability Governance 
functions are integral to the business review processes, 
performance management, and capital value processes 
anchored in the CFO function. 
The SVP HESQ reports to EVP Global Plants & 
Operational Excellence, and presents reports to the 
full Board of Directors and the Board’s Audit and 
Sustainability Committee at least once per year. The 
SVP HESQ has organizational responsibility for 
ensuring that appropriate health, safety, environment, 
and security governance is in place throughout the 
company. Corporate HESQ also performs audits of 
relevant business units to ensure adherence to relevant 
requirements and standards. 
The Ethics and Compliance function maintains and 
implements the Code of Conduct through an extensive 
company-wide Compliance Program. The Code of 
Conduct includes our anti-corruption and human rights 
policies. 
Yara’s Ethics and Compliance Department plays a 
key role in the management of all risks related to 
corruption, fraud, human rights, and business partner 
integrity. Ethics training of employees is among the 
performance indicators followed by Yara’s Board of 
Directors, and includes mandatory code of conduct 
e-learning for all employees. Additional safeguards 
include an anonymous whistle-blowing function. 
The Chief Compliance Officer reports administra­
tively to Yara’s General Counsel, twice a year to the 
Board of Directors, quarterly to the Board Audit and 
Sustainability Committee, and monthly to the CEO or 
on an ad hoc basis as necessary, on matters relating 
to ethics and compliance, including human rights and 
corruption. 
Yara has a Compliance Committee, which is chaired by 
the CEO and attended by the members of Yara’s Group 
Executive Board. The Compliance Committee meets 
quarterly and acts as a focal point for matters related to 
ethics and compliance. 
The sustainability governance function reports to the 
CFO. This function oversees integrated and sustainabil­
ity reporting, ESG benchmarking, the implementation 
of external standards according to relevance and prior­
itization, as well as the development of science-based 
targets and the company’s Nature Positive Roadmap. 
Integrated performance management 
Yara integrates holistic measures of company per­
formance into the management of the company. We 
have adopted the structure of the WEF Stakeholder 
Capitalism whitepaper into our balanced score­
card, meaning that the Board reports performance 
in the People, Planet, Prosperity, and Governance 
performance chapters of this integrated report. Key 
developments and strategic considerations and actions 
are described here. 
People 
Caring for people is key to business success. Safety first 
is a Yara priority, and “Safe by Choice” is the name of 
Yara’s safety culture program that is making zero inju­
ries a real possibility. Since its inauguration in 2013, the 
program has reduced the total recordable injuries (TRI) 
rate from 4.3 in 2013 to 1.0 in Q4 2021. 
Health and safety is not all about statistics – one severe 
injury or fatality is one too many. Yara has developed 
a program for the prevention of major incidents and a 
comprehensive process safety program. By reviewing, 
investigating, and sharing lessons learnt from incidents 
with high potential severity, we can establish effective 
improvement actions. 
Yara’s health and safety culture combined with a pur­
pose-driven and engaged workforce, provides a strong 
foundation for operational excellence and innovation. 
Diverse teams make better decisions than homogenous 
teams, and engaged employees perform better. We 
therefore prioritize Diversity, Equity, and Inclusion 
(DEI) as an important part of the updated strategy. 
Our ambition is to continue to increase the number of 
women in Yara across all levels, and the KPI for female 
senior leaders was strengthened. In 2025, Yara targets 
reaching 40% women among senior leaders, up from 
35%. 2021 performance is found on page 43. 
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Following up on 2020 survey findings about gender 
perceptions in agriculture, Yara launched, in 2021, 
the initiative Women in Agronomy, aiming to increase 
women’s representation with a specific focus on attract­
ing and retaining women talent. 
Yara is also engaged in improving inclusion of other 
groups. Due to legal constraints and sensitivity of the 
data, Yara can’t track indicators linked, e.g., to ethnical 
groups, sexual orientation or religion. We therefore 
focus on raising awareness of unconscious bias as a 
path to move forward. 
Following up on the Black Talent Initiative, the 
Borderless Leadership Program was launched for 200 
senior leaders, leading them through a 5-hour work­
shop on tackling race bias and discrimination in the 
workplace, followed by 4 monthly group coaching 
sessions. On 14 September, Yara’s Global D&I Day 
was celebrated worldwide. 
Attracting, developing and retaining diverse talent 
requires us to acknowledge that our employees have 
different needs and preferences, including work-life 
balance through different phases in life. This led to the 
2021 launch of Yara’s Work Life Balance & Well-Being 
Framework. 
In 2020, Yara’s employee survey identified high levels 
of stress and insufficient support when experienc­
ing mentally strain. In 2021, Yara formalized new 
procedures for psychosocial environment and mental 
health as well as for physical work environment and 
manual handling. Yara’s 2021 survey showed an 
improved score on these topics, while overall employee 
engagement remained high and stable. 
The Covid-19 pandemic continued to have a deep 
impact on our employees’ work situation and personal 
lives. We recognize that challenges and demands both 
from private life and work can be difficult to manage, 
and that the pandemic has amplified this. In collabo­
ration between corporate functions and our local sites 
we have provided services to support our employees to 
be safe both at our sites and at home, and we have also 
started several mental health initiatives. We registered 
1,828 cases of Covid-19 among employees in 2021. 
The overall sick leave rate was 3.0% for Yara globally, 
and 3.6% in Norway. 
Yara maintains a company-wide human rights risk 
assessment, which in 2021 identified 19 high-risk coun­
tries, up from 18 in 2020. All high- and medium-risk 
countries are monitored through our Compliance 
Program, and detailed human rights impact assessments 
are rolled out to the high-risk countries. Based on the 
assessment findings, Yara takes action to mitigate risks. 
Previous human rights impact assessments have 
identified risk of negative impacts in connection 
with contracted labor performing services for Yara, 
especially where manual labor is combined with heat 
exposure. Local mitigating actions are in place to 
address these issues, and additionally, manual labor 
including heat exposure is now covered in the global 
Yara standard on Physical Requirements to the Work 
Environment. 
Yara is committed to paying employees fairly, regard­
less of personal beliefs or any individual characteristics. 
Individual remuneration will vary based on specific 
factors such as country, employment market conditions, 
position content and position grade, performance, and 
competence. In accordance with Norwegian legislation, 
a dedicated remuneration disclosure is published along­
side the integrated report with a detailed account on 
gender pay levels. 
The strong knowledge of Yara’s employees is a key 
to our future success. We provide our employees 
and leaders with opportunities to upskill and reskill. 
Upskilling aims to improve growth in existing or 
similar roles, while reskilling enables employees to 
move to different roles, reducing the need for new hires. 
These efforts are pursued on multiple fronts, not least 
by making digital learning broadly accessible in the 
company. 
Planet 
Yara takes a holistic approach to environmental protec­
tion, covering both the sourcing of raw materials, our 
own production processes and logistics, and the use of 
our products. Yara uses a precautionary approach to 
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identify risks and take preventive measures to mitigate 
the potential harm to people and the environment. 
To deepen Yara’s understanding of climate risks, a 
project was undertaken in 2021 to establish Yara’s 
climate risk scenarios. The three scenarios will be 
made available on Yara.com, responding also to the 
Task Force for Climate Related Financial Disclosures 
(TCFD) recommendations. 
Yara is progressing its work on setting Science Based 
Targets (SBT) on GHG emissions. As part of the effort, 
Yara is collaborating with Nutrien and WBCSD towards 
establishing a Sectoral Decarbonization Approach (SDA) 
for the nitrogen fertilizer industry. The SDA is expected 
to be finalized in 2023, and it will provide an emissions 
reduction pathway for the industry. 
Yara Birkeland, the world’s first zero-emission and 
autonomous container ship had its maiden voyage 
in the Oslo fjord in November 2021. Yara Birkeland 
will contribute to emission cuts, and it will be in com­
mercial operation from 2022, reducing the number of 
diesel-powered truck haulage journeys by 40,000 every 
year. 
Progressing on Yara’s greenhouse gas (GHG) KPIs, we 
completed 18 projects in 2021, reducing emissions by 
0.26 million tonnes CO2e. The GHG project portfolio 
for the 2025 climate KPI includes more than 90 profit­
able projects, at an estimated investment of more than 
USD 280 million. The projects will enable GHG emis­
sion reductions of 2 million tonnes CO2e. 
Yara manages its global production and operations 
in accordance with system certificates for the three 
standards ISO 9001 (Quality management), ISO 
14001 (Environmental management), and ISO 45001 
(Occupational health and safety management). Yara 
is progressing towards certifying all major production 
sites to the ISO 50001 Energy Management standard. 
The process is scheduled to be completed in 2022. We 
measure the total amount of energy used to produce 
one tonne of ammonia, and an energy intensity KPI is 
disclosed in the Planet performance section. 
Yara Clean Ammonia (YCA) was established in 2021 
with the objective of capturing growth opportunities 
within clean hydrogen and ammonia production, trans­
port, and distribution. As the major global trader of 
ammonia, Yara is well-equipped to become the green 
ammonia champion by leveraging its strengths in pro­
duction, logistics, and trading. In August 2021, Yara 
launched the company HEGRA. The company aims to 
electrify and decarbonize the ammonia plant at Herøya, 
Porsgrunn in Norway, and thereby reduce CO2 emis­
sions by 800,000 tons annually. 
Throughout 2021, YCA established several agreements for 
trade and offtake of upcoming clean ammonia volumes, 
and it contributed in consortia to promote ammonia as a 
decarbonized fuel for the maritime industry. 
We adhere to the principles of product stewardship to 
ensure that appropriate care is taken along the whole 
fertilizer value chain. We have assessed the health, 
safety, security, and environmental (HSE) impacts of 
all our significant product categories, covering the life 
cycle of the products. Our operations are certified to 
the fertilizer sector’s product stewardship programs and 
audited on a regular basis by a third party. 
Yara has mapped the environmental liabilities at all our 
major sites. In 2021, we initiated the development of 
environmental roadmaps for our major production sites 
in Europe. The roadmaps cover current and foreseen 
environmental regulatory requirements, such as water 
management, non-GHG emissions to air, noise, and soil 
contamination. 
The EU remains a front runner in climate and environ­
mental regulatory developments, with the Fit for 55 
package supporting the EU legally binding target of a 
55% reduction in GHG emissions by 2030. Yara sup­
ports the EU ambition, but is actively requesting that 
the package work towards aligning measures so that 
export-oriented industry can retain competitiveness, 
and that it also prioritizes providing a market for green 
products as it mandates the production of such. The 
position paper is available on Yara.com. Yara empha­
sizes the importance of a level playing field for industry, 
in a dynamic regulatory environment both for the EU 
and internationally. 
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Yara’s digital farming solutions combine its agronomic 
knowledge with new technologies to help farmers 
improve productivity while reducing environmental 
impacts. With over 60 years of research and develop­
ment, and decades of soil analytical services, we are 
uniquely positioned to offer our customers digital solu­
tions that support higher nutrient use efficiency (NUE), 
reduced GHG emissions, and nature-positive outcomes. 
In 2021, we relaunched Atfarm+ as our main farmer 
digital interface in Europe and the Americas, focusing 
on improving nutrient use efficiency (NUE) and adding 
new soil analytic capability. We also launched new 
innovation initiatives, among them a GHG emission 
calculator for oilseed rape. 
Also in 2021, Yara made the commercial launch of 
Agoro Carbon Alliance, enabling farm decarboniza­
tion. Agoro will support farmers with the agronomical 
expertise and practical support to sequester carbon in 
the soil and reduce emissions from the field. This will, 
in turn, generate high-quality, third-party certified 
carbon credits and increase farmers’ income. 
Prosperity 
Yara delivered improved returns in 2021, with earnings 
before interest, tax, and depreciation (EBITDA) up 
34% from the previous year. Yara’s return on invested 
capital (ROIC) reached 7.9%, in line with the previous 
year as impairments offset margin growth. Total deliv­
eries were 1% lower than the previous year, as sharply 
increasing prices impacted fertilizer demand. 
The parent company Yara International ASA is a 
holding company, with financial activities and with 
corporate functions. Yara International ASA had a 
net income of NOK 13,839 million in 2021, reduced 
from NOK 15,690 million in 2020, after dividends 
and group relief from subsidiaries of NOK 17,016 
million (NOK 16,405 million in 2020). The net foreign 
currency translation loss was NOK 1,740 million com­
pared with a gain of NOK 999 million in 2021. 
Country-by-country reporting 
Yara’s country-by-country report has been developed 
to comply with legal requirements as stated in the 
Norwegian Accounting Act §3-3d and the Norwegian 
Security Trading Act §5-5a, valid from 2014. The full 
country-by-country reporting can be found on the yara.
com annual report section. 
Corporate governance principles 
The Board of Directors and Executive Management 
of Yara International ASA review the company’s 
corporate governance annually and report on the com­
pany’s corporate governance in accordance with the 
Norwegian Accounting Act § 3-3b and the Norwegian 
Code of Practice for Corporate Governance (the 
“Code”), most recently updated 14 October 2021. The 
Code contains stricter requirements than mandated by 
Norwegian law. The Board of Directors’ Corporate 
Governance Report is included in this Integrated 
Report and forms part of the Report of the Board of 
Directors. 
Yara International ASA have purchased and maintain a 
Directors and Officers Liability Insurance on behalf of 
the members of the Board of Directors and CEO. The 
insurance additionally covers any employee acting in a 
managerial capacity and includes subsidiaries owned 
with more than 50%. The insurance policy is issued by 
a reputable, specialized insurer with appropriate rating.
Directors’ & Officers’ Liability Insurance provides 
financial protection to Yara’s directors, officers and any 
employees that can incur personal liability for claims 
made against them in respect of acts committed, or 
alleged to have been committed, in their capacity as 
such and as a result of an error, omission or breach of 
duty.
Group Executive Board 
The following changes were made to Yara’s Group 
Executive Board in 2021: 
Lars Røsæg was appointed EVP Corporate 
Development & Deputy CEO. Røsæg previously 
served as EVP & Chief Financial Officer in Yara 
since November 2018. In this new role, Røsæg is 
responsible for overseeing operations and capital allo­
cation across Yara as well as Yara’s Strategy, M&A, 
Portfolio Development, Corporate Communications 
and Corporate Affairs functions. Pablo Barrera Lopez 
was appointed Executive Director of IMAGINE 
Food Collective, and left the position as EVP 
Communications & Procurement. 
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Thor Giæver, previously SVP Head of Investor Relations, 
was appointed EVP & Chief Financial Officer. 
Mónica Andrés, previously VP Farming Solutions 
Europe, was appointed EVP Europe, replacing Tove 
Andersen. 
Solveig Hellebust, previously Chief HR Officer, was 
appointed EVP People, Process and Digitalization. 
Terje Knutsen, EVP Farming Solutions, asked to step 
down from his current position to work closer to the 
commercial domain in December 2021. The Farming 
Solutions lead team will report to Lars Røsæg, EVP 
Corporate Development and Deputy CEO, in an acting 
capacity until Knutsen’s successor is identified. 
Future prospects 
Yara’s industry fundamentals are robust, as the twin 
challenges of resource efficiency and environmental 
footprint require significant transformations within both 
agriculture and the hydrogen economy. Yara’s leading 
food solutions and ammonia positions are well placed 
to both address and create business opportunities from 
these challenges. Yara’s market environment is support­
ive, with higher nitrogen prices globally reflecting robust 
demand and a tight supply situation. Industry consult­
ant projections show increased new nitrogen project 
activity in 2022, however the overall supply-demand 
balance has tightened while global inventories were low 
at the end of 2021.
Leveraging its global production and marketing presence, 
Yara is broadening its core as a leading food solutions 
company by developing and marketing premium crop 
nutrition products and digital farming tools in close 
collaboration with partners throughout the food value 
chain. Yara is also enabling the hydrogen economy by 
targeting clean ammonia opportunities within shipping, 
agriculture, and industrial applications, and by driving 
sustainable performance, targeting a ROIC above 10% 
mid-cycle and reducing Scope 1 and Scope 2 emissions by 
30% by 2030 compared with 2019. 
Yara’s capital allocation policy is based on an overall 
objective to maintain a mid-investment grade credit 
rating, while at the same time providing investors with 
a potential for cyclical upside in dividends. Yara’s tar­
geted capital structure is a mid- to long-term net debt/
EBITDA range of 1.5-2.0 and a net debt/equity ratio 
below 0.60. Subject to these requirements, Yara’s ordi­
nary dividend shall be 50% of net income. Shareholder 
returns are distributed primarily as cash, with share 
buybacks as a supplemental lever. Yara’s robust global 
business model and high hurdle rate for new invest­
ments is generating strong cash flow, and this may lead 
to increased dividend capacity going forward.
Yara expects to invest approximately USD 1.5 billion 
during 2022 based on its current committed mainte­
nance and improvement plans and announced growth 
investments, of which 0.4 billion is phasing of invest­
ments from 2021. From 2022, average investments 
excluding phasing are capped at USD 1.2 billion 
average per annum, including both maintenance and 
growth investments. 
Yara’s Board will propose to the Annual General 
Meeting a dividend of NOK 30 per share for the fiscal 
year of 2021, bringing total cash returns per share 1) 
paid and proposed for 2021 to NOK 58 per share. 
The Board intends to propose to the Annual General 
Meeting a new buy-back program along the lines of the 
previous one.
Ukraine situation
The Russian invasion of Ukraine from late February 
2022 has brought increased geopolitical risks to global 
markets and business operations. In response to the 
conflict, Yara established crisis management teams 
both at strategic and operational level to coordinate 
planning and day-to-day management of the situation. 
On 11 March 2022, Yara announced it had stopped 
sourcing from several Russian entities due to latest EU 
sanctions. 
The company’s priorities are to safeguard its employees, 
contractors, partners and society; to be a responsible 
company and operate according to government reg­
ulations, sanctions and guidelines; and to keep our 
operations running, to help support continued food 
supply, as well as supply of other essential products to 
society – also in times of crisis.
1)	Share buybacks included in the year of purchase, including the corresponding pro-rate redemption of shares from the Norwegian state
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The war is expected to have major impacts on both the 
food and fertilizer industries, with Russia and Ukraine 
both being significant in the global food value chain, 
representing a major portion of world’s production 
and export of grains. Furthermore, Russia is one of the 
world’s largest producers and exporters of essential 
crop nutrients and natural gas. The war is already 
impacting both global fertilizer prices and energy 
prices, including natural gas prices in Europe. Yara’s 
direct investments in Russia and Ukraine are limited, 
but Yara sources phosphate, potash and ammonia 
from Russia, and purchases significant volumes of 
natural gas for its production in Europe. On 11 March 
2022, Yara announced a halt in sourcing from several 
Russian entities due to EU sanctions implemented on 
9 March 2022. As a consequence of record high natural 
gas prices in Europe, Yara announced on 9 March 
that it was temporarily curtailing production at its 
Ferrara (Italy) and Le Havre (France) plants. The two 
plants have a combined annual capacity of 1 million 
tonnes ammonia and 0.9 million tonnes urea. The net 
financial effect of the war for Yara cannot be reliably 
estimated at this stage, but further price volatility for 
both raw materials and end products are likely. While 
raw material price increases in isolation are negative 
for Yara, higher end product prices create offsetting 
positive effects, as higher grain prices improve farmers’ 
profitability and demand incentives for agricultural 
inputs.
The Board of Directors Yara International ASA,
Oslo 24 March 2022
Trond Berger
Chair
Kimberly Lein-Mathisen
Vice Chair
Håkon Reistad Fure
Member of the Board
Adele B. Norman Pran
Member of the Board
John Thuestad
Member of the Board
Birgitte R. Vartdal
Member of the Board
Rune Bratteberg
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Øystein J. Kostøl
Member of the Board
Geir O. Sundbø
Member of the Board
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Enterprise Risk 
Management
Yara is committed to proactive and effective risk management to mitigate 
adverse effects on our operations and to identify and explore business 
opportunities. Ultimately, effective risk management contributes to 
achieving our long-term strategic targets and short-term goals.
Yara’s global risk management process aims to identify, assess and 
manage risk factors that could affect the performance of any parts 
of the company’s operation. To this end, we have implemented a 
continuous and systematic process to mitigate potential damages and 
losses, and to capitalize on business opportunities.
Risk responsibilities
Yara’s Board of Directors is responsible 
for defining risk appetite for all main 
risk categories relevant to the company. 
The Board oversees the risk management 
process and carries out annual reviews of 
the company’s most important risk cate­
gories and internal control arrangements.
Yara’s Executive Management is 
responsible for reviewing and opera­
tionalizing the defined risk appetite by 
maintaining an enterprise-wide system 
for risk management. The Executive 
Management actively monitors the 
development of top risks and initiates 
actions accordingly. Risk assessments 
performed by the regions and global 
expert organizations are reviewed peri­
odically in business review meetings. 
Risk management is an integral part of all 
our business activities. The regions and 
global expert organizations are the risk 
owners and regularly perform risk assess­
ments based on established procedures 
to identify, assess, and manage the risks 
that affect their business and analyze how 
these risks influence performance. 
The Enterprise Risk Management 
function is the facilitator of the risk 
management system and operational risk 
management activities and shall assist 
management with maintaining an appro­
priate risk management framework 
including policies, procedures, and tools, 
as well as maintaining an aggregated 
view of key risk exposures. The function 
reports to the Chief Financial Officer. 
Framework and procedures 
Yara has implemented a framework 
with clear policies and procedures to 
facilitate risk management across the 
organization. This creates a stable envi­
ronment within which we can deliver on 
our strategic and operational objectives, 
and systematically identify and capture 
business opportunities. 
Our framework is guided by the 
Committee of Sponsoring Organizations 
of the Treadway Commission (COSO) 
ERM framework and the ISO 31000 
risk management standard as the best 
practice benchmarks for assessing the 
soundness, efficiency, and effectiveness 
of our risk management process. 
The materiality of each risk factor is 
determined by assessing the likelihood 
and potential consequences. In this 
appraisal, a combination of qualita­
tive and quantitative risk assessment 
techniques is deployed. Risks are evalu­
ated to determine whether the risk level 
is acceptable or unacceptable and to 
prioritize those that have the greatest 
potential to impact our performance. 
We implement mitigating strategies and 
pursue business opportunities to ensure 
that each risk is optimally managed. 
Risk mitigation plans are based on 
evaluations of the cost of control and 
potential impacts relative to the benefits 
of reducing the risk.
Once primary risks are managed, we 
continually monitor residual risks to 
ensure that they remain at an accept­
able level and that events are properly 
addressed and managed. The risk profile 
is reviewed and updated at least annu­
ally, with more frequent updates if new 
opportunities or risks are identified. 
The risk mitigation plan is reviewed 
and updated on a quarterly basis to 
reflect the current status of risks and 
action plans and is communicated to the 
Executive Management during quarterly 
business review meetings.
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Risk appetite 
Risk appetite is broadly defined as the level of risk an entity deems acceptable in the pursuit of overall goals. Yara’s Board of Directors is responsible 
for defining Yara’s risk appetite. The Board of Directors and Executive Management have jointly evaluated and defined risk appetite across key 
operational and strategic dimensions, arriving at a set of practical guidance statements on key risks. These risk appetite statements set boundaries 
for strategic initiatives, guide resource allocation and aid decision-making within the company. Risk appetite is an integral part of policies and 
procedures, annual business planning, periodic performance reviews, and capital value processes. Furthermore, risk appetite conveys the way we 
approach and evaluate risk to our investors, customers, and society at large.
Risk appetite areas
Risk appetite level
Exposure to global nitrogen price dynamics
We optimize our business model by seeking exposure to fertilizer market prices for own produced products.
High
Exposure to natural gas price markets
Securing access to, and stable supply of, favorably priced natural gas is imperative to our operations and competitiveness. In regions with efficient gas markets, we will 
seek exposure to spot market prices unless exceptional market circumstances clearly give reason for deviation. In regions without efficient gas markets, Yara seeks to 
enter into longer term contracts if favorable gas prices are obtainable.
High
JV ownership structure exposure – new entries
Yara has a moderate risk appetite for entering into new JVs. To reduce risks, Yara has a preference for having at minimum an equal representation with JV partners in the 
Board and will only engage in JVs provided that agreements are commercially attractive, secure acceptable governance standards, policies and procedures, and financial 
control for Yara. Yara will only enter into JVs where we are confident that we can bring Ethical compliance and HESQ standards to an acceptable level.
Moderate
Culture, people, and leadership exposure
Yara has a low appetite for risk exposures impacting our culture, people and leadership which are crucial enablers for execution of the corporate transformation strategy, 
and at the same time running current core operations ethically and compliantly. Yara has an ambitious people strategy supporting the shift towards a more entrepreneur­
ial culture, continuous improvement, and a growth mindset.
Low
Exposure to new business areas outside current core operation
Yara invests funds in new business areas to mitigate risk in core business and develop new revenue streams. Yara is willing to be exposed to uncertainty around future 
revenue generation, but the annual resources employed are reviewed on an annual basis.
High
Long term credit rating down grade exposure
We believe a solid financial base is the foundation for the pursuit of sound growth opportunities and have a low risk appetite for financial exposure not derived from the 
underlying business. We have a low risk appetite for a credit rating downgrade to below investment grade BBB/Baa2. We accept the underlying US dollar exposure 
embedded in the Yara business model but keep a major part of the company’s debt in US dollar as a partial hedge.
Low
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Risk appetite areas
Risk appetite level
Exposure to non-USD currencies
Yara has a low to moderate risk appetite for short term economic currency exposure and FX losses arising from large and unexpected currency movements. Due to Yara’s 
geographic profile long term currency risk is embedded in Yara’s business model, mainly through local costs. Financial positions and FX instruments should not increase 
such exposure but are instead used to actively reduce sensitivity to currencies. Yara has low risk appetite for exposure related to financial risk not derived from the under­
lying business.
Low
Tax exposure
Within the framework of tax laws and regulations, we optimize our tax cost in the same way we do other costs. Yara does not pursue tax solutions without existence of 
commercial purpose and is committed to a transparent management of tax.
Moderate
Information and cyber security exposure
Yara has a low appetite for risk exposure to cyber incidents in the office and production environment. Yara has implemented high level of protection to mitigate exposure 
to safety and reliability issues in our production sites, in addition to leakage of confidential data, legal and regulatory compliance violations, insider threat from dismissed 
employees or contractors and loss or malicious modification of business-critical data.
Low
Production reliability exposure
Yara has a low risk appetite for unplanned production downtime for the priority plants and aims to produce optimally at all times balancing investments to improve 
regularity, process safety, and plant profitability.
Low
Raw material sourcing exposure
Securing supply of key raw materials for our fertilizer production, blending and distribution is crucial for our production plants. The demand for raw materials is covered by 
our own production as well as sourcing from third parties. Yara has low risk appetite and seeks opportunities to diversify external supply options.
Low
Bribery, corruption, and competition law exposure 
We are committed to upholding high standards for human rights, ethical and lawful conduct across the organization in relation to business partners, investors, regulatory 
authorities and society at large. We have zero tolerance for bribery, corruption and violation of competition law.
Low
Environmental exposure from operations or products
Yara strives to be best in class compared to industry peers and is committed to exploring and promoting the highest standards of environmental responsibility and has a 
low risk appetite to incidents that can cause damage to the environment as a result of our operations or products.
Low
Health, safety, and security exposure
Securing safe and healthy working conditions is our highest priority. We aim to minimize the exposure to conditions that could negatively affect health, security and 
safety. Furthermore, we aim to minimize the probability and consequences of process safety and product safety accidents negatively affecting people, environment, 
assets and the reputation of Yara.
Low
Product portfolio exposure to regulatory changes
Yara has a low appetite for exposure to incompliance to regulatory requirements impacting the product portfolio in our value chain, and proactively seeks to reduce expo­
sure to operational, commercial and financial consequences. Yara will proactively liaise with regulatory bodies in order to adapt and adhere to stricter regulations.
Low
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Risk factors and risk responses 
- People, Planet and Prosperity
People risks 
The success of Yara’s business and transformation is dependent on our people. Our people processes, -practices, and -frameworks are built on 
the foundation of our four values. We put substantial resources and efforts into minimizing potential risks with a negative impact on our people, 
at the same time as we invest to develop our culture, leadership and our organization. Systematic risk management processes are embedded in 
key business processes to detect potential internal and external risk exposures, and to understand their causes in order to initiate effective risk 
mitigating responses. 
Risk factors
Risk responses
Linked to material topics
Human capital
Yara’s ability to compete effectively and meet market demands depends heavily on the 
competence, engagement, enablement and performance of its employees. Furthermore 
the company’s strategy entails a shift towards an expanded business model that requires 
a transformation in how we run the business. The ambitious strategy requires a step-up 
on entrepreneurship and change management competencies and skills. The success of 
transforming the company at the same time as running the existing core business is also 
dependent on a successful implementation of the diversity, equity and inclusion (DE&I) 
agenda. 
Yara’s people strategy is established to support the transformation of the global organ­
ization at the same time as we run current core business operations with sustainable 
performance. Implementation plans are under development, necessary resources required 
for the implementation are allocated through our business plan process and status is moni­
tored as an integrated part of regular performance review processes. Yara regularly deploys 
global employee surveys to focus management initiatives on the employee engagement 
and enablement and the DE&I agenda. During the pandemic, Covid-specific questions were 
included to a focus on employee well-being. Yara is committed to promoting equal oppor­
tunities and to fight discrimination. DE&I is fully integrated in Yara’s business strategy and 
key business processes.
Health and safety
Yara’s production sites are large industrial plants, and many of Yara’s raw materials, inter­
mediates and products are classified as substances dangerous and hazardous to health. 
Such a working environment contains potential occupational health risks, as well as 
process and occupational safety risks to employees and contractors working on site. While 
Yara’s raw materials are often dangerous chemicals, most finished fertilizers typically are 
not classified as hazardous, and the occupational health and safety risk at the use phase 
is minor.
Risk exposures are closely monitored and followed up across Yara. The company has strict 
requirements for reporting incidents, accidents, and injuries, and works continuously to 
improve safety practices and safety culture by systematically enforcing strict operating 
procedures and developing employee and contractor competence. Yara’s ambition is zero 
harm, and the company continues to set challenging KPI targets for occupational and 
process safety. Our Safe by Choice is the umbrella for all HSE activities with the aim of 
reducing exposure to accidents, developing strong HSE leadership, ensuring safe work­
places, driving operational discipline, and of training and encouraging staff to always act 
and react in accordance with our safety standards. 
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Risk factors
Risk responses
Linked to material topics
Physical security
Yara’s global activity may be exposed to threats from criminals, activists, local population, 
competitors, terrorists and States which could harm our operations, supply chain and 
offices, and pose security risks to our personnel, the environment we work in, our assets 
and our reputation. The physical security risk exposure has been negatively impacted by 
the fact that the economic slowdown following the Covid-19 pandemic has increased the 
likelihood of theft, robbery and violence impacting the security of our operations, employ­
ees and executives. 
We continuously monitor security risk exposures globally and assess and manage regional 
and local threats to our personnel and sites. The HESQ Security function is responsible for 
developing and maintaining both the corporate guidelines on security, and methods for 
assessing security risks, in addition to initiating appropriate mitigation actions in response 
to potential threats. The company has ongoing training programs to increase awareness on 
current security protocols.
Personnel security
Yara is exposed to personnel security risks such as the threat of bad actors using Yara 
staff and employees to gain access to values and information. The exposure is driven by 
several factors such as Covid-19-related economic slowdown, increased industrial digitali­
zation, and global strategic positioning of major powers.
Risk exposures are mitigated through security measures as an embedded part of the 
recruitment process and the ongoing training processes increasing employee security 
awareness, in addition to the continuous monitoring of risk exposure developments. 
Employee misconduct
Failure to comply with the Code of Conduct and international standards will have a dam­
aging effect on our brand and reputation. It can also negatively affect our relationship with 
current and future business partners, resulting in both legal sanctions and financial loss. 
In positive terms, demonstrating a commitment to ethical business conduct and social 
responsibility can create competitive edge and value for business partners, employees 
and society at large.
We have high standards for ethical and compliant business conduct and reporting. Yara 
has developed its Compliance Program in accordance with internationally recognized and 
endorsed standards in key areas. Yara has over the past years implemented a wide range 
of measures to build and develop a sound organizational culture for ethical behaviors 
in the way we act, operate and do business. Risk exposures are monitored continuously 
through Ethics & Compliance’s global and regional organization working closely with line of 
business. Measures to maintain a low-risk exposure are continuously being developed and 
implemented.
Human rights
Yara is exposed to human rights risks through its presence in high-risk countries through­
out the whole value chain, from sourcing to markets. Through a mixture of ethical and 
legal obligations, the risk of negative impact on human rights may affect Yara’s reputation 
and standing as a responsible business. Risk exposure for human rights non-compliance is 
driven by a complex landscape with stringent regulatory requirements globally, hereunder 
regional and country level. 
Yara’s human rights policy is set out in the Code of Conduct and is integrated in the 
Compliance Program and key business processes. Yara follows the United Nations Guiding 
Principles on Business and Human Rights and aims to continuously improve our work in 
this area. Our annual global human rights risk assessment allows us to proactively monitor 
exposure to human rights risks wherever we operate and guides us in prioritizing locations 
for human rights impact assessments. Measures to maintain a low-risk exposure are being 
continuously developed and implemented.
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Planet risks 
We commit to excellence in our HESQ performance, which is imperative to protect our employees and contractors, and uphold reliability and 
performance. We have adopted a systematic approach to monitoring and reviewing the quality and handling of all our products, ensuring that proper 
care is taken throughout the entire value chain. 
Risk factors
Risk responses
Linked to material topics
Climate
Climate change poses both up- and downside risks for the company, exposing our 
markets, assets, operations, and the supply chain. Climate change leads to societal 
processes which may pose transition risks such as market preferences, legislation, and 
technology. The transition to a climate-neutral society is both an urgent challenge and 
an opportunity, with a potential downside market risk and risk for stranded assets. The 
societal aspects are as much opportunities as risks.
Yara’s investments are evaluated in the context of extreme weather risk. Yara promotes 
low carbon solutions, life cycle perspectives and resource efficient solutions through 
stakeholder dialogues. As a materially important topic, climate is one of the key focus 
areas of Yara’s business development and strategy processes, where we aim to provide 
knowledge-based solutions. Efforts include resource optimization and reducing carbon 
footprints in agriculture, green ammonia projects and digital solutions, which are well-
suited to support EU ambitions for reduced emissions. Yara supports the continuation of 
the ETS system and its free allowances as the best approach to mitigate carbon leakage 
risk. Yara also advocates the possible introduction of more instruments, that should 
provide certainty for low-carbon investments and avoid market distortions. 
Natural disasters
Yara’s global value chain from sourcing to markets, including production, logistics oper­
ations and warehouses could be directly or indirectly negatively affected by extreme 
weather conditions and natural disasters.
We have implemented specific precautionary measures for operations located in areas 
more likely to be affected by extreme weather conditions and natural disasters. Significant 
efforts are also put into risk assessments, business continuity planning, crisis manage­
ment training and scenario planning, in order to minimize potential threats to security, 
health and safety for our operational assets.
Regulatory framework for production, handling and application of our products
There is an increasing trend of stricter governmental regulations impacting production, 
distribution and storage, and application of fertilizer related both to the environmental 
aspects and safety of handling and applying fertilizer. These regulations could have a 
substantial impact on Yara’s earnings, in addition to Yara’s licence to operate.
Yara continuously discusses and participates in various arenas to understand and influ­
ence existing and new regulations affecting our business. The risk is primarily mitigated 
by contact with governmental bodies to ensure that balanced information is available to 
reach optimal solutions. Yara continuously discusses the future CO2 emissions structure 
for the fertilizer industry with the EU, arguing that the European ammonia industry is 
the most efficient globally which needs to be reflected when policies are developed. On 
existing assets, Yara has established comprehensive management systems and policies 
to manage the environmental impacts of our operations and reduce exposure. A key focus 
for Yara is to allocate resources to develop new technologies and business models to 
meet regulatory requirements and expected environmental and climate requirements.
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Prosperity risks 
Yara’s business is closely interlinked with the major global challenges of resource scarcity, food insecurity and global warming. Execution of our 
strategy for sustainable, profitable growth depends on our ability to manage strategically important risks and opportunities relevant to our industry. 
Yara is further exposed to various financial risks due to our global operations. Yara has implemented, and is constantly developing, comprehensive 
policies, procedures and tools to manage these risks. In some cases, Yara may utilize derivative instruments, such as forward contracts, options and 
swaps, to reduce financial risk exposures. 
Risk factors
Risk responses
Linked to material topics
Market dynamics – nitrogen commodity fertilizer prices
A large part of our business consists of sales of fertilizer products used in agriculture. 
While a growing world population, economic growth and changing dietary patterns are 
driving overall demand for food and fertilizer, fluctuations in agricultural prices along with 
changes in global and regional fertilizer production capacity could significantly impact our 
profitability.
Yara’s business model, using a mix of our own and third-party products marketed by our 
global commercial organization, offers flexibility to adjust to supply and demand fluctua­
tions. We increasingly focus on expanding sales of differentiated products where pricing and 
demand is less volatile. Yara invests in developing farmer-centric solutions that integrate 
knowledge and digital tools and services with our product portfolio to further differentiate 
our offering to the farmer. Yara also conducts global optimization with risk reduction in 
mind, e.g., prioritizing a global presence, counter-seasonality, and market flexibility in addi­
tion to short-term profitability. Third-party products exposure limits have been established 
and are closely monitored for the most third-party products-intensive countries. 
Market dynamics – natural gas prices
Due to natural gas being a key raw material in the production of nitrogen-based chemicals 
and fertilizer products, the pricing and availability of natural gas across regions is a strate­
gic factor for Yara. Securing access to and stable supplies of favourably priced natural gas 
is fundamental to our operations and competitiveness.
Yara’s risk exposure towards energy sourcing is minimized through global purchasing 
activities, based on our energy strategy. Executing this strategy, we are continuously 
monitoring options for additional and alternative sources of favorably priced natural gas in 
existing and new areas of production. All our European gas contracts are hub-based, and 
we are well positioned to cover the risk of spot exposure. In some of our plants we have 
the operational flexibility to reduce gas purchases and import ammonia for fertilizer pro­
duction if gas prices peak, and we benefit from a natural hedge in the correlation between 
nitrogen fertilizer prices and global energy prices.
Raw materials availability
The sourcing of raw materials for production, blending, and distribution is inherently 
one of the largest operational risks Yara faces, and Yara is dependent on several raw 
materials where there are few or limited alternatives. Yara plants rely on several critical 
raw materials such as phosphate rock (apatite), energy, chemicals, ammonia, and potash 
from third-party suppliers where there are various challenges to ensuring sufficient supply 
security. Terminations, material change, political/sanction risk or failure of delivery in 
these arrangements can have a negative impact on Yara’s operations.
Yara benefits from scale advantages in the sourcing of several of the key raw materials 
needed for production, blending, and distribution. Furthermore, a close and long-term rela­
tionship with a wide network of suppliers in combination with continuously assessing and 
monitoring sourcing risks enables us to initiate mitigating actions and reduce risk of supply 
disruptions and secure longer-term supply security. Evaluation and development of supply 
alternatives and back-up solutions are other enablers to ensure business continuity. 
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Risk factors
Risk responses
Linked to material topics
Investments and integration
Yara has an ambition to grow profitably, through broadening our core business model and 
enabling a hydrogen economy, while driving sustainable performance. The profitability of 
future strategic initiatives relies on long-term price assumptions and future operational 
and financial performance. Investments in new business areas and the integration of new 
companies poses a risk of not being able to capture operational and financial benefits and 
synergies.
Yara has a well-defined capital value process that ensure projects are properly evaluated, 
verified and matured at specific decision gates. A comprehensive, annual strategy update 
process secures a regular review of ongoing initiatives and potential gaps in delivering 
on our long-term strategy. This includes updates of key information such as energy and 
global pricing, as well as strategic assessments of specific opportunities or concerns. The 
integration of new businesses is managed and monitored based on accumulated learning 
from several large business integrations completed during recent years. Yara maintains a 
conservative investment approach, through strong focus on capital discipline.
Political exposure
Our investments and operations may be affected as a result of changes in political lead­
ership, policies, and regulations as well as political and social instability in a country or a 
region. Such changes could represent threats as well as opportunities for Yara.
Yara has established an effective system involving key expert functions globally for mon­
itoring and reporting political-related risks. Yara utilizes, in addition to internal resources, 
external sources for monitoring and reporting matters that may impact the company. 
Furthermore, Yara’s Integrity Due Diligence (IDD) screens all business partners, and for 
which are selected for additional due diligence. Business partners and transactions are 
continuously monitored through screening against sanctions and compliance databases. 
Information and cyber security 
New and increasingly sophisticated computer viruses and digital crime models combined 
with the significantly increased internet exposure of our industrial control systems may 
result in safety and reliability risks at any of our production and product handling sites. 
New digital crime models include targeting both OT and IT systems for ransomware. 
Further, leakage of confidential data, legal and regulatory compliance violations loss or 
malicious modification of business-critical data can negatively impact any and all of our 
business processes.
In order to address exposure to cyber-incidents Yara has invested to minimize vulner­
abilities, in addition to improving detection and recovery time in case of incidents. The 
company proactively monitors threats, vulnerabilities, and the effectiveness of security 
controls in order to continuously improve. Campaigns and training sessions are held 
regularly for employees globally to raise awareness of cyber risks and threats. .
Corruption risk
Corruption appears in many forms throughout the world, usually in the form of “improper 
advantages”. With operations in over 60 countries Yara is exposed to countries, markets 
and counterparts with varying ethical standards and business conduct. Corruption poses 
both compliance and reputational risks to Yara and our business partners.
Our zero-tolerance stance on bribery and corruption is systematically implemented and 
communicated throughout our organization and to business partners through policy 
commitments, trainings and awareness raising. Yara’s Ethics and Compliance function 
coordinates and oversees the company’s work in this area through Yara’s Compliance 
Program. Yara’s Integrity Due Diligence process is defined to identify and mitigate risks 
related to business partners on various topics, including corruption, human- and labour 
rights. Our whistle-blowing channels allow employees, consultants and third parties to 
raise concerns anonymously.
Production reliability
Production unreliability and irregularities represent a downside risk for Yara and may 
result in lost volumes and earnings. Examples of risk drivers are insufficient competence 
to advance operational excellence, inability to meet targets on major turnarounds, ageing 
plants, and ineffective working practices. Plant reliability is a key driver of organic growth 
in our production system.
We actively seek to increase plant reliability and minimize irregularities by refining 
and implementing company-wide technical and operational standards along with best 
practices for operations, maintenance and turnarounds, and through continuous invest­
ments in process safety. Employees undergo extensive training and risk awareness 
programs, and process safety and productivity are subject to frequent audits. Yara’s global 
Improvement Agenda focuses on improving cost, competence, production reliability and 
operational excellence.
Supply chain disruptions
Yara’s ability to produce and supply markets with products can be impacted negatively by 
disruptions in our supply chain. 
Yara has centralized functions as well as local operations, for management of in- and out­
bound supply chains securing raw materials to our production units and supply of products 
to the markets. Yara is a global company, and we have flexibility and measures built into 
our business model to adjust for potential irregularities.
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Risk factors
Risk responses
Linked to material topics
Financing risk
Refinancing of maturing loans or establishment of new financing may be difficult or costly 
to arrange. Adverse financial market conditions, including ESG profile requirements with 
too little time for transition, could lead to higher funding costs and postponement of 
projects.
Yara’s strategy for mitigating financing risk is to maintain a solid financial position with 
strong credit and ESG ratings, as well as maintaining strong regulatory responses. Yara 
reduces the refinancing risk by using different funding sources, and by timing loan matu­
rity dates to avoid them falling due at the same time. Committed liquidity reserves are 
maintained to meet unforeseen costs. Yara has access to sufficient funding and borrowing 
facilities to meet currently foreseeable requirements, combined with a cash position that 
covers short-term needs.
Credit risk
Credit risk represents exposure to potential losses deriving from non-performance of 
counterparties.
Credit risk is monitored and managed by the business units and expert organizations on 
the basis of standard Yara policy, procedures, and regular reporting. Yara has a well-es­
tablished system for credit management, with defined exposure limits at customer, 
financial institution, and country level. A number of instruments, such as credit insurance, 
letters of credit and bank guarantees, are deployed to mitigate credit risk. Yara’s geo­
graphically diversified portfolio reduces the overall credit risk of the group.
Currency risk
As the fertilizer business is essentially a US dollar business, prices of Yara’s most impor­
tant products and raw materials are either directly denominated or determined in US 
dollars. In markets outside the USA, local prices will generally adjust to fluctuations in the 
US dollar exchange rate, with some time lag.
Yara keeps a major part of its debt in US dollars in order to reduce overall economic 
currency exposure. Yara also utilizes derivative instruments to manage foreign currency 
exchange rate risks. A well-established system for currency risk management is in place, 
with defined currency exposure limits and standardized exposure measurement tools. 
Yara’s geographically diversified portfolio reduces the company’s overall currency risk.
Interest rate risk
Interest rates on different currencies vary depending on the economy and political deci­
sions, which will influence Yara’s funding cost over time. However, the overall exposure of 
our business to interest rate fluctuations is considered low.
Interest rate risk is managed on an assessment of the financial markets and macroe­
conomic development, in relation to the expected impact an interest change will have 
on Yara’s financial performance. As a risk mitigation measure, Yara keeps part of the 
long-term debt portfolio in fixed interest rate agreements. Yara also utilizes derivative 
instruments to manage interest rate risk. 
Post closure event: Ukraine crisis 
The invasion of Ukraine by Russian forces, supported by Belarus, 
exposes Yara to potential supply chain disruptions and increased 
production costs as a result of increased gas prices. In both Belarus 
and Russia, the immediate risk is to the supply chain, as severe 
economic sanctions have been promptly coordinated among 
western countries. A full SWIFT cut-off for Russian banks poses 
severe challenges to trade with Russia, while escalating sanctions 
may result in limits to the trade in fertilizer. Reductions in fertilizer 
supply as a result of direct trade sanctions and Russian export 
controls/retaliatory sanctions, coupled with high gas prices driving 
fertilizer prices up, may combine to depress fertilizer demand in 
Europe.
The profitability and operation of Yara’s production facilities in 
Europe may be affected if Russia chooses to curtail its gas supplies 
to the EU. Yara may also face reputational risks due to commercial 
relationships with Russia. 
Yara’s nitrogen upgrading margin is exposed as future gas, 
ammonia, and urea price developments are uncertain and volatile, 
depending on future direction of the conflict and measures being 
implemented by western countries and Russia.
Sourcing of raw materials for production, blending, and distribution 
is inherently one of the largest operational risks that Yara faces. 
Some of the production plants have based production on supply 
of dry raw materials and ammonia from Russia and Belarus. The 
current conflict between Russia and Ukraine increases the exposure 
to supply chain disruptions due to the risk of sanctions, regulations 
or other measures that may be implemented.
Information and cyber security risk exposure has increased due to 
the ongoing conflict between Russia and Ukraine. Targeted retal­
iatory cyber operations against countries that have taken punitive 
actions, such as sanctions, may also impact Yara. Yara may there­
fore face incidents impacting our IT infrastructure, office systems 
and operational control systems.
Physical security exposure has increased as a result of the conflict 
between Russia and Ukraine. Yara’s assets, such as offices and 
production units, may have a heightened exposure due to our 
sourcing and commercial activities in countries that are parties to 
the conflict.
The current situation is being closely monitored, and mitigating 
actions and contingency plans are being developed in order to 
respond to the increased risk exposures.
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‌Risk management
04	 ‌FINANCIAL STATEMENTS

FINANCIAL STATEMENTS
Transparent 
performance
Yara is committed to transparent and diligent 
reporting of the company’s performance. The 
consolidated accounts have been prepared in 
accordance with the EU-approved IFRS standards 
and pertaining interpretation standards applicable 
as of 31st December, 2021 and disclosure 
requirements that follow from the Norwegian 
Accounting Act as of 31st December, 2021.
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‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Financial statements
Due to rounding differences, figures or percentages may not add up to the total.
‌Consolidated financial statements
126
‌Consolidated statement of income
127
‌Consolidated statement of comprehensive income
128
‌Consolidated statement of changes in equity
129
‌Consolidated statement of financial position
130
‌Consolidated statement of cash flows
132
Basis of preparation
133
Notes to the consolidated 
financial statements
136
1	
Key sources of estimation uncertainty, 
judgments and assumptions
136
2	
Results for the year
138
2.1	 ‌Revenue from contracts with customers
138
2.2	 Other income and commodity derivative gain/(loss) 142
2.3	 Segment information
142
2.4	 Raw materials, energy costs and freight expenses
149
2.5	 Payroll and related costs
149
2.6	 Other operating expenses
149
2.7	 Financial income and expenses
150
2.8	 Income taxes
151
3	
Current assets
156
3.1	 Inventories
156
3.2	 Trade receivables
158
3.3	 Prepaid expenses and other current assets
160
3.4	 Cash and cash equivalents
160
4	
Investments in non-current assets
161
4.1	 Property, plant and equipment
161
4.2	 Intangible assets
165
4.3	 Associated companies and joint ventures
167
4.4	 Joint operations
169
4.5	 Leases
171
4.6	 Other non-current assets
173
4.7	 Impairment of non-current assets
175
4.8	 Committed future investments
180
5	
Equity and liabilities
181
5.1	 Share information
181
5.2	 Non-controlling interests
182
5.3	 Interest-bearing debt
184
5.4	 Pensions and other long-term employee 
benefit obligations
186
5.5	 Trade and other payables
192
5.6	 Provisions and contingencies
192
5.7	 Contractual obligations
195
5.8	 Secured debt and guarantees
196
6	
Financial risk
197
6.1	 Financial risks
197
6.2	 Hedge accounting
204
6.3	 Financial instruments
207
7	
Business initiatives
213
7.1	 Disposal of investments
213
8	
Other disclosures
214
8.1	 Related parties
214
8.2	 Share based remuneration
215
8.3	 External audit remuneration
216
8.4	 Composition of the group
217
8.5	 Post balance sheet date events
219
‌Financial statements for 
‌Yara International ASA
220
‌Statement from the Board and the 
‌CEO of Yara International ASA
247
‌Auditor’s report
250
‌Reconciliation of alternative 
‌performance measures in ‌the Yara Group
255
126
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of income
USD millions
Notes
2021
2020
Revenue from contracts with customers
2.1, 2.3
16,617
11,591
Other income and commodity derivative gain/(loss)
2.2
(9)
137
Revenue and other income
16,607
11,728
Raw materials, energy costs and freight expenses
2.4
(12,803)
(7,819)
Changes in inventories of own products
668
(201)
Payroll and related costs
2.5
(1,270)
(1,136)
Depreciation and amortization
4.1, 4.2, 4.5
(984)
(919)
Impairment loss
4.7
(666)
(46)
Expected and realized credit loss on trade receivables
3.2
(6)
(17)
Other operating expenses
2.6
(479)
(414)
Operating costs and expenses
(15,540)
(10,551)
Operating income
1,068
1,176
Share of net income in equity-accounted investees
4.3
23
20
Interest income and other financial income
2.7
64
62
Foreign currency exchange loss
2.7, 6.1
(251)
(243)
Interest expense and other financial items
2.7
(164)
(165)
Income before tax
739
850
Income tax expense
2.8
(355)
(160)
Net income
384
690
USD millions
Notes
2021
2020
Net income attributable to
Shareholders of the parent
449
691
Non-controlling interests
5.2
(65)
–
Net income
384
690
Basic earnings per share
1.75
2.58
Diluted earnings per share 1)
1.75
2.58
Weighted average number of shares outstanding 2)
5.1
256,789,744
267,985,860
1)	Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.
2)	Weighted average number of shares outstanding was reduced in the first quarter 2021 due to the share buyback program.
127
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of comprehensive income
USD millions
Notes
2021
2020
Net income
384
690
Other comprehensive income that may be reclassified to statement of income in subsequent periods (net of tax)
Currency translation adjustments
(132)
(56)
Hedge of net investments
2.8, 6.2
(21)
22
Net other comprehensive income/(loss) that may be reclassified to statement of income in subsequent periods, net of tax
(154)
(34)
Other comprehensive income that will not be reclassified to statement of income in subsequent periods (net of tax)
Currency translation adjustments 1)
(45)
28
Net gain/(loss) on equity instruments at fair value through other comprehensive income
6.3
4
(3)
Remeasurement gain/(loss) on defined benefit plans
2.8, 5.4
170
(51)
Net other comprehensive income/(loss) that will not be reclassified to statement of income in subsequent periods, net of tax
129
(26)
Reclassification adjustments of the period
–
(6)
Total other comprehensive income, net of tax
(25)
(66)
Total comprehensive income, net of tax
359
624
Total comprehensive income attributable to
Shareholders of the parent
425
624
Non-controlling interests
5.2
(66)
–
Total
359
624
1)	Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as “foreign operations” to Yara International ASA.
128
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of changes in equity
USD millions, except share information
Notes
Share 
Capital 1)
Premium 
paid-in 
capital
Currency 
translation 
adjustments
Fair value 
reserve of 
financial 
assets at 
FVOCI 4)
Cash
flow 
hedges
Hedge
of net 
investments
Total 
other 
reserves
Retained 
earnings
Reserve of 
disposal 
group held 
for sale
Attributable to 
shareholders of 
the parent
Non- 
controlling 
interests
Total 
equity
Balance at 31 December 2019
66
(49)
(1,367)
(4)
(2)
(209)
(1,582)
10,395
–
8,830
79
8,909
Net income
–
–
–
–
–
–
–
691
–
691
–
690
Total other comprehensive income, net of tax
–
–
(35)
(3)
–
22
(16)
(51)
–
(67)
1
(66)
Total comprehensive income
–
–
(35)
(3)
–
22
(16)
640
–
624
–
624
Transactions with non-controlling interests
5.2
–
–
–
–
–
–
–
–
–
–
1
1
Treasury shares 2)
5.1
(2)
–
–
–
–
–
–
(386)
–
(388)
–
(388)
Dividends distributed
5.1
–
–
–
–
–
–
–
(925)
–
(925)
(1)
(926)
Balance at 31 December 2020
64
(49)
(1,402)
(7)
(2)
(187)
(1,599)
9,724
–
8,141
79
8,220
Net income
–
–
–
–
–
–
–
449
–
449
(65)
384
Total other comprehensive income, net of tax
–
–
(177)
4
–
(22)
(194)
170
–
(24)
–
(25)
Total comprehensive income
–
–
(177)
4
–
(21)
(194)
619
–
425
(66)
359
Disposal group held for sale
7.1
–
–
8
–
–
–
–
–
(8)
–
–
–
Treasury shares 2) 3)
5.1
(1)
–
–
–
–
–
–
(247)
–
(248)
–
(248)
Dividends distributed
5.1
–
–
–
–
–
–
–
(1,214)
–
(1,214)
(1)
(1,215)
Balance at 31 December 2021
63
(49)
(1,571)
(3)
(2)
(208)
(1,793)
8,883
(8)
7,104
13
7,116
1)	Par value 1.70.
2)	As approved by General Meeting 7 May 2020.
3)	As approved by General Meeting 7 May 2021.
4)	See note 6.3 Financial instruments.
129
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of financial position
USD millions
Notes
31 Dec 2021
31 Dec 2020
Assets
Non-current assets
Deferred tax assets
2.8
504
485
Goodwill
4.2
789
831
Intangible assets other than goodwill
4.2
132
157
Property, plant and equipment
4.1
7,133
8,579
Right-of-use assets
4.5
421
430
Associated companies and joint ventures
4.3
120
108
Other non-current financial assets
4.6
70
50
Other non-current non-financial assets
4.6
405
328
Total non-current assets
9,574
10,969
Current assets
Inventories
3.1
4,003
2,161
Trade receivables
3.2
2,138
1,478
Other current financial assets
3.3
225
136
Prepaid expenses and other current non-financial assets
3.3
483
495
Cash and cash equivalents
3.4
394
1,363
Non-current assets or disposal group classified as held-for-sale
7.1
454
5
Total current assets
7,698
5,637
Total assets
17,272
16,605
USD millions
Notes
31 Dec 2021
31 Dec 2020
Equity and liabilities
Equity
Share capital reduced for treasury stock
5.1
63
64
Premium paid-in capital
(49)
(49)
Total paid-in capital
14
15
Other reserves
(1,793)
(1,599)
Retained earnings
8,883
9,724
Total equity attributable to shareholders of the parent
7,104
8,141
Non-controlling interests
5.2
13
79
Total equity
7,116
8,220
Non-current liabilities
Employee benefits
5.4
399
627
Deferred tax liabilities
2.8
443
388
Long-term interest-bearing debt
5.3
3,089
3,371
Other non-current financial liabilities
6.3
72
123
Other non-current non-financial liabilities
6
16
Long-term provisions
5.6
283
361
Long-term lease liabilities
4.5
321
335
Total non-current liabilities
4,612
5,220
130
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

USD millions, except share information
Notes
31 Dec 2021
31 Dec 2020
Current liabilities
Trade and other payables
5.5
3,188
1,544
Prepayments from customers
2.1
634
372
Current tax liabilities
2.8
166
156
Short-term provisions
5.6
74
75
Other current financial liabilities
6.3
521
391
Other current non-financial liabilities
28
41
Short-term interest-bearing debt
5.3
337
345
Current portion of long-term debt
5.3
476
132
Short-term lease liabilities
4.5
104
111
Liability associated with non-current assets or disposed 
group classified as held for sale
7.1
17
–
Total current liabilities
5,544
3,165
Total equity and liabilities
17,272
16,605
Number of shares outstanding 1)
254,725,627
263,001,109
1)	Number of shares outstanding was reduced in the first quarter 2021 due to the share buy-back program.
The Board of Directors Yara International ASA,
Oslo 24 March 2022
Trond Berger
Chair
Kimberly Mathisen
Vice Chair
Adele B. Norman Pran
Member of the Board
John Thuestad
Member of the Board
Rune Bratteberg
Member of the Board
Birgitte R. Vartdal
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Geir O. Sundbø
Member of the Board
Håkon Reistad Fure
Member of the Board
Øystein J. Kostøl
Member of the Board
Svein Tore Holsether
President and CEO
131
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of cash flows
USD millions
Notes
2021
2020
Operating activities
Net income/(loss) before taxes
739
850
Adjustments to reconcile net income/(loss) to net 
cash provided by operating activities
Depreciation and amortization
4.1, 4.2, 4.5
984
919
Impairment loss
4.7
666
46
Write-down of inventory and trade receivables
23
14
(Gain)/loss on disposal of non-current assets
4.1, 4.2
9
6
Gain on sale of equity-accounted investees
4.3
–
(97)
Net foreign exchange loss
251
243
Adjustment for finance income and expense
100
102
Income taxes paid
(350)
(264)
Dividend from equity-accounted investees
4.3
8
9
Interest paid 1)
(166)
(182)
Interest received
68
65
Bank charges
(15)
(15)
Other
(68)
(26)
Working capital changes that provided/(used) cash
Trade receivables
(743)
39
Inventories
(2,042)
119
Prepaid expenses and other current assets
(113)
161
Trade and other payables
1,669
68
Prepayments from customers
291
39
Other interest-free liabilities
95
(51)
Net cash provided by operating activities
1,406
2,047
USD millions
Notes
2021
2020
Investing activities
Purchase of property, plant and equipment
4.1
(809)
(739)
Proceeds from sales of property, plant and equipment
15
11
Cash flows used in obtaining control of subsidiaries or 
other businesses
(43)
(13)
Net sale/(purchase) of short-term investments
(1)
–
Purchase of other long-term assets
4.2
(49)
(17)
Proceeds from sales of other long-term assets
4.3
14
1,006
Net cash provided by/(used in) investing activities
(874)
248
Financing activities
Loan proceeds 2)
5.3
451
780
Principal payments 2)
5.3
(235)
(650)
Payments of lease liabilities
4.5
(142)
(122)
Purchase of treasury shares
5.1
(363)
(309)
Dividends
5.1
(1,214)
(926)
Other cash transfers (to)/from non-controlling interests
5.2
(1)
–
Net cash used in financing activities
(1,504)
(1,228)
Foreign currency effects on cash and cash equivalents
4
(2)
Net increase/(decrease) in cash and cash equivalents
(968)
1,064
Cash and cash equivalents at 1 January
1,365
301
Cash and cash equivalents at 31 December 3)
3.4
397
1,365
Bank deposits not available for the use of other group 
companies
3.4
44
32
1)	Including interest expenses on lease liabilities.
2)	Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net.
3)	Excluded expected credit loss provisions on bank deposits, which amounts to USD 2.8 million (2020: USD 2.5 million). See note 3.4 for 
more information.
132
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Basis of preparation
Corporate information
Yara (the Group) consists of Yara International 
ASA and its subsidiaries. Yara International 
ASA is a public limited company incorporated 
in Norway. The Company’s registered office is 
at Drammensveien 131, Oslo, Norway. The 
principal activities of the Group are described 
in note 2.3 Segment information, note 4.3 
Associated companies and joint ventures, and 
note 4.4 Joint operations.
These consolidated financial statements 
consist of the Group and the Group’s interests 
in associated companies and jointly controlled 
entities. Information on the Group’s structure 
is provided in note 8.4 Composition of the 
Group. Information on other related party 
relationships of the Group is provided in 
note 8.1 Related parties.
Statement of compliance
These consolidated financial statements 
have been prepared in accordance with 
International Financial Reporting Standards 
(IFRS) as endorsed by the European Union 
(EU) and effective as of 31 December 2021. 
Yara also provides additional disclosures 
in accordance with requirements in the 
Norwegian Accounting Act.
The consolidated financial statements have 
been prepared under the historical cost 
convention modified to include revaluation 
to fair value of equity instruments, 
derivative financial instruments, contingent 
consideration and defined benefit plan assets.
The consolidated financial statements are 
presented in US dollars (USD). All values are 
rounded to the nearest USD million, except when 
otherwise indicated. The functional currency of 
Yara International ASA is Norwegian kroner (NOK).
Materiality judgments
These financial statements aim to provide 
useful financial information which meet the 
common information needs of its primary 
users. Materiality judgments are necessary 
to meet this objective, and Yara has made 
such judgments related to recognition, 
measurement, presentation and disclosures. 
With reference to the complete set of financial 
statements, information is considered 
material if omitting, misstating or obscuring 
it could reasonably be expected to influence 
decisions taken by primary users based on 
the information provided. The materiality 
judgments are reassessed at each reporting 
date and updated based on changed facts and 
Yara specific circumstances.
Yara’s Climate Roadmap
Yara announced the Group’s climate roadmap 
on the company’s ESG-seminar 7 December 
2020. In brief Yara has set an intensity KPI 
of 10 percent reduction in CO2e per tonne N 
within 2025, a KPI on reduction of absolute 
emissions by 30 percent within 2030, and an 
ambition to be climate neutral within 2050. 
See Yara’s Planet KPIs on pages 53–55 for a 
status as of year-end 2021.
The goals of this climate roadmap have been 
considered when preparing these consolidated 
financial statements. For more information, 
see note 1 Key sources of estimation 
uncertainty judgments and assumptions.
Basis of consolidation
The consolidated financial statements include 
Yara International ASA and entities controlled 
by Yara International ASA (its subsidiaries). 
Control is achieved when the Group has power 
over the investee, is exposed to, or has rights to, 
variable returns from its involvement with the 
investee, and has the ability to use its power to 
affect its returns. When the Group has less than 
a majority of the voting rights of an investee, it 
has power over the investee if the voting rights 
in practice are sufficient to unilaterally direct the 
relevant activities of the investee. The Group 
re-assesses if it controls an investee when 
facts and circumstances indicate that there are 
changes to one or more elements of control.
Consolidation of a subsidiary begins when the 
Group obtains control and ceases when the 
Group loses control. This means that income 
and expenses of subsidiaries acquired or 
disposed of are included in the consolidated 
statement of comprehensive income from 
the effective date of acquisition and up to 
the effective date of disposal, as appropriate. 
Total comprehensive income of subsidiaries is 
attributed to the owners of Yara International 
ASA and to the non-controlling interests, even 
if this results in the non-controlling interests 
having a deficit balance.
All intra group transactions, balances, income 
and expenses are eliminated in full upon 
consolidation. Accounting policies of subsidiaries 
are changed if necessary to ensure consistency 
with the policies adopted by the Group.
Profit or losses from transactions with 
associates and joint ventures are recognized in 
the Group’s consolidated financial statements 
only to the extent of interest in the associate or 
joint venture that is not related to the Group.
Changes in the Group’s ownership in subsidiaries 
that do not result in the Group losing control, 
are accounted for as equity transactions Any 
difference between the amount by which the 
non-controlling interests are adjusted and the 
fair value of the consideration paid or received, 
is recognized directly in equity and attributed to 
owners of the Company.
EU Directive 83/349
Yara GmbH & Co. KG with legal seat in 
Dülmen/Germany, and its directly and 
indirectly owned subsidiaries, are included in 
the consolidated financial statement of Yara 
International ASA as defined by sec. 291 
HGB (German commercial code). For the 
purpose of sec. 264b HGB, Yara GmbH & Co. 
KG makes use of the relief to not disclose any 
independent financial statement and notes.
Foreign currency translation
Transactions and balances
Individual financial statements of Yara 
International ASA and its subsidiaries are 
prepared in the respective entities’ functional 
currency. Functional currency is the currency 
of the primary economic environment in which 
133
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

the entity operates. In the individual financial 
statements, transactions in currencies 
other than the entity’s functional currency 
are recognized by applying the exchange 
rate at the date of transaction. Monetary 
items denominated in foreign currencies are 
translated using the exchange rate at the 
balance sheet date. Non-monetary items 
that are measured in terms of historical cost 
in a foreign currency are not re-translated. 
Changes in value due to these foreign 
currency translations are recognized in the 
statement of income of the individual entity 
and reflected as “foreign currency exchange 
gain/loss” in the consolidated statement of 
income for the Group.
Foreign currency translations on foreign 
currency borrowings that provide a hedge 
against a net investment in a foreign entity, or 
monetary items that are regarded as a part of 
the net investments, are not recognized in the 
statement of income. Such foreign currency 
translations are recognized as a separate 
component of other comprehensive income, 
including tax charges and credits attributable 
to these borrowings and monetary items. 
When the net investment is disposed of, or the 
monetary item is settled, they are recognized 
in the consolidated statement of income.
Group companies
When preparing the consolidated financial 
statements, all items in the individual financial 
statements are translated into USD using the 
exchange rates at period end for statement of 
financial position items and monthly average 
exchange rates for statement of income 
items. Gains and losses derived from this 
translation, including effects of exchange rate 
changes on transactions designated as hedges 
of net foreign investments, are included in 
other comprehensive income as a separate 
component.
The translation difference derived from each 
foreign subsidiary, associated company or 
jointly controlled entity, is reversed through 
the statement of income as part of the gain or 
loss arising from the divestment or liquidation 
of such a foreign operation.
Significant accounting policies
Accounting policies according to the list below 
are included in the relevant notes to the 
Consolidated Financial Statements:
Accounting Policies
Revenue recognition
2.1
Dividends received
2.7
Interest income
2.7
Income Taxes
2.8
Inventories
3.1
Property, plant and equipment
4.1
Goodwill
4.2
Intangible assets
4.2
Research and development expenditures
4.2
Investments in associates and joint 
ventures
4.3
Investments in joint operations
4.4
Leases
4.5
Impairment of non-current assets
4.7
Own shares
5.1
Dividends paid
5.1
Employee benefit obligations
5.4
Provisions
5.6
Hedge accounting
6.2
Financial instruments
6.3
Fair value measurement
6.3
Disposal group held for sale
7.1
New and revised accounting 
standards and interpretations
Adopted
The Group has applied the below 
amendments to IFRS that are effective for 
accounting periods beginning on or after 
1 January 2021, and which are relevant for 
Yara.
•	 Amendments to IFRS 9, IAS 39, IFRS 
7, IFRS 4 and IFRS 16 – Interest Rate 
Benchmark Reform: Phase 2
The amendments were issued to 
respond to the effects of the interest rate 
benchmark reforms on financial reporting. 
They provide temporary reliefs which 
address the financial reporting effects when 
an interbank offered rate (IBOR) is replaced 
with an alternative nearly risk-free interest 
rate (RFR). The phase two amendments 
effective 1 January 2021 complements 
amendments effective from 1 January 
2020.
Except for the new, additional disclosures 
requirements following amendments to 
IFRS 7, Yara has as of year-end 2021 not 
identified any impact to the consolidated 
financial statements as a result of 
amendments issued as responses to the 
IBOR-reform. However, Yara continues 
to carefully monitor the transition to new 
benchmark rates as the Group is exposed 
to NIBOR, STIBOR and USD LIBOR 
interest rate benchmarks. This will include 
ensuring compliance with new regulatory 
requirements for new contracts entered 
into. See note 6.1 Financial risks for more 
information on Yara’s strategy and risk 
exposure related to the IBOR-reform.
•	 Amendments to IFRS 16 – Rent 
Concessions related to Covid-19
In May 2020 with update in June 2021, 
IASB amended IFRS 16 Leases to provide 
relief to lessees from applying the IFRS 
16 guidance on lease modifications to rent 
concessions arising as a direct consequence 
of the Covid-19 pandemic. As a practical 
expedient, a lessee may elect not to assess 
whether a Covid-19-related rent concession 
from a lessor is a lease modification. A 
lessee that makes this election accounts for 
any change in lease payments resulting from 
the Covid-19-related rent concession the 
same way it would account for the change 
under IFRS 16, if the change were not a 
lease modification. Yara has not identified 
any significant, granted rent concessions 
during 2020 and 2021 as a direct 
consequence of the Covid-19 pandemic.
•	 IAS 38 Intangible Assets - IFRIC 
Agenda decision on Configuration 
or Customisation Costs in a Cloud 
Computing Arrangement
The International Financial Reporting 
Interpretations Committee (IFRIC) published 
in April 2021 a decision on how to account 
for configuration or customization costs in 
a Cloud Computing Arrangement according 
to IAS 38 Intangible Assets. The agenda 
decision states that the customer in a 
Software as a Service (SaaS) arrangement 
would normally not recognize an intangible 
asset because it does not control the 
software being configured. Further it stated 
that related configuration or customizations 
activities often would not create a resource 
controlled by the customer that is separate 
from the software and consequently should 
be expensed.
134
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Yara has changed its accounting policy on 
Intangible Assets to align with the IFRIC 
Agenda decision and implemented this 
change in 2021. Following a review of all 
Group significant software implementation 
projects, an implementation effect of USD 9 
million was recognized as other operating 
expense in 2021 as Yara previously 
capitalized software implementation 
and development cost under IAS 38. No 
distinction was previously made between 
licensed software hosted on-premise or in 
third party data centers, and subscriptions 
to software-as-a-service (SaaS) deliveries. 
Prior year comparatives have not 
been restated as Yara considers the 
implementation effect to be immaterial.
Not yet effective
The below amendments to IFRS applicable 
to Yara have been issued but were not yet 
effective on the balance sheet date. Yara will 
implement the changes from their effective 
date, subject to endorsement by the EU. 
At the date of the Board approval of these 
financial statements, Yara has not identified 
significant impact to the consolidated financial 
statements as a result of amendments 
effective for 2022. The impact of changes 
which are effective from 2023 and beyond 
are not yet assessed.
•	 Amendments to IFRS 3 – Reference to 
the Conceptual Framework
The amendments are effective for annual 
periods beginning on or after 1 January 
2022. They add an exception to the 
recognition principle of IFRS 3 to avoid 
the issue of potential “day 2” gains or 
losses arising for liabilities and contingent 
liabilities that would be within the scope of 
IAS 37 Provisions, Contingent Liabilities 
and Contingent Assets or IFRIC 21 Levies, 
if incurred separately. The exception 
requires entities to apply the criteria in IAS 
37 or IFRIC 21, respectively, instead of 
the Conceptual Framework, to determine 
whether a present obligation exists at the 
acquisition date. At the same time, the 
amendments add a new paragraph to IFRS 
3 to clarify that contingent assets do not 
qualify for recognition at the acquisition date.
•	 Amendments to IAS 16 – Proceeds 
before Intended Use
The amendments are effective for annual 
periods beginning on or after 1 January 
2022. They prohibits entities from 
deducting from the cost of an item of 
property, plant and equipment (PP&E), 
any proceeds of the sale of items produced 
while bringing that asset to the location 
and condition necessary for it to be capable 
of operating in the manner intended by 
management. Instead, an entity recognizes 
the proceeds from selling such items, and 
the costs of producing those items, in profit 
or loss.
•	 Amendments to IAS 37 – Costs of 
Fulfilling a Contract
The amendments are effective for annual 
periods beginning on or after 1 January 
2022. They specify which costs an entity 
needs to include when assessing whether 
a contract is onerous or loss-making. The 
amendments are intended to provide clarity 
and help ensure consistent application 
of the standard. Yara has provisions for 
onerous contracts at year-end 2021, but 
considers the implementation effect to be 
immaterial. 
Amendments to IAS 1 – Classification of 
Liabilities as Current or Non-current
The amendments are effective for annual 
periods beginning on or after 1 January 
2023. They specify the requirements 
for classifying liabilities as current or 
non-current
•	 Amendments to IAS 1 – Disclosure of 
Accounting Policies
The amendments are effective for annual 
periods beginning on or after 1 January 
2023. They provide guidance and 
examples to help entities apply materiality 
judgments to accounting policy disclosures.
•	 Amendments to IAS 8 – Definition of 
accounting estimates
The amendments are effective for annual 
periods beginning on or after 1 January 
2023. They clarify the distinction between 
changes in accounting estimates and 
changes in accounting policies and the 
correction of errors. Also, they clarify how 
entities use measurement techniques and 
inputs to develop accounting estimates.
•	 IFRS 17 Insurance Contracts
IFRS 17 will be effective for annual 
periods beginning on or after 1 January 
2023. It covers recognition, measurement, 
presentation and disclosure for insurance 
contracts. Once effective, IFRS 17 will 
replace IFRS 4 Insurance contracts.
•	 Amendments to IAS 12 – Deferred Tax 
related to Assets and Liabilities arising 
from a Single Transaction
The amendments are effective for annual 
periods beginning on or after 1 January 
2023. The main change is an exemption 
from the initial recognition exemption 
provided in IAS 12.15(b) and IAS 12.24. 
Accordingly, this change narrow the scope 
of the initial recognition exemption which 
no longer will apply to transactions in which 
equal amounts of deductible and taxable 
temporary differences arise on initial 
recognition.
135
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

1	 Key sources of estimation uncertainty, judgments and assumptions
General
The preparation of consolidated financial 
statements in accordance with International 
Financial Reporting Standards (IFRS) 
and the use of Yara’s accounting policies 
requires management to make judgments, 
estimates and assumptions that affect 
the reported amounts of assets, liabilities, 
revenues and expenses. The estimates 
and underlying assumptions are based on 
historical experience and various other factors 
that are considered to be reasonable under 
the circumstances Actual results may differ 
from these estimates. The estimates and 
the underlying assumptions are reviewed on 
an ongoing basis. Revisions to accounting 
estimates are recognized in the period in 
which the estimate is revised if the revision 
affects only that period, or in the period of 
the revision and future periods if the revision 
affects both current and future periods. The 
judgments, estimates and assumptions made 
that may significantly differ from actual 
results and may lead to material adjustments 
to carrying amounts are listed below.
Key sources of estimation uncertainty
Impairment of assets
Property, plant and equipment
Yara has significant carrying amounts related 
to property, plant and equipment recognized 
in the consolidated statement of financial 
position. The value in use of some of these 
assets could be influenced by changes in 
market conditions in the regions where Yara 
carries out its business. Significant and 
prolonged adverse market conditions related 
for example to increases in natural gas cost 
and/or lower market prices for products 
sold could lead to temporary or permanent 
closures of production facilities. Such closures 
will be considered as an impairment indicator 
and an impairment test will be carried out. 
The outcome of such impairment tests may 
be that significant impairment losses are 
recognized in the statement of income. A 
reduction to the expected useful life of the 
assets can also lead to periods with higher 
depreciation expense going forward.
Yara has carried out impairment tests for 
certain production facilities during 2021, 
mainly due to uncertain economic conditions 
in local markets. Yara has also carried out 
impairment tests triggered by business 
decisions. Total impairment recognized on 
property, plant and equipment in 2021 is 
USD 669 million. Impairments recognized 
in prior periods have been evaluated for 
reversals and total reversals recognized 
in 2021 amount to USD 41 million. The 
carrying amount of property, plant and 
equipment at 31 December 2021 is 
USD 7,133 million. See note 4.1 and 4.7 
for further details.
Goodwill and other intangible assets
Determining whether goodwill and other 
intangible assets are impaired requires an 
estimation of the value in use of the cash-
generating units to which goodwill and other 
intangible assets have been allocated. The 
value in use calculation requires management 
to estimate the future cash flows expected 
to arise from the cash-generating unit and 
a suitable discount rate in order to calculate 
present value. The carrying value of goodwill 
and other intangible assets at 31 December 
2021 is USD 789 million and USD 132 
million, respectively. Yara recognized 
impairment of goodwill and other intangible 
assets of respectively USD 31 million and 
USD 6 million in 2021. Details of recognized 
goodwill are provided in note 4.2 and the 
impairment information, including sensitivity 
disclosures, is provided in note 4.7. Other 
intangible assets mainly comprises software, 
customer relationships and patent and 
trademarks either identified as part of the 
purchase price allocation of new business 
combinations or internally developed. 
Tax assets and liabilities
Yara recognizes deferred tax assets if it is 
probable that sufficient taxable income will 
be available in the future against which the 
temporary differences and unused tax losses 
can be utilized. Management has considered 
future taxable income in assessing whether 
these assets should be recognized, taking 
into consideration that stronger evidence for 
utilization is required for entities with a history 
of recent tax losses. The carrying amounts of 
deferred tax assets and deferred tax liabilities 
at 31 December 2021 are USD 504 million 
and USD 443 million, respectively. The 
amount of unrecognized deferred tax assets is 
USD 480 million, of which USD 160 million 
is related to unused tax losses in Brazil. 
Further information about deferred tax is 
provided in note 2.8.
Yara’s operations in Brazil also generate 
tax credits. Recognition of these assets is 
based on Management assumptions related 
to future operating results and timing of 
utilization. Yara has recognized USD 119 
million of such tax credits which are classified 
as non-current assets. Unrecognized amounts 
of the same credits amount to USD 4 million 
which reflects the challenges of utilizing all 
credits through ordinary operations. Further 
information is provided in note 4.6.
Yara is engaged in a number of legal and 
administrative proceedings related to 
disputed tax matters with uncertain outcome. 
Management is required to estimate the 
probability of cash outflow on a case-by case 
basis. The estimated maximum exposure on 
tax contingencies is approximately USD 147 
million of which USD 79 million is related to 
tax cases in Brazil. This estimated maximum 
exposure is excluding a separately disclosed 
case with the Dutch tax authorities. Further 
information is provided in note 5.6.
Yara has operations in multiple countries, 
each with their own taxation regime. 
Management is required to make judgments, 
estimates and assumptions in relation to 
tax treatments. In certain cases, it may be 
unclear how tax law applies to a particular 
transaction or circumstance until the relevant 
taxation authority or court takes a decision in 
the future. Consequently, this may affect tax 
assets and liabilities. When assessing whether 
uncertainty over tax treatments exists, Yara 
will consider current tax law and regulations, 
136
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

general practice, decisions and rulings by 
the court or other relevant authorities as 
well as tax memoranda prepared by internal 
or external experts. In case of uncertain 
tax treatments Yara will consider the 
probability that a taxation authority will 
accept an uncertain tax treatment. When 
concluding that it is not probable that the 
taxation authority will accept an uncertain 
tax treatment, Yara will reflect the effect of 
uncertainty in determining the related tax 
impact.
Pension liabilities
The fair value of pension liabilities is 
calculated based on several actuarial and 
economic assumptions. Any changes in the 
assumptions used would affect the estimated 
pension obligation. Changes in the discount 
rate have the most significant impact. The 
discount rate and other key assumptions are 
determined locally for each individual pension 
plan, based on the economic environment in 
which the plan is established. Assumptions 
are normally reviewed annually when the 
actuarial calculation is carried out, unless 
there are significant changes during the year. 
The carrying amount of the net pension and 
other long-term employee benefits liabilities 
at 31 December 2021 is USD 273 million. 
The gross pension and other long-term 
employee benefits liabilities have a carrying 
value of USD 2,225 million at the same date. 
Detailed information, including sensitivity 
disclosures, is provided in note 5.4.
Covid-19
All significant estimates and underlying 
assumptions to the accounting areas above 
have been reviewed in light of Covid-19. 
In addition, Yara has focused on estimates 
related to expected credit loss on trade 
receivables and on inventory valuation. Yara 
has not experienced any major disruption 
to its operations or experienced significant 
financial effects due to Covid-19 in 2021. 
As a result, Yara has not identified significant 
Covid-19 impact to the consolidated financial 
statements as of 31 December 2021.
Financial implications of climate change
Yara faces significant risks and opportunities 
as a result of climate change and 
governmental actions to reduce greenhouse 
gas (GHG) emissions and create low-carbon 
and climate-resilient economies. These 
risks and opportunities are integrated in 
the Group’s risk management and strategy 
development processes, and embedded 
in Yara’s governance structure e.g. by way 
of the mandate of the Board Audit and 
Sustainability Committee. In December 2020 
Yara announced a strategic shift towards 
climate neutral solutions together with the 
Group’s Climate Roadmap with an intensity 
KPI of 10 percent reduction in CO2e per 
tonne N within 2025, a KPI on reduction 
of absolute emissions by 30 percent within 
2030, and an ambition to be climate neutral 
within 2050. In 2021 Yara has continued 
to assess global climate related risks and 
opportunities relevant for its business, 
including relevant scenario analyses and the 
potential impact for operations, suppliers 
and farmers. Based on this assessment, Yara 
is now working to further embed climate 
risks and opportunities into all relevant key 
business processes such as business planning, 
business performance reviews and capital 
value processes. Risk mitigating actions and 
new business opportunities are being targeted 
and developed. A number of actions are 
ongoing, including a comprehensive in-depth 
assessment to identify climate risks related to 
Yara’s production assets.
The risks of climate change for Yara’s financial 
performance can be classified as transition 
risks or physical risks. Transition risks are risks 
to the Group that arise from the transition 
to a low-carbon and climate-resilient 
economy, including but not limited to cost of 
climate impacts, new technologies, market 
developments, regulatory actions and climate 
litigations. Physical risks are risks to the Group 
that arise from the physical effects of climate 
change. Both types of risks can affect Yara in 
a multitude of ways. As of Year End 2021, 
the main key transitional risks identified in the 
time frame before 2030 relates to new EU 
regulation (“European Green Deal”) including, 
but not limited to, carbon emission and border 
taxes as well as increased cost of capital for 
activities not considered to be sustainable. 
The main physical risks identified refer to the 
impact to operations, suppliers and farmers 
by climate change in terms of more extreme 
weather conditions.
Climate risks may result in material 
adjustments to the carrying amounts of 
assets and liabilities as a result of, among 
other things, future re-assessment of useful 
lives of tangible and intangible assets, 
changed assumptions used as basis for 
impairment testing of such assets, changes to 
environmental and decommission provisions, 
and changes to cost of capital. Significant 
judgment may be needed to estimate such 
adjustments. As of year-end 2021, any 
current and future financial impact to Yara 
of climate risks and opportunities are highly 
uncertain.
Yara expects potential effects on margins due 
to higher emission costs as well as higher 
capital expenditure to reduce the impact of 
climate change and a potential increase of 
cost of capital. These factors have been taken 
into account in the impairment testing of 
major tangible assets (plants) and intangible 
assets, including goodwill. However, refer 
note 4.7 Impairment on non-current assets, 
such effects are currently limited and has not 
led to impairments in 2021. Yara has neither 
experienced climate change adjustments to 
useful lives of such assets. Consequently, 
Yara has not identified significant assets 
which may be of reduced or no value as of 
Year End 2021 as a result of climate risk 
(“stranded assets”).
Information on environmental and 
decommission provisions are provided in 
note 5.6 Provisions and contingencies.
In 2019, Yara signed a USD 1,100 million 
five-year multicurrency revolving credit facility 
(“RCF”) with a link to the Group’s Carbon 
Intensity Target. The margin under the Facility 
will be adjusted based on Yara’s progress to 
achieve a 10 percent reduction of greenhouse 
gas emissions per tonne of fertilizer produced 
(tCO2eq/tN) by 2025. The credit facility 
is undrawn and has consequently had no 
material financial effect in 2021, refer to 
note 5.3 Interest-bearing debt.
137
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Critical judgments in applying 
accounting policies
Assessment of influence and control and 
classification of joint arrangements
Management has used judgment in relation 
to the classification of Yara Freeport LLC DBA 
Texas Ammonia and classified it as a joint 
operation. The unit constructed an ammonia 
plant in the US which opened in April 2018. 
The company is owned 68 percent by Yara 
but controlled jointly with the other owner. 
The company has been classified as a joint 
operation because the partners have equal 
number of board representatives and because 
relevant activities that significantly affect the 
return on the investment requires approval 
of representatives from both partners. The 
same judgment have been made for the 50 
percent owned Yara Pilbara Nitrates and the 
49 percent owned Tringen, also on the basis 
of required consensus when making relevant 
decisions. See note 4.4 for further details on 
joint operations.
2	 Results for the year
2.1	 ‌Revenue from contracts with customers
Overview and accounting policies
A description of the nature of external 
revenues in the Yara Group can be found in 
note 2.3 Segment information.
Under IFRS 15, Yara recognizes as revenue 
the agreed transaction price in a contract 
with a customer at the time when the Group 
transfers the control of a distinct product or 
service to the customer.
The nature of Yara’s revenue recognition is 
categorized as follows:
•	 Sale of fertilizer and chemical products
Yara sells fertilizer and chemical products 
to customers worldwide. Ordinary purchase 
orders are normally the contracts with the 
customer which create enforceable rights 
and obligations. Revenue is recognized 
when control of the products is transferred 
to the customer. This is normally 
determined by the incoterm used in the 
sales transactions. The use of incoterms 
varies between regions, markets and 
customers, but products are typically sold 
ex-warehouse.
Contracts with larger customers often 
include sales incentives leading to variable 
consideration amounts. Volume discounts 
are the dominant sales incentives used 
by Yara. These discounts may have 
prospective or retrospective effect. Volume 
discounts with retrospective effect are 
systematically accrued and recognized as 
reduction of revenue based on the best 
estimate of the amounts potentially due 
to the customer. If the discount cannot 
be reliably estimated, revenue is reduced 
by the maximum potential discount. 
Discount which qualify as material rights 
are accounted for as separate performance 
obligations.
Products are normally sold with standard 
warranties which provide protection to 
the customers that the product have the 
agreed-upon specifications. These standard 
warranties are accounted for using IAS 
37 Provisions, Contingent Liabilities and 
Contingent Assets. The Group does not 
have any other significant obligations for 
returns or refunds.
The majority of sales in the Group have 
credit terms of less than 90 days. Normally 
customer contracts do not include a 
significant financing component.
Yara does not have significant incremental 
costs of obtaining or fulfilling contracts 
with customers which the Group expects to 
recover.
•	 Freight/insurance services
Yara arranges delivery to the customer’s 
location using different incoterms. When 
the Group uses incoterms which transfer 
the responsibility for the goods to the 
customer before the freight/insurance 
service is delivered (C-incoterms), Yara 
normally considers the freight/insurance 
service to be a distinct service which 
shall be accounted for as a separate 
performance obligation. This means that 
Yara allocates consideration to these 
freight/insurance services based on known 
or estimated standalone selling prices, and 
recognizes the corresponding revenue over 
time to the extent the freight/insurance 
service is performed. However, the timing 
effects are limited since the majority of 
deliveries to the customer’s location are 
done within days. Shipping and handling 
activities that occur before customers take 
control of the goods are considered to be 
part of fulfilling the sale of the goods.
138
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

•	 Other products and services
Other products and services include a 
number of different offerings including 
equipment and services to store or handle 
product, and technology offerings in the 
Industrial Solutions segment business 
units, such as Environmental Solutions. 
Revenues from sale of equipment are 
recognized upon delivery to the customer. 
Revenues from sale of services are 
recognized over time as the service is 
performed. Revenues from technology 
offerings in Yara’s Environmental Solutions 
Business are recognized over time using 
the percentage of completion method 
if they meet the criteria for over time 
recognition in IFRS 15. The percentage 
of completion method is an input method 
(based on costs incurred) and provides a 
faithful depiction of the transfer of these 
offerings since it is reasonably possible to 
estimate the stages of project completion 
on an ongoing basis. Offerings which 
represent multiple element arrangements 
are analyzed to identify distinct goods or 
services that shall be accounted for as 
separate performance obligations.
•	 Urea sales in India
Yara’s India business manufactures and 
sells urea to dealers who sell to retailers 
who in turn sell to farmers. Yara sells 
urea under a pricing scheme policy (as 
applicable from time to time) issued by the 
Government of India (GoI). This policy aims 
to promote balanced nutrient application 
and sustained agricultural growth by 
making urea available to farmers across 
India at affordable prices on a timely basis.
The price at which Yara can sell urea to 
registered dealers under the pricing scheme 
policy (as applicable from time to time) is 
regulated, verified and determined by GoI. 
The price is generally less than the cost of 
production. GoI provides a compensation 
based on a predefined method considering 
the sales price set by GoI to be charged to 
registered dealers, the cost for natural gas, 
other variable cost (including cost of bags 
and freight) and fixed cost.
Control of goods transfers at the time the 
registered dealer receives the goods. The 
consideration received is based on the 
dealer’s receipt of goods and constitutes 
of the fixed sales price to be paid by 
the registered dealer and the estimated 
compensation to be paid by GoI. As Yara 
has the inventory risk and controls the 
goods until they are delivered to the 
registered dealers, the compensation 
from GoI is presented as revenue in the 
consolidated statement of income.
Disaggregation of external revenues by nature
USD millions
Fertilizer 
and chemical 
products
Freight/ 
insurance 
services
Other products 
and services
Total
2021
Europe
3,732
103
50
3,885
Americas
6,410
168
9
6,587
Africa & Asia
2,330
49
5
2,384
Global Plants & Operational 
Excellence
16
–
35
51
Clean Ammonia
1,093
62
7
1,162
Industrial Solutions
2,290
144
90
2,524
Other and Eliminations
4
–
19
23
Total
15,876
526
215
16,617
2020 Restated 1)
Europe
2,783
102
39
2,924
Americas
4,401
154
7
4,562
Africa & Asia
1,803
33
9
1,845
Global Plants & Operational 
Excellence
13
–
19
32
Clean Ammonia
423
60
7
490
Industrial Solutions
1,392
134
193
1,719
Other and Eliminations
5
–
14
19
Total
10,819
484
288
11,591
1)	The 2020 segment figures have been restated according to introduction of the new segment Clean Ammonia in 1Q 2021. The Yara Group 
figures are unchanged.
139
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Disaggregation of external revenues by product group
USD millions
2021
2020
Ammonia
1,618
748
Urea
3,794
2,420
Nitrate
2,500
1,726
NPK
5,210
3,816
CN
704
560
UAN
392
282
SSP
101
82
DAP/MAP
284
240
MOP/SOP
590
430
Other fertilizer and chemical products
1,206
999
Other products and services
215
288
Total revenues
16,617
11,591
Yara serves a large number of customers. No revenues from transactions with any single customer 
amount to ten percent or more of Yara’s total revenues.
Disaggregation of external revenues by geographical area 1)
USD millions
Europe
Brazil
Latin 
America 
ex. Brazil
North 
America
Asia
Africa
Total
2021
Europe
3,755
–
16
1
61
52
3,885
Americas
–
3,821
1,262
1,504
–
–
6,587
Africa & Asia
–
–
–
–
1,651
733
2,384
Global Plants & 
Operational Excellence
47
–
4
–
–
–
51
Clean Ammonia
6
186
44
453
472
–
1,162
Industrial Solutions
1,418
546
141
122
108
189
2,524
Other and Eliminations
20
–
–
–
3
–
23
Total
5,247
4,553
1,467
2,080
2,295
973
16,617
2020 Restated 2)
Europe
2,826
2
11
1
39
46
2,924
Americas
–
2,659
872
1,031
–
–
4,562
Africa & Asia
–
–
–
–
1,342
503
1,845
Global Plants & 
Operational Excellence
30
–
2
–
–
–
32
Clean Ammonia
13
79
27
192
180
–
490
Industrial Solutions
987
333
89
69
128
113
1,719
Other and Eliminations
15
–
–
–
4
–
19
Total
3,871
3,073
1,000
1,293
1,692
662
11,591
1)	Figures are based on customer location.
2)	The 2020 segment figures have been restated according to introduction of the new segment Clean Ammonia in 1Q 2021. The Yara Group 
figures are unchanged.
Revenues from external costumers of an amount of USD 291 million (2020: USD 213 million) 
are attributed to Norway (Yara’s country of domicile).
140
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Customer contract balances and unsatisfied performance obligations
The timing of revenue recognition, billings and cash collections results in billed trade receivables, 
unbilled receivables (contract assets), and prepayments and deposits from customers (contract 
liabilities). Information on billed trade receivables can be found in note 3.2 Trade receivables.
Unbilled receivables (contract assets) are limited and refer mainly to technology offerings in Yara’s 
Environmental Solutions Business with revenue recognition over time in accordance with the 
percentage of completion method. For such offerings, billing generally occurs upon achievement 
of contractual milestones subsequent to revenue recognition. Contract assets are transferred to 
receivables when Yara has an unconditional right to consideration.
Prepayments and deposits from customers (contract liabilities) mainly refer to Yara’s fertilizer 
sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce 
price risk for the customers. Prepayments in Brazil are normally received less than 90 days before 
delivery of the goods. To a limited extent contract liabilities also refer to up-front payments on 
technology offerings in Yara’s Environmental Solutions Business.
Unsatisfied performance obligations refers mainly to technology deliveries in Yara’s Environmental 
Solutions Business. For other deliveries, unsatisfied performance obligations which are part of 
contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied 
performance obligations are not disclosed when Yara’s right to consideration corresponds directly 
with the value to the customer of Yara’s performance completed to date.
USD millions
2021
2020
Contract assets
Opening balance 01.01
26
38
Transferred to receivables in the period
(22)
(35)
Increase due to measure of progress in the period
1
22
Currency translation effect
(1)
1
Closing balance 31.12
4
26
Contract liabilities
Opening balance 01.01
372
399
Share of opening balance recognized as revenue in the period
(354)
(398)
Cash received not recognized as revenue in the period 1)
616
369
Currency translation effect
(1)
1
Closing balance 31.12
634
372
Unsatisfied performance obligations
Initial contract price on signed contracts
149
555
Aggregate contract revenue incurred to date 2)
(106)
(516)
Transaction price allocated to unsatisfied performance obligations
44
39
Unsatisfied performance obligations to be recognized within
1 year
9
33
2-3 years
34
6
Transaction price allocated to unsatisfied performance obligations
44
39
1)	Presented net of amounts created and released within the same reporting period.
2)	Based on the percentage of completion method.
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2.2	 Other income and commodity derivative gain/(loss)
Accounting policies
A white certificate is an instrument issued by an authorized body guaranteeing that a specified 
amount of energy savings has been achieved. Yara receives such instruments from voluntarily 
participating in the white certificate scheme in Italy. The white certificates under this scheme are 
tradable and Yara sells these instruments to energy producers in the scheme on a running basis. 
Yara recognizes the white certificates received at zero cost and recognizes a gain equal to the 
selling price once they are sold.
Compensation from insurance companies is recognized in profit and loss when it becomes a 
receivable The compensation becomes receivable when it is “virtually certain” that it will be 
received.
Commodity based derivatives gain/(loss) relates to changes in fair value of embedded derivatives 
in commodity contracts linked to gas and ammonia prices. Refer to note 6.3 Financial Instruments 
for more information.
Specification
USD millions
Notes
2021
2020
Other income and commodity derivative gain/(loss)
Sale of white certificates
13
6
Insurance and other compensations
14
4
Supplier settlement
37
–
Commodity based derivatives gain/(loss)
6.3
(90)
15
Sale of shares in equity-accounted investee 1)
–
100
Other
16
12
Total
(9)
137
1)	Of this amount, USD 97 million relates to the sale of Yara’s share in QAFCO. See note 7.1 for more information.
2.3	 Segment information
Yara’s operations comprise of the following 
operating segments as of year-end 2021:
Europe
Americas
Africa & Asia
Global Plants & Operational Excellence
Clean Ammonia
Industrial Solutions
In addition, Yara has a global function - 
Farming Solutions. This function has a global 
mandate to drive the transformation of Yara’s 
core crop nutrition business, developing both 
existing and new solutions including premium 
products, digital business, food value chain 
collaboration and climate-neutral solutions.
The regional segments operate in a fully 
integrated setup, comprising production, 
supply chain and commercial operations, 
producing and delivering existing Yara 
solutions in addition to commercializing and 
selling new offerings under the guidance of 
Farming Solutions.
The operating segments presented are the 
key components of Yara’s business as of 
year-end 2021 which have been assessed, 
monitored and managed on a regular basis 
by Yara’s Chief Executive Officer (CEO) as the 
Chief Operating Decision Maker.
Europe
Yara Europe comprises sales, marketing 
and production within Europe. Yara Europe 
markets crop nutrition solutions to farmers 
and collaborates with the food value chain, 
offering crop nutrition products, advice and 
climate smart services and solutions. The 
product portfolio is comprehensive, ranging 
from standard nitrogen-based fertilizer to 
specialty products and organic fertilizers. 
The largest product categories sold within 
nitrogen-based fertilizer are nitrates and 
compound fertilizer (NPK).
Product sales are today mainly made spot to 
distributors based on ordinary purchase orders 
and underlying frame agreements. Products 
are sold to a variety of customers covering 
wholesale, co-operatives, retail, and to a 
lesser extent direct to farmers. The types of 
customers and products sold differ between 
regional markets, and the off-take of product 
varies throughout the fertilizer seasons in the 
different markets. Yara Europe also exports 
some products to other regions within the 
Group, based on arm’s length transfer pricing.
Yara Europe has 9 fertilizer plant, two high 
value product plants and two organic fertilizer 
plants, a phosphate mine and a potassium 
sulfate/feed phosphate plant across Europe. 
The plants have different product portfolios 
and are located to serve both domestic 
and export markets. In addition, the region 
operates more than 100 terminals and 
warehouses (owned and leased) and has 
a direct presence in around 30 European 
countries. The majority of products sold are 
produced at own sites in the region.
Operating results are driven by integrated 
business value creation from plant to market. 
The margin between realized finished fertilizer 
prices and raw material input prices is partly 
driven by Yara’s ability to differentiate its 
142
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

offerings and partly by the price developments 
for commodity fertilizer (urea, UAN), natural 
gas and ammonia. Yara also creates value 
through operational efficiency at its production 
plants, competitive sourcing of raw materials 
for production and optimal resource allocation 
across its business model. Operating results 
are also impacted by currency movements as 
margins are typically US dollar exposed while 
fixed costs have a significant local currency 
component (mainly Euro).
Americas
Yara Americas comprises sales, marketing 
and production within the regional business 
units of North America, Latin America and 
Brazil. The segment markets a comprehensive 
offering of crop nutrition solutions and 
services including a broad product portfolio 
comprising nitrogen-based fertilizer and 
compound fertilizer (NPK). The region also 
sells phosphate and potash-based fertilizers 
which to a large extent are sourced from third 
parties.
Product sales are today mainly made spot to 
distributors based on ordinary purchase orders 
and underlying frame agreements, but to an 
increasing extent the products are also sold 
directly to farmers and co-operatives. The 
composition of customer groups and products 
sold differs between local and regional 
markets, and the off-take of product varies 
with the fertilizer seasons in the different 
markets. Product sales are mainly sourced 
from the operating segment Global Plants & 
Operational Excellence based on arm’s length 
transfer pricing, and from the segment’s 
own production facilities in Canada, the US, 
Trinidad, Colombia and Brazil.
The North America business unit operates 
a fully-owned plant in Belle Plaine, Canada 
and also participates in the joint operations 
Trinidad Nitrogen Company Ltd. in Trinidad 
and Yara Freeport LLC DBA Texas Ammonia 
in the US (Yara consolidates its share of 
assets, liabilities, revenues and costs for joint 
operations). A smaller portion of the urea 
and urea ammonium nitrate (UAN) sales are 
sourced from third party producers. In addition 
to crop nutrition solutions, North America 
markets industrial application solutions such 
as wastewater treatment and additives for the 
construction industry and oil field services.
The Latin America business unit covers all 
Spanish-speaking markets in the Americas, 
from Mexico in the North to Argentina in the 
South. In Colombia Yara owns a production 
facility in Cartagena which mainly serves 
the local Colombian market with compound 
fertilizer (NPK) and calcium nitrate (CN) 
products. The Cartagena facility also produces 
soluble ammonium nitrate to supply local 
customers.
The Brazil business unit operates more than 
20 blending units and distribution sites with 
a geographic spread to supply Brazil’s main 
agricultural markets. It also includes the 
fully-owned production plants at Rio Grande, 
Ponta Grossa, Cubatão, Sumaré, Paulinia and 
Salitre. Fertilizer production ceased at the 
Paulina production site at the end of the year 
and related assets were impaired. A sale of 
Salitre was closed on 22 February 2022 and 
is presented as Non-current assets or disposal 
group classified as held-for-sale in the balance 
sheet. For more information see note 7.1.
Operating results in Yara Americas are largely 
driven by Yara’s ability to commercialize 
crop nutrition solutions based on European 
produced premium fertilizers at value-
added margins, as well as the marketing 
of own-produced products in the region. 
Other key value drivers are reliability and 
operational efficiency at the production 
plants, competitive sourcing of raw materials 
for production (including natural gas), and 
efficient blending of third-party sourced raw 
materials. Operating results are also impacted 
by currency movements, as margins are 
typically US dollar exposed while fixed costs 
have a significant local currency component.
Africa & Asia
Yara Africa & Asia comprises sales, 
marketing, distribution and production of 
fertilizers and industrial products across 
Asia-Pacific, Africa and Oceania regions. The 
segment markets a comprehensive offering 
of crop nutrition solutions and services 
including a broad product portfolio comprising 
nitrogen-based fertilizer and compound 
fertilizers (NPK) designed for soil application. 
This portfolio is complemented by foliar and 
soluble products, serving a different range 
of crop application. A significant part of the 
products marketed are sourced from Yara 
production plants, both inside and outside the 
Africa & Asia region.
Most of the customers in the region are 
smallholder farmers. Yara reaches these 
customers through distributors, retailers and 
co-operatives based on different commercial 
agreements. The region also includes more 
mature agricultural markets such as South 
Africa, Australia and New Zealand where Yara 
often sells directly to professional large-scale 
crop farmers. The type of customers and 
product portfolio sold differs greatly between 
the different markets.
The region has offices and operational 
units in more than 20 countries, with most 
significant business operations in China, India, 
Thailand, South Africa and Australia. As a 
complementary part to Yara crop nutrition 
distribution business, the fertilizer production 
comprehends one production facility in 
Australia producing Ammonia and Technical 
Ammonium Nitrate (TAN) and one production 
facility at Babrala in India producing 
ammonia and urea. The ammonia produced 
in Australia is commercialized by Yara’s 
ammonia trade and shipping activity within 
the operating segment Clean Ammonia, 
while the technical ammonium nitrate (TAN) 
is commercialized by the operating segment 
Industrial Solutions in the Australian mining 
market. The production facility producing 
technical ammonium nitrate (TAN) is a joint 
operation (Yara Pilbara Nitrates Pty Ltd.) in 
which Yara consolidates its ownership share 
of 50 percent of assets, liabilities, revenues 
and costs. The ammonia produced at Babrala 
is used for the production of urea at the same 
plant. The urea produced at the plant is sold 
under a subsidized government scheme in 
India, for more information see note 2.1.
Operating results are highly influenced 
by Yara’s ability to commercialize the 
differentiated nitrate-based fertilizer portfolio 
and the upgrading margins in the production 
facilities driven by the price levels of 
ammonia/urea and competitive gas supply. 
Operating results can also be influenced by 
movements in currency rates.
143
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Global Plants & Operational Excellence
The Global Plants & Operational 
Excellence segment operates Yara’s largest, 
and export oriented, production plants in 
Porsgrunn (Norway) and in Sluiskil (the 
Netherlands) and has a key role in driving 
operational improvements, competence 
development and technical project execution 
across Yara’s production system. The 
unit also comprise Yara’s development of 
a potash resource in Dallol, Ethiopia. In 
addition the unit includes the global planning 
and optimization function, the product 
management function, the direct procurement 
functions, and the corporate Health, 
Environment, Safety and Quality (HESQ) 
function.
The majority of sales in the segment are 
group internal sales of finished fertilizers 
transferred at internal prices based on the 
arms length’s principle.
The Global Plants & Operational Excellence 
segment’s operating results are highly 
influenced by volume output and margin 
development for fertilizer commodities The 
margins are primarily driven by the difference 
in price levels for urea, diammonium 
phosphate fertilizer (DAP) and potash-based 
fertilizer, and the price level of the key input 
factors energy, phosphate rock and potash. 
Operating results can also be influenced by 
movements in currency rates.
Clean Ammonia
The Clean Ammonia segment contains 
Yara’s ammonia trade and shipping activity 
that plays a vital role in Yara’s production 
system as it allocates excess volume from 
producer plants and delivers to consumer 
plants in a timely manner in order to ensure 
full production capacity utilization. Besides 
significant intra-group purchases and sales, 
Yara Ammonia Trade and shipping purchases 
ammonia from third parties predominantly to 
supply its European production region. It also 
generates significant external sales by selling 
ammonia to large customers in the fertilizer 
and chemical industries on a contract basis, 
mainly in the Americas and Asia regions. It 
also provides optimized shipping solutions 
that fit Yara’s storage and port capacity, which 
includes a fleet of own and time-chartered 
vessels.
The segment was established to capture 
growth opportunities within carbon-free 
food solutions, shipping fuel and other clean 
ammonia applications, leveraging Yara’s 
unique existing position within ammonia 
production, trade and shipping. The segment 
is currently evaluating several new green and 
blue ammonia projects with the aim to serve 
growing markets for clean ammonia and add 
scale to the existing business.
Industrial Solutions
Yara Industrial Solutions mainly provides 
nitrogen-based solutions and services across a 
wide range of industries including automotive, 
construction, waste handling and circular 
economy, shipping, chemicals, mining and 
animal feed. There is a strong environmental 
focus to Yara Industrial Solutions and a large 
portion of revenue is derived from AdBlue, an 
urea-based reagent used by diesel vehicles 
to reduce nitrogen oxide emissions. The 
segment also offers NOX abatement solutions 
for industrial plants and transport at both land 
and sea. In addition, Yara Industrial Solutions 
is continuously working to develop product 
and service offerings in high growth markets 
as well as additional green and sustainable 
opportunities globally.
Yara Industrial Solutions performs its activities 
through five global commercial units; 
Transport Reagents, Mining Applications, 
Base Chemicals, Industrial Nitrates and Yara 
Marine Technologies. These commercial 
units are backed by six dedicated production 
plants across Europe, Latin America, Asia and 
Africa. In addition, the segment has arm’s 
length commercial agreements with the rest 
of Yara’s global production plant network and 
external suppliers. Through direct sales and 
distributors, Yara Industrial Solutions is able 
to provide its customers with high quality, 
reliable products and services backed by deep 
local knowledge combined with global best 
practice expertise.
The customer contracts are to a large extent 
medium to long-term contracts, however, 
products are also sold spot based on ordinary 
purchase orders. In some markets the 
segment delivers equipment and services to 
store or handle products.
Operating results are exposed to fluctuations 
in commodity prices and general economic 
activity. However, Yara Industrial Solutions’ 
integrated position coupled with its diversified 
exposure in terms of product, underlying 
industry and global location has allowed Yara 
Industrial Solutions to mitigate these effects 
to a great extent.
Other and eliminations
Other and eliminations comprises cross-
segment eliminations which to a large extent 
refer to elimination of profit on inventory. In 
addition, it comprises corporate costs which 
are not allocated to operating segments. 
Fluctuations in EBITDA refer to volumes in 
stock and internal margins on these volumes 
based on the arms length’s principle. Increase 
in EBITDA in Other and eliminations refers 
to lower volumes in stock and vica versa. An 
increase in EBITDA may also be explained by 
lower internal margins on volumes in stock. In 
both situations the internal eliminations will 
be less significant.
144
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of income
USD millions, except percentages
2021
2020
Restated 1)
External revenue from contract with customers
Europe
3,885
2,924
Americas
6,587
4,562
Africa & Asia
2,384
1,845
Global Plants & Operational Excellence
51
32
Clean Ammonia
1,162
490
Industrial Solutions
2,524
1,719
Other and Eliminations
23
19
Total
16,617
11,591
Internal revenue
Europe
936
531
Americas
628
258
Africa & Asia
847
389
Global Plants & Operational Excellence
2,771
1,573
Clean Ammonia
1,155
538
Industrial Solutions
270
263
Other and Eliminations
(6,607)
(3,551)
Total
–
–
USD millions, except percentages
2021
2020
Restated 1)
Total revenue
Europe
4,822
3,455
Americas
7,215
4,820
Africa & Asia
3,231
2,233
Global Plants & Operational Excellence
2,822
1,605
Clean Ammonia
2,317
1,028
Industrial Solutions
2,794
1,982
Other and Eliminations
(6,583)
(3,532)
Total
16,617
11,591
Operating income 2)
Europe
394
201
Americas
303
281
Africa & Asia
92
49
Global Plants & Operational Excellence
125
382
Clean Ammonia
93
95
Industrial Solutions
167
234
Other and Eliminations
(106)
(65)
Total
1,068
1,176
145
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

USD millions, except percentages
2021
2020
Restated 1)
EBITDA 2)
Europe
664
477
Americas
991
563
Africa & Asia
248
162
Global Plants & Operational Excellence
570
572
Clean Ammonia
131
129
Industrial Solutions
287
344
Other and Eliminations
(87)
(23)
Total
2,804
2,223
ROIC (12-month rolling average) 2)
Europe
12.2%
6.6%
Americas
7.3%
6.4%
Africa & Asia
3.9%
2.0%
Global Plants & Operational Excellence
5.8%
13.5%
Clean Ammonia
18.8%
20.6%
Industrial Solutions
11.8%
17.2%
Yara 3)
7.9%
8.0%
USD millions, except percentages
2021
2020
Restated 1)
Net operating profit after tax (NOPAT) 2)
Europe
302
157
Americas
288
260
Africa & Asia
74
43
Global Plants & Operational Excellence
94
293
Clean Ammonia
70
71
Industrial Solutions
135
181
Other and Eliminations
(61)
(30)
Yara 3)
903
976
Invested capital 2)
Europe
2,486
2,370
Americas
3,954
4,073
Africa & Asia
1,910
2,105
Global Plants & Operational Excellence
1,623
2,168
Clean Ammonia
370
346
Industrial Solutions
1,142
1,051
Yara 3)
11,363
12,200
1)	The 2020 segment figures have been restated according to introduction of the new segment Clean Ammonia in 1Q 2021. The Yara Group 
figures are unchanged.
2)	See “Alternative performance measures” section for reconcilation of alternative performance measures in the Yara Group. ROIC, NOPAT and 
Invested Capital are calculated on a 12-month rolling average basis.
3)	A normalized operating cash requirement is employed in the ROIC calculation for Yara, but not for the segments. This effect explains the 
variance in ROIC between Yara and the segments. See “Alternative performance measures” section for more information.
146
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of operating income to EBITDA
USD millions
Operating Income
Equity-accounted 
investees
Interest income and 
other financial income
Depreciation and 
amortization 1)
Impairment loss 2)
EBITDA
2021
Europe
394
5
1
270
(6)
664
Americas
303
15
54
237
381
991
Africa & Asia
92
–
3
110
44
248
Global Plants & Operational Excellence
125
–
–
203
242
570
Clean Ammonia
93
–
–
38
–
131
Industrial Solutions
167
3
2
112
3
287
Other and Eliminations
(106)
–
4
14
2
(87)
Total
1,068
23
64
984
666
2,804
2020 Restated 3)
Europe
201
4
–
246
25
477
Americas
281
5
53
221
3
563
Africa & Asia
49
–
2
110
2
162
Global Plants & Operational Excellence
382
6
–
184
–
572
Clean Ammonia
95
–
–
34
–
129
Industrial Solutions
234
3
1
105
1
344
Other and Eliminations
(65)
2
5
19
15
(23)
Total
1,176
20
62
919
46
2,223
1)	Including amortization on excess value in equity-accounted investees.
2)	Including impairment loss on excess value in equity-accounted investees. See note 4.7 for more information.
3)	The 2020 segment figures have been restated according to introduction of the new segment Clean Ammonia in 1Q 2021. The Yara Group figures are unchanged.
147
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Consolidated statement of financial position
USD millions, except percentages
2021
2020
Restated 1)
Total assets 2)
Europe
3,713
3,237
Americas
6,108
5,246
Africa & Asia
2,653
2,563
Global Plants & Operational Excellence
2,147
2,111
Clean Ammonia
742
436
Industrial Solutions
1,886
1,430
Other and Eliminations
24
1,582
Total
17,272
16,605
Current assets 2)
Europe
1,722
1,163
Americas
3,373
1,658
Africa & Asia
1,220
980
Global Plants & Operational Excellence
616
282
Clean Ammonia
2,287
129
Industrial Solutions
968
516
Other and Eliminations
(634)
909
Total
7,698
5,637
Non-current assets 2)
Europe
1,990
2,074
Americas
2,735
3,588
Africa & Asia
1,433
1,583
Global Plants & Operational Excellence
1,531
1,828
Clean Ammonia
349
307
Industrial Solutions
918
914
Other and Eliminations
658
673
Total
9,574
10,969
USD millions, except percentages
2021
2020
Restated 1)
Equity-accounted investees
Europe
20
19
Americas
62
51
Global Plants & Operational Excellence
2
3
Industrial Solutions
41
41
Other and Eliminations
(5)
(6)
Total
120
108
Investments 3)
Europe
302
250
Americas
174
280
Africa & Asia
(1)
104
Global Plants & Operational Excellence
191
210
Clean Ammonia
9
–
Industrial Solutions
166
73
Other and Eliminations
13
16
Total
854
933
1)	The 2020 segment figures have been restated according to introduction of the new segment Clean Ammonia in 1Q 2021. The Yara Group 
figures are unchanged.
2)	Assets excludes internal cash accounts and accounts receivable related to group relief.
3)	Investments comprise property, plant and equipment, intangible assets, equity-accounted investees and other equity investments. 
The figures presented are capitalized amounts, and may deviate from cash flow from investing activities due to timing of cash outflows.
148
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Non-current assets for all segments by geographical location
USD millions
2021
2020
Non-current assets 1)
Europe
4,530
4,800
Brazil
871
1,636
Latin America ex. Brazil
306
333
Asia
1,402
1,557
North America
1,614
1,630
Africa
56
287
Total
8,780
10,243
1)	The identification of non-current assets and investments is based on location of operation. Excluded from non-current assets are financial 
instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts.
Non-current assets of an amount of USD 1,208 million (2020: USD 1,208 million) are attributed 
to Norway (Yara’s country of domicile).
Information related to disaggregation of external revenues by geographical area, nature and 
product group can be found in note 2.1.
2.4	Raw materials, energy costs and freight expenses
USD millions
2021
2020
Raw material, energy costs and freight expenses
Raw material and energy costs
(9,937)
(5,609)
Freight expense
(1,124)
(899)
Other production related costs
(1,742)
(1,311)
Total
(12,803)
(7,819)
2.5	 Payroll and related costs
USD millions
Notes
2021
2020
Payroll and related costs
Salaries
8.2
(1,020)
(913)
Social security costs
8.2
(157)
(137)
Social benefits
8.2
(8)
(7)
Net periodic pension cost
5.4, 8.2
(86)
(79)
Total
(1,270)
(1,136)
2.6	Other operating expenses
USD millions
Notes
2021
2020
Other operating expenses
Selling and administrative expense
(273)
(223)
Advertising expense
(33)
(28)
Travel expense
(17)
(18)
Fees auditors, lawyers, consultants
8.3
(108)
(97)
Other expenses
(47)
(47)
Total
(479)
(414)
Research costs
4.2
(94)
(91)
149
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2.7	 Financial income and expenses
Accounting policies
Interest income and expenses are recognized in the statement of income as they are accrued, 
based on the effective interest method.
Dividends from investments are recognized in the statement of income when the Group has a right 
to receive the dividends.
Individual financial statements of Yara International ASA and its subsidiaries are prepared in the 
respective entities’ functional currency. Functional currency is the currency of the primary economic 
environment in which the entity operates. The functional currency of Yara International ASA is 
Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other 
than the entity’s functional currency are recognized by applying the exchange rate at the date of 
transaction. At the balance sheet date, monetary items denominated in foreign currencies are 
translated using the exchange rate at that date. The changes in value due to such foreign currency 
translations are recognized in the statement of income of the individual entity and reflected as 
“foreign currency exchange gain/(loss)” in the consolidated statement of income for the Group.
Capitalized interest expense refers to borrowing costs which are added to the cost of Property, 
plant and equipment that take a substantial period of time to get ready for their intended use 
or sale (“qualifying assets”) if they are directly attributable to the acquisition, construction or 
production of such assets.
Specification
USD millions
Notes
2021
2020
Net interest income on customer credits
54
51
Interest income, other
10
10
Dividends and net gain/(loss) on securities
–
1
Interest income and other financial income
64
62
Foreign currency exchange gain/(loss)
6.1
(251)
(243)
Interest expense
(132)
(141)
Interest expense on lease liabilities
4.5
(14)
(15)
Capitalized interest
4.1
8
21
Net interest on net long-term employee 
benefit obligations
5.4
(5)
(5)
Other financial expense
(20)
(25)
Interest expense and other financial items
(164)
(165)
Net financial income/(expense)
(351)
(346)
The foreign currency translation loss this year of USD 251 million comprised a loss of USD 100 
million on the US dollar denominated debt positions and a loss of USD 151 million on internal 
positions in other currencies than USD. In 2020, the losses on the US dollar denominated debt 
positions and the internal positions in other currencies than USD were USD 86 million and 
USD 157 million, respectively.
150
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2.8	Income taxes
Accounting policies
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year.
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in 
the financial statements and the corresponding tax base used in the computation of taxable profit. 
It is accounted for by using the liability method. Deferred tax liabilities are generally recognized for 
all taxable temporary differences. Deferred tax assets are generally recognized for all deductible 
temporary differences, carry forward of unused tax credits, and any unused tax losses. However, 
deferred tax assets are recognized only to the extent these can be utilized against probable taxable 
profits.
Deferred tax assets and liabilities are not recognized if the temporary difference arises from 
goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in 
a business combination) that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences associated with 
investments in subsidiaries, associates and interests in jointly controlled entities, except where 
the Group is able to control the reversal of the temporary difference and it is probable that the 
temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from 
deductible temporary differences associated with such investments and interests, are recognized 
only to the extent it is probable that sufficient taxable profits are expected to reverse in the 
foreseeable future to utilize the benefits of the temporary differences.
Current and deferred taxes are recognized as expense or income in the statement of income, 
except when they relate to items recognized directly in equity or in other comprehensive income. 
If the tax relates to items recognized in other comprehensive income or directly in equity, the tax 
is also recognized as other comprehensive income or directly in equity. Uncertain tax positions, 
for example from unresolved disputes with tax authorities, are provided for if there are probable 
cash outflows. In certain cases, it may be unclear how tax law applies to a particular transactions 
or circumstance until the relevant taxation authority or court takes a decision in the future. 
Consequently, this may affect tax assets or liabilities. When assessing whether uncertainty over 
tax treatments exists Yara will consider current tax law and regulations, general practice, decisions 
and rulings by the court or other relevant authorities as well as tax memorandum prepared by 
internal or external experts. In case of uncertain tax treatments Yara will consider the probability 
that a taxation authority will accept an uncertain tax treatment. When concluding that it is not 
probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the 
effect of uncertainty by using the method that provides better prediction resolution of uncertainty.
The major components of income tax expense for the year ended 31 December:
USD millions
2021
2020
Consolidated statement of income
Current taxes
Current year
(328)
(121)
Prior year adjustment 1)
(9)
19
Total
(337)
(102)
Deferred taxes
Deferred tax income/(expense) recognized in the current year
185
(17)
Adjustments to deferred tax attributable to changes in tax rates and laws
(14)
(12)
(Write-downs)/reversal of previous write-downs of deferred tax assets
(190)
(28)
Total
(18)
(58)
Total tax income/(expense) recognized in statement of consolidated income
(355)
(160)
Other comprehensive income
Current tax
Hedge of net investment
6
(5)
Total current tax
6
(5)
Deferred tax
Pensions
(55)
16
Available-for-sale financial assets
–
(1)
Total
(55)
15
Total tax income/(expense) recognized directly in other comprehensive income
(48)
10
Total tax income/(expense) recognized in comprehensive income
(404)
(150)
1)	The 2021 figure includes additional exposure of USD 6 million to a provision recognized in previous years. The 2020 figure includes a special 
tax incentive impact of USD 24 million.
Taxable income differs from net income before tax as reported in the income statement because 
it excludes items of income or expense that are taxable or deductible in future years (temporary 
differences). It also excludes items that are never taxable or deductible (permanent differences). 
The Group’s liability for current tax is calculated using tax rates that have been enacted or substan­
tively enacted by the balance sheet date.
151
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of Norwegian nominal statutory tax rate to effective tax rate
USD millions, except percentages
2021
2021
2020
2020
Income before tax
739
850
Expected income taxes at statutory tax rate 1)
22.0%
(163)
22.0%
(187)
Tax law changes
1.2%
(9)
1.6%
(13)
Foreign tax rate differences
2.3%
(17)
(2.5%)
21
Unused tax losses and tax offsets not recognized as deferred tax assets
19.9%
(147)
11.9%
(101)
Previously unrecognized and unused tax losses and deductible temporary differences
now recognized as deferred tax assets
(1.9%)
14
(4.0%)
34
Deductable loss 2)
–
–
(4.8%)
41
Non-taxable gain on sale equity-accounted investees 3)
–
–
(2.9%)
24
Non-deductible expenses
2.1%
(15)
1.8%
(15)
Share of net income equity-accounted investees
(0.1%)
1
(0.3%)
3
Tax free income miscellaneous
(3.7%)
27
(1.3%)
11
Prior year adjustment 4)
1.2%
(9)
(2.2%)
19
Withholding tax
1.6%
(12)
1.7%
(15)
Other, net
3.5%
(26)
(2.1%)
18
Total income tax income/(expense)
(355)
(160)
Effective tax rate
48.0%
18.9%
1)	Calculated as Norwegian nominal statutory tax rate of 22 percent (2020: 22 percent) applied to income before tax.
2)	The 2020 figure is related to a loss from restructuring corporate holding structure.
3)	Gain is related to the sale of Qafco in 2020. See note 7.1 for more information.
4)	The 2021 figure includes additional exposure of USD 6 million to a provision recognized in previous years. The 2020 figure includes a special tax incentive impact of USD 24 million.
152
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Specification of deferred tax assets/(liabilities)
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of 
the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been 
enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group 
expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
2021
USD millions
Opening balance
Charged to income
Changes in tax rate
Recognized in other 
comprehensive income
Acquisitions/disposals
Foreign currency 
translation
Closing balance
Non-current items
Intangible assets
(6)
13
(1)
–
(1)
–
6
Property, plant and equipment
(411)
177
(10)
–
–
10
(233)
Pensions
115
(1)
(7)
(55)
–
5
58
Other non-current assets
(140)
30
–
–
–
(4)
(114)
Other non-current liabilities and accruals
68
49
2
–
–
(4)
115
Total
(373)
269
(16)
(55)
(1)
8
(168)
Current items
Inventory valuation
39
35
(3)
–
–
–
71
Accrued expenses
73
(13)
1
–
–
(3)
58
Assets classified as held for sale
–
2
–
–
–
–
2
Total
111
25
(2)
–
–
(3)
132
Tax loss carry forwards
646
(89)
2
–
–
13
573
Unused tax credits
25
(20)
1
–
–
(1)
4
Valuation allowance
(312)
(190)
–
–
–
21
(480)
Net deferred tax asset/(liability)
97
(4)
(14)
(55)
(1)
38
61
153
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2020
USD millions
Opening balance
Charged to income
Changes in tax rate
Recognized in other 
comprehensive income
Acquisitions/disposals
Foreign currency 
translation
Closing balance
Non-current items
Intangible assets
(13)
4
(1)
–
–
5
(6)
Property, plant and equipment
(431)
32
(1)
–
–
(12)
(411)
Pensions
96
(6)
(6)
16
–
15
115
Equity securities available-for-sale
1
–
–
(1)
–
–
–
Other non-current assets
(103)
(40)
–
–
–
4
(140)
Other non-current liabilities and accruals
136
(64)
(1)
–
–
(3)
68
Total
(315)
(74)
(9)
15
–
8
(373)
Current items
Inventory valuation
52
(11)
(2)
–
–
(1)
39
Accrued expenses
31
45
(1)
–
–
(3)
73
Assets classified as held for sale
1
(1)
–
–
–
–
–
Total
84
33
(3)
–
–
(4)
111
Tax loss carry forwards
612
5
–
–
–
30
646
Unused tax credits
4
18
–
–
–
2
25
Valuation allowance
(319)
(28)
(1)
–
1
35
(312)
Net deferred tax asset/(liability)
66
(46)
(12)
15
1
72
97
154
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Unrecognized deferred tax assets
USD millions
2021
2020
Unrecognized deferred tax assets are attributable to the following
Tax losses
314
281
Deductible temporary differences
167
31
Total
480
312
Unrecognized tax losses are mainly related to the tax loss carry forwards arising from the activities 
in Brazil and France. Utilization of the tax loss carry forwards in Brazil and France is without time 
limitation. In Brazil utilization is restricted to 30 percent of taxable income each year. Unrecognized 
tax losses in Brazil were USD 160 million in 2021 (2020: USD 133 million). The increase is 
mainly related to generated losses in 2021. Unrecognized tax losses in France were USD 72 
million in 2021 (2020: USD 63 million). Unrecognized deductible temporary differences increased 
during the year mainly due to impairment charges in Brazil and Ethiopia (Dallol mining project). See 
note 4.7 Impairment on non-current assets for more information about these impairments.
For information regarding unrecognized deferred tax assets attributable to deductible temporary 
differences, see note 4.7 Impairment on non-current assets and note 7.1 Disposal of investments.
Specification of expiration of tax loss carry forwards
USD millions
2021
2022
19
2023
13
2024
9
2025
6
2026
4
After 2026
21
Without expiration
2,204
Total tax loss carry forwards
2,275
Deferred tax effect of tax loss carry forwards
573
Valuation allowance on tax loss carry forwards
(314)
Recognized in the statement of financial position
260
Yara’s recognized tax loss carry forwards primarily relate to the business in Norway and Australia, 
where tax losses are without expiration. The tax losses are mainly related to incurred currency 
losses, non-recurring transactions and loss from operations. The recognized tax assets for all units 
are all supported by estimated future profit level.
Deferred tax presented in the statement of financial position
USD millions
2021
2020
Deferred tax assets
504
485
Deferred tax liabilities
(443)
(388)
Net deferred tax asset/(liability)
61
97
Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements 
is amounting to approximately USD 7.9 billion that for the main part can be distributed as tax-
free dividends. For the expected part of dividend that cannot be distributed as tax-free income, a 
deferred tax liability of USD 10 million is recognized.
For information regarding tax contingencies and uncertain tax treatments, see note 5.6.
155
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

3	 Current assets
3.1	 Inventories
Overview
Inventories comprise finished goods, work in progress, raw materials and spare parts. Finished 
goods refer to own produced products and goods purchased for resale. Work in progress are 
partly processed, unfinished products. Raw materials include own produced raw materials, mainly 
ammonia and nitric acids, as well as raw materials purchased from external parties such as 
phosphate potassium and other input factors used in the production. Spare parts include packing, 
operating and maintenance supplies. Inventories in stock in the Industrial Solutions segment 
comprises, in addition, environmental solutions, feed phosphates, chemicals and other.
Accounting policies
Inventories are stated at the lower of cost, using weighted average, and net realizable value. Net 
realizable value is the estimated selling price in the ordinary course of business, less estimated 
costs of completion and other selling costs.
All amounts presented are net of write-downs. A write-down is recognized for the amount by 
which the carrying amount exceeds its net realizable value.
The cost of inventories comprises all costs of purchase, cost of conversion and other costs incurred 
in bringing the inventories to their present location and condition. This include direct materials, 
direct labor, and an appropriate portion of production overhead, or the purchase price of the 
inventory. Yara is using the standard costing method for cost measurement which consider normal 
levels of materials and supplies, labor, efficiency and capacity utilization.
Spare parts held as inventories are spare parts which do not meet the criteria for being classified as 
property, plant and equipment.
Yara has internal sales between the different segments. These sales create internal margins which 
are eliminated and presented as “other and eliminations”.
Inventory stock 2021
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Clean Ammonia
Industrial Solutions
Other and 
Eliminations
Total
31 Dec 2021
Finished goods
606
622
473
165
–
167
(176)
1,857
Work in progress
54
1
1
35
–
39
–
130
Raw materials
133
1,272
24
78
121
102
(9)
1,722
Spare parts
92
57
28
72
–
44
2
294
Total 31 Dec 2021
885
1,952
526
350
121
352
(183)
4,003
156
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Inventory stock 2020
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Clean Ammonia
Industrial Solutions
Other and 
Eliminations
Total
31 Dec 2020
Finished goods
429
359
279
72
–
74
(88)
1,125
Work in progress
20
–
1
12
–
8
–
41
Raw materials
85
493
22
28
25
43
1
696
Spare parts
95
58
27
73
–
47
–
299
Total 31 Dec 2020
628
910
329
185
25
172
(87)
2,161
Write-down 2021
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Clean Ammonia
Industrial Solutions
Other and 
Eliminations
Total
Balance at 1 January
(12)
(6)
(3)
(1)
–
(7)
2
(28)
New write-downs recognized during the year
(14)
(105)
(12)
(6)
–
(7)
66
(78)
Write-downs reversed due to product sold
8
7
4
1
–
8
(34)
(6)
Write-downs reversed, other
6
54
3
2
–
1
–
66
Foreign currency translation gain/(loss)
1
3
–
–
–
–
–
4
Balance at 31 December
(11)
(48)
(7)
(4)
–
(5)
35
(42)
Write-down 2020
USD millions
Europe
Americas
Africa & Asia
Global Plants 
& Operational 
Excellence
Clean Ammonia
Industrial Solutions
Other and 
Eliminations
Total
Balance at 1 January
(12)
(11)
(3)
(1)
(1)
(10)
7
(30)
New write-downs recognized during the year
(17)
(10)
(5)
(1)
(1)
(2)
11
(24)
Write-downs reversed due to product sold
1
5
(1)
1
1
(1)
(19)
(12)
Write-downs reversed, other
16
10
5
–
–
5
2
39
Foreign currency translation gain/(loss)
(1)
1
–
–
–
(1)
–
(1)
Balance at 31 December
(12)
(6)
(3)
(1)
–
(7)
2
(28)
No inventories were pledged as security at end of 2021 or 2020.
157
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

3.2	 Trade receivables
Accounting policies
Trade receivables are initially recognized at the agreed transaction price in the contract with the 
customer. Subsequently they are measured at amortized costs using the effective interest method. 
Short term receivables are normally not discounted.
In accordance with the expected loss model, Yara records lifetime expected credit losses on all 
trade and lease receivables (the simplified approach). The calculation of expected credit loss (ECL) 
is based on both historical and forward looking information, and is done on local unit level. When 
calculating ECL for trade receivables not yet due and trade receivables less than 90 days overdue, 
the last five years historical loss percentage is used as base amount for allowance. Forward looking 
information is taken into account by assessing available information on local unit level which could 
indicate an expected future loss that is higher or lower than the experience, including regional 
macroeconomic information. Calculation of ECL for trade receivables more than 90 days overdue 
is based on a separate, individual assessment of each receivable.
A receivable is considered to be in default when it is overdue and enforcement activities have 
started. If there is a reasonable expectation that enforcement activities will not lead to recovery, 
the receivable is credit impaired. The receivable is written off when enforcement activities lead to 
objective evidence of the receivable being irrecoverable.
Specification
USD millions
Notes
2021
2020
Trade receivables
2,229
1,572
Allowance for expected loss
(92)
(94)
Total
6.3
2,138
1,478
Movement in allowance for expected credit loss
USD millions
Notes
2021
2020
Balance at 1 January
(94)
(101)
Lifetime expected credit losses recognized for 
existing business
(11)
(24)
Amounts written off as uncollectible
3
13
Lifetime expected credit losses reversed
6
11
Foreign currency translation
4
7
Balance at 31 December
(92)
(94)
158
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Ageing analysis of trade receivables at 31 December
Gross trade receivables	
	
	
	
	
	
Past due gross trade receivables
USD millions
Total
Not past due gross
trade receivables
< 30 days
30–90 days
91–180 days
> 180 days
2021
2,229
1,922
141
42
13
111
2020
1,572
1,260
123
51
28
108
Impairment of trade receivables	
	
	
	
	
	
Impairment on past due receivables
USD millions
Total
Impairment on not 
past due receivables
< 30 days
30–90 days
91–180 days
> 180 days
2021
(92)
(5)
(3)
(2)
(2)
(80)
2020
(94)
(7)
(2)
(2)
(9)
(75)
Net trade receivables	
	
	
	
	
	
Past due but not impaired
USD millions
Total
Neither past
due nor impaired
< 30 days
30–90 days
91–180 days
> 180 days
2021
2,138
1,917
138
41
12
31
2020
1,478
1,253
122
50
20
34
159
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

3.3	 Prepaid expenses and other current assets
Accounting policies
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently 
they are measured at amortized cost using the effective interest method. Short term items are 
normally not discounted.
On other receivables, loans and deposits, Yara records 12-months expected credit losses if there 
has not been any significant increase in credit risk since initial recognition (the general approach). 
Please see note 4.6 Other non-current assets for more information.
Specification
USD millions
Notes
2021
2020
Financial assets:
Foreign exchange contracts
6.1
6
2
Receivables and deposits
6.3
215
107
Contracts assets
2.1
4
26
Expected credit loss on other current assets
6.3
(1)
(1)
Total financial instruments
225
136
Non-financial assets:
VAT and sales related taxes
4.6
222
141
Prepaid income taxes
84
164
Prepaid expenses
177
190
Total non-financial assets
483
495
Total
6.3
708
630
3.4	Cash and cash equivalents
Accounting policies
Cash and cash equivalents include bank deposits and monetary items which are due in less than 
three months. They are initially recognized at fair value and subsequently measured at amortized 
cost using the effective interest method. However they are normally not discounted as they are 
short-term items. On deposits, Yara records a 12-month’s expected credit loss if there has not 
been any significant increase in credit risk since initial recognition (the general approach).
Specification
USD millions
Notes
2021
2020
Cash and cash equivalents
6.3
394
1,363
Expected credit loss provision on bank deposits is USD 2.8 million (2020: USD 2.5 million).
External bank deposits that are not available for use by the group at 31 December 2021 have 
a carrying value of USD 44 million (2020: USD 32 million), mainly related to cash held by joint 
operations. More information about bank deposits and dividend resolutions in subsidiaries with 
significant non-controlling interests is provided in note 5.2 Non-controlling interests.
The average interest rate for liquid assets is approximately 1.2 percent as of 31 December 2021 
(2020: 0.4 percent).
Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and 
international banks with established limits for exposure towards each institution.
160
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

4	Investments in non-current assets
4.1	 Property, plant and equipment
Overview
Property, plant and equipment (PP&E) mainly refers to Yara’s fertilizer production plants across 
the world, and which hold assets such as land, buildings, machinery, equipment and periodic 
maintenance In addition, they hold investments in self-constructed assets not yet in use and which 
are categorized as assets under construction. The remaining PP&E refers to assets for distribution 
of fertilizer products, which mainly consists of buildings, machinery and equipment for bagging and 
blending of products, as well as terminals and warehouses.
Accounting polices
An item of property, plant and equipment is recognized at cost if it is probable that the item 
will generate future economic benefits for Yara and the cost can be measured reliably. The 
carrying value of PP&E is comprised of the historical cost less accumulated depreciation and any 
impairment loss. If a legal or constructive obligation exists to decommission PP&E, the carrying 
value of the assets are increased with the discounted value of such obligations. Borrowing costs 
are added to the cost of assets that take a substantial period of time to get ready for their intended 
use or sale (“qualifying assets”) if they are directly attributable to the acquisition, construction or 
production of such assets.
Depreciation of an asset begins when it is available for use. An asset is available for use when 
the asset is in the location and condition necessary for it to be capable of operating in the manner 
intended by management. Decommissioning obligations and borrowing costs added to the carrying 
amount of PP&E are depreciated over the useful life of the respective PP&E.
PP&E are depreciated on a straight-line basis over their expected useful life. Individual parts of 
PP&E with different useful lives are accounted for and depreciated separately. Expected useful 
lives and residual values are, unless immaterial, re-assessed annually.
Gain or loss due to sale or retirement of PP&E is calculated as the difference between sales 
proceeds and the carrying value, and is recognized in the statement of income.
An impairment is recognized if an asset’s carrying value is higher than the recoverable amount. 
Non-current assets other than goodwill are tested for impairment whenever events or changes in 
circumstances indicate that such carrying amounts may not be recoverable. Please see note 4.7 
Impairment of non-current assets.
Costs related to periodic maintenance of plants (“turnarounds”) and recurring investments to 
extend the current plant performance for a longer period of time, are recognized as assets and 
depreciated on a systematic basis until the next periodic maintenance if cycle is more than one 
year on average. Major replacements and renewals are capitalized and depreciated separately 
based on their specific useful lives. Replaced assets are derecognized. Most of the remaining 
repair and maintenance costs are expensed as incurred.
Removal of mine waste materials (“stripping costs”) in the production phase of existing mines 
are capitalized as a component of existing tangible mine assets when the activity gives improved 
access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives 
of the underlying mine assets.
Capitalization of investments as self-constructed PP&E start when defined decision gates are met. 
These investments are then categorized as assets under construction until they are ready for use 
as intended by management. Once they are ready for use they are transferred to the applicable 
classes of PP&E and depreciation starts.
Government grants are recognized in the consolidated financial statement when the Group has 
reasonable assurance that it will comply with conditions attached to them and the grants will be 
received. Government grants that compensate the Group for the cost of an asset are deducted in 
the carrying amount of the asset, and recognized in the statement of income on a systematic basis 
over the useful life of the asset as a reduction to depreciation expense.
161
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2021
USD millions, except percentages and year
Land
Buildings
Machinery and 
equipment
Periodic 
maintenance
Asset under 
construction
Vessels
Other
Total
Cost
Balance at 1 January
280
2,680
10,863
540
1,600
280
97
16,340
Addition at cost 1)
2
19
313
107
343
7
–
791
Derecognition
(5)
(35)
(221)
(64)
(4)
(3)
–
(333)
Transfers to asset held for sale
(6)
(229)
(91)
–
(372)
–
(18)
(717)
Other transfers 2)
3
391
268
5
(693)
–
19
(7)
Foreign currency translation
(18)
(144)
(541)
(36)
(42)
–
(8)
(790)
Balance at 31 December
256
2,682
10,590
551
831
284
89
15,284
Depreciation and impairment
Balance at 1 January
(11)
(1,070)
(6,266)
(301)
(12)
(61)
(40)
(7,760)
Depreciation
–
(107)
(580)
(93)
–
(13)
(6)
(800)
Impairment loss 3)
(14)
(129)
(50)
(1)
(473)
–
(1)
(669)
Reversed impairment
–
9
21
–
10
–
–
41
Derecognition
–
31
188
64
–
3
–
287
Transfers to asset held for sale
3
96
45
–
174
–
1
318
Other transfers
1
(17)
(31)
2
45
–
–
–
Foreign currency translation
1
58
349
21
–
–
3
433
Balance at 31 December
(21)
(1,130)
(6,323)
(308)
(251)
(77)
(42)
(8,151)
Carrying value
Balance at 1 January
269
1,609
4,597
238
1,588
219
57
8,579
Balance at 31 December
235
1,552
4,267
243
581
207
48
7,133
Useful life in years
Indefinite
10–60
2–40
2–5
20
5–25
Depreciation rate
2–6%
3–50%
15–50%
5%
5–20%
1)	The amount for “Buildings” includes USD 50 million reduction to decommissioning assets, due to increase in discount rate. 
2)	Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3)	Please see note 4.7 Impairment of non-current assets.
162
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Main changes in 2021
The carrying value is reduced by USD 1,446 million in 2021, which is mainly driven by the 
impairment and the subsequent reclassification of the Salitre phosphate mining project in Brazil 
to held-for-sale disposal group and the USD 232 million impairment of the Dallol potash mining 
project in Ethiopia. Yara recognized an impairment loss of USD 337 million related to Salitre, and 
subsequently reclassified USD 375 million of PP&E to disposal group held-for-sale. Please see 
note 4.7 for further details on impairment on non-current assets and note 7.1 for the Salitre held-
for-sale disposal group.
The largest transfer from assets under construction to other categories of PP&E refer to construc­
tion projects related to completed assets in modernization of the Rio Grande plant in Brazil.
Assets used as security
PP&E pledged as security was USD 26 million in 2021 (2020: USD 29 million).
Government grants
Government grants related to assets have been recognized as deduction to the carrying value by 
reducing “Addition at cost” with USD 8 million in 2021 (2020: USD 13 million).
Borrowing costs
The amount of borrowing cost capitalized amounted to USD 8 million in 2021 (2020: USD 21 
million). The average rate for the borrowing cost capitalized was 3.2 percent in 2021.
Contractual commitments
Please find information on contractual obligations on PP&E in note 4.8 Committed future 
investments.
163
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2020
USD millions, except percentages and year
Land
Buildings
Machinery and 
equipment
Periodic 
maintenance
Asset under 
construction
Vessels
Other
Total
Cost
Balance at 1 January
309
2,466
10,117
481
1,660
280
72
15,384
Addition at cost 1)
1
109
253
70
461
–
18
912
Derecognition
–
(10)
(156)
(51)
(6)
–
–
(223)
Other transfers 2)
–
111
175
12
(296)
–
–
3
Foreign currency translation
(30)
3
476
26
(219)
–
8
264
Balance at 31 December
280
2,680
10,863
540
1,600
280
97
16,340
–
Depreciation and impairment
–
Balance at 1 January
(6)
(948)
(5,476)
(250)
(10)
(48)
(32)
(6,770)
Depreciation
–
(97)
(550)
(84)
–
(13)
(4)
(748)
Impairment loss 3)
(3)
(9)
(14)
(2)
(1)
–
–
(29)
Derecognition
–
7
108
50
–
–
–
166
Other transfers
–
(3)
(3)
–
–
–
–
(6)
Foreign currency translation
(1)
(21)
(332)
(16)
–
–
(3)
(373)
Balance at 31 December
(11)
(1,070)
(6,266)
(301)
(12)
(61)
(40)
(7,760)
Carrying value
Balance at 1 January
303
1,517
4,641
231
1,650
232
40
8,614
Balance at 31 December
269
1,609
4,597
238
1,588
219
57
8,579
Useful life in years
Indefinite
10–60
2–40
2–5
20
5–25
Depreciation rate
2–6%
3–50%
15–50%
5%
5–20%
1)	The amount for “Buildings” includes USD 53 million increase to decommissioning assets, due to reduction in discount rate.
2)	Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3)	Please see note 4.7 Impairment of non-current assets.
Main changes in 2020
The largest additions to PP&E include construction of a new plant in Serra do Salitre and an 
expansion and modernization of the Rio Grande plant (Brazil), both projects continuing from 2019, 
and turnaround activities for one of the ammonia plants in Sluiskil.
The largest transfer from assets under construction to other categories of PP&E refer to completed 
assets in construction projects related to modernization of the Rio Grande plant and completion of 
rectification works on a technical ammonium nitrate plant in Pilbara region of Australia.
164
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

4.2	Intangible assets
Accounting Policies
Intangible assets with finite useful lives, and that are acquired separately, are carried at cost less 
accumulated amortization and accumulated impairment losses. Amortization is recognized on a 
straight-line basis over their estimated useful lives. The estimated useful life and amortization 
method are reviewed at the end of each reporting period. The effect of any changes in estimate 
is accounted for on a prospective basis. Intangible assets with indefinite useful lives, and that are 
acquired separately, are carried at cost less accumulated impairment losses.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration 
transferred, the amount recognized for non-controlling interest, and the fair value of the acquirer’s 
previously held equity interest in the acquiree (if any) over the net identifiable assets acquired 
and liabilities assumed. If this consideration is lower than the fair value of the net assets of the 
subsidiary acquired, the difference is recognized in profit or loss. After initial recognition, goodwill 
is measured at cost less any accumulated impairment losses. Useful lives are set as indefinite with 
no amortization as there is no foreseeable limit to the cash flows generated by goodwill. Instead 
of amortization, goodwill is tested for impairment. For the purpose of impairment testing, goodwill 
acquired in a business combination is, from the acquisition date, allocated to cash-generating units 
(CGUs) that are expected to benefit from the combination. For more information on impairment, 
please see note 4.7 Impairment of non-current assets. The Group’s accounting policy for goodwill 
arising on the acquisition of an associate or joint ventures is described in note 4.3 Associated 
companies and joint ventures.
Intangible assets other than goodwill are tested for impairment whenever events or changes in 
circumstances indicate that such carrying amounts may not be recoverable. Intangible assets not 
ready for its intended use are also tested for impairment annually. Please see note 4.7 Impairment 
of non-current assets.
Expenditures on research activities are expensed in the period in which they incur. An internally 
generated intangible asset arising from development is recognized if, an only if, all of the following 
have been demonstrated;
•	 The technical feasibility of completing the intangible asset so that it will be available for use or 
sale
•	 The intention to complete the intangible asset and use or sell it
•	 The ability to use or sell the intangible asset
•	 How the intangible asset will generate probable future economic benefits
•	 The availability of adequate technical, financial and other resources to complete the 
development and to use or sell the intangible asset
•	 Its ability to measure reliably the expenditure attributable to the intangible asset during its 
development
Where no internally-generated intangible asset can be recognized, development expenditures are 
recognized in profit or loss in the period in which they incur.
Software as a Service (SaaS) arrangements are normally not subject to recognition of configuration 
or customization costs as intangible assets because Yara does not control the software being 
configured Further, related configuration or customizations activities often would not create 
a resource controlled by the customer that is separate from the software and consequently is 
normally expensed. Licensed software hosted on-premise or in third party data centers as well as 
software acquired in a business combination and internally developed software are recognized as 
intangible assets if they meet the recognition criteria in IAS 38.
165
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2021
USD million, except percentages
Goodwill
Software
Other 
intangibles 1)
Total
Cost
Balance at 1 January
890
222
390
1,502
Addition at cost
–
8
25
33
Derecognition
–
(49)
(5)
(55)
Acquisition new companies
7
–
7
14
Transfer to asset held for sale
(13)
(1)
(12)
(26)
Other transfers
–
12
(12)
1
Foreign currency translation
(22)
(10)
(17)
(49)
Balance at 31 December
862
182
376
1,420
Amortization and impairment
Balance at 1 January
(58)
(159)
(297)
(514)
Amortization
–
(26)
(16)
(42)
Impairment loss 2)
(31)
(2)
(4)
(37)
Derecognition
–
42
5
46
Transfer to asset held for sale
13
–
11
24
Foreign currency translation
4
9
11
24
Balance at 31 December
(73)
(136)
(289)
(499)
Carrying value
Balance at 1 January
831
64
93
988
Balance at 31 December
789
45
87
921
Useful life in years
Indefinite
3–5
5–40
–
Amortization rate
20–35%
3–35%
–
1)	Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
2)	For further information, see note 4.7.
2020
USD million, except percentages
Goodwill
Software
Other 
intangibles 1)
Total
Cost
Balance at 1 January
887
203
411
1,501
Addition at cost
–
9
6
14
Derecognition
–
(2)
(22)
(24)
Other transfers
–
9
(7)
2
Foreign currency translation
2
4
2
8
Balance at 31 December
890
222
390
1,502
Amortization and impairment
Balance at 1 January
(44)
(131)
(296)
(471)
Amortization
–
(24)
(17)
(41)
Impairment loss 2)
(12)
–
(3)
(15)
Derecognition
–
2
22
24
Foreign currency translation
(2)
(5)
(3)
(10)
Balance at 31 December
(58)
(159)
(297)
(514)
Carrying value
Balance at 1 January
844
72
115
1,031
Balance at 31 December
831
64
93
988
Useful life in years
Indefinite
3–5
5–40
–
Amortization rate
20–35%
3–35%
–
1)	Other intangibles comprises mainly customer relationships and intangible assets under construction.
2)	For further information, see note 4.7.
Expenditures on research and development activities
Expenditures on research and development activities are expensed in the period of the amount of 
USD 94 million (USD 91 million in 2020).
Assets used as security
No intangible assets were pledged as security in 2021 and 2020. See note 5.8 for more 
information.
166
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

4.3	Associated companies and joint ventures
Overview
Yara has a number of minor investments classified as associated companies and joint ventures. 
These are mainly investments in sales & marketing entities in the operating segments Americas 
and Industrial Solutions. In 2020, Yara sold its 25 percent share in Qatar Fertiliser Company 
(QAFCO) and its fully impaired 50 percent share in Libyan Norwegian Fertilizer Company (LIFECO).
Accounting policies
Associated companies are investments in companies where the Group has significant influence, 
but not control. Significant influence is the power to participate in the financial and operating policy 
decisions of the investee but is not control or joint control over those policies. Significant influence 
normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of 
the voting rights.
A joint arrangement is an arrangement in which two or more parties have joint control. Joint control 
is the contractually agreed sharing of control of an arrangement, which exists only when decisions 
about the relevant activities require the unanimous consent of the parties sharing control. A joint 
arrangement is either a joint operation or a joint venture. The classification depends upon rights 
and obligations of the parties to the arrangement. In a joint operation the parties have rights to 
the assets and obligations for the liabilities of the arrangement. In a joint venture the parties have 
rights to the net assets of the arrangement.
The share of results, assets and liabilities of associated companies and joint ventures are 
incorporated into the consolidated financial statements using the equity method of accounting. 
Under the equity method of accounting, the investment is initially recognized at cost and the 
carrying value is subsequently increased or decreased to recognize Yara’s share of profit or loss of 
the investee after the date of acquisition. Any excess of the cost of acquisition of the Group’s share 
of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized at the 
date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount 
of the investment. The equity-accounted investees are tested for impairment if indications of loss 
in value are identified. An impairment loss is recognized if the recoverable amount, estimated as 
the higher of fair value less costs to sell and value in use, is below the carrying value. Accounting 
policies of equity-accounted investees are changed where necessary to ensure consistency with 
the policies adopted by the Yara Group.
167
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2021
Yara’s share of
USD millions
Balance at 1 January
Investments / (sale, 
and asset held-
for-sale), net and 
long-term loans
Net income/ (loss)
Other comprehensive 
income/(loss)
Total comprehensive 
income/(loss) in 
equity-accounted 
investees
Amortization, 
depreciation and 
write-down
Dividends/
repayment of capital
Foreign currency 
translation and other
Balance at 
31 December
Associates
32
1
3
–
3
–
(2)
(2)
33
Joint ventures
75
–
20
–
20
–
(6)
(2)
87
Total
107
1
23
–
23
–
(8)
(4)
120
2020
Yara’s share of
USD millions
Balance at 1 January
Investments / (sale, 
and asset held-
for-sale), net and 
long-term loans
Net income/ (loss)
Other comprehensive 
income/(loss)
Total comprehensive 
income/(loss) in 
equity-accounted 
investees
Amortization, 
depreciation and 
write-down
Dividends/
repayment of capital
Foreign currency 
translation and other
Balance at 
31 December
QAFCO
873
(880) 1)
8
(1)
7
–
–
–
–
Other associates
30
2
2
–
2
–
–
(1)
32
Joint ventures
67
–
10
–
10
–
(9)
3
75
Total
970
(878)
20
(1)
19
–
(9)
2
107
1)	Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by QAFCO, but refunded by Yara.
Due to it being impractical to obtain financial report at the same reporting date as Yara uses, there is for some of the associated companies and joint ventures a lag of 1–3 months for the numbers included.
Sales and receivables/payables
Sales from investees to Yara were USD 16 million (2020: USD 23 million). As of 31 December 2021, Yara had net current receivables towards investees of USD 3 million (2020: USD 1 million).
168
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

4.4	Joint operations
Accounting policies
In a joint operation the parties have rights to the assets and obligations for the liabilities of the 
arrangement. The Group recognizes in relation to its interests in a joint operation:
•	 Its assets, including its share of assets held jointly;
•	 Its liabilities, including its share of any liabilities incurred jointly;
•	 Its revenue from the sale of its share of the output arising from the joint operation;
•	 Its share of the revenue from the sale of the output by the joint operation and;
•	 Its expenses, including its share of any expenses incurred jointly.
The Group accounts for these assets, liabilities, revenues and expenses in accordance with the 
applicable IFRSs.
Yara has three investments that are classified as joint operations:
Yara Pilbara Nitrates Pty Ltd
Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next to Yara’s ammonia 
plant in the Pilbara region of Australia. The plant has an annual production capacity of about 
330.000 metric tonnes of TAN and primarily supplys the mining operations in the region. The 
company is 50 percent owned by Yara and 50 percent by Orica.
Trinidad Nitrogen Co. Ltd. (Tringen)
Tringen owns an ammonia complex consisting of two separate ammonia plants which are 
managed and operated by Yara under a management and operating agreement. In addition, Yara 
provides marketing support through sales agency agreements. The two plants have an annual 
production capacity of about 1 million metric tonnes of ammonia which is mainly exported to 
other markets. Yara has a 49 percent ownership stake in Tringen, the remaining 51 percent of 
Tringen is owned by National Enterprises Limited, which is a publicly listed Company, in which the 
Government of the Republic of Trinidad and Tobago has majority shareholding.
Yara Freeport LLC DBA Texas Ammonia
Yara and the BASF Group have constructed an ammonia plant at BASF’s site in Freeport, Texas, 
US. Commercial operations commenced in 2018. BASF manages and operates the plant. The 
plant has an annual nameplate production capacity of about 750.000 metric tonnes of ammonia 
and each party off-takes ammonia from the plant in accordance with their ownership share. The 
company is 68% owned by Yara and 32% by BASF.
169
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

The following table shows the effect of consolidating joint operations on Yara’s financial statements. The table is based on unaudited financial information of Yara’s joint operations based on their IFRS 
financial statements.
Financial position
31 December 2021
31 December 2020
USD millions (unaudited)
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara’s share of 
consolidated Joint 
operations
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara’s share of 
consolidated Joint 
operations
Assets
Deferred tax assets
40
–
–
40
34
–
–
34
Property, plant and equipment
330
68
251
649
398
72
267
736
Right-of-use asset
6
–
4
10
4
–
4
8
Other non-current assets
–
7
1
8
–
1
1
2
Total non-current assets
376
75
256
707
435
73
272
780
Inventories
5
20
3
28
5
13
2
20
External trade receivables
8
–
–
8
1
–
13
8
Internal trade receivables
–
30
17
47
–
–
–
6
Prepaid expenses and other current assets
9
11
1
21
1
12
1
14
Cash and cash equivalents
–
28
11
40
1
7
17
25
Total current assets
23
89
32
144
8
32
33
73
Total assets
399
164
288
851
443
105
305
853
Total equity
132
115
268
514
173
45
289
507
Liabilities
Employee benefits
–
8
–
8
–
11
–
11
Deferred tax liabilities
–
6
–
6
–
2
–
2
Other long-term liabilities
–
–
–
–
45
–
–
45
Long-term provisions
31
–
–
31
45
–
–
45
External long-term interest bearing debt
6
–
3
9
4
7
4
15
Internal long-term interest bearing debt
188
–
–
188
162
–
–
162
Total non-current liabilities
225
14
3
242
256
20
4
280
External trade and other payables
6
26
14
46
11
14
10
35
Internal trade and other payables
9
–
–
9
1
2
–
3
Current tax liabilities
–
1
–
1
–
–
–
–
Short-term provisions
1
–
–
1
2
–
–
2
Other short-term liabilities
26
1
3
30
–
3
3
6
Bank loans and other short-term interest-bearing debt
–
7
–
7
–
20
–
20
Total current liabilities
42
36
17
94
15
39
13
67
Total equity and liabilities
399
164
288
851
443
105
305
853
170
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Income statement
31 December 2021
31 December 2020
USD millions (unaudited)
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara’s share of 
consolidated Joint 
operations
Yara Pilbara 
Nitrates
Tringen
Yara Freeport 
LLC DBA Texas 
Ammonia
Yara’s share of 
consolidated Joint 
operations
Revenue and other income
67
241
181
489
30
77
139
246
Operating costs and expenses
(120) 1)
(142)
(169)
(432)
(57)
(91)
(134)
(282)
Operating income/(loss)
(53)
100
12
58
(27)
(14)
5
(36)
Income before tax
(57)
98
11
53
(33)
(15)
5
(43)
Income tax expense
14
(30)
–
(17)
8
5
–
13
Non-controlling interests
–
–
–
–
–
–
–
–
Net income
(44)
68
11
36
(25)
(10)
5
(30)
1)	Includes an impairment loss of USD 44 million. Refer to note 4.7 Impairment on non-current assets for further details.
4.5	Leases
Accounting policies
IFRS 16 defines a lease as a contract that conveys the right to control the use of an identified 
asset for a period of time in exchange for consideration. For each contract that meets this 
definition IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability in the 
balance sheet, with certain exemptions for short-term and low-value leases. Lease payments are 
to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets 
are to be depreciated over the shorter of the lease term and the assets’ useful life. The portion of 
lease payments representing payments of lease liabilities shall be classified as cash flows used in 
financing activities in the statement of cash flows. Payments for leases of short-term, low-value 
and variable amounts not included in the measurement of the lease liability, shall be classified 
within operating activities. Yara also classify payment of interest within operating activities.
Yara has taken advantage of the accounting policy choice in IFRS 16 to not apply the standard 
to leases of intangible assets. This means that leases of intangible assets are accounted for by 
applying IAS 38 Intangible assets.
Significant lease liabilities for the Group comprise of leases of land, vessels, product storage assets 
(warehouses, terminals etc.), office buildings and other buildings. Other, less significant leases in 
Yara comprise of transportation and logistics assets, machinery and equipment, utilities supply, 
employee cars, IT infrastructure and office equipment. Yara has applied different accounting 
policies to different assets as follows:
•	 Yara expenses services and other non-lease components embedded in lease contracts for land, 
vessels, product storage assets, utilities supply, IT infrastructure, office buildings and other 
buildings. For leases of other assets, Yara capitalizes non-lease components subject to fixed 
payments as part of the lease.
•	 Yara expenses short-term leases of machinery, office equipment and other equipment in 
accordance with the general short-term exemption in IFRS 16.
•	 Yara expenses low-value leases in accordance with the general low-value exemption in 
IFRS 16.
Lease terms are determined by including extension and termination options which are reasonably 
certain to be exercised. Yara strives to consider all relevant facts and circumstances that create an 
economic incentive for Yara to exercise such options. However, use of significant judgment may be 
needed.
Yara discounts the lease liability by using incremental borrowing rates. However, the interest rate 
implicit in the lease may be used for selected lease arrangements which are material to the Group 
and if the rate can be readily determined. The incremental borrowing rates are updated on a quar­
terly basis and are determined for all relevant currencies and lease terms taking into account the 
risk free rate, Yara’s credit risk premium, local unit risk premium above Yara country risk premium 
and asset risk premium. Updated incremental borrowing rates are applied to new lease arrange­
ments recognized during that quarter, as well as for modifications of existing leases.
171
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Right-of-use assets
USD millions
Land
Vessels
Buildings
Product storage
Transportation & 
logistics
Other assets
Total
Carrying value
Balance ROU assets at 1 January 2020
129
31
89
69
59
50
428
Additions and lease modifications
–
18
27
34
20
23
121
Depreciation
(7)
(21)
(23)
(32)
(25)
(20)
(129)
Impairment
(1)
–
–
–
–
–
(1)
Foreign currency translation gain/(loss)
5
1
2
1
1
1
11
Balance at 31 December 2020
125
28
96
72
55
54
430
Additions and lease modifications
5
31
15
52
15
35
153
Transfers to assets held-for-sale
–
–
(1)
–
–
–
(1)
Depreciation
(8)
(26)
(23)
(35)
(24)
(24)
(141)
Foreign currency translation gain/(loss)
(5)
–
(4)
(3)
(3)
(4)
(20)
Balance at 31 December 2021
117
32
82
86
42
61
421
Lease liabilities
USD millions
Long-term
Short-term
Total
Carrying value
Balance lease obligations at 1 January 2020
337
98
435
Additions and lease modifications
120
(3)
117
Reclassification to short-term
(136)
136
–
Lease payments
–
(122)
(122)
Foreign currency translation gain/(loss)
13
2
15
Balance at 31 December 2020
335
111
446
Additions and lease modifications
146
(1)
145
Transfers to liabilities held-for-sale
(1)
–
(1)
Reclassification to short-term
(142)
142
–
Lease payments
–
(142)
(142)
Foreign currency translation gain/(loss)
(16)
(7)
(23)
Balance at 31 December 2021
321
104
425
172
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Unless a right-of-use asset generates independent cash flows, Yara assesses impairment of right-
of-use assets together with the cash-generating unit to which they belong. No impairment loss 
on right-of-use assets has been recognized in 2021 (2020: USD 1 million). Please see note 4.7 
Impairment of non-current assets.
Interest expense on lease liabilities in the period amounts to USD 14 million (2020: USD 15 million).
Leases not yet commenced to which Yara was committed as of 31 December 2021, amounted to 
a discounted value of USD 39 million.
There are no material restrictions or covenants imposed by leases.
Yara was not granted any significant rent concessions during 2021 as a direct consequence of the 
COVID-19 pandemic.
Maturity analysis of contractual undiscounted cash flows
USD millions
2021
2022
118
2023
82
2024
53
2025
37
2026
30
Thereafter
265
Total undiscounted lease liabilities at 31 December 2021
585
Leases expensed in the period
USD millions
2021
2020
Expenses relating to variable fee leases not included in the 
measurement of lease liabilities
25
19
Expenses relating to short-term leases
29
30
Expenses relating to leased assets of low-value, excluding short-
term leases
3
1
Total leases expensed
57
50
Cash outflows in the period
USD millions
2021
2020
Principal payments on recognized lease liabilities
142
122
Interest payments on recognized lease liabilities
15
14
Payments on leases expensed in the period
57
49
Total cash outflows for leases
214
186
4.6	Other non-current assets
Accounting policies
Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently 
they are measured at amortized cost using the effective interest method. Short-term items are 
normally not discounted.
On other receivables, loans and deposits, Yara records 12-months expected credit losses if there 
has not been any significant increase in credit risk since initial recognition (the general approach). 
If there has been a significant increase in credit risk, lifetime expected credit losses is recorded. 
The 12-months expected credit losses reflect losses from default events that are possible within 
the next 12 months. They are calculated as the Probability of Default based on the credit rating of 
different counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a 
significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss 
for the specific receivable, loan or deposit will be recognized based on an individual assessment. 
The credit risk has normally increased significantly when a receivable is defaulted.
A receivable is considered to be in default when it is overdue and enforcement activities have 
started. If there is a reasonable expectation that enforcement activities will not lead to recovery, 
the receivable is credit impaired. The receivable is written off when enforcement activities lead to 
objective evidence of the receivable being irrecoverable.
Yara’s expected credit losses on other receivables, loans and deposits are limited. As a result, 
disclosures are reduced due to materiality.
173
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Specifications
USD millions
Notes
2021
2020
Financial assets:
Equity instruments
6.1, 6.3
34
18
Interest rate swaps designated as hedging instrument
6.3
–
11
Embedded derivatives in commodity contracts
6.3
6
–
Cross currency swaps
6.3
–
4
Receivables and deposits
6.3
31
17
Expected credit loss on long-term loans and receivables
6.3
(1)
(1)
Total financial instruments
70
50
Non-financial assets:
Prepayments for long-term employee obligations
5.4
127
75
Prepayment for property, plant and equipment
29
33
Other non-financial assets
77
83
Tax and VAT receivables
173
137
Total non-financial assets
405
328
Total
476
380
Long-term VAT receivables in Brazil
At year-end 2021, Yara has recognized USD 84 million of tax credits related to value added taxes 
in Brazil (2020: USD 125 million). This is included in the line “Tax and VAT receivables” in the 
table above. The Brazilian tax system is highly complex. There are a number of taxes by Federal, 
State and Municipal authorities and the legislation is subject to constant changes. The indirect 
taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. PIS/
COFINS are charged over gross revenues, with a rate of 1.65 percent and 7.6 percent. However, 
fertilizer sales have a PIS/COFINS tax rate of zero.
Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services 
and freights). The PIS and COFINS accumulated credits can be used to offset other federal taxes 
in many circumstances and projections indicate these will be consumed in the operation and/or 
refunded by the tax authorities in the following years, without any need of accounting adjustments. 
The general rates for ICMS are 18 percent, 17 percent, 12 percent, 7 percent and 4 percent, but 
a benefit has been granted for fertilizers and other industries reduces these rates to 0 percent 
on internal operations within most of the States and to 4.9 percent or 8.4 percent on interstate 
operations. The benefit has been temporary and applicable until December 2021. The Brazilian 
State Treasury Offices decided that for 2025 onwards there will be an isonomic rate of 4 percent 
(importation, interstate, internal) with gradual changes from January 2022 to December 2024.
With the new legislation for ICMS there will be a reduction in accumulation of ICMS tax credits. 
Yara reversed the main part of the provision that has been recognized earlier. The provision is 
USD 4 million at year-end 2021 (2020: USD 19 million).
174
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

4.7	Impairment of non-current assets
Accounting policies
Cash-generating units (CGUs) or group of CGUs to which goodwill has been allocated are tested for 
impairment annually, or more frequently when there is an indication that the unit may be impaired. 
Any impairment loss is allocated first to reduce the carrying amount of goodwill allocated to 
the CGU, and then to the CGUs’ other assets on a pro rata basis of the carrying amounts. An 
impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a 
subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss 
on disposal.
Non-current assets other than goodwill are tested for impairment whenever events or changes in 
circumstances indicate that such carrying amounts may not be recoverable. Indications that could 
trigger an impairment test include:
•	 Significant underperformance relative to historical or projected future results
•	 Significant changes in the Group’s use of the assets or the strategy for the overall business
•	 Significant negative industry or economic trends
An impairment loss is recognized to the extent that the assets’ carrying value exceeds its recov­
erable amount. The recoverable amount is the higher of an asset’s fair value less cost to sell and 
value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels 
for which there are separately identifiable cash inflows which are largely independent of the cash 
inflows from other assets or groups of assets (CGUs). In assessing value in use, the estimated 
future cash flows are discounted to their present value using a pre-tax discount rate.
Previously recognized impairment losses, except for impaired goodwill, are reversed if the assump­
tions for impairment are no longer present. Impairment losses are only reversed to the extent that 
the asset’s carrying value does not exceed the carrying value that would have been determined, 
net of depreciation, if no impairment had been recognized.
Recognized impairment loss
USD millions
2021
2020
Asset class
Goodwill
(31)
(12)
Other intangible assets
(6)
(3)
Property, plant and equipment
(669)
(29)
Right-of-use assets
–
(1)
Total impairment of non-current assets
(706)
(46)
Reversal of impairment of non-current assets
41
1
Net impairment loss
(666)
(46)
USD millions
2021
2020
Segment split
Europe
6
(25)
Americas
(381)
(3)
Africa & Asia
(44)
(2)
Global Plants & Operational Excellence
(242)
–
Industrial Solutions
(3)
(1)
Other and Eliminations
(2)
(15)
Net impairment loss
(666)
(46)
175
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2021 impairments and reversals per main asset or CGU:
Asset/CGU
Segment
Recoverable 
value method 1)
(Impairment)/ 
reversal, net
Salitre mining project
Americas
FVLCD
(337)
Dallol mining project
Global Plants & Operational Excellence
FVLCD
(232)
Yara Pilbara Nitrates plant
Africa & Asia
VIU
(44)
Paulinia fertilizer plants
Americas
FVLCD
(32)
Italy
Europe
VIU
23
Other
(44)
Total
(666)
1)	FVLCD – Fair value less cost of disposal
VIU – Value in use 
Information about the main assets and CGUs with recognized impairments and reversals are 
provided below:
Salitre mining project (Brazil)
On 1 August 2021, Yara signed a Share Purchase Agreement with EuroChem to sell its Salitre 
phosphate mining project. The project is classified as a disposal group held-for-sale at the end of 
2021. The recoverable value of the Salitre assets, measured based on the agreed selling price, 
was determined to be lower than their carrying amount, and an impairment of USD 385 million 
was recognized immediately before reclassification to held-for-sale. The impairment was first 
allocated to a share of goodwill reported in the cash generating unit to which the Salitre project 
belonged of USD 31 million, after which the remainder was allocated to other assets on a pro-rata 
basis. The fair value less cost of disposal is based on the agreed consideration determined in US 
dollars, while the disposal group is part of a subsidiary with Brazilian real as functional currency. 
After reversal of impairment due to the USD/BRL currency development, the net impairment for 
2021 recognized in the Statement of Income is USD 337 million. The charge continued to be 
sensitive to USD/BRL currency development until closing. More information about the disposal 
group held for sale is provided in note 7.1.
Dallol mining project (Ethiopia)
With significant capital expenditures remaining, the Dallol potash project is exposed to multiple 
uncertainties. The project is currently on hold while working on a structural solution for the next 
stage of development. The updated assessment has determined that the fair value less cost of 
disposal of the project is close to zero in the current environment. While the Dallol mining project 
remains an attractive project, Yara’s updated assessment is that the value in use of the project 
does not materially exceed its fair value when taking all risks and uncertainties into consideration.
Yara Pilbara Nitrates plant (Australia)
Yara owns 50 percent of the joint operation Yara Pilbara Nitrates. This company owns and controls 
a TAN plant in Australia. The cash generating unit has been disclosed as sensitive for impairment 
over a longer period of time. Reduced margin forecasts (TAN margin above ammonia cost) caused 
the impairment. Sensitivities for the CGU are presented in the section “Sensitivities for main CGUs 
with no allocated goodwill”, below.
Paulinia fertilizer plants (Brazil)
The impairment of fertilizer assets at Yara’s Paulina site was triggered by the decision to close its 
fertilizer production, which was announced in December 2021.
Italy
Yara’s production in Italy comprises two sites, with an annual production capacity of 0.6 million 
tonnes ammonia, 0.4 million tonnes nitrates, 0.6 million tonnes urea and 0.4 million tonnes 
NPK. All historic impairments were reversed due to increased value-in-use from revised market 
assumptions. After the reversal, the CGU has a carrying amount of USD 228 million. The 
recoverable value exceeds the carrying amount with USD 189 million. The pre-tax discount rate 
used for measuring the value-in use was 12.9 percent with no growth to the cash flows after 
the forecast period. An isolated increase of the post-tax discount rate with 15 percent points, an 
isolated reduction to the urea price of 7 percent for all years or an isolated increase of 11 percent 
to the gas price for all years would bring the value-in-use down to the carrying amount.
Impairment charges in 2020
Impairment of property, plant and equipment is mainly related to an additional impairment on the 
Montoir plant in France with USD 22 million.
Impairment testing
The mandatory impairment testing of CGUs or group of CGUs with allocated goodwill or assets 
with indefinite useful lives is carried out during third quarter each year. Yara has also performed 
testing of other CGUs and individual assets with various impairment indicators. The recoverable 
amounts for units with allocated goodwill have been determined based on “value-in-use”.
Main assumptions
Discount rate
Discount rates used in the calculation of value-in-use reflect the current market assessment of 
the risks specific to each cash generating unit. The discount rates were estimated based on the 
weighted average cost of capital for the industry. This rate was further adjusted to reflect the 
currency in which the CGU operates and market assessments of any risk specific to the CGU for 
which future estimates of cash flows have not been adjusted.
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Currency rates and inflation
The value-in-use calculation is performed in the most relevant currency for the CGU. When 
converting foreign currency cash flows to the testing currency, Yara uses the forecasted annual 
average rates estimated by IHS based on the “purchasing power parity” (PPP) principle. The 
projections include long-term inflation (CPI) in which each CGU is located.
Risk and uncertainties
To account for specific risk factors and uncertainties for specific CGUs such as climate risk, a 
scenario-based approach has been used in the impairment testing where relevant. The scenarios 
are weighted with a probability to arrive at a value-in-use.
Assumptions relevant for production assets
The valuations of production assets are based on Yara’s long-term commodity and energy price 
forecasts. Due to the cyclicality of the fertilizer industry, Yara includes cash flow projections for a 
longer period than five years. Despite a relatively steady growth in market demand, history shows 
that there are also periods with oversupply. Yara’s internal commodity forecasts reflects its assess­
ment of the supply/demand balance in the short to medium term. After a period of maximum 
eight years, all the main commodity sales price assumptions reflect an annual nominal growth that 
do not exceed the relevant inflation rates. The main assumptions for the impairment testing are:
•	 Fertilizer prices
The urea price is the most important assumption when testing nitrogen fertilizer plants for 
impairment, as urea is the global price benchmark for commodity nitrogen. Yara’s nitrate 
and NPK prices are estimated using urea as the base adding estimated premiums on top 
of the commodity value of the nutrient. These premiums reflect an agronomic value-add of 
the products, and the estimated premiums for each plant are based on historically achieved 
premiums. For both NPK and nitrates, internally developed forecasts are used since there are 
no relevant forward markets for these products. External market intelligence reports are used as 
one of many input factors.
•	 Ammonia prices
For a number of Yara’s plants, the ammonia price is a key assumption for calculating the value-
in-use. Some plants are net buyers of ammonia, in which case increased ammonia prices have a 
negative impact on earnings while other plants are net sellers of ammonia and these plants will 
benefit from higher ammonia prices. Internally developed price forecasts are used since there is 
no relevant forward market for ammonia. External market intelligence reports are used as one 
of many input factors.
•	 Natural gas purchase prices
Natural gas is the most important cost factor for several of Yara’s production plants. Yara 
maximizes the use of observable gas market input for the purpose of impairment testing. For 
certain regions, where no liquid market for natural gas exists, Yara prepares internal forecasts 
based on the expected supply/demand balance.
•	 Production reliability
Production reliability is important for the plants’ profitability as this impacts both the production 
volume and the energy consumption factor (energy per ton produced). The reliability assumption 
is plant specific, taking into consideration the historical experienced reliability and implemented 
improvement initiatives.
•	 Capital expenditures
Ammonia and finished fertilizer plants require significant maintenance investments. The 
estimated amounts reflect past experience and plant specific knowledge. To the best of 
management’s judgment, estimated capital expenditures do not include capital expenditures 
that enhance the current performance of assets and related cash flows have been treated 
consistently.
•	 Climate risks
Both transition risks and physical risks are considered specifically for the tested asset or CGU 
when testing for impairment. Transition risks are risk that arise from the transition to a low-
carbon and climate-resilient economy, including but not limited to cost of climate impacts, new 
technologies, market developments and climate litigations. Physical risks are risks that arise 
from the physical effects of climate change. Climate risks can impact multiple assumptions in 
the valuation models, like for example the margin and capital expenditure assumptions and the 
discount rate.
Assumptions relevant for sales units
Sales units within each regional segment market and distribute a complete range of crop nutrition 
products, technologies and knowledge. Industrial Solutions develops and markets environmental 
solutions and essential products for industrial applications. These units are able to create value 
over and above the commodity value of the product. Management forecasts for market premiums 
do not exceed five years with the first year derived from the CGU’s business plan. After a period 
of five years, Yara uses a steady growth rate that does not exceed the growth for the products, 
industry or countries in which the CGUs operate. The growth rate is maximum 2% (nominal) after 
year five.
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02	 ‌YEAR IN REVIEW
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04	 ‌FINANCIAL STATEMENTS
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‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Cash generating units or group of cash generating units with goodwill
Goodwill
Discount rate pre tax
USD millions, except percentages
Segment
2021
2020
2021
2020
Belle Plaine (Canada)
Americas
292
292
7.5%
6.1%
Region Europe
Europe
161
170
8.0%
6.6%
Pilbara Ammonia (Australia)
Africa & Asia
111
111
6.4%
6.3%
Brazil
Americas
30
63
11.6%
10.1%
Ammonia Trade (Switzerland)
Global Plants
55
55
6.2%
5.7%
Region Americas
Americas
47
47
8.7%
7.9%
India
Africa & Asia
32
33
9.3%
8.9%
Environmental Solutions Maritime
Industrial Solutions
25
19
6.5%
6.1%
Latin America
Americas
14
16
10.3%
11.1%
Segment Industrial Solutions
Industrial Solutions
13
14
8.2%
7.1%
Other
Various
10
11
Total 1)
789
831
1)	Goodwill presented within “Other” per segment are allocated to various cash generating units but presented together due to materiality.
Sensitivities for main CGUs or group of CGUs with allocated goodwill
Belle Plaine (Canada)
The CGU Belle Plaine comprises fertilizer production and sales and distribution activity. The pro­
duction site has an ammonia plant, a nitric acid plant and a urea granulation plant, with an annual 
production capacity of 0.7 million tonnes ammonia, 0.1 million tonnes nitric acid, 1.1 million 
tonnes urea and 0.2 million tonnes UAN. The majority of the ammonia and nitric acid produced is 
used in the production of UAN and granular urea, but some of the ammonia is sold for agricultural 
purposes during peak ammonia seasons. The CGU’s value-in-use is significantly higher than the 
carrying amount. No reasonable possible change in any of the key assumptions would cause the 
unit’s recoverable amount to be lower than the carrying value.
Region Europe
The operating segment covers all operations including production, sales and distribution in the 
Europe region. More information about the segment is provided in note 2.3. Climate risk and the 
impact of the EU Green Deal program will most likely have an impact on the Region Europe. To 
adjust for this risk, the region has used probability weighted scenarios for the impact on product 
premiums. The same principle has been used for assets or CGUs within the region that have been 
tested separately due to impairment indicators. This includes the Tertre plant in Belgium that is 
described in the section “Sensitivities for main assets or CGUs with no allocated goodwill” below.
The group of CGU’s value-in-use is significantly higher than the carrying amount. No reasonable 
possible change in any of the key assumptions would cause the unit’s recoverable amount to be 
lower than the carrying value.
Pilbara Ammonia (Australia)
This is an ammonia plant located in Western Australia with an annual production capacity of 
approximately 0.8 million tonnes. The CGU has a carrying value of USD 846 million and a value in 
use that is 79 percent higher. Key assumptions for the testing are the ammonia price, the natural 
gas cost and the discount rate. An isolated reduction to the ammonia price of 17 percent for all 
years, an isolated increase to the forecasted gas cost of 32 percent for all years or an isolated 
increase to the post-tax discount rate of 5 percent points would reduce the headroom to nil.
Brazil
The CGU Business unit Brazil covers several aspects of fertilizer production and distribution, 
including phosphate mining, production of Single Super Phosphate (SSP) as well as blending 
and distribution of fertilizers, delivering approximately 9 million tonnes of fertilizers and covering 
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

approximately one fourth of the Brazilian market demand. The main production and blending 
asset in the CGU is the Rio Grande plant. Currently, the Rio Grande plant has an annual production 
capacity of 1.1 million tonnes of finished fertilizer (NPK and SSP depending on market demand), 
in addition to a blending capacity of approximately 2.2 million tonnes. The Salitre phosphate 
mining project was previously included in the CGU, but as the investment was reclassified to a 
disposal group held for sale in 2021, it was excluded from the CGU when testing the assets for 
impairment. Approximately 50 percent of the goodwill or USD 30 million was allocated to the 
disposal group held for sale.
The CGU’s value-in-use is significantly higher than the carrying amount. No reasonable possible 
change in any of the key assumptions would cause the unit’s recoverable amount to be lower than 
the carrying value.
Ammonia Trade (Switzerland)
The global ammonia trade and supply unit handles supply and/or offtake of necessary ammonia 
volumes for Yara’s production plants. The CGU also includes five Yara owned LPG carriers. The 
CGU’s value-in-use is significantly higher than the carrying amount. No reasonable possible 
change in any of the key assumptions would cause the unit’s recoverable amount to be lower than 
the carrying value.
Region Americas
The operating segment covers all operations including production, sales and distribution in 
Americas region. More information about the segment is provided in note 2.3. The group of 
CGUs has a carrying value of USD 3,027 million and a value in use that is 90 percent higher. The 
business plan for 2022 is the most important input factor, together with the discount rate and the 
annual growth rate. An isolated reduction to the estimated EBITDA of 25 percent for all years, an 
isolated reduction to the growth rate after year five of 9 percent points (down from 2 percent) or an 
isolated increase to the discount rate of 5 percent points would reduce the headroom to nil.
India
The CGU comprises a urea plant with related urea distribution business and premium product 
sales. The plant produces 0.7 million tonnes ammonia and 1.3 million tonnes urea annually. The 
CGU has a carrying value of USD 328 million and a value in use that is 96 percent higher. The 
forecasted premium product sales growth is the most important assumption together with the 
discount rate. The premium product sales growth is estimated for the first five years followed by a 
3 percent terminal growth from year five. For the remaining part of the CGU’s business, it has been 
assumed no growth after year five. An assumption of no growth after 2022 for the CGU as a whole 
would reduce the headroom close to nil. An isolated increase to the post-tax discount rate of 5 
percent points would also reduce the headroom to nil.
Latin America
Business unit Latin America comprises 13 blending units with a total annual capacity of around 2 
million tonnes, and a distribution network that includes Mexico, Guatemala, Costa Rica, Panama, 
Colombia, Ecuador, Peru, Bolivia, Chile and Argentina. The production facility in Cartagena has 
one ammonia plant, three nitric acid plants, one NPK plant, three ammonium nitrate solution units 
and one calcium nitrate plant. The CGU’s value-in-use is significantly higher than the carrying 
amount. No reasonable change in any of the key assumptions would cause the unit’s recoverable 
amount to be lower than the carrying value.
Sensitivities for main CGUs with no allocated goodwill
Yara has performed testing of several CGUs with impairment indicators. The impairments 
recognized during 2021 are explained above.
Some of the CGUs that were tested based on impairment indicators presented low headroom 
between the recoverable value, calculated based on value-in-use, and their carrying values. The 
main CGUs that are sensitive are described below:
Yara Pilbara Nitrates
The joint operation Yara Pilbara Nitrates owns a TAN plant in Australia. The carrying value of the 
CGU is USD 332 million, representing Yara’s 50 percent ownership stake. The key assumptions 
are the TAN margin above ammonia cost, which is estimated for the TAN market in Western 
Australia, and the discount rate (5.8 percent on pre-tax basis). An isolated reduction to the margin 
above ammonia cost of 10 percent would trigger an additional impairment of USD 78 million. An 
increase in the post-tax discount rate of 1 percent point would trigger an additional impairment of 
USD 49 million.
Tertre
Yara’s production site in Tertre, Belgium comprises one ammonia plant, one nitric acid plant and 
one nitrate plant, with an annual production capacity of 0.4 million tonnes ammonia, 0.7 million 
tonnes nitric acid and 1 million tonnes nitrates. The majority of the ammonia and nitric acid pro­
duced is used in the production of nitrates, which are sold to various European markets. The CGU 
has a carrying amount of USD 242 million and a value-in-use that is USD 86 million higher. The 
key assumptions for the testing are the urea price, the natural gas cost and the discount rate (7.4 
percent on pre-tax basis). An isolated reduction of the urea price of 10 percent for all years would 
trigger an impairment of USD 224 million. An isolated increase in the natural gas purchase price 
for all years of 10 percent would trigger an impairment of USD 159 million. An isolated increase 
to the post-tax discount rate of 2 percent points would reduce the headroom to nil.
179
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
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‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Future potential reversals of impairment
Yara has recognized impairment losses on several CGUs over time. These impairments will 
be reversed, fully or partly, when and if the situation improves and the recoverable value is 
determined to be higher than the carrying amount. The increased carrying amount cannot exceed 
the carrying amount that would have been determined (net of amortization or depreciation) had 
no impairment loss been recognized in prior periods. A large portion of the historical impairments 
is related to the plant in Montoir (France). Upon improvement on the key conditions for reversals 
such as increases in fertilizer prices, the maximum amount of potential reversal at year-end 2021 
is USD 94 million. Yara impaired its Dallol mining project in 2021 with USD 232 million. This 
impairment shall also be reversed when the impairment no longer exists.
4.8	Committed future investments
USD millions
Investments
2022
Investments
Thereafter
Investments
Total
Contract commitments for investments in property, 
plant and equipment
267
19
286
Contract commitments for acquisition or own 
generated intangible assets
35
59
94
Contract commitments for other future investments
5
12
17
Total
307
90
397
Yara has publicly communicated a total capital expenditure of USD 1.5 billion in 2022, which 
includes investments that commits funds but for which external contracts are not necessarily 
signed. The amounts presented in the table above represent contract commitments.
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

5	 Equity and liabilities
5.1	 Share information
The Extraordinary General Meeting on 6 September 2021 approved an additional dividend of 
NOK 5,094 million (NOK 20 per share). The additional dividend was paid out during the third and 
fourth quarter 2021 (USD 589 million).
The Annual General Meeting on 6 May 2021 approved a dividend for 2020 of NOK 5,190 million 
(NOK 20 per share), which has been paid out during second quarter 2021 (USD 625 million).
On 6 May 2021, the Annual General Meeting also authorized the Board of Directors to acquire 
up to 12,736,281 shares in the open market and from the Norwegian State. Shares may be 
purchased within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently 
cancelled. Yara has renewed its agreement with the Norwegian State according to which the 
State’s shares will be redeemed on a pro-rata basis to ensure the State’s ownership is unchanged 
in the event of a cancellation of shares bought back. Yara has not purchased own shares under the 
2021 buy-back program.
Under the 2020 buy-back program, Yara purchased 3,420,752 own shares in 2021 for a total 
consideration of NOK 1,398 million (USD 164 million) and 5,131,128 own shares in 2020 for a 
total consideration of NOK 1,823 million (USD 201 million). These shares were cancelled at the 
Annual General Meeting on 6 May 2021. Pursuant to the agreement with the Norwegian State, 
total equity attributable to the shareholders of the parent has been reduced with an additional 
NOK 1,697 million (USD 192 million) for the redemption of 4,854,730 shares from the 
Norwegian State. The payment of the redemption was carried out in July 2021.
When own shares are repurchased the amount of consideration paid, including directly attributable 
costs, is recognized as a change in equity. Repurchased shares are classified as treasury shares 
and presented as a deduction from total equity. Gain/loss from the sale of own shares is recog­
nized as a change in equity.
Yara has one class of shares, all with equal voting rights and the right to receive dividends.
USD millions
Ordinary shares
Own shares
Number of shares 
outstanding
Total at 31 December 2019
272,402,637
(1,362,013)
271,040,624
Treasury shares – share buy-back program 1)
–
(1,362,013)
(1,362,013)
Redeemed shares Norwegian State 2)
(1,546,374)
–
(1,546,374)
Shares cancelled 2)
(2,724,026)
2,724,026
–
Treasury shares - share buy-back program 2)
–
(5,131,128)
(5,131,128)
Total at 31 December 2020
268,132,237
(5,131,128)
263,001,109
Treasury shares - share buy-back program 2)
–
(3,420,752)
(3,420,752)
Redeemed shares Norwegian State 3)
(4,854,730)
–
(4,854,730)
Shares cancelled 3)
(8,551,880)
8,551,880
–
Total at 31 December 2021
254,725,627
–
254,725,627
1)	As approved by the General Meeting 7 May 2019.
2)	As approved by the General Meeting 7 May 2020.
3)	As approved by the General Meeting 6 May 2021.
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
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‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

5.2	 Non-controlling interests
Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling interests is set out below.
2021
USD millions
Total
at 1 January
Share of profit
Dividend
distributed
Share capital
increase
Foreign currency 
translation
Total
at 31 December
Yara Dallol B.V.
67
(67)
–
–
–
–
Other
12
2
(1)
–
–
13
Total
79
(65)
(1)
–
–
13
2020
USD millions
Total
at 1 January
Share of profit
Dividend
distributed
Share capital
increase
Foreign currency 
translation
Total
at 31 December
Yara Dallol B.V.
67
(1)
–
1
–
67
Other
13
–
(1)
–
–
12
Total
79
(1)
(1)
1
–
79
Place of incorporation and percentage of non-controlling interests
Company name
Place of incorporation
Percentage non-controlling interests 1)
2021
Percentage non-controlling interests 1)
2020
Yara Dallol B.V.
The Netherlands 2)
40.84%
41.40%
1) Equals voting rights.
2) Place of operations is Ethiopia.
Restrictions and other information related to significant non-controlling interests
The shareholders in Yara Dallol have agreed that no dividends shall be distributed from the company before the start of production. After that, the company shall pay out as much as permitted by 
applicable law and possible restrictions in future financing agreements. At 31 December 2021, Yara Dallol held USD 1.1 million in cash and cash equivalents (2020: USD 1.4 million).
182
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Financial position for companies with significant non-controlling interests
2021
2020
USD millions
Yara Dallol
Yara Dallol
Current Assets
1
3
Non-current assets
1
231
Current liabilities
(3)
(5)
Non-current liabilities
–
(30)
Equity attributable to owners of the company
2
(131)
Non-controlling interests
–
(67)
Income statement for companies with significant non-controlling interests
2021
2020
USD millions
Yara Dallol
Yara Dallol
Total operating revenues and other income
–
–
Expenses
(203) 1)
(1)
Net income/(loss)
(203)
(2)
Net income attributable to shareholders of the parent
(136)
(1)
Net income attributable to non-controlling interests
(67)
(1)
Net income/(loss)
(203)
(2)
Other comprehensive income attributable to shareholders of the parent
–
–
Other comprehensive income attributable to non-controlling interests
–
–
Other comprehensive income/(loss) for the year
–
–
Total comprehensive income attributable to shareholders of the parent
(136)
(1)
Total comprehensive income attributable to non-controlling interests
(67)
(1)
Total comprehensive income/(loss) for the year
(203)
(2)
Net cash inflow/(outflow) from operating activities
(4)
(6)
Net cash inflow/(outflow) from investing activities
(1)
1
Net cash inflow/(outflow) from financing activities
3
4
Net cash inflow/(outflow)
(1)
(1)
1)	Yara recognized a USD 232 million asset impairment in 2021. See note 4.7 for more information.
183
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

5.3	 Interest-bearing debt
Accounting policies
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the effective interest method.
Specification
Long-term interest-bearing debt
Denominated amounts 2021
Carrying Values
USD millions, except percentages and denominated amounts
Notes
Maturity
Weighted average 
interest rates
Currency Millions
USD Millions
2021
2020
NOK (Coupon 2.55%)
6.1
2021
–
–
–
–
83
NOK (Coupon NIBOR + 0.75%)
6.1
2022
1.6%
1,250
142
142
147
SEK (Coupon STIBOR + 1.00%)
6.1
2022
0.7%
450
50
50
55
SEK (Coupon 1.10%)
6.1
2022
1.0%
800
88
89
99
NOK (Coupon 3.00%)
6.1
2024
3.0%
600
68
68
73
NOK (Coupon 2.45%)
6.1
2024
2.5%
1,000
113
113
120
USD (Coupon 3.80%)
6.1
2026
3.9%
500
500
499
499
NOK (Coupon 2.41%)
6.1
2026
2.5%
1,000
113
113
–
NOK (Coupon NIBOR + 0.64%)
6.1
2026
1.5%
1,150
130
130
–
NOK (Coupon 2.90%)
6.1
2027
2.9%
1,000
113
112
122
USD (Coupon 4.75%)
6.1
2028
4.8%
1,000
1,000
997
997
USD (Coupon 3.15%)
6.1
2030
3.2%
750
750
746
746
Total unsecured debenture bonds
3,059
2,940
USD
1.2%
482
482
482
538
Total unsecured bank loans
482
538
Mortgage loans
21
23
Other long-term debt
2
2
Total
23
25
Outstanding long-term debt
3,565
3,503
Less: Current portion
(476)
(132)
Total
3,089
3,371
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

The carrying values include issuance discount, capitalized issuance costs and fair value hedge 
accounting adjustments as indicated above (see also note 6.3 Financial Instruments for further 
information about fair value of financial instruments).
At 31 December 2021, the fair value of the long-term debt, including the current portion, is 
USD 3,770 million and the carrying value is USD 3,565 million.
Yara builds its funding on a negative pledge structure with the basic funding ranking pari passu. 
Substantially all unsecured debenture bonds and unsecured bank loan agreements therefore 
contain provisions restricting the pledging of assets to secure future borrowings.
Of the long-term debt at the end of 2021, USD 2,250 million in bond debt originates from 
Yara’s June 2020, June 2018, and June 2016 bond issues in the US market according to 144A/
Regulation S. Further, NOK 6,000 million and SEK 1,250 million originate from Yara’s December 
2014, December 2017, and November 2021 bond issues in the Norwegian market. The entire 
NOK and SEK denominated bond debt is converted to USD exposure through cross-currency 
swaps.
Yara’s additional long-term funding is based on bank loans. Yara’s term loan from the Nordic 
Investment Bank has been reduced to USD 30 million through scheduled downpayments and 
linear instalments will continue until December 2023. Likewise, the loan facility established in 
January 2018 with partial support by a guarantee from Export Finance Norway, has been reduced 
to USD 152 million through scheduled downpayments and semi-annual instalments will continue 
until August 2026. Both the USD 150 million term loan due 2022 from the International Finance 
Corporation and the USD 150 million term loan due 2024 from Svensk Exportkredit AB remain 
fully drawn at year-end 2021. A further minor portion of the long-term bank loans is borrowed in 
emerging markets.
Yara has undrawn long-term revolving credit facilities totaling USD 1,100 million, whereof 
USD 50 million falls due in 2025 and the rest in 2026.
Of the fixed interest rate debenture bonds, NOK 3,600 million and SEK 800 million are exposed 
to floating interest rates through interest rate swaps, see note 6.1 Financial risks.
Contractual payments on long-term debt
USD millions
Debentures 1)
Bank Loans
Other
Total 2)
2022
280
195
–
476
2023
–
45
–
45
2024
181
181
–
361
2025
–
30
21
52
2026
742
30
–
773
Thereafter
1,856
–
1
1,858
Total
3,059
482
23
3,565
1)	Yara International ASA is responsible for the entire amount.
2)	Including current portion.
Short-term interest-bearing debt
USD millions, except percentages
Notes
2021
2020
Credit facilities
264
179
Overdraft facilities
39
35
Other
34
131
Total
6.3
337
345
Weighted Average Interest Rates 1)
Credit facilities
3.6%
4.4%
Overdraft facilities
4.3%
2.5%
Other
0.2%
1.3%
1)	Repricing minimum annually.
Yara has access to short-term credit and overdraft facilities with various banks both centrally and 
in local markets. At 31 December 2021 the unused frame of such facilities totals approximately 
USD 1,000 million.
185
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of liabilities arising from financing activities
Non-cash changes
USD millions
31 Dec 2020
Cash flows
Foreign exchange 
movement
Amortization 1)
Other
Reclassification
31 Dec 2021
Long-term interest-bearing debt
3,371
108
(34)
1
(14) 2)
(345)
3,089
Bank loans and other interest-bearing short-term debt
345
107
(7)
–
(109) 3)
–
337
Current portion of long-term debt
132
–
(4)
–
3
345
476
Total liabilities from financing activities
3,847
216
(44)
1
(119)
–
3,901
1)	Amortization of transaction cost.
2)	Value changes on interest rate swaps designated as hedging instruments.
3)	Includes provision for buy-back of the Norwegian State’s shares.
See note 4.5 Leases for reconciliation of liabilities arising from leasing activities.
5.4	Pensions and other long-term employee benefit obligations
Overview
The Group companies provide various retirement plans in accordance with local regulations and 
practices in the countries in which they operate.
Defined benefit plans are generally based on years of service and average or final salary levels, 
offering retirement benefits in addition to what is provided by state pension plans. Most of the 
defined benefit plan obligations are covered by external insurance companies or by pension funds. 
By definition, both investment risk and actuarial risk (i.e. the actual level of benefits to be paid in 
the future) are retained by the Group companies.
Defined contribution plans require the companies to make agreed contributions to a separate fund 
when employees have rendered services entitling them to the contributions. The companies have 
no legal or constructive obligation to pay further contributions.
Some companies make contributions to multi-employer pension plans included in a joint 
arrangement with others. All multi-employer plans are accounted for as defined contribution plans.
Some companies have recognized provisions for jubilee benefits, which are classified as Other 
long-term employee benefits.
Accounting policies
Defined benefit plans
The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan. 
The amount is an estimation of future benefits that the employees have earned in return for their 
service in current and prior periods. The benefit is discounted to determine its present value, and 
the fair value of plan assets is deducted. The discount rate is the yield at the balance sheet date 
on high quality corporate bonds or government bonds where no market for high quality corporate 
bonds exists. If the bond has a different maturity from the obligation, the discount rate is adjusted. 
Qualified actuaries using the projected credit unit method perform the calculations.
Past service costs arising from the amendment of plan benefits are recognized immediately in 
profit or loss. Remeasurement gains and losses are recognized as retained earnings through other 
comprehensive income in the period they occur and will not be reclassified to profit or loss in 
subsequent periods.
Defined contribution plans
Contributions to defined contribution plans are recognized as an expense in the statement of 
income when employees have rendered services entitling them to the contributions. Prepaid 
contributions are recognized as an asset to the extent that a cash refund or deduction in future 
payments is available.
186
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Other long-term benefits
The Group’s obligation in respect of other long-term benefits is the amount of future benefits that 
the employees have earned in return for their service in current and prior periods. The obligation is 
discounted based on the same principles as defined benefit plans.
Long-term employee benefit obligations recognized in the statement of financial position
USD millions
Notes
2021
2020
Defined benefit plans
(383)
(609)
Surplus on funded defined benefit plans
127
75
Net liability for defined benefit plans
(257)
(534)
Termination benefits
(3)
(4)
Other long-term employee benefits
(14)
(15)
Net long-term employee benefit obligations recognized 
in Statement of financial position
(273)
(552)
Of which classified as Prepayments for long-term 
employee obligations
4.6
127
75
Of which classified as Long-term employee benefit 
obligations
(399)
(627)
Expenses for long-term employee benefit obligations recognized in the statement of income
USD millions
Notes
2021
2020
Defined benefit plans
(45)
(47)
Defined contribution plans
(35)
(29)
Multi-employer plans
(9)
(9)
Termination benefits
(1)
1
Other long-term employee benefits
(1)
(1)
Net expenses recognized in Statement of income
(91)
(84)
Of which classified as Payroll and related costs
2.5
(86)
(79)
Of which classified as Interest expense and other 
financial items
2.7
(5)
(5)
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have incurred obligations under a funded 
defined benefit plan. The pension plan was closed to new entrants in 2006 and employees below 
the age of 55 at that time received a paid-up policy for previously earned benefit entitlements. 
The defined benefit plan was replaced by a defined contribution plan from the same date. Further 
pension obligations in Norway include certain unfunded pension arrangements as well as early 
retirement schemes. Retirement age is flexible from age 62 to age 67.
A majority of Yara’s obligations under defined benefit plans are related to subsidiaries within the 
Eurozone:
Employees of Yara’s Dutch subsidiaries hired before 1 August 2014 are members of a funded 
Defined Benefit pension plan. Employees born before 1950 and who were in service before 
2006 are entitled to a pension scheme based on final salary at the age of retirement. The other 
employees are members of an Average Pay scheme. Retirement age is 68. The funded Defined 
Benefit pension plan has been closed for new members from 1 August 2014. New hires are 
enrolled in a Defined Contribution pension plan from the same date.
Obligations in Finland include the statutory TyEL pension scheme, as well as a voluntary defined 
benefit plan which is closed to new entrants. Both schemes are covered by pension funds. 
The TyEL pension scheme provides for a flexible retirement age from 63 to 68 based on the 
employee’s salary each year and with accelerated earning of retirement benefits beyond the 
age of 63. A reform of the Employees Pensions Act was agreed in 2017, which will gradually 
increase the minimum retirement age from 63 to 65 while also gradually increase the maxiumum 
retirement age from 68 to 70. Further, accrual rates will change and retirement age will be linked 
to life expectancy (from year 2027). The voluntary pension plan regulations have also been 
amended in order to adapt to the revised pension legislation.
Subsidiaries of Yara are also liable to retirement benefits in France, Germany, Belgium and Italy 
within the Eurozone.
Yara sponsors a funded defined benefit pension plan for qualifying UK employees. Under the fund, 
employees are entitled to annual pensions on retirement at age 62 of 1/57th of final pensionable 
salary for each year of service (some members have a retirement age of 65 and accrue at a rate 
of 1/60). Benefits are also payable on death and following other events such as withdrawing from 
active service. The plan was closed for new members from 2001. Broadly, about 11 percent of the 
liabilities are attributable to current employees, 23 percent to deferred pensioners and 66 percent 
to current pensioners.
Other defined benefit plan obligations include employees of subsidiaries in Sweden, Trinidad and 
South Africa.
187
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Most defined benefit plans include benefits in case of disability, death in service and death after 
retirement, which are included in the valuation of liabilites.
The provision for defined benefit plans also includes liabilities for medical plans in Great Britain, 
Trinidad, and South Africa with a total of USD 7 million (2020: USD 14 million). The reduction is 
due to derecognition of a medical plan in Brazil.
Pension cost recognized in statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the 
following year to determine the net pension cost. The discount rate is used to calculate the interest 
income from plan assets.
The following items have been recognized in the Statement of income
USD millions
2021
2020
Current service cost
(46)
(42)
Contribution by employees
3
3
Administration cost
(2)
(2)
Past service cost
6
–
Social security cost
(2)
(1)
Payroll and related costs
(40)
(41)
Interest expense on obligation
(25)
(32)
Interest income from plan assets
21
27
Net interest expense on the net obligation
(5)
(6)
Net pension cost recognized in Statement of income
(45)
(47)
The following items have been recognized in the Statement of income
USD millions
2021
2020
Payroll and related costs
Finland
(8)
(7)
The Netherlands
(20)
(17)
Great Britain
(2)
(2)
Norway
(5)
(5)
Other
(5)
(11)
Total
(40)
(41)
USD millions
2021
2020
Net interest income / (expense) on the net obligation / asset
Finland
(1)
–
The Netherlands
(1)
(1)
Great Britain
–
–
Norway
(1)
(1)
Other
(3)
(3)
Total
(5)
(6)
188
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

The following items have been recognized in the Statement of income
USD millions
2021
2020
Remeasurement gains / (losses) on obligation for defined benefit plans
105
(132)
Remeasurement gains / (losses) on plan assets for defined benefit plans
117
98
Increase in recognized net liability due to minimum funding requirement 
and asset ceiling limit 1)
(8)
(39)
Net remeasurement gains / (losses) for defined benefit plans
214
(74)
Change in deferred tax related to remeasurement gains / (losses) for 
defined benefit plans 2)
(44)
24
Remeasurement gains / (losses) recognized from Equity Accounted 
Investees (net of tax)
–
(1)
Total remeasurement gains / (losses) recognized in other 
comprehensive income
170
(51)
1)	Yara (UK) Ltd does not have an unconditional right to recoup any surplus arising in the Fund. The value of plan assets is reduced to restrict the 
funded status to zero (asset ceiling limit).
2)	Includes impact from change in tax percentage on remeasurement gains and losses recognized in prior years.
Remeasurement gains and losses include experience adjustments, reflecting the difference 
between estimated and actual changes in obligations and plan assets during the year, as well as 
the impact of change in demographic and financial assumptions when measuring the present value 
of pension liabilities at year-end with revised assumptions. Remeasurement gains and losses are 
permanently recognized directly in retained earnings in the period in which they occur.
Actuarial valuations provided the following results
USD millions
2021
2020
Present value of fully or partially funded liabilities for defined benefit plans
(1,974)
(2,210)
Present value of unfunded liabilities for defined benefit plans
(232)
(266)
Present value of liabilities for defined benefit plans
(2,206)
(2,476)
Fair value of plan assets
2,064
2,048
Adjustment in respect of minimum funding requirement 1)
–
(42)
Unrecognized asset due to asset ceiling limitation 1)
(96)
(46)
Social security tax liability on defined benefit plans
(19)
(18)
Net liability recognized for defined benefit plans
(257)
(534)
1)	As of 31 December 2021 there is no liability for deficit contributions recognized for the UK pension plan. The surplus of plan assets is 
reduced to restrict the funded status to zero (asset ceiling limit).
Defined benefit obligations and plan assets by origin
2021
2020
USD millions
Obligations
Assets
Obligations
Assets
Finland
(375)
326
(404)
327
The Netherlands
(751)
791
(898)
787
Other Eurozone
(275)
122
(317)
129
Great Britain 1)
(406)
406
(490)
448
Norway 2)
(322)
255
(314)
245
Other
(96)
69
(113)
67
Total
(2,225)
1,968
(2,536)
2,002
1)	Including liability for minimum funding requirement (2020) and asset ceiling adjustment.
2)	Including social security tax liability.
Actuarial valuations provided the following results
USD millions
2021
2020
Defined benefit obligation at 1 January
(2,476)
(2,198)
Current service cost
(46)
(42)
Interest cost
(25)
(32)
Experience adjustments
15
9
Effect of changes in financial assumptions
86
(153)
Effect of changes in demographic assumptions
4
12
Past service cost
6
–
Benefits paid
89
94
Transfer of obligation (in)/out
(1)
(3)
Foreign currency translation on foreign plans
139
(164)
Other 1)
4
–
Defined benefit obligation at 31 December
(2,206)
(2,476)
1)	Other changes includes a change in valuation method for attributing benefits to periods of service, for one of the pension plans in France. 
There is also an impact from reversal of the minimum funding liability for the UK pension plan.
189
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Development of plan assets
USD millions
2021
2020
Fair value of plan assets at 1 January
2,048
1,836
Interest income from plan assets
21
27
Administration cost on plan assets
(2)
(2)
Return on plan assets (excluding the calculated interest income)
117
98
Employer contributions
69
36
Employees' contributions
3
3
Benefits paid
(76)
(81)
Transfer of plan assets in/(out)
1
3
Foreign currency translation on foreign plans
(117)
128
Fair value of plan assets at 31 December
2,064
2,048
Depending on local regulations, Yara may be required to ensure a certain funding level of the 
pension plans. UK legislation requires that pension schemes are funded prudently. Currently, 
Yara’s pension plan for UK employees is sufficiently funded. Next funding valuation is due no 
later than 5 April 2023, at which progress will be reviewed. In The Netherlands, an agreement 
is in place in which Yara will need to ensure a minimum level of funding by making additional 
contribution to the fund. On the other hand, Yara will be able to recover parts of the contribution 
which has been paid to the fund, in case the funding ratio reaches a certain level. In Norway, Yara 
may decide, but is not required by law, to increase the capital buffer of the pension fund.
The pension funds have the legal form of foundations, independently governed by their Board of 
Directors or Board of Trustees. It is the responsibility of the Board to determine the investment 
strategy, and to review the administration of plan assets and the funding level of the pension 
plans.
Yara’s defined benefit plan obligations are inherently exposed to inflation risk, interest rate 
risk, disability risk and longevity risk. The investment strategies of the pension funds ensure 
diversement of investments in order to keep market volatility risk at a desired level. An exception 
is the pension fund of Yara in Finland, which has invested about 1/3 of the fair value of plan assets 
into shares of non-listed Pohjolan Voima Oy, a company producing electricity and heat for its 
shareholders on an at cost-basis. The Boards of the pension funds are targeting a satisfactory level 
of risk and return corresponding to the maturity profile of future pension benefit payments.
At the end of the year, the plan assets were invested as follows
USD millions, except percentages
2021
2021
2020
2020
Cash and cash equivalents
20
1%
19
1%
Shares
553
27%
627
31%
Other equity instruments
48
2%
39
2%
High yield debt instruments
90
4%
89
4%
Investment grade debt instruments
794
38%
777
38%
Properties
104
5%
94
5%
Other quoted plan assets 1)
302
15%
265
13%
Total investments quoted in active markets
1,913
93%
1,910
93%
Shares and other equity instruments
109
5%
92
4%
Other plan assets 2)
41
2%
46
2%
Total unquoted investments
151
7%
138
7%
Total plan assets
2,064
2,048
1) Other quoted plan assets include insurance policies, hybrid funds and other fund investments.
2) Other unquoted plan assets is mainly a loan to Yara Suomi Oy.
Contributions expected to be paid to the defined benefit plans for 2022 are USD 33 million 
(including benefits to be paid for unfunded plans). The contributions paid in 2021 were USD 82 
million. Expected contributions for 2022 are lower due to deficit contributions for the pension 
plans in the UK and the Netherlands will not be required due to sufficient funding level as of 
31 December 2021.
Duration of liabilities at the end of the year:
Duration of liabilities (in years)
2021
Finland
17
The Netherlands
20
Great Britain
14
Norway
13
Total 1)
16
1)	Weighted average.
190
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographical 
assumptions and taking into account the relevant economic environment of each pension plan.
The discount rate is a weighted average of the yields at the balance sheet date on high quality 
corporate bonds, or government bonds where no deep market exists for high quality corporate 
bonds. The discount rate is adjusted by extrapolation if necessary, to take into account differences 
in maturities.
The following financial assumptions have been applied for the valuation of liabilities
Discount rate (in %)
2021
2020
Finland
0.8
0.6
The Netherlands
1.0
0.5
Great Britain
2.0
1.4
Norway
1.9
1.7
Total 1)
1.4
0.9
1)	Weighted average.
Expected salary increase (in %)
2021
2020
Finland
2.2
2.1
The Netherlands
2.5
2.3
Great Britain
3.3
2.8
Norway
2.4
2.1
Total 1)
2.6
2.3
1)	Weighted average.
Expected pension indexation (in %)
2021
2020
Finland
1.6
1.2
The Netherlands
1.8
1.6
Great Britain
2.9
2.9
Norway
1.0
0.5
Total 1)
1.8
1.7
1)	Weighted average.
The following table presents indicators of life expectancy of the mortality tables applied for 
valuation of the obligations, by showing expected longevity of a current employee aged 45 today 
from the date he or she reaches age 65, and the expected longevity of a current retiree aged 65.
Expected longevity (in years)
Current employee
Current retiree
Finland
25.9
23.4
The Netherlands
24.3
22.5
Great Britain
23.8
22.8
Norway
24.6
23.4
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of 
assumptions and estimates. The table below indicates the sensitivity of the most significant 
assumptions applied to the defined benefit obligation, by showing the estimated result from a 
reasonable increase or decrease in any one of the key assumptions applied. Holding all other 
assumptions constant represents a limitation of the analysis, as some of the assumptions may be 
correlated. The methods used in preparing the analysis are consistent with previous years.
USD millions
2021
2020
Actual valuation
(2,206)
(2,476)
Discount rate +0.5%
(2,050)
(2,297)
Discount rate -0.5%
(2,383)
(2,682)
Expected rate of salary increase +0.5%
(2,224)
(2,496)
Expected rate of salary increase -0.5%
(2,189)
(2,457)
Expected rate of pension increase +0.5%
(2,337)
(2,626)
Expected rate of pension increase -0.5%
(2,091)
(2,342)
Expected longevity +1 year
(2,291)
(2,578)
Expected longevity -1 year
(2,123)
(2,375)
191
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

5.5	 Trade and other payables
Accounting policies
Trade payables are initially recognized at fair value. Subsequently they are measured at amortized 
cost using the effective interest method. Short-term payables are normally not discounted.
Specifications
USD millions
Notes
2021
2020
Trade payables
6.3
3,024
1,431
Payroll and value-added taxes
6.3
164
113
Other current non-financial liabilities
28
41
Total
3,216
1,585
Trade payables are non-interest bearing and have an average term of 60 days. Payroll and value-
added taxes are mainly settled bimonthly or on quarterly basis. Other payables are non-interest 
bearing and normally settled within 12 months.
5.6	 Provisions and contingencies
Accounting policies
A provision is recognized when the Group has a present obligation (legal or constructive) following a 
past event, it is probable that an outflow of resources embodying economic benefits will be required 
to settle the obligation, and a reliable estimate can be made of the amount of the obligation. 
The amount recognized as a provision is the best estimate of the consideration required to settle 
the present obligation at the balance sheet date, taking into account the risks and uncertainties 
surrounding the obligation. When a provision is measured using the cash flows estimated to settle 
the present obligation, its carrying amount is the present value of the cash flows.
A restructuring provision is recognized when the Group has developed a detailed formal plan 
for the restructuring and has raised a valid expectation that it will carry out the restructuring 
by starting to implement the plan or announcing its main features to those affected by it. The 
restructuring provision includes only the direct expenditures arising from the restructuring. These 
expenditures are those that are both necessarily entailed by the restructuring and not associated 
with the ongoing activities of the entity.
Present obligations arising under onerous contracts are recognized and measured as provisions. 
An onerous contract is considered to exist where the Group has a contract where the unavoidable 
costs of meeting the obligations under it exceeds the economic benefits expected to be received 
from the contract.
Decommissioning refers to the process of dismantling and removing equipment and site 
restoration when a site is closed down. A liability is recognized as soon as a decommissioning 
obligation arises. The obligation can be legal or constructive and is accounted for based on a best 
estimate discounted to the present value. The discounted provision is progressively unwound, with 
the unwinding charge presented as a finance cost. The unwinding charge takes the provision from 
its current net present value to its future end value.
If an obligation exits to decommission PP&E, the carrying value of the assets is increased with the 
discounted value of the obligation. This is also the case if an obligation arises during construction 
or due to new legal requirements. The decommissioning asset is depreciated over the useful life 
of the asset. If an obligation arises as a result of day-to-day operations where the asset has been 
used to produce inventory, the cost is expensed as incurred. Decommissioning provisions are 
updated when new information becomes available.
Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising 
out of the conduct of its business. Legal claims are assessed on an individual basis and provisions 
are recognized if the specific claims give rise to present, probable obligations and the costs can be 
reliably measured.
192
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

When a legal or constructive environmental obligation arises as a result of a past event, and the 
cost can be reliably measured, a provision is recognized.
Due to EU regulations in regard to greenhouse gas emissions, Yara receives annual emissions 
rights. These emission rights can be used to settle the Group’s obligation that arises as a result of 
actual emissions. Granted emission rights received in a period are initially recognized at nominal 
value (nil value). Purchased emission rights are initially recognized at cost (purchase price) within 
intangible assets. A provision is recognized when the level of emissions exceeds the level of 
allowances granted. If Yara’s emissions are less than the emission rights allocated to its operations, 
these may be sold in the market. Gains are recognized if and when such transactions occur.
2021
USD millions
Environmental
Restructuring
Legal claims
Decommission
Other
Total
Balance at 1 January 2021
76
34
35
243
48
435
Additional provision in the year
20
6
7
8
28
70
Interest expense on liability and effect of change in discount rate
–
–
2
(49)
–
(48)
Unused provision
(1)
(9)
(3)
–
(17)
(29)
Utilization of provision
(11)
(10)
(6)
(8)
(6)
(42)
Companies purchased/sold
–
–
–
(6)
–
(6)
Currency translation effects
(6)
(1)
(2)
(11)
(2)
(22)
Balance at 31 December 2021
78
19
33
176
52
357
2020
USD millions
Environmental
Restructuring
Legal claims
Decommission
Other
Total
Balance at 1 January 2020
77
55
25
164
54
375
Additional provision in the year
14
3
13
22
16
67
Interest expense on liability and effect of change in discount rate
–
–
8
57
–
64
Unused provision
(7)
(9)
(3)
(1)
(8)
(28)
Utilization of provision
(7)
(17)
(4)
(8)
(16)
(52)
Currency translation effects
(1)
2
(4)
9
2
8
Balance at 31 December 2020
76
34
35
243
48
435
Provisions presented in the consolidated statement of financial position
USD millions
2021
2020
Current liabilities
74
75
Non-current liabilities
283
361
Total
357
435
193
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Provisions
Environmental provisions
Yara’s future cost for environmental remediation depends on a number of uncertain factors, such 
as changes in regulations or authorities’ approval for the extent of actions. Estimates are followed 
up frequently. Due to the uncertain nature to define the exact levels of pollution and precise needs 
for cleanup, it is possible that they could be revised in the near term. In addition, conditions which 
could require future expenditures may be determined to exist for various sites, including Yara’s 
major production facilities and warehouses.
Provisions for environmental clean-up and asset retirement obligations relate to production 
facilities currently in operation and facilities that are closed. The obligations relate to such actions 
as restoration or rehabilitation of industrial or mining sites, disposal of contaminated material and 
related activities.
Restructuring provisions
Restructuring mainly relates to closure or significant reorganization of business locations in a 
country or region. The provision is a best estimate based on the detailed formal plan for the busi­
ness and location affected. 
Legal claims
Yara is involved in a number of proceedings globally concerning matters arising in connection 
with the conduct of its business. Yara does not believe such proceedings will, individually or in the 
aggregate, have a significant effect on Yara’s financial position, profitability, results of operations 
or liquidity.
Decommission provisions
Yara has obligations to decommission and remove installations at the end of the production 
period. Establishing the appropriate provisions for such obligations involve the application of 
considerable judgment and involve an inherent risk of significant adjustments. The costs of these 
decommissioning and removal activities require revisions due to changes in current regulations 
and technology while considering relevant risks and uncertainties. Most of the removal activities 
are many years into the future, and the removal technology and costs are constantly changing. 
The estimates include assumptions of the time required and can vary considerably depending on 
the assumed removal complexity. Moreover, changes in the discount rate and currency exchange 
rates may impact the estimates significantly. As a result, the initial recognition of the liability and 
the capitalized cost associated with decommissioning and removal obligations, and the subsequent 
adjustment of these balance sheet items, involve the application of judgment. Most significant 
decommissioning provisions relate to contractual obligations for operations on leased land, the main 
ones being plants in Australia and France. The decrease in decommission provisions during 2021 is 
mainly due to increased discount rates in Australia and changes in AUD/USD currency rates.
Other provisions
Other include onerous contracts, liquidated damages, warranties and various other provisions.
Contingencies
Legal contingencies
In connection with Yara Fertiliser India Pvt Ltd’s acquisition of Tata Chemical Ltd’s urea business, 
stamp duty may be payable on the lease of the Babrala plant site. Yara’s position is that the stamp 
duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp duty 
payable, Yara sought adjudication of the amount by the local tax authorities. On 18 January 2019, 
the authority assessed stamp duty on the lease at approximately USD 36 million. Yara is of the 
view that the authority’s decision is incorrect, and remains of the view that the correct amount of 
stamp duty is less than USD 1 million. In March 2019, Yara Fertiliser India Pvt Ltd filed a written 
petition in the high court of Uttar Pradesh to seek the court’s decision and affirmation of our 
position. State of Uttar Pradesh has filed its response to the Petition filed by Yara Fertilisers India 
Pvt Ltd. No date has yet been scheduled for substantial hearing of the petition. It may take up to 
5 years to receive a decision from the Uttar Pradesh State Court. In addition to the stamp duty on 
the lease, Yara has also sought adjudication of stamp duty in the same state on the court order 
for the acquisition. Yara’s position is that the stamp duty payable is less than USD 6 million. As of 
today, the relevant authority has not yet issued its decision. The provisions made for stamp duties 
in the Uttar Pradesh state corresponds to Yara’s assessment.
Further information related to an ongoing environmental case in Brazil, where Yara is a part due to 
the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below since 
it is not possible to provide a reliable estimate of the maximum potential exposure:
•	 Yara has together with other companies related to the Trevisa Group been sued by an 
association representing approximately 1,300 potential victims in two separate lawsuits. The 
lawsuits are related to mine and lead industry activities performed by the company Plumbum 
Comércio e Representações de Produtos Mineirais e Industriais (Plumbum) in the cities Santo 
Amaro da Purificação and Boquira in Bahia state in Brazil. Plumbum was formerly part of 
the Trevisa Group. Adubos Trevo has not been involved in any of the activities included in 
the lawsuits. The lawsuits include claims for various personal losses, damage to properties, 
institution of relief funds, environmental restoration and clean-up activities. The lawsuits were 
filed in 2011 and 2012 but are still in the initial phase. Yara denies liability for any potential 
damage caused by the activities of Plumbum and has not made any provision for the claims.
In addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits 
related to laws and regulations in various jurisdictions arising out of the conduct of its business. 
Several of these cases have been ongoing for a number of years, and the timing of possible 
outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion 
that based on the information currently available, these matters will be solved without material 
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

adverse effect. The total estimate of the financial effect in the unlikely event that all should have a 
negative outcome, is USD 62 million, mainly related to cases in Brazil.
On 21 and 22 January 2020 the Spanish competition authority (CNMC) visited the premises 
of Yara Iberian S.A.U. (Spain). Yara Iberian cooperated with the officials during the site visit. 
The CNMC is now conducting a preliminary inquiry into possible infringements of the Spanish 
Competition Act. As such, Yara is not under any formal investigation and no employees are 
formally suspected in the case which is still being preliminary assessed by the CNMC.
Tax contingencies
In 2018, the Dutch tax authorities issued a new tax assessment for business restructuring related 
to an ongoing tax dispute (“exit tax assessment”). The tax assessment would increase the tax cost 
with USD 500 million, plus USD 200 million in accumulated interest. It is Yara’s position that 
the tax assessment is unreasonable and unfounded, and no provision has been made for the exit 
tax claim. The tax authorities’ principal claim is significantly lower and Yara has considered that 
claim separately from the exit tax assessment. Yara expects that the exit tax assessment will not 
trigger any immediate payment and that tax payments will be deferred until the case has been fully 
resolved or the tax assessment has been withdrawn.
Several subsidiaries are engaged in legal and administrative proceedings related to various disputed tax 
matters where the probability of cash outflow is not considered low. A majority of these contingencies 
are related to taxes in Brazil, with an estimated maximum exposure of approximately USD 79 million. 
Tax contingencies outside Brazil, excluding the above-mentioned exit tax assessment in the Netherlands, 
have an estimated maximum exposure of approximately USD 68 million.
In 2019, Yara International ASA received a notification and request for information from the Norwegian 
Tax Authorities related to a transfer price audit. In the notification and request for information, the Tax 
Authorities have stated that they consider changing the company’s tax assessment for the years 2015, 
2016 and 2017. The Tax Authorities have neither disclosed any potential amount nor provided guidance 
on how a potential change will impact the tax assessment for these years.
Uncertain tax treatments
In 2020, Yara realized taxable losses due to disposal of shares and when restructuring the 
corporate holding structure. Due to uncertainty of the tax treatment related to the losses, tax 
assets of USD 92 million are not recognized in the financial statements.
At year-end 2021, Yara has an income tax provision of USD 48 million related to an ongoing tax case. 
The majority of the provision was recognized in 2019 due to a court ruling against one of Yara’s subsidiar­
ies, and the provision is considered to cover the full exposure. In addition to the income tax provision, Yara 
has recognized a provision for related interest charges of USD 13 million. Yara has appealed the ruling.
5.7	 Contractual obligations
Take-or-pay and Long-term contracts
Yara has entered into take-or-pay and long-term contracts providing for future payments to raw 
materials, energy, and transportation capacity. Yara has marketing and off-take agreements with 
some of its joint operations, see note 4.4.
The noncancellable future obligations at 31 December 2021 (undiscounted amounts)
USD millions
Total
2022
653
2023
99
2024
81
2025
72
2026
61
Thereafter
607
Total
1,571
Future “take-or-pay” obligations are included in the table above only if they are non-cancellable 
and the contractually agreed pricing is fixed or may otherwise deviate from observable market 
prices at the time of delivery.
Yara did not need to pay any significant amount to fulfill take-or-pay clauses in 2021.
For further information regarding future obligations, see note 5.4 for future obligations related to 
pensions, note 5.6 for provisions and contingencies and 4.5 for future commitments related to 
lease arrangements.
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

5.8	Secured debt and guarantees
USD millions
2021
2020
Amount of secured debt
22
26
Assets used as security for debt
Machinery and equipment, etc.
3
4
Buildings and structural plant
23
25
Total
26
29
Assets used as security for non-financial liabilities
Buildings and structural plant
39
43
Total
39
43
Guarantees (off-balance sheet)
Contingency for sales under government and finance schemes
103
57
Non-financial parent company guarantees
689
668
Non-financial bank guarantees
79
173
Total
871
899
Off-balance sheet guarantees consist mainly of commercial guarantees related to contract 
obligations (Bid Bonds, Performance Guarantees and Payment Guarantees) and various 
mandatory public guarantees (Customs Guarantees, Receivable VAT Guarantees). These 
guarantees are issued on behalf of Yara International ASA, its subsidiaries and equity-accounted 
investees. The guarantor could be required to perform in the event of a default of a commercial 
contract or non-compliance with public authority regulations.
Yara is contingently liable to third parties for credits granted under various government and finance 
schemes where the original receivables have been derecognized from the financial statements in 
accordance with the terms of the schemes and requirements in IFRS 9.
Guarantees of debt issued on behalf of consolidated companies are not included since the 
drawings under such credit lines are included in the consolidated statement of financial position. 
The guarantee obligation under such guarantees is at any time limited to the amount drawn under 
the credit facility.
Guarantees related to pension liabilities are included to the extent such guarantees exceed the 
gross liability included in the consolidated statement of financial position.
Guarantees issued to public authorities covering tax and VAT liabilities are not included as these 
obligations are already included in the consolidated statement of financial position.
Contingent liabilities related to the de-merger from Norsk Hydro ASA
Yara is contingently liable for unfunded pension liabilities accrued prior to the consummation of 
the de-merger from Norsk Hydro ASA (Hydro) as a matter of the joint and several liability provided 
by Norwegian law. Hydro’s unfunded pension liabilities, calculated in accordance with Hydro’s 
accounting policies, amounted to approximately NOK 2 billion at demerger March 24, 2004 and 
have been reduced by payments thereafter.
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01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

6	 Financial risk
6.1	 Financial risks
Risk management policies
Risk management in Yara is based on the principle that risk evaluation is an integral part of all 
business activities. Yara’s strategic approach is to determine appropriate risk levels or limits for 
the main risks and to constantly maintain and develop tools and procedures for monitoring the 
associated exposures. The Group’s policies, approved by the Board of Directors, thus provide 
written principles on funding risk, currency risk, interest rate risk, credit risk, and the investment 
of excess liquidity. In general, risks arising from operational activities may either be accepted or 
reduced. The policies restrict transactions that will increase the Group’s exposure beyond the level 
stemming from operations.
Yara’s Executive Management is responsible for reviewing and operationalizing the Board defined 
policies, while the operating regions and expert organizations act as risk owners. The financial 
risks related to the operations of the Group are thus monitored and managed by Yara’s Finance, 
Treasury & Insurance function through internal risk reports that analyze each exposure by degree 
and magnitude of risk. The Finance, Treasury & Insurance function reports regularly to the Group’s 
Executive Management.
Based on the overall evaluation of risk, Yara may seek to reduce its inherent exposures by using 
insurance policies, trade finance contracts, guarantees or derivative instruments such as forward 
contracts, options and swaps. The use of such instruments is also governed by the Board approved 
policies.
Yara may designate and document the use of certain derivatives and other financial assets or 
liabilities as hedging instruments against changes in fair value of recognized assets and liabilities 
(fair value hedges), highly probable forecast transactions (cash flow hedges) and net investments 
in foreign operations (net investment hedges). The prospective effectiveness of any such hedge 
is assessed at inception and verified on a quarterly basis. Derivatives not designated in a hedging 
relationship are classified as undesignated derivatives and acquired and managed within the 
framework and policies defined by the Board also when hedge accounting is not applied.
There were no principal changes in the Group’s approach to capital management during the years 
ending 31 December 2021 and 31 December 2020. Yara’s liquidity surplus, kept as short-term 
bank deposits, decreased during the year in line with the distribution of dividend to shareholders.
Funding risk
The capital structure of the Group consists of interest-bearing debt as disclosed in note 5.3 
Interest-bearing debt, cash and cash equivalents as disclosed in note 3.4 Cash and cash 
equivalents plus equity attributable to equity holders of the parent, comprising paid-in capital and 
retained earnings as disclosed in note 5.1 Share information and in the consolidated tatement of 
changes in equity.
Yara is focused on maintaining a sound funding structure. Main elements of the funding strategy 
are to keep a long-term debt base and to uphold the security and flexibility obtained through using 
diversified capital sources, avoiding dependency on single institutions or markets.
Yara does not have specific debt ratio targets and the most restrictive financial covenant is to have 
a debt to equity ratio, calculated as net interest-bearing debt divided by shareholders’ equity plus 
non-controlling interests, below 1.4. At the end of 2021, the ratio was 0.55 compared with 0.36 
at the end of 2020. The Group is not subject to any externally imposed capital requirements.
Through its financial structure, Yara has the necessary flexibility to capture the right industrial 
opportunities when they arise. As such opportunities typically materialize in periods characterized 
by industry margins and earnings below peak levels, Yara will seek to maintain adequate financial 
capacity throughout the business cycle. Yara aims to maintain a long-term mid investment grade 
rating level, i.e. BBB according to Standard & Poor’s methodology and Baa2 according to Moody’s 
methodology. During 2021, Yara did maintain both the Baa2 rate from Moody’s and the BBB rate 
from Standard & Poor’s.
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Currency risk
Prices of Yara’s most important products are either directly denominated or determined in 
US dollars. In markets outside the US, local prices will generally adjust to fluctuations in the 
US dollar exchange rate, however with a certain time lag. Yara’s raw materials costs, such as 
natural gas used in the production of ammonia, are either denominated in US dollars or highly 
correlated to changes in the US dollar exchange rate. In order to hedge Yara’s long-term exposure 
to fluctuations in the US dollar exchange rate, Yara incurs most of its debt in US dollars. The 
part of Yara’s US dollar debt that constitutes a hedge of future earnings was increased gradually 
from around USD 1,900 million to around USD 3,000 million during the first three quarters, 
but reduced thereafter to around USD 2,700 million at the end of the year (2020: kept between 
USD 2,600 million and USD 2,800 million for the first eight months, decreased to around 
USD 1,400 million upon reciept of the proceeds from the Qafco divestment, and thereafter 
gradually increased again to around USD 1,900 million). A certain portion of the total debt is kept 
in various local currencies in order to finance local currency exposed business positions.
Yara thus primarily manages currency risks by adjusting the composition of the debt or liquidity 
portfolios to changes in Yara’s overall risk exposure. Derivative instruments may also be used 
to manage currency risk related to forecast purchases and sales or to offset short-term liquidity 
need in one currency with surplus liquidity in another currency. Such forward contracts are not 
designated as hedging instruments for accounting purposes. Changes in fair value are therefore 
recognized in the income statement.
Sensitivity – net income
USD millions
2021
2020
A 10% weakening 1) of the US dollar at the reporting date would have increased/(decreased) net income by
185
181
A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) net income by
(215)
(214)
1)	Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on the value of financial instruments (external positions) in the balance sheet 
as at year-end. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2020. A 
10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above.
Sensitivity – Other comprehensive income
USD millions
2021
2020
A 10% weakening 1) of the Norwegian krone at the reporting date would have increased/(decreased) other comprehensive income by
(143)
(250)
A 10% weakening 1) of the Canadian dollar at the reporting date would have increased/(decreased) other comprehensive income by
(111)
(106)
A 10% weakening 1) of the Brazilian real at the reporting date would have increased/(decreased) other comprehensive income by
(6)
(54)
A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) other comprehensive income by
(115)
(58)
1)	Against US dollar (presentation currency of the Group).
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on equity in foreign operations as at year-end. Since all other variables are 
assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same basis for 2020.
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Interest rate risk
Yara’s exposure to changes in interest rates is mainly linked to fair value risk and cash flow risk from its debt portfolio as disclosed in note 5.3 Interest-bearing debt.
Yara has a defined framework for fair value risk arising from exposure towards fixed interest rates. In accordance with that framework, all bank loans have been borrowed at floating rates. A portion of the 
bond debt has been retained at fixed interest rates, while the remaining part of the bond debt has been converted to floating rates through interest rate swaps and cross-currency swaps. Consequently, 
the interest expense related to the converted (hedged) part of the bond debt will fluctuate in line with market changes. At the reporting date, the interest rate exposure arising from the bonds issued is 
summarized in the table below.
Conversion to floating rates
Carrying amounts 2021
Carrying amounts 2020
USD millions, except percentages
Notes
Maturity
Denominated 
amounts
2021
Fixed
interest rate
Basis for 
exposure 
hedged
Receive 
fixed interest 
payments
Pay floating
interest rates 1)
Fixed 
interest rate
Floating 
interest rate
Fixed 
interest rate
Floating 
interest rate
Floating interest rate bonds
NOK (Coupon NIBOR + 0.75%)
5.3
2022
142
–
142
–
147
SEK (Coupon STIBOR + 1.00%)
5.3
2022
50
–
50
–
55
NOK (Coupon NIBOR + 0.64%)
5.3
2026
130
–
130
–
–
Fixed interest rate bonds
NOK (Coupon 2.55%)
5.3
2021
–
2.55%
–
2.55%
USD LIBOR 3M + 1.14%
–
–
–
83
SEK (Coupon 1.10%)
5.3, 6.2
2022
88
1.10%
88
1.10%
USD LIBOR 3M + 1.00%
–
89
–
99
NOK (Coupon 3.00%)
5.3, 6.2
2024
68
3.00%
68
3.00%
USD LIBOR 3M + 1.33%
–
68
–
73
NOK (Coupon 2.45%)
5.3, 6.2
2024
113
2.45%
113
2.45%
USD LIBOR 3M + 1.18%
–
113
–
120
USD (Coupon 3.80%)
5.3
2026
500
3.80%
–
499
–
499
–
NOK (Coupon 2.41%)
5.3, 6.2
2026
113
2.41%
113
2.41%
USD LIBOR 3M + 0.79%
–
113
–
–
NOK (Coupon 2.90%)
5.3, 6.2
2027
113
2.90%
113
2.90%
USD LIBOR 3M + 1.44%
–
112
–
122
USD (Coupon 4.75%)
5.3
2028
1,000
4.75%
–
997
–
997
–
USD (Coupon 3.15%)
5.3
2030
750
3.15%
–
746
–
746
–
Total unsecured debenture bonds
3,069
497
2,243
817
2,241
699
1)	Through a combination of interest rate swaps and cross-currency swaps.
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Interest rate profile of the Group’s interest-bearing financial instruments
USD millions
Notes
2021
2020
Outstanding long-term interest-bearing debt (including current portion)
5.3
3,565
3,503
Portion of bonds with fixed interest rate
5.3
2,243
2,241
Outstanding long-term interest-bearing debt (including current portion) less portion of bonds with fixed interest rate
1,322
1,262
Sensitivity
USD millions
2021
2020
An increase of 100 basis points in USD interest rates at the reporting date would have increased/(decreased) net income by
(5)
4
An increase of 100 basis points in NOK interest rates at the reporting date would have increased/(decreased) net income by
1
(3)
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on financial instruments in the balance sheet as at year-end. The analysis 
was performed on the same basis for 2020. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above.
200
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02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Specific risks associated with the upcoming interest rate benchmark reform
The Group is exposed to NIBOR, STIBOR and USD LIBOR (collectively ‘IBOR’) interest rate 
benchmarks subject to the ongoing interest rate benchmark reform. As from the end of 2021, the 
publication of 1 week and 2 month USD LIBOR rates has ceased while other USD LIBOR tenors 
continue to be published until the end of June 2023. For NIBOR and STIBOR rates there are thus 
far no indicated cessation dates. Yara had no exposure to the tenors where publication ceased in 
2021, but had an exposure to other IBOR interest rate benchmarks as shown in the table below.
Financial contracts with an IBOR benchmark reference as at 31 December 2021
Denominated amounts
USD millions
Notes
USD
LIBOR
NOK
NIBOR
SEK
STIBOR
Bonds
Pay interest
5.3
–
(272)
(50)
Bank loans
Pay interest
5.3
(483)
–
–
Interest rate swaps
Pay interest
6.2, 6.3
–
(409)
(88)
Cross-currency swaps
Pay interest
6.3
(819)
–
–
Receive interest
6.3
–
681
138
Total exposure to IBOR rates
(1,302)
–
–
None of these contracts include fallback provisions in case the referenced benchmark interest rate 
ceases to be available. Yara therefore continues to monitor the transition to new benchmark rates 
carefully, in particular the emergence and adoption of alternative term rates, and will implement 
appropriate fallback language in due course.
For new contracts entered into after 31 December 2021, the regulatory agencies have announced 
that market participants should no longer use LIBOR benchmark references for loans and 
derivatives products (the latter subject to limited exemptions). In order to ensure compliance, 
Yara’s Finance, Treasury & Insurance function has completed various actions during the year as
part of their IBOR transition program, hereunder a treasury system upgrade to enable process­
ing of transactions with alternative benchmark rates and a revision of benchmark references for 
undrawn facilities. A review also confirmed that none of Yara’s existing hedging relations (see 
note 6.2 Hedge accounting) are affected by the reform.
Credit risk
Yara has a well-established system for credit management with established limits at both 
customer and country level. Yara’s geographically diversified portfolio reduces the overall credit 
risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of 
Yara’s financial instruments is generally limited to amounts, if any, by which the counterparty’s 
obligations exceed Yara’s obligations.
The exposure to credit risk is represented by the carrying amount of each class of financial assets, 
including derivative financial instruments, recorded in the statement of financial position and as 
disclosed in note 6.3 Financial instruments.
Yara’s policy is to enter into financial instruments with various international banks with established 
limits for transactions with each institution. Yara also has agreed limits for credit exposure 
(collateral agreements) with most of its main banks. At the end of the reporting period, Yara had 
deposited USD 67.5 million (2020: USD 25.6 million) in cash with its counterparties to mitigate 
exposure from financial liabilities covered by such agreements. These deposits are reported as 
“other current financial assets” in the consolidated statement of financial position. Collateral 
deposits are made at overnight terms and required collateral is reassessed twice every month.
Due to Yara’s geographical spread and significant number of customers there are no significant 
concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its 
customer portfolio.
Yara may undertake a number of measures to reduce credit risk of particular receivables. Such 
measures include letters of credit, bank guarantees and credit insurance agreements. The effect of 
credit risk reduction from these measures is not considered to be material for the Group.
Liquidity risk
Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and by 
continuously monitoring forecasted and actual cash flows. Yara aims at an even debt repayment 
schedule and has secured committed undrawn credit facilities to provide sufficient reserves to 
meet unforeseen liquidity needs.
Undrawn facilities that the Group has at its disposal are presented in note 5.3 Interest-bearing debt.
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03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Contractual maturities of financial liabilities, including estimated interest payments
31 December 2021
USD millions
Carrying
amount
Contractual
cash flows
On demand
6 months
or less
6–12 months
1–2 years
2–5 years
More than
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt
(337)
(337)
(35)
(293)
(8)
–
–
–
Long-term interest-bearing debt 1)
(3,565)
(4,262)
–
(66)
(517)
(159)
(1,474)
(2,046)
Accrued interest expense
(8)
(8)
–
(8)
–
–
–
–
Trade payables
(3,024)
(3,024)
(6)
(2,969)
(49)
–
–
–
Payroll and value added taxes
(354)
(354)
(2)
(336)
(16)
–
–
–
Other short-term liabilities
(71)
(71)
–
(40)
(31)
–
–
–
Other long-term liabilities
(24)
(24)
–
–
–
(22)
–
(2)
Derivative financial instruments
Freestanding financial derivatives
(60)
Outflow
(1,039)
–
(84)
(333)
(15)
(484)
(123)
Inflow
985
–
82
311
17
459
116
Commodity derivatives
(92)
Outflow
(98)
–
(63)
(35)
–
–
–
Inflow
1
–
1
–
–
–
–
Hedge designated derivatives
(2)
Outflow
(51)
–
(4)
(5)
(12)
(26)
(4)
Inflow
49
–
–
12
11
23
3
Total
(7,536)
(8,232)
(43)
(3,779)
(671)
(181)
(1,503)
(2,054)
1)	Includes current portion of long-term interest-bearing debt amounting to USD 476 million.
See note 4.5 Leases for contractual maturities of lease liabilities.
202
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

31 December 2020
USD millions
Carrying
amount
Contractual
cash flows
On demand
6 months
or less
6–12 months
1–2 years
2–5 years
More than
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt
(345)
(367)
(39)
(323)
(5)
–
–
–
Long-term interest-bearing debt 1)
(3,503)
(4,261)
–
(65)
(168)
(612)
(747)
(2,668)
Accrued interest expense
(8)
(8)
–
(8)
–
–
–
–
Trade payables
(1,431)
(1,432)
(7)
(1,392)
(33)
–
–
–
Payroll and value added taxes
(303)
(303)
(1)
(273)
(29)
–
–
–
Other short-term liabilities
(96)
(96)
–
(69)
(27)
–
–
–
Other long-term liabilities
(92)
(92)
–
–
–
(71)
(6)
(14)
Derivative financial instruments
Freestanding financial derivatives
(67)
Outflow
(2,825)
–
(2,186)
(99)
(191)
(218)
(130)
Inflow
2,750
–
2,156
87
181
203
123
Commodity derivatives
(6)
Outflow
(8)
–
(1)
(7)
–
–
–
Hedge designated derivatives
12
Outflow
(35)
–
(3)
(3)
(6)
(16)
(6)
Inflow
48
–
–
12
9
20
7
Total
(5,839)
(6,628)
(46)
(2,163)
(275)
(690)
(765)
(2,689)
1)	Includes current portion of long-term interest bearing debt amounting to USD 132 million.
203
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Derivative instruments
USD millions
Notes
2021
2020
Total fair value of derivatives
Forward foreign exchange contracts
6.3
(9)
(38)
Cross-currency swaps
6.3
(52)
(29)
Interest rate swaps designated for hedging
6.3
(2)
12
Embedded commodity derivatives
6.3
(92)
(6)
Balance 31 December
(154)
(62)
Derivatives presented in the statement of financial position
Other non-current financial assets
4.6
6
15
Other current financial assets
3.3
7
3
Other non-current financial liabilities
6.3
(36)
(28)
Other current financial liabilities
6.3
(132)
(52)
Balance 31 December
(154)
(62)
Outstanding committed forward foreign exchange contracts at 31 December
USD millions
2021
2020
Forward foreign exchange contracts, notional amount
971
1,369
All outstanding forward foreign exchange contracts at 31 December 2021 have maturity in 
2022, except non-delivable forward contracts totalling USD 33 million that mature in 2023. Buy 
positions are mainly in US dollars against Norwegian kroner or Brazilian reals. Sell positions are in 
various operating currencies towards Norwegian kroner.
6.2	Hedge accounting
A description of the Group’s general risk management policies and principles can be found in 
note 6.1 Financial risks.
Accounting policies
Yara applies hedge accounting according to IFRS 9 and designates certain derivatives as either hedges 
of the fair value of recognized assets or liabilities (fair value hedges), hedges of foreign currency risk of 
recognized assets or liabilities (cash flow hedges), or hedges of net investments in foreign operations.
Changes in fair value of financial instruments designated as fair value hedges are recognized in 
the consolidated statement of income. The carrying amount of the hedged item is adjusted for 
changes in the fair value attributable to the hedged risk.
Changes in fair value of financial instruments used as hedging instruments in cash flow hedges are 
recognized in equity until the hedged transactions are recognized. Any ineffective part of a hedge 
is recognized in the consolidated statement of income.
Changes in fair value of financial instruments used as hedges of net investment in foreign 
operations are recognized as other comprehensive income. Any ineffective part of a hedge is 
recognized in the consolidated statement of income.
Hedge accounting ceases when the hedging instrument expires, is sold, terminated or exercised. 
Hedge accounting also ceases if the hedge relationship for some reason no longer fulfills the 
requirements for hedge accounting.
Fair value hedges
In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate 
swaps as hedging instruments. The remaining hedged risk is the change in fair value due to 
changes in risk-free interest rates (NIBOR) of the NOK 600 million fixed rate bond debt from 2014. 
A hedging relation for NOK 700 million of the bond debt was discontinued upon maturity in 2021.
In December 2017, Yara designated a portfolio of long-term NOK and SEK fixed-to-floating 
interest rate swaps as hedging instruments. The hedged risk is the change in fair value due to 
changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed 
rate bond debt and the change in fair value due to changes in risk-free interest rates (STIBOR) of 
the SEK 800 million fixed rate bond debt, all from 2017.
In November 2021, Yara designated a long-term NOK fixed-to-floating interest rate swap as 
hedging instrument. The hedged risk is the change in fair value due to changes in risk-free interest 
rates (NIBOR) of the NOK 1,000 million fixed rate bond debt from 2021.
204
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized 
cost. However, the designation of interest rate swaps as hedging instruments and use of hedge 
accounting enables Yara to include the fair value of changes in interest rates in the carrying value 
of the bonds. The corresponding adjustment in the consolidated statement of income offsets the 
effects of the recognized interest rate swaps, leading to less volatility in net income.
As the key parameters of the hedging instruments (interest basis, inception dates and maturity 
dates) are identical to the respective hedged items, no ineffectiveness has been identified.
Cash flow hedges
Yara had no cash flow hedges in 2021 or 2020. However, Yara has used derivative instruments to 
hedge cash flows of planned transactions in the past and may do so also in the future.
Net investment hedges
At 31 December 2021, Yara has designated in total USD 815 million (2020: USD 815 million) of 
its USD denominated interest-bearing debt as hedges of net investments in foreign (USD based) 
entities. The hedging instruments comprise USD denominated bonds, term loans and the currency 
component of a portion of the Group’s cross-currency swap portfolio.
The designation of interest-bearing debt as hedges of net investments leads to changes of foreign 
currency translation (gain/loss) being recognized in the consolidated statement of comprehensive 
income instead of in the consolidated statement of income.
As both the hedged net investments and the hedging instruments are sensitive only to fluctuations 
in the USDNOK spot rate, no ineffectiveness has been identified.
Effect on financial position and performance in 2021
Carrying amount of 
the hedged item 1)
Accumulated 
amount of hedge 
adjustment on the 
hedged item 4)
Line item in the consolidated 
statement of financial position in 
which the hedged item is included
Line item in the consolidated 
statement of financial 
position in which the hedging 
instrument is included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness
This year’s 
change in 
value of 
the hedging 
instrument
Hedge 
ineffectiveness 
recognized in 
consolidated 
statement of 
income
Amounts in USD millions
Currency
Hedge rates
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
–
68
–
–
Long-term interest-bearing debt
Other long-term liabilities
3
(3)
–
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
–
242
2
–
Long-term interest-bearing debt
Other long-term liabilities
10
(10)
–
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
–
99
–
–
Long-term interest-bearing debt
Other long-term liabilities
–
–
–
- Fixed interest, NOK bonds (2021)
NOK
3M NIBOR
–
242
–
–
Long-term interest-bearing debt
Other long-term liabilities
–
–
–
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries 2)
USD
Spot 
USDNOK
815
–
–
208
Retained earnings
Long-term
interest-bearing debt 3)
(21)
21
–
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) Amounts are after-tax. See note 2.8 Income tax expense for the tax effect.
3) Includes USD 1 million related to the part of the hedging instrument (cross-currency swap) which refers to the line-item Other long-term liabilities.
4) Included in the carrying amount of the hedged item on fair value hedges.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
205
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Effect on financial position and performance in 2020
Carrying amount of 
the hedged item 1)
Accumulated 
amount of hedge 
adjustment on the 
hedged item 4)
Line item in the consolidated 
statement of financial position in 
which the hedged item is included
Line item in the consolidated 
statement of financial 
position in which the hedging 
instrument is included
Change in value 
of the hedged 
item used for 
calculating 
hedge 
ineffectiveness
This year’s 
change in 
value of 
the hedging 
instrument
Hedge 
ineffectiveness 
recognized in 
consolidated 
statement of 
income
Amounts in USD millions
Currency
Hedge rates
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
–
156
–
4
Long-term interest-bearing debt
Other long-term liabilities
(5)
5
–
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
–
242
–
8
Long-term interest-bearing debt
Other long-term liabilities
(14)
14
–
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
–
99
–
1
Long-term interest-bearing debt
Other long-term liabilities
(1)
1
–
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries 2) 5)
USD
Spot 
USDNOK
815
–
–
187
Retained earnings
Long-term
interest-bearing debt 3)
22
(22)
–
1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2) Amounts are after-tax. See note 2.8 Income tax expense for the tax effect.
3) Includes USD 1 million related to the part of the hedging instrument (cross-currency swap) which refers to the line-item Other long-term liabilities.
4) Included in the carrying amount of the hedged item on fair value hedges.
5) The change in value columns include the effect from a USD 115 million hedging relation discontinued in August 2020.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
206
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

6.3	Financial instruments
Accounting policies
A financial instrument is any contract that gives rise to a financial asset of one entity and a 
financial liability or equity instrument of another entity. Financial assets and financial liabilities are 
recognized when the Group becomes party to the contractual obligations of the instrument.
Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model 
in which they are managed and their contractual cash flows. The principal categories are amortized 
cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss 
(FVTPL).
Derivatives
The Group uses derivative financial instruments to hedge exposure against currency risk, interest 
rate risk and commodity price risk arising in operating, financing and investment activities. These 
derivatives are initially recognized at fair value and subsequently measured at fair value through 
profit or loss at each balance sheet date. Embedded derivatives are separated and treated as 
derivatives when the risks and characteristics of the derivative are not closely related to the host 
contract, and the host contract is not measured at fair value with changes in fair value recognized 
in the consolidated statement of income. Embedded derivatives may refer to financial transactions 
and sale and purchase transactions for gas, ammonia and other commodities.
Fair value on derivatives is measured based on quoted market prices when these are available. 
When quoted prices from active markets are not available, the Group estimates fair value by using 
valuation models that make maximum use of observable market data. The resulting change in fair 
value is recognized immediately in the statement of income. If the derivative is designated and 
effective as a hedging instrument, the timing of the recognition in the consolidated statement of 
income depends on the nature of the hedge relationship. A derivative is classified as non-current if 
the remaining maturity of the derivative is more than 12 months, and as current if the remaining 
maturity of the derivative is less than 12 months.
All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for 
which there are no active markets. Fair value of all items in this category, is therefore calculated 
using valuation techniques with maximum use of market inputs and assumptions that reasonably 
reflect factors that market participants would consider in setting a price, relying as little as 
possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to 
changes in forward commodity prices. None of the derivatives in this category are designated in 
hedge relationships.
Receivables and deposits
See note 3.2 for information on Trade receivables and note 3.4 for Cash and Cash equivalents. 
Other short-term and long-term receivables and deposits are initially recognized at fair value. 
Subsequently they are measured at amortized cost using the effective interest method. Short-term 
items are normally not discounted.
The carrying amounts of receivables and deposits are adjusted for expected credit losses and 
are considered to represent reasonable estimates on fair value. Interest-free receivables are 
discounted if it has a material impact on fair value. Yara records 12-months expected credit losses 
if there has not been any significant increase in credit risk since initial recognition (the general 
approach). If there has been a sig­nificant increase in credit risk, lifetime expected credit loss is 
recorded. The 12-months expected credit loss reflect loss from default events that are possible 
within the next 12 months. They are calculated as the Probability of Default based on the credit 
rating of different counterparts multiplied with the Loss Given Default based on listed corporate 
bonds. If a significant increase in credit risk since initial recognition is identified, a lifetime 
expected credit loss for the specific receivable or deposit will be recognized based on an individual 
assessment. The credit risk has normally increased significantly when a receivable is defaulted.
A receivable is considered to be in default when it is overdue and enforcement activities have 
started. If there is a reasonable expectation that enforcement activities will not lead to recovery, 
the receivable is credit impaired. The receivable is written off when enforcement activities lead to 
objective evidence of the receivable being irrecoverable.
Yara’s expected credit loss on receivables and deposits are limited. As a result, disclosures are 
reduced due to materiality.
Equity instruments
Yara Growth Ventures (YGV) is the corporate venture capital organization for Yara International 
ASA. YGV invests in start-ups and in venture capital funds which sit at the intersection of 
science and technology in the food and agriculture industry. Yara initially accounts for all YGV’s 
investments at Fair Value. Subsequently they are measured at Fair Value through Profit or Loss 
in accordance with IFRS 9. If an YGV investment leads to control or de facto control over the 
investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over 
an investee, Yara takes advantage of the accounting policy choice in IAS 28 to not apply the equity 
method to these venture investments. Strategic investments in associates and joint ventures 
are accounted for by applying the equity method, refer to note 4.3 Associated companies and 
joint ventures.
207
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Equity instruments other than venture investments are also measured at Fair Value and 
subsequently measured at Fair Value through Profit or Loss. However, Yara has made an 
irrevocable election at initial recognition of a limited number of long-term strategic investments in 
equity shares not held for trading to present subsequent changes in fair value in OCI.
Equity instruments that are not traded in active markets are measured based on recent market 
transactions and valuation techniques.
Financial liabilities
Trade payables are initially recognized at fair value. Subsequently they are measured at amortized 
cost using the effective interest method. Short-term payables are normally not discounted. 
However, short-term payables and other short-term debt are discounted if it has material impact 
on fair value. Fair value of these liabilities are assumed to be equal to their carrying amounts.
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. 
Subsequently they are measured at amortized cost using the effective interest method. Fair 
value on long-term interest-bearing debt and other long-term liabilities differs from the carrying 
amounts since the USD debenture bonds are held with fixed interest rates and are not subject to 
hedge accounting. For these USD debenture bonds with fixed interest rates and for other non-
current financial liabilities, no active market is available and fair value is calculated based on 
the present value of future principal and interest cash flows. Cash flows are estimated by using 
LIBOR with different maturities as a benchmark and adding a credit margin derived from recent 
transactions or other information available.
See note 4.5 for information on lease liabilities.
Contingent consideration is initially recognized at fair value and subsequently measured at fair 
value through profit or loss. Fair value of contingent consideration is calculated considering the 
present value of expected payments, discounted using a risk-adjusted discount rate. The expected 
payment is determined by considering the possible scenarios of financial performance, the amount 
to be paid under each scenario and the probability of each scenario.
Financial instruments at fair value
Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L), 
equity instruments at FV through P&L, equity instruments at FV through other comprehensive 
income (OCI) and financial liabilities at FV through P&L. They are valued according to different 
levels in the fair value hierarchy in IFRS. The different levels are defined as follows:
Level 1:	 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:	 Inputs other than quoted prices included within Level 1 that are observable for the asset 
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3:	 Inputs for the asset or liability that are not based on observable market data 
(unobservable inputs).
208
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Carrying amounts and fair value per category
31 December 2021
Derivatives
Receivables 
and deposits
Equity instruments
Financial liabilities
Non-financial 
assets/liabilities
USD millions
Notes
Fair value 
through P&L
Designated for 
hedging
Amortised cost
Fair value 
through P&L
FV through OCI 
(no recycling)
Amortised cost
FV through P&L
Historic cost
Total
Non-current assets
Other non-current financial assets
4.6
6
–
31
17
17
–
–
–
70
Current assets
Trade receivables
3.2
–
–
2,138
–
–
–
–
–
2,138
Other current financial assets
3.3
7
–
217
–
–
–
–
–
225
Cash and cash equivalents
3.4
–
–
394
–
–
–
–
–
394
Sum financial assets
13
–
2,780
17
17
–
–
–
2,827
Non-current liabilities
Other non-current financial liabilities
(23)
(13)
–
–
–
(20)
(15)
–
(72)
Long-term interest-bearing debt
5.3
–
–
–
–
–
(3,089)
–
–
(3,089)
Non-current lease liabilities
4.5
–
–
–
–
–
(321)
–
–
(321)
Current liabilities
Trade and other current payables
5.5
–
–
–
–
–
(3,188)
–
–
(3,188)
Prepayments from customers
–
–
–
–
–
–
–
(634)
(634)
Other current financial liabilities
(132)
–
–
–
–
(378)
(12)
–
(521)
Short-term interest-bearing debt
5.3
–
–
–
–
–
(337)
–
–
(337)
Current portion of long-term debt
5.3
–
–
–
–
–
(476)
–
–
(476)
Current lease liabilities
4.5
–
–
–
–
–
(104)
–
–
(104)
Sum financial liabilities
(154)
(13)
–
–
–
(7,913)
(27)
(633)
(8,740)
Total net balance
(141)
(13)
2,780
17
17
(7,913)
(27)
(633)
(5,913)
Fair value
(141)
(13)
2,780
17
17
(8,111)
(27)
Unrecognized gain/(loss)
–
–
–
–
–
(198)
–
Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 for details. Equity instruments that are not traded in 
active markets are measured based on recent market transactions and valuation techniques. Equity instruments at FV through P&L as of year-end 2021 refer to venture investments in addition to shares 
in fund investments.
209
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Carrying amounts and fair value per category
31 December 2020
Derivatives
Receivables 
and deposits
Equity instruments
Financial liabilities
Non-financial 
assets/liabilities
USD millions
Notes
Fair value 
through P&L
Designated for 
hedging
Amortised cost
Fair value 
through P&L
FV through OCI 
(no recycling)
Amortised cost
FV through P&L
Historic cost
Total
Non-current assets
Other non-current assets
4.6
4
11
17
–
18
–
–
–
50
Current assets
Trade receivables
3.2
–
–
1,478
–
–
–
–
–
1,478
Prepaid expenses and other current assets
3.3
3
–
132
–
–
–
–
–
136
Cash and cash equivalents
3.4
–
–
1,363
–
–
–
–
–
1,363
Sum financial assets
7
11
2,991
–
18
–
–
–
3,027
Non-current liabilities
Other non-current liabilities
(19)
(11)
–
–
–
(79)
(14)
–
(123)
Long-term interest-bearing debt
5.3
–
–
–
–
–
(3,371)
–
–
(3,371)
Non-current lease liabilities
4.5
–
–
–
–
–
(335)
–
–
(335)
Current liabilities
Trade and other current payables
5.5
–
–
–
–
–
(1,542)
–
–
(1,542)
Prepayments from customers
–
–
–
–
–
–
–
(372)
(372)
Other current liabilities
(52)
–
–
–
–
(306)
(33)
–
(391)
Short-term interest-bearing debt
5.3
–
–
–
–
–
(345)
–
–
(345)
Current portion of long-term debt
5.3
–
–
–
–
–
(132)
–
–
(132)
Current lease liabilities
4.5
–
–
–
–
–
(111)
–
–
(111)
Sum financial liabilities
(70)
(11)
–
–
–
(6,220)
(47)
(373)
(6,721)
Total net balance
(64)
1
2,991
–
18
(6,220)
(47)
(373)
(3,647)
Fair value
(64)
1
2,991
–
18
(6,547)
(47)
Unrecognized gain/(loss)
–
–
–
–
–
(327)
–
Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 for details.
210
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Financial instruments at fair value
31 December 2021
USD millions
Level 1
Level 2
Level 3
Total
Equity instruments
–
–
34
34
Derivatives, net
–
(56)
(98)
(154)
Financial liabilities
–
(7)
(20)
(27)
Net total balance
–
(63)
(84)
(147)
There were no transfers between Level 1 and Level 2 in the period.
31 December 2020
USD millions
Level 1
Level 2
Level 3
Total
Equity instruments
–
–
18
18
Derivatives, net
–
(54)
(8)
(62)
Financial liabilities
–
(10)
(38)
(48)
Net total balance
–
(64)
(28)
(92)
Reconciliation of fair value instruments at Level 3 from opening to closing balance
USD millions
2021
2020
Balance at 1 January
(28)
(40)
Total gains or (losses):
in income statement
(106)
13
in other comprehensive income
4
(3)
Payments made
33
–
Disposals/additions
15
1
Foreign currency translation
(1)
2
Balance at 31 December
(84)
(28)
211
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Sensitivity of fair value measurement of financial instruments at Level 3 at 31 December 2021
Effect on P&L
Effect on OCI
USD millions
Favourable
(Unfavourable)
Favourable
(Unfavourable)
Derivatives (20% decrease/(increase) in ammonia price)
37
(37)
–
–
Equity instruments (20% increase/(decrease) in electricity price)
3
(3)
1
(1)
Total
40
(41)
1
(1)
The favourable and unfavourable effects on derivatives refer to embedded derivatives in energy con­
tracts. The effects are calculated by decreasing/increasing the input of ammonia prices by 20 percent 
for the whole contract period, also for long-term contracts. All other variables remain constant.
The favourable and unfavourable effects on equity instruments refer to fair value of unlisted equity 
securities. The effects are calculated based on a valuation model for estimation of fair value, 
increasing/decreasing the forward electricity prices used in the model by 20 percent. All other 
variables remain constant.
Gains and losses from financial instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2021
Derivatives
Equity instruments
Financial liabilities
USD millions
Notes
Fair value 
through P&L
Designated
for hedging
Fair value 
through P&L
FV through OCI 
(no recycling)
Amortised
cost
Fair value 
through P&L
Total
Consolidated statement of income
6.1, 6.2
(45)
(13)
(3)
–
–
(5)
(66)
Consolidated statement of comprehensive income 1)
6.2
–
(3)
–
4
(27)
–
(26)
Total
(45)
(16)
(3)
4
(27)
(5)
(92)
1)	Amounts are presented before tax. See note 2.8 for specification of taxes.
2020
Derivatives
Equity instruments
Financial liabilities
USD millions
Notes
Fair value 
through P&L
Designated
for hedging
Fair value 
through P&L
FV through OCI 
(no recycling)
Amortised
cost
Fair value 
through P&L
Total
Consolidated statement of income
83
19
–
–
–
(6)
96
Consolidated statement of comprehensive income 1)
–
3
–
(3)
28
–
28
Total
83
22
–
(3)
28
(6)
123
1)	Amounts are presented before tax. See note 2.8 for specification of taxes.
212
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

7	 Business initiatives
7.1	 Disposal of investments
Disposal group held for sale 2021
On 1 August 2021, Yara signed a Share Purchase Agreement with EuroChem to sell its Salitre 
phosphate mining project in Brazil. The transaction was successfully completed on 22 February 
2022, with total proceeds of USD 452 million. 
The assets and liabilities of the Salitre mining project are classified as a disposal group held-for-sale 
and presented on separate lines within Current assets and Current liabilities in the consolidated 
statement of financial position for 2021. Prior period balance sheets are not reclassified.
The recoverable value of the Salitre assets was determined to be lower than their carrying amount, 
and an impairment of USD 385 million was recognized immediately before reclassification to 
held-for-sale. The impairment was first allocated to a share of goodwill reported in the cash 
generating unit to which the Salitre project belonged of USD 31 million, after which the remainder 
was allocated to other assets on a pro-rata basis.
The fair value of the disposal group is based on the agreed consideration determined in US 
dollars, while the disposal group is part of a Brazilian real functional currency subsidiary. The total 
impairment charge in 2021 is USD 337 million, which is recognized in the consolidated statement 
of income, on the line Impairment loss. The charge continued to be sensitive to USD/BRL currency 
development up until the close of the transaction on 22 February 2022.
The disposal group and the related impairment is reported in the Americas segment.
The major classes of assets and liabilities held for sale at 31 December 2021 are as follows:
USD millions
Salitre
Other
Total
Intangible assets other than goodwill
2
–
2
Property, plant and equipment
375
22
397
Inventories
19
–
19
Prepaid expenses and other current assets
37
–
37
Non-current assets and disposal group held-for-sale
433
22
454
Non-current provisions
7
–
7
Trade and other current payables
2
8
10
Liabilities directly associated with disposal group held-for-sale
9
8
17
Disposal 2020
In 2020, Yara completed the sale of its 25 percent stake in Qatar Fertiliser Company (QAFCO) and 
received the consideration of USD 1 billion. The transaction led to a gain of USD 97 million, which 
was recognized as Other income in the consolidated statement of income and reflected in the 
Global Plants and Operational Excellence segment.
QAFCO is included in Yara’s statements with the following amounts:
USD millions
2021
2020
Statement of income
Other income
–
97
Share of net income in equity-accounted investees
–
6
Statement of other comprehensive income
Exchange differences on translation of foreign operations
–
(6)
Remeasurements of the net defined benefit pension liability for equity-
accounted investees
–
(1)
Statement of changes in equity
Statement of financial position
Statement of cash flows
Proceeds from sale of shares in equity-accounted investees
–
1,000
213
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

8	Other disclosures
8.1	 Related parties
The Norwegian State
At 31 December 2021, the Norwegian State owned 92,239,891 shares, representing 36.21 
percent of the total number of shares issued. On the same date, The Government Pension Fund 
Norway owned 17,931,756 shares, representing 7.04 percent of the total number of shares 
issued.
Yara Pension fund
One of Yara International ASA’s pension plans is arranged through Yara Pension Fund. This 
plan has been closed for new members since July 2006. During 2021, Yara has contributed to 
the pension fund through deductions from premium fund and premium paid by the sponsoring 
companies Yara International ASA and Yara Norge AS.
Equity-accounted investees
Transactions with equity-accounted investees are described in note 4.3.
Board of Directors
Members of the Board of Directors are elected for two year terms. Their rights and obligations as 
board members are solely and specifically provided for the company’s articles of association and 
Norwegian law. The company has no significant contracts in which a Board Member has a material 
interest.
Executive Managment
Executive Management remuneration is disclosed in the table below. The full “Yara Executive 
Remuneration Report 2021” can be found at www.yara.com, Annual report section.
Executive Management remuneration and Board of Directors compensation
USD thousands
Compensation 
earned in 2021
Compensation 
earned in 2020
Salary and short-term incentive
5,653
5,051
Pension
694
475
Benefits
387
250
Share based remuneration 1)
986
941
Total Executive Management
7,721
6,717
Fee to Board of Directors
545
501
Total 2)
8,266
7,218
1) See note 8.2 Share based remuneration for further infomation.
2) See “Yara Executive Remuneration Report 2021” for futher details.
214
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

8.2	Share based remuneration
To support the alignment between executives and shareholder interest and to ensure retention of 
key talent in the company, an amount equal to 30 percent of the base salary for the CEO and 25 
percent of the base salary for the other members of the Group Executive Board may be awarded 
by the Board on annual basis. The net after tax amount must be invested in Yara shares within 
a period of one month after the grant and the shares must be retained for minimum 3 years. 
Executives who resign from Yara must reimburse to the company at the time of resignation the net 
proceeds of the selling of the shares that are still within the lock-in period.
The grant of SBR is conditional on Yara’s Net Result excluding special items and currency gain/
loss being positive in sum over the last three years. Yara’s CEO can on discretionary basis decide 
that SBR shall not be granted for a given year and Yara’s Board of Directors can decide that SBR 
shall not be granted to the CEO for a given year. Such assessment will amongst other factors be 
evaluated against Yara’s performance towards its strategic targets of sustainable value creation, 
hereunder Performance Indicators linked to People, Planet and Prosperity.
215
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

8.3	External audit remuneration
Deloitte AS (Deloitte) is Yara’s auditor. A few subsidiaries of Yara International ASA have appointed other audit firms. The following table shows total audit and other services delivered to the group by the 
appointed auditor.
USD thousands
Audit fee
Assurance services
Tax services
Other non-audit 
services
Total
2021
Deloitte Norway
871
227
8
2
1,109
Deloitte abroad
3,053
36
315
5
3,410
Total Deloitte
3,925
263
324
7
4,519
Others
294
1
179
36
509
Total
4,218
264
503
43
5,028
2020
Deloitte Norway
722
365
83
21
1,192
Deloitte abroad
3,193
32
464
29
3,718
Total Deloitte
3,916
397
547
50
4,910
Others
331
5
13
157
506
Total
4,247
402
560
207
5,416
216
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

8.4	Composition of the group
The consolidated financial statement of Yara comprises 127 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). 
This list also includes major holding companies.
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Argentina S.A.
100.0%
Argentina
Yara Iberian S.A.U.
Yara Australia Pty Ltd.
100.0%
Australia
Yara Technology B.V.
Yara Nipro Pty Ltd.
100.0%
Australia
Yara Australia Pty Ltd.
Yara Pilbara Fertilisers Pty Ltd.
100.0%
Australia
Chemical Holdings Pty Ltd.
Chemical Holdings Pty Ltd.
100.0%
Australia
Yara Australia Pty Ltd.
Yara Environmental Technologies GmbH
100.0%
Austria
Yara Investment GmbH
Yara Belgium S.A./N.V.
100.0%
Belgium
Yara Nederland B.V.
Yara Tertre S.A.
100.0%
Belgium
Yara Belgium S.A./N.V.
Yara Trinidad Ltd.
100.0%
Bermuda
Yara Caribbean Ltd.
Yara Brasil Fertilizantes S.A.
100.0%
Brazil
Yara South America Investments B.V.
Yara Belle Plaine Inc.
100.0%
Canada
Yara Canada Holding Inc.
Yara Canada Holding Inc.
100.0%
Canada
Fertilizer Holdings AS
Yara Canada Inc.
100.0%
Canada
Fertilizer Holdings AS
Yara Trading (Shanghai) Co. Ltd.
100.0%
China
Yara Asia Pte Ltd.
Yara Colombia S.A.
99.4%
Colombia
Yara International ASA (70.1%) and OFD Holding S. de R.L. (29.3%)
Yara Costa Rica S. de R.L.
87.6%
Costa Rica
Yara Iberian S.A.U.
Yara Danmark A/S
100.0%
Denmark
Fertilizer Holdings AS
Yarecuador Cia Ltd.
99.4%
Ecuador
Yara Colombia S.A.
Yara Agri Trade Misr. Ltd.
51.0%
Egypt
Yara Trade Misr.
Yara Dallol B.V.
59.2%
Ethiopia
Yara Nederland B.V.
Yara Phosphates Oy
100.0%
Finland
Yara Suomi Oy
Yara Suomi Oy
100.0%
Finland
Yara Nederland B.V.
Yara France SAS
100.0%
France
Yara Nederland B.V.
Yara Besitz GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara Brunsbüttel GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara Industrial Solutions Germany GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara GmbH & Co. KG
100.0%
Germany
Yara Investments Germany SE
Table continues >
217
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Investment GmbH
100.0%
Germany
Yara GmbH & Co. KG
Yara Investments Germany SE
100.0%
Germany
Yara Nederland B.V.
Yara Ghana Ltd.
100.0%
Ghana
Yara Nederland B.V.
Yara Hellas S.A.
100.0%
Greece
Yara Nederland B.V.
Yara Guatemala S.A.
100.0%
Guatemala
Yara International ASA
Yara Fertilisers India Pvt. Ltd.
100.0%
India
Yara Asia Pte Ltd.
P.T. Yara Indonesia
100.0%
Indonesia
Yara Asia Pte Ltd.
Yara Insurance DAC
100.0%
Ireland
Fertilizer Holdings AS
Yara Italia S.p.A.
100.0%
Italy
Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%)
Yara Côte d’Ivoire S.A.
100.0%
Ivory Coast
Fertilizer Holdings AS
Yara East Africa Ltd.
100.0%
Kenya
Yara Overseas Ltd.
Yara International (M) Sdn. Bhd.
70.0%
Malaysia
Yara Asia Pte Ltd.
Yara México S. de R.L. de C.V.
100.0%
Mexico
OFD Holding S. de R.L. (71.9%) and Yara Nederland B.V. (28.1%)
Yara Mozambique Lda.
100.0%
Mozambique
Yara Nederland B.V.
Fertilizer Holdings AS
100.0%
Norway
Yara International ASA
Yara Clean Ammonia AS
100.0%
Norway
Yara International ASA
Yara Growth Ventures AS
100.0%
Norway
Fertilizer Holdings AS
Herøya Nett AS
100.0%
Norway
Yara Norge AS
Yara Marine Technologies AS
100.0%
Norway
Fertilizer Holdings AS
OFD Holding S. de R.L.
100.0%
Norway
Fertilizer Holdings AS
Yara AS
100.0%
Norway
Fertilizer Holdings AS
Yara Birkeland AS
100.0%
Norway
Fertilizer Holdings AS
Yara Norge AS
100.0%
Norway
Yara International ASA
Yara LPG Shipping AS
100.0%
Norway
Fertilizer Holdings AS
Yara Fertilizers Philippines Inc.
100.0%
Philippines
Yara Asia Pte Ltd.
Yara Poland Sp.zo.o
100.0%
Poland
Yara Nederland B.V.
Yara Asia Pte Ltd.
100.0%
Singapore
Yara International ASA
Yara Animal Nutrition South Africa (Pty) Ltd.
100.0%
South Africa
Yara Phosphates Oy
Yara Africa Fertilizers (Pty) Ltd.
100.0%
South Africa
Yara Nederland B.V.
Yara Iberian S.A.U.
100.0%
Spain
Yara Nederland B.V.
Yara Marine Technologies AB
100.0%
Sweden
Yara Marine Technologies AS
Yara AB
100.0%
Sweden
Fertilizer Holdings AS
Table continues >
218
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Switzerland Ltd.
100.0%
Switzerland
Yara Nederland B.V.
Yara Tanzania Ltd.
100.0%
Tanzania
Fertilizer Holdings AS
Yara Thailand Ltd.
100.0%
Thailand
Yara Asia Pte Ltd.
Yara Holding Netherlands B.V.
100.0%
The Netherlands
Fertilizer Holdings AS
Yara Nederland B.V.
100.0%
The Netherlands
Yara Holding Netherlands B.V.
Yara Sluiskil B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara South America Investments B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara Technology B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara Vlaardingen B.V.
100.0%
The Netherlands
Yara Nederland B.V.
Yara Caribbean (2002) Ltd.
100.0%
Trinidad and Tobago
Fertilizer Holdings AS
8.5	Post balance sheet date events
Ukraine situation
The Russian invasion of Ukraine from late February 2022 has brought increased geopolitical risks 
to global markets and business operations. In response to the conflict, Yara established crisis 
management teams both at strategic and operational level to coordinate planning and day-to-day 
management of the situation. 
The company’s priorities are to safeguard its employees, contractors, partners and society; to be a 
responsible company and operate according to government regulations, sanctions and guidelines; 
and to keep our operations running, to help support continued food supply, as well as supply of 
other essential products to society – also in times of crisis.
The war is expected to have major impacts on both the food and fertilizer industries, with Russia 
and Ukraine both being significant in the global food value chain, representing a major portion of 
world’s production and export of grains. Furthermore, Russia is one of the world’s largest producers 
and exporters of essential crop nutrients and natural gas. The war is already impacting both global 
fertilizer prices and energy prices, including natural gas prices in Europe. Yara’s direct investments 
in Russia and Ukraine are limited, but Yara sources phosphate, potash and ammonia from Russia, 
and purchases significant volumes of natural gas for its production in Europe. On 11 March 2022, 
Yara announced a halt in sourcing from several Russian entities due to EU sanctions implemented 
on 9 March 2022. As a consequence of record high natural gas prices in Europe, Yara announced 
on 9 March that it was temporarily curtailing production at its Ferrara (Italy) and Le Havre (France) 
plants. The two plants have a combined annual capacity of 1 million tonnes ammonia and 0.9 
million tonnes urea. The net financial effect of the war for Yara cannot be reliably estimated at 
this stage, but further price volatility for both raw materials and end products are likely. While 
raw material price increases in isolation are negative for Yara, higher end product prices create 
offsetting positive effects, as higher grain prices improve farmers’ profitability and demand 
incentives for agricultural inputs.
Salitre
The Share Purchase Agreement with EuroChem to sell the Salitre phosphate mining project in 
Brazil was successfully closed on 22 February 2022, see note 7.1.
Dividends
Yara’s Board is proposing to the Annual General Meeting a dividend of NOK 30 per share for 
2021.
219
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Financial statements for ‌Yara International ASA
‌Yara International ASA Income statement
221
‌Yara International ASA Balance sheet
222
‌Yara International ASA Cash flow statement
224
‌Basis of preparation
225
‌Notes to the financial statements
227
1	
‌Employee benefits
227
2	
Remunerations and other
231
3	
Intangible assets, property, plant and equipment
232
4	
Specification of items in the income statement
233
5	
Financial income and expenses
234
6	
Income taxes
235
7	
Shares in subsidiaries
237
8	
Specification of other balance sheet items
238
9	
Guarantees
239
10	 Financial risks and hedge accounting
239
11	 Number of shares outstanding, shareholders, 
equity reconciliation etc.
242
12	 Long-term debt
243
13	 Transactions with related parties
245
‌Statement from the Board and the 
‌CEO of Yara International ASA
247
‌Auditor’s report
250
‌Reconciliation of alternative 
‌performance measures in ‌the Yara Group
255
220
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Yara International ASA
Income statement
NOK millions
Notes
2021
2020
Revenues
4
2,830
2,322
Other income
1
1
Revenues and other income
2,831
2,322
Raw materials, energy costs and freight expenses
(21)
(21)
Changes in inventories of own production
–
6
Payroll and related costs
2
(1,146)
(1,063)
Depreciation, amortization and impairment loss
3
(249)
(206)
Other operating expenses
4
(2,482)
(2,264)
Operating costs and expenses
(3,898)
(3,548)
Operating income
(1,067)
(1,226)
Financial income, net
5
14,874
17,146
Income before tax
13,807
15,920
Income tax expense
6
32
(230)
Net income
13,839
15,690
Appropriation of net income and equity transfers
Dividend proposed
7,642
5,202
Retained earnings
6,197
10,488
Total appropriation
11
13,839
15,690
221
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Yara International ASA
Balance sheet
NOK millions
Notes
31 Dec 2021
31 Dec 2020
ASSETS
Non-current assets
Deferred tax assets
6
979
920
Intangible assets
3
455
605
Property, plant and equipment
3
76
79
Shares in subsidiaries
7
19,876
19,853
Intercompany receivables
13
37,207
38,071
Other non-current assets
8
517
593
Total non-current assets
59,109
60,121
Current assets
Inventories
8
29
23
Trade receivables
8
9
Intercompany receivables
13
19,710
12,733
Prepaid expenses and other current assets
10
809
404
Cash and cash equivalents
1,718
10,270
Total current assets
22,273
23,440
Total assets
81,382
83,561
NOK millions
Notes
31 Dec 2021
31 Dec 2020
LIABILITIES AND SHAREHOLDERS' EQUITY
Equity
Share capital reduced for treasury stock
433
442
Premium paid-in capital
117
117
Total paid-in capital
550
560
Retained earnings
15,137
18,960
- Treasury shares
–
(2,809)
Shareholders' equity
11
15,688
16,711
Non-current liabilities
Employee benefits
1
1,080
991
Long-term interest bearing debt
12
26,890
28,187
Other non-current liabilities
311
190
Total non-current liabilities
28,281
29,367
222
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

NOK millions
Notes
31 Dec 2021
31 Dec 2020
Current liabilities
Trade and other payables
371
229
Bank loans and other interest-bearing short-term debt
8
2,183
1,518
Current portion of long-term debt
12
4,059
967
Dividends payable
11
7,642
5,202
Intercompany payables
13
22,535
28,789
Current income tax
6
14
14
Other current liabilities
609
763
Total current liabilities
37,413
37,483
Total liabilities and shareholders' equity
81,382
83,561
The Board of Directors Yara International ASA,
Oslo 24 March 2022
Trond Berger
Chair
Kimberly Mathisen
Vice Chair
Adele B. Norman Pran
Member of the Board
John Thuestad
Member of the Board
Rune Bratteberg
Member of the Board
Birgitte R. Vartdal
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Geir O. Sundbø
Member of the Board
Håkon Reistad Fure
Member of the Board
Øystein J. Kostøl
Member of the Board
Svein Tore Holsether
President and CEO
223
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Yara International ASA
Cash flow statement
NOK millions
Notes
2021
2020
Operating activities
Net income/(loss) before taxes
13,807
15,920
Adjustments to reconcile net income to net cash 
provided by operating activities
Depreciation, amortization and impairment loss
3
249
206
Adjustment for dividends and group relief from 
subsidiaries
5
(17,016)
(16,405)
Adjustment for finance income and expense
5
403
258
Net foreign exchange loss (gain)
5
1,740
(999)
Tax received/(paid)
6
(17)
(16)
Group relief received
5,300
900
Dividend received
11
2,016
11,105
Interest paid
(1,115)
(1,353)
Interest received
509
860
Bank charges
85
73
Other
41
(8)
Change in working capital
Trade receivables
(1)
3
Short-term intercompany receivables/payables
13
(3,403)
(760)
Prepaid expenses and other current assets
215
1,132
Trade payables
128
20
Other current liabilities
(645)
(522)
Net cash provided by operating activities
2,296
10,414
NOK millions
Notes
2021
2020
Investing activities
Purchase of property, plant and equipment
3
(9)
(11)
Purchase of other long-term investments
3
(131)
(108)
Net cash from/(to) long-term intercompany loans
13
(138)
8,781
Net cash provided by/(used in) investing activities
(278)
8,662
Financing activities
Loan proceeds
12
3,801
7,101
Principal payments
(965)
(5,258)
Purchase of treasury stock
11
(3,143)
(2,806)
Dividend paid
11
(10,284)
(8,811)
Net cash used in financing activities
(10,591)
(9,775)
Foreign currency effects on cash and cash equivalents
22
(221)
Net increase/(decrease) in cash and cash equivalents
(8,552)
9,081
Cash and cash equivalents at 1 January
10,270
1,189
Cash and cash equivalents at 31 December
1,718
10,270
224
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Basis of preparation
General
The financial statements for Yara International 
ASA have been prepared in accordance with 
the Norwegian Accounting Act and generally 
accepted accounting principles in Norway 
(NGAAP). Preparation of financial statements 
requires management to make estimates and 
assumptions that affect the reported amounts 
of assets, liabilities, revenues and expenses 
as well as disclosures of contingencies. Actual 
results may differ from estimates.
Yara International ASA primarily holds shares 
in subsidiaries and provides financing to 
entities in the Yara Group. Please be aware 
that the information in note 5.3 Interest-
bearing debt to the consolidated financial 
statements also applies to Yara International 
ASA. Revenue mainly stem from allocation of 
costs related to intragroup services provided.
The accompanying notes are an integral part 
of the financial statements.
Shares in subsidiaries
Shares in subsidiaries are presented according 
to the cost method. Dividends and Group 
reliefs are recognized in the income statement 
when these are proposed by the subsidiary. 
Group relief received is included in dividends. 
Shares in subsidiaries are reviewed for 
impairment whenever events or changes 
in circumstances indicate that the carrying 
amount may exceed the fair value of the 
investment. Indications may be operating 
losses or adverse market conditions. Fair 
value of the investment is estimated based on 
valuation model techniques. If it is considered 
probable that the fair value is below Yara’s 
carrying value, the investment is impaired. 
The impairment is reversed if the impairment 
situation is no longer present.
Foreign currency transactions
The functional currency of Yara International 
ASA is Norwegian kroner (NOK). Transactions 
in currencies other than the functional 
currency are recognized by applying the 
exchange rate at the date of transaction. 
Monetary items denominated in foreign 
currencies are translated using the exchange 
rate at the balance sheet date. Non-monetary 
items that are measured in terms of 
historical cost in a foreign currency are not 
re-translated.
All realized and unrealized currency gains and 
losses on transactions, assets and liabilities 
are included in net income if they do not 
qualify for hedge accounting.
Revenue
In all material respects, revenue stem from 
sale of intercompany services. These are 
recognized when the services are delivered 
based on intragroup allocation of costs.
Interest income is recognized in the income 
statement as it is accrued, based on the 
effective interest method.
Receivables
Trade receivables and short-term intercom­
pany receivables are recognized at nominal 
value, less an accrual for expected losses. The 
accrual for losses is based on an individual 
assessment of each receivable.
Cash and cash equivalents
Cash and cash equivalents include bank 
deposits and monetary items which are due in 
less than three months.
The cash held by Yara International ASA 
reflects that most external bank deposits 
are channeled through the group treasury 
function. Consequently, the level of cash held 
should be seen in context with the intercom­
pany receivables and payables.
Payables
Trade payables and short-term intercompany 
payables are recognized at nominal value.
Financial assets and liabilities
Financial assets, other than derivatives, are 
initially recognized in the balance sheet at 
fair value (cost) and subsequently at the 
lower of cost or fair value. Financial liabilities 
are initially recognized in the balance sheet 
at fair value (cost) and subsequently at 
amortized cost.
Cost of sales and other expenses
Cost of sales and other expenses are 
recognized in the same period as the 
revenue to which they relate. If there is no 
clear connection between the expense and 
revenue, an estimated allocation is done. 
Other exceptions to this matching criteria are 
disclosed where appropriate.
Income taxes
Income tax expense represents the sum of the 
tax currently payable and deferred tax. The 
tax currently payable is based on taxable profit 
for the year. Deferred income tax expense 
is calculated using the liability method in 
accordance with the preliminary Norwegian 
Accounting Standard on Income Taxes (“NRS 
Resultatskatt”). Under this standard, deferred 
tax assets and liabilities are measured based 
on the differences between the carrying 
values of assets and liabilities for financial 
reporting and their tax basis, which is 
considered temporary in nature. Deferred 
income tax expense represents the change in 
deferred tax asset and liability balances during 
the year, except for deferred tax related to 
items charged to equity. Changes resulting 
from amendments and revisions in tax laws 
and tax rates are recognized when the new 
tax laws or rates are adopted.
225
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Intangible assets
Intangible assets acquired individually or as 
a group are initially recognized at fair value, 
and subsequently amortized on a straight-line 
basis over their useful life. They are tested 
for impairment whenever indications of 
impairment are present.
Yara changed its accounting policy for 
Software as a Service (SaaS) arrangements 
in 2021. Software as a Service (SaaS) 
arrangements are normally not subject to 
recognition of configuration or customization 
costs as intangible assets because Yara does 
not control the software being configured or 
customized. Further, related configuration 
or customizations activities often would not 
create a resource controlled by Yara that is 
separate from the software and consequently 
will normally be expensed. Yara previously 
capitalized all software implementation 
and development cost, and made no dis­
tinction between licensed software hosted 
on-premise or in third party data centers and 
SaaS deliveries. Following a review of all 
significant software implementation projects 
an implementation effect of NOK 78 million 
was identified. Yara considers this effect to 
be immaterial and has recognized it as other 
operating expense. Prior year comparatives 
are not restated.
Licensed software hosted on-premise or in 
third party data centers normally meets the 
recognition criteria as intangible assets.
Research costs are expensed as incurred. 
Costs incurred in development of internally 
generated intangible assets are capitalized if 
defined recognition criteria are met. If these 
recognition criteria are not met, development 
cost are expensed in the period they incur.
Property, plant and equipment
Property, plant and equipment are carried 
at cost less accumulated depreciation. 
Depreciation is determined using the straight-
line method over the assets’ useful life. 
Assets are reviewed for impairment whenever 
events or changes in circumstances indicate 
that the carrying amount may not be recov­
erable.
Inventories
Inventories are valued at the lower of cost, 
using weighted average, and net realizable 
value. The cost of inventories comprise all 
costs incurred in bringing the inventories 
to their present location and condition, 
including direct materials, direct labor, and an 
appropriate portion of production overhead, or 
the purchase price of the inventory.
Leased assets
Assets which are leased on conditions which 
substantially transfer all the economic 
risks and rewards to Yara (finance lease) 
are accounted for as property, plant and 
equipment at the present value of minimum 
lease payments, or fair value if this is lower. 
The corresponding finance lease liabilities are 
initially included in long-term debt. Property, 
plant and equipment are depreciated over 
the estimated useful lives of the assets, 
or the lease term if shorter. The related 
liabilities are reduced by the amount of lease 
payments less the effective interest expense. 
Other leases are accounted for as operating 
leases with lease payments recognized as an 
expense over the lease term.
Forward currency contracts
Forward currency contracts are initially 
recognized in the balance sheet at fair 
value. Subsequent changes in fair value are 
recognized in the income statement.
Interest rate and cross currency swaps
Interest income and expense relating to swaps 
that are not designated as hedge instruments 
are recognized as net income or expense 
over the life of the contract. Cross currency 
swaps are translated into Norwegian kroner at 
the applicable exchange rate at the balance 
sheet date with the resulting unrealized 
currency translation gain or loss recognized 
in “Financial income/(expense), net” in the 
income statement.
Shared-based remuneration
Yara has a shared-based remuneration 
program which provides a fixed cash amount 
to eligible top executives. Yara purchases the 
shares on behalf of the executives at market 
prices. The executives holds all shareholder 
rights from the date of purchase but cannot 
sell the shares in the three years vesting 
period. This program does not have dilutive 
effect since it represents ordinary shares 
outstanding.
The fair value of the purchased shares is 
recognized as reduction in equity. The costs 
for the Shared Based Remuneration program 
is expensed in the year when the shares are 
granted. However, the costs are re-invoiced 
within the same year to Yara units globally as 
part of the shared cost model. The employee 
tax is calculated and expensed at the grant 
date.
The Company also gives employees the 
possibility to purchase shares in Yara at a 
reduced price. The related cost is recognized 
when the employee exercises this option.
Employee retirement plans
Employee retirement plans are measured in 
accordance with IAS 19 Employee Benefits, 
as this is permitted by the Norwegian 
accounting standard on pensions (“NRS 6 
Pensjonskostnader”). Past service cost is 
recognized immediately in the Statement of 
income together with any gains and losses 
arising from curtailments and settlements. 
Remeasurement gains and losses are 
recognized directly in retained earning.
226
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

1	 ‌Employee benefits
Yara International ASA has incurred 
obligations under a funded defined benefit 
plan. The pension plan was closed to new 
entrants in 2006 and employees below 
the age of 55 received a paid-up policy for 
previously earned benefit entitlements. 
The defined benefit plan was replaced by a 
defined contribution plan from the same date, 
which requires Yara International ASA to 
make agreed contributions when employees 
have rendered service entitling them to the 
contributions. Yara International ASA has no 
legal or constructive obligation to pay further 
contributions. This new plan applies to the 
future pension earnings of existing employees 
below the age of 55 in 2006 and all new 
employees. Pension liabilities for defined 
benefit plans also include certain unfunded 
obligations.
Other long-term employee benefits include a 
provision for jubilee benefits.
Yara International ASA is obliged to and does 
fulfill the requirements of the act regarding 
mandatory occupational pension scheme 
(“Lov om obligatorisk tjenestepensjon”).
Defined benefit plans
The Company’s net obligation in respect of 
defined benefit plans is calculated separately 
for each plan. The amount is an estimation 
of future benefits that the employees have 
earned in return for their service in current 
and prior periods. The benefit is discounted 
to determine its present value, and the fair 
value of plan assets is deducted. The discount 
rate is the yield at the balance sheet date on 
high quality corporate bonds or government 
bonds where no market for high quality 
corporate bonds exists. If the bond has a 
different maturity from the obligation, the 
discount rate is adjusted. Qualified actuaries 
using the projected credit unit method 
perform the calculations. Past service costs 
arising from the amendment of plan benefits 
are recognized immediately in profit or 
loss. Remeasurement gains and losses are 
recognized as retained earnings through other 
comprehensive income in the period they 
occur and will not be reclassified to profit or 
loss in subsequent periods.
Defined contribution plans
Obligations for contributions to defined 
contribution plans are recognized as 
an expense in the income statement 
when employees have rendered services 
entitling them to the contributions. Prepaid 
contributions are recognized as an asset to 
the extent that a cash refund or deduction in 
future payments is available.
Other long-term benefits
The Company’s obligation in respect of other 
long-term benefits is the amount of future 
benefits that the employees have earned in 
return for their service in current and prior 
periods. The obligation is discounted based on 
the same principles as defined benefit plans.
Long-term employee benefit obligations recognized in the Balance sheet
NOK millions
2021
2020
Pension liabilities for defined benefit plans
(1,071)
(981)
Termination benefits and other long-term employee benefits
(9)
(9)
Surplus on funded defined benefit plan
476
417
Net long-term employee benefit obligations
(604)
(574)
Expenses for long-term employee benefit obligations recognized in the Income statement
NOK millions
2021
2020
Defined benefit plans
(37)
(43)
Defined contribution plans
(65)
(57)
Termination benefits and other long-term employee benefits
(8)
(10)
Net expenses recognized in the Income statement
(109)
(110)
Defined benefit plans
Yara International ASA is the sponsor of Yara 
Pensjonskasse, a funded pension plan which 
also covers employees of its subsidiary Yara 
Norge AS. Plan benefits are based on years of 
service and final salary levels. Determination 
of the required annual contribution to Yara 
Pensjonskasse from each of the participating 
legal entities is defined by the bylaws of 
the pension fund, and is based on actuarial 
calculations. The distribution of pension 
costs to the participating entities is based 
on the same calculations. At 31 December 
2021, the number of active participants in 
the funded defined benefit plan who were 
employed by Yara International ASA, was 
0 and the number of retirees was 129. In 
addition, 364 current and previous employees 
of Yara International ASA have earned 
paid-up policies in the pension fund.
Yara International ASA participates in a multi-
employer plan (AFP - “Avtalefestet pensjon”) 
which entitles most of its employees the right 
to retire from the age of 62. Participating 
entities are required to pay an annual fee 
for each of its active employees. As the 
information required to account for this 
part of the plan as a defined benefit plan is 
not available from the plan administrator, 
it is accounted for as if it were a defined 
contribution plan. The provision for defined 
227
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

benefit plans includes however the calculated 
obligation to pay a percentage of benefits 
paid to its employees who have chosen early 
retirement under this plan. A further defined 
benefit obligation is recognized to account for 
a gratuity offered by Yara International ASA 
to its employees who retire with the AFP 
scheme.
Norwegian employees at position level of 
department manager or above are members 
of an unfunded early retirement plan. The 
plan covers the period from age 65 to 67 
with a defined benefit equal to 65 percent of 
final salary. From 2006 accrual of pension in 
this plan has been limited to a salary of 12G 
(i.e. 12 times the Norwegian Social Security 
Base Amount, which from 1 May 2021 was 
NOK 106,399).
Effective 1 January 2015 Yara International 
ASA implemented changes to the early 
retirement schemes, both the AFP gratuity 
plan and the plan for early retirement from 65 
to 67 for positions as department manager or 
above, in which all employees below age 50 
were transferred to new contribution-based 
plans which offer increased contribution rates 
compared to the ordinary defined contribution 
plan, as well as compensation contributions, 
where applicable. Employees aged 50 or 
above retained their rights from the old 
plans, however with the option to choose a 
transfer to the new contribution-based plans. 
As the compensation contribution plans are 
unfunded and Yara International ASA retains 
investment risk, they are accounted for as 
defined benefit plans.
Norwegian employees with salary above 
12G as of 3 December 2015 are members 
of an unfunded plan which requires Yara 
International ASA to contribute for active 
plan members with an amount equal to 25 
percent of pensionable salary in excess of 
12G for each year of service, with the addition 
of annual return on the accumulated balance. 
The plan was closed to new members from 
3 December 2015. As the plan is unfunded 
and investment risk is retained by Yara 
International ASA, the plan is included in the 
obligation for defined benefit plans.
Valuation of defined benefit obligations
The defined benefit plans are valued at 
31 December using updated financial and 
demographical assumptions and taking into 
account relevant economic environment 
factors.
It is the opinion of the management of Yara 
International ASA that there is a sufficiently 
deep market for high quality corporate 
bonds in Norway, which is therefore used 
as reference for determination of the 
discount rate. Normal assumptions for 
demographical and retirement factors have 
been used by the actuary when calculating 
the obligation. Estimated future mortality is 
based on published statistics and mortality 
tables. The actuary has used the K2013BE 
mortality table. According to K2013BE a 
current employee aged 45 today would be 
expected to live 24.6 years after reaching the 
retirement age of 65, whereas an employee 
aged 65 today would on average be expected 
to live 23.4 years.
The following financial assumptions have been applied for the valuation of liabilities (in %):
In percentages
2021
2020
Discount rate
1.9
1.7
Expected rate of salary increases
2.4
2.1
Future rate of pension increases
1.0
0.5
Actuarial valuations provided the following results:
NOK millions
2021
2020
Present value of unfunded obligations
(939)
(860)
Present value of wholly or partly funded obligations
(761)
(744)
Total present value of obligations
(1,700)
(1,604)
Fair value of plan assets
1,238
1,161
Social security on defined benefit obligations
(132)
(121)
Total recognized liability for defined benefit plans
(595)
(564)
Duration of liabilities at the end of the year:
Duration of liabilities (in years)
2021
Funded plan
14.0
Unfunded plans
11.0
Pension cost recognized in the Income statement
The assumptions used to value the defined benefit obligations at 31 December are used in the 
following year to determine the net pension cost. The discount rate is used to calculate the interest 
income from plan assets.
228
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

The following items have been recognized in the Income statement:
NOK millions
2021
2020
Current service cost
(22)
(24)
Administration cost
(2)
(2)
Social security cost
(5)
(6)
Payroll and related costs
(29)
(32)
Interest on obligation
(27)
(33)
Interest income from plan assets
20
21
Interest expense and other financial items
(7)
(12)
Total expense recognized in the Income statement
(37)
(43)
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of 
assumptions and estimates. Below table indicates the sensitivity of the most material financial 
assumptions applied to the defined benefit obligation, by showing the result from an increase or 
decrease in any one of the assumptions applied (all other assumptions held constant).
NOK millions
2021
2020
Actual valuation
(1,700)
(1,604)
Discount rate +0.5%
(1,613)
(1,520)
Discount rate -0.5%
(1,796)
(1,695)
Expected rate of salary increase +0.5%
(1,715)
(1,616)
Expected rate of salary increase -0.5%
(1,686)
(1,592)
Expected rate of pension increase +0.5%
(1,781)
(1,683)
Expected rate of pension increase -0.5%
(1,626)
(1,531)
Expected longevity +1 year
(1,761)
(1,659)
Expected longevity -1 year
(1,640)
(1,543)
Development of defined benefit obligations
NOK millions
2021
2020
Defined benefit obligation as of 1 January
(1,604)
(1,602)
Current service cost
(22)
(24)
Interest cost
(27)
(33)
Experience adjustments
(63)
(32)
Effect of changes in financial assumptions
(55)
22
Effect of changes in demographic assumptions
4
–
Benefits paid
67
65
Defined benefit obligation as of 31 December
(1,700)
(1,604)
Development of plan assets
NOK millions
2021
2020
Fair value of plan assets as of 1 January
1,161
1,113
Interest income from plan assets
20
21
Administration cost
(2)
(2)
Return on plan assets (excluding calculated interest income)
76
58
Employer contributions
15
2
Benefits paid
(32)
(32)
Fair value of plan assets as of 31 December
1,238
1,161
Yara Pensjonskasse (the pension fund) is a separate legal entity, independently governed by its 
Board of Directors. It is the responsibility of the pension fund’s Board of Directors to determine the 
investment strategy, and to review the administration of plan assets and the funding level of the 
pension fund. If needed, Yara International ASA may decide, but is not required by law, to increase 
the capital buffer of the pension fund.
Yara International ASA’s defined benefit plan obligations are inherently exposed to inflation risk, 
interest rate risk, disability risk and longevity risk. The investment strategies of the pension fund 
ensures diversification of investments in order to keep market volatility risk at a desired level. The 
pension fund Board of Directors is targeting a satisfactory level of risk and return corresponding to 
the maturity profile of future pension benefit payments.
229
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

At the end of the year, the plan assets were invested as follows:
NOK millions, except percentages
2021
2021
2020
2020
Cash and cash equivalents
1
–
10
1%
Shares
491
40%
446
38%
Other equity instruments
136
11%
101
9%
Investment grade debt instruments
586
47%
583
50%
Properties
24
2%
20
2%
Total plan assets
1,238
100%
1,161
100%
Yara Pensjonskasse (the pension fund) does not hold any investments that do not have a quoted 
market price in an active market. Nor does it hold any financial instruments issued by Yara Group 
companies.
Contributions expected to be paid by Yara International ASA to the defined benefit plans for 2022 
are NOK 35 million. The amount includes any premium to be paid to Yara Pensjonskasse and all 
benefits to be paid for unfunded plans.
NOK millions
2021
2020
Cumulative amount recognized directly in retained earnings pre tax at 1 January
(172)
(219)
Remeasurement gains / (losses) on obligation for defined benefit plans
(114)
(9)
Remeasurement gains / (losses) on plan assets for defined benefit plans
76
58
Social security on remeasurement gains / (losses) recognized directly in equity this year
(11)
(2)
Cumulative amount recognized directly in retained earnings pre tax at 31 December
(222)
(172)
Deferred tax related to remeasurement gains / (losses) recognized directly in retained earnings
49
38
Cumulative amount recognized directly in retained earnings after tax at 31 December
(173)
(134)
230
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

2	 Remunerations and other
Remuneration and direct ownership of shares of the Chairperson and of the Board of Directors 
are disclosed in “Yara Executive Remuneration Report for 2021”. The full report can be found at 
www.yara.com, Annual report section. 
Remuneration to the President and Yara Management, as well as number of shares owned and
Long-Term Incentive Plan, are disclosed in “Yara Executive Remuneration Report for 2021”.
Partners and employees of Yara’s independent auditors, Deloitte AS, own no shares in Yara 
International ASA, or in any of its subsidiaries. Yara International ASA’s fee to Deloitte AS 
(Norway) for ordinary audit was NOK 5,718 thousand (2020: NOK 4,622 thousand), fee for 
assurance services NOK 1,755 thousand (2020: NOK 2,906 thousand), NOK 42 thousand for 
tax services (2020: NOK 469 thousand) and NOK 19 thousand for non-audit services (2020: 
NOK 187 thousand). Audit remuneration for the Group is disclosed in note 8.3 to the consolidated 
financial statement.
At 31 December 2021, the number of employees in Yara International ASA was 635 (2020: 
608).
NOK millions
2021
2020
Payroll and related costs
Salaries
(918)
(855)
Social security costs
(126)
(109)
Net periodic pension costs
(102)
(98)
Total
(1,146)
(1,063)
Yara continued to give employees in Norway an opportunity to take part in a share purchase 
program in 2021. All permanent employees in Norway have been offered shares with a discount 
and given an interest-free loan with a 12-month repayment profile. In order to handle this 
arrangement in an efficient way, Yara has established a foundation for employees’ shares in Yara. 
The foundation has purchased 66,800 shares during 2021. In total 66,804 shares have been sold 
during 2021 to 1,105 persons, 23 persons were allotted 16 shares, 118 persons were allotted 
32 shares and 964 persons were allotted 65 shares. As at 31 December 2021, the foundation 
owns 12 shares in Yara.
231
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

3	 Intangible assets, property, plant and equipment
2021
NOK millions, except percentages and years
Intangible 
assets 1)
Property, 
plant and 
equipment 2)
Total
Cost
Balance at 1 January
1,453
199
1,652
Addition at cost
152
11
163
Derecognition 3)
(124)
–
(124)
Balance at 31 December
1,480
210
1,690
Depreciation, amortization and impairment loss
Balance at 1 January
(847)
(120)
(967)
Depreciation and amortization
(202)
(14)
(216)
Derecognition 3)
57
–
57
Impairment
(33)
–
(33)
Balance at 31 December
(1,026)
(134)
(1,160)
Carrying value
Balance at 1 January
605
79
684
Balance at 31 December
455
76
531
Useful life in years
3–5
4–50
Depreciation rate
20–35%
2–25%
1)	Intangible assets mainly consist of computer software systems.
2)	Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as 
security at 31 December 2021.
3)	The balance includes an implementation effect from a change in accounting policy of NOK 63 million, see Basis of preparation.
2020
NOK millions, except percentages and years
Intangible 
assets 1)
Property, 
plant and 
equipment 2)
Total
Cost
Balance at 1 January
1,350
190
1,541
Addition at cost
102
9
111
Balance at 31 December
1,453
199
1,652
Depreciation, amortization and impairment loss
Balance at 1 January
(654)
(107)
(761)
Depreciation and amortization
(194)
(12)
(206)
Balance at 31 December
(847)
(120)
(967)
Carrying value
Balance at 1 January
697
83
780
Balance at 31 December
605
79
684
Useful life in years
3–5
4–50
Depreciation rate
20–35%
2–25%
1)	Intangible assets mainly consist of computer software systems.
2)	Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as 
security at 31 December 2020.
232
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

4	Specification of items in the income statement
Revenue
Sales to geographical areas 1)
2021
2020
NOK millions
External
Internal
Total
External
Internal
Total
Norway
–
99
99
–
83
83
European Union
2
2,359
2,361
–
1,968
1,968
Europe, outside European Union
15
23
38
24
18
42
Africa
–
24
24
–
19
19
Asia
–
77
77
–
64
64
North America
–
42
42
–
33
33
Latin America
–
172
172
–
94
94
Australia and New Zealand
–
18
18
–
18
18
Total
17
2,813
2,830
24
2,298
2,322
1)	Figures are based on customer location.
Other operating expenses
NOK millions
2021
2020
Selling and administrative expense
(1,972)
(1,739)
Rental and leasing 1)
(57)
(59)
Travel expense
(8)
(14)
Other
(445)
(452)
Total 2)
(2,482)
(2,264)
Of which research costs 3)
(625)
(405)
1)	Expenses mainly relate to office and lease contracts for company cars.
2)	Of which relates to transactions with related parties NOK 934 million (2020: NOK 961 million)
3)	Over the last few years, Yara has focused on orienting research and development resources towards commercial activities, both with respect to process and product improvements and agronomical activities.
233
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

5	 Financial income and expenses
NOK millions
Notes
2021
2020
Dividends and group relief from subsidiaries
17,016
16,405
Interest income group companies
13
470
788
Other interest income
30
35
Interest expense group companies
13
(19)
(78)
Other interest expense
(954)
(1,056)
Interest expense defined pension liabilities
1
(27)
(33)
Return on pension plan assets
1
20
21
Net foreign exchange gain/(loss)
(1,740)
999
Other financial income/(expense)
77
65
Financial income/(expense), net
14,874
17,146
234
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

6	 Income taxes
Specification of income tax expense
NOK millions
2021
2020
Current tax expense 1)
(17)
(20)
Deferred tax income/(expense) recognized in the current year
49
(210)
Income tax income/(expense)
32
(230)
1) Withholding taxes, see specification in the table below.
Reconciliation from nominal statutory tax rate to effective tax rate
NOK millions
2021
2020
Income before taxes
13,807
15,921
Statutory tax rate
22%
22%
Expected income taxes at statutory tax rate
(3,038)
(3,503)
The tax effect of the following items:
Dividends and group relief received from subsidiary with no tax effect
3,083
3,323
Withholding taxes
(17)
(16)
Prior years adjustment
–
(4)
Tax law changes
–
–
Non-deductible expenses
1
(32)
Other
3
–
Income tax income/(expense)
32
(230)
Effective tax rate
–
(1%)
235
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Specification of deferred tax assets/(liabilities)
NOK millions
Opening balance
Charged to income
Reclassified from 
equity to profit or loss
Charged to equity
Closing balance
Non-current items
Intangible assets
–
22
–
–
22
Property, plant and equipment
6
–
–
–
7
Pension liabilities
110
49
–
11
170
Other non-current assets
(1,051)
245
1
–
(806)
Other non-current liabilities and accruals
146
140
–
–
286
Total
(789)
456
1
11
(321)
Current items
Accrued expenses
98
(28)
–
–
70
Total
98
(28)
–
–
70
Tax loss carry forwards
1,608
(382)
–
–
1,228
Net deferred tax asset/(liability)
920
48
1
11
979
Tax loss carry forwards are expected to be fully utilized by taxable interest income on group funding and taxable group contributions from Yara’s operating companies in Norway.
236
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

7	 Shares in subsidiaries
Company name
Ownership 1)
Ownership by 
other group 
companies
Registered 
office
Functional 
currency
Total equity in 
the company 
2021 functional 
currency millions
Net income/
(loss) 2021 
in functional 
currency millions
Carrying 
value 2021 
NOK millions
Carrying 
value 2020 
NOK millions
Subsidiaries owned by Yara International ASA
Fertilizer Holdings AS
100%
–
Norway
NOK
14,756
1,719
16,178
16,178
Yara Norge AS
100%
–
Norway
NOK
2,043
2,316
1,303
1,303
Yara Asia Pte. Ltd.
100%
–
Singapore
USD
1,108
67
1,114
1,114
Yara Colombia S.A.
70%
29%
Colombia
COP
671,295
195,484
763
763
Yara North America Inc.
100%
–
USA
USD
461
75
468
468
Yara Guatemala S.A.
100%
–
Guatemala
GTQ
170
48
24
24
Yara Lietuva, UAB
100%
–
Lithuania
EUR
3
3
23
1
Yara International Employment Co. AG
100%
–
Switzerland
EUR
1
–
1
1
Profesionistas AAL
–
100%
Mexico
MXN
14
12
–
–
Operaciones BPT
10%
90%
Mexico
MXN
13
11
–
–
Yara Clean Ammonia AS
100%
–
Norway
USD
–
–
–
–
Total
19,876
19,853
1	  Percentage of shares owned equals percentage of voting shares owned. A number of the above mentioned companies also own shares in other companies as specified in their annual reports. See also note 8.4 to the consolidated financial statements.
237
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

8	Specification of other balance sheet items
NOK millions
Notes
2021
2020
Other non-current assets
Surplus on funded defined benefit plans
1
476
417
Long-term fair value derivative hedging instrument
2
98
Interest rate swap designated for hedging (external)
–
31
Other
38
47
Total
517
593
Inventories
Finished goods
18
18
Raw materials
11
6
Total
29
23
Bank loans and other short-term interest-bearing debt
External loans
1,103
985
Interest-bearing loans from group assocoates and joint arrangements
617
333
Bank overdraft
463
200
Total
2,183
1,518
238
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

9	 Guarantees
NOK millions
2021
2020
Guarantees (off-balance sheet)
Guarantees for debt in subsidiaries
9,050
7,902
Non-financial guarantees
10,902
8,614
Total
19,952
16,515
Yara International ASA provides guarantees arising in the ordinary course of business, including 
performance bonds and various payment or financial guarantees. See note 5.8 Secured debt and 
guarantees to the consolidated financial statements for further information about guarantees.
10	Financial risks and hedge accounting
Financial risks in Yara and the use of derivative instruments are described in note 6.1 Financial 
risks in the consolidated financial statement. The exposure to credit risk is represented by the car­
rying amount of each class of financial assets, including derivative financial instruments, recorded 
in the balance sheet.
Liquidity risk
Yara International ASA manages liquidity risk by maintaining adequate reserves and committed 
bank facilities and by continuously monitoring forecasted and actual cash flows. Non-current 
intercompany receivables are related to funding of subsidiaries and have a maturity profile 
matching the external debt maturities (see note 12 Long-term debt for details). Current 
intercompany receivables and payables mainly reflect intercompany current account balances 
and will fluctuate with fertilizer seasons. Committed liquidity reserves are maintained to meet 
unforeseen events.
239
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Yara International ASA’s derivative instruments outstanding at 31 December are shown in the 
following table.
NOK millions
2021
2020
Fair value of derivatives
Forward foreign exchange contracts (external)
(206)
(323)
Forward foreign exchange contracts (Yara Group internal)
11
(187)
Cross currency swaps (external)
(293)
(159)
Interest rate swaps designated for hedging (external)
(14)
106
Balance at 31 December
(501)
(563)
Derivatives presented in the balance sheet
Non-current assets
2
128
Current assets
15
10
Non-current liabilities
(311)
(190)
Current liabilities
(207)
(512)
Balance at 31 December
(501)
(563)
Forward foreign exchange contracts
Yara is committed to the following outstanding forward foreign exchange contracts.
NOK millions
2021
2020
Forward foreign exchange contracts (external), notional amount
1,353
8,301
Forward foreign exchange contracts (Yara Group internal), notional amount
3,425
6,089
All outstanding forward foreign exchange contracts at 31 December 2021 have maturity in 
2022, except non-delivable forward contracts equivalent to NOK 291 million that mature in 
2023. External buy positions are mainly in US dollars against Norwegian kroner or Brazilian reals. 
External sell positions are in various operating currencies towards Norwegian kroner.
Hedge accounting
Fair value hedges
In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate 
swaps as hedging instruments. The remaining hedged risk is the change in fair value due to 
changes in risk-free interest rates (NIBOR) of the NOK 600 million fixed rate bond debt from 2014. 
A hedging relation for NOK 700 million of the bond debt was discontinued upon maturity in 2021.
In December 2017, Yara designated a portfolio of long-term NOK and SEK fixed-to-floating 
interest rate swaps as hedging instruments. The hedged risk is the change in fair value due to 
changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed 
rate bond debt and the change in fair value due to changes in risk-free interest rates (STIBOR) of 
the SEK 800 million fixed rate bond debt, all from 2017.
In November 2021, Yara designated a long-term NOK fixed-to-floating interest rate swap as 
hedging instrument. The hedged risk is the change in fair value due to changes in risk-free interest 
rates (NIBOR) of the NOK 1,000 million fixed rate bond debt from 2021.
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized 
cost. However, the designation of interest rate swaps as hedging instruments and use of hedge 
accounting enables Yara to include the fair value of changes in interest rates in the carrying value 
of the bonds. The corresponding adjustment in the statement of income offsets the effects of the 
recognized interest rate swaps, leading to less volatility in net income.
As the key parameters of the hedging instruments (interest basis, inception dates and maturity 
dates) are identical to the respective hedged items, no ineffectiveness has been identified.
Cash flow hedges
Yara had no cash flow hedges in 2021 or 2020. However, Yara has used derivative instruments to 
hedge cash flows of planned transactions in the past and may do so also in the future.
240
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Effect on financial position and performance in 2021
Carrying amount of 
the hedged item 1)
Accumulated amount 
of hedge adjustment 
on the hedged item 
included in the 
carrying amount of 
the hedged item
Line item in the Balance sheet in 
which the hedged item is included
Line item in the Balance 
sheet in which the hedging 
instrument is included
Change in 
value of the 
hedged item 
used for calcu­
lating hedge 
ineffective­
ness 2)
Change in 
value of 
the hedging 
instrument  2)
Hedge 
ineffectiveness 
recognized 
in Income 
statement
Amounts in NOK millions
Currency
Hedge rates
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
–
602
–
2
Long-term interest-bearing debt
Other long-term liabilities
30
(30)
–
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
–
2,137
16
–
Long-term interest-bearing debt
Other long-term liabilities
84
(84)
–
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
–
870
–
3
Long-term interest-bearing debt
Other long-term liabilities
3
(3)
–
- Fixed interest, NOK bonds (2021)
NOK
3M NIBOR
–
2,137
3
–
Long-term interest-bearing debt
Other long-term liabilities
3
(3)
–
1)	The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)	All amounts are pre-tax.
Effect on financial position and performance in 2020
Carrying amount of 
the hedged item 1)
Accumulated amount 
of hedge adjustment 
on the hedged item 
included in the 
carrying amount of 
the hedged item
Line item in the Balance sheet in 
which the hedged item is included
Line item in the Balance 
sheet in which the hedging 
instrument is included
Change in 
value of the 
hedged item 
used for calcu­
lating hedge 
ineffective­
ness 2)
Change in 
value of 
the hedging 
instrument  2)
Hedge 
ineffectiveness 
recognized 
in Income 
statement
Amounts in NOK millions
Currency
Hedge rates
Assets
Liabilities
Assets
Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014)
NOK
3M NIBOR
–
1,332
–
32
Long-term interest-bearing debt
Other long-term liabilities
(43)
43
–
- Fixed interest, NOK bonds (2017)
NOK
3M NIBOR
–
2,065
–
68
Long-term interest-bearing debt
Other long-term liabilities
(119)
119
–
- Fixed interest, SEK bonds (2017)
SEK
3M STIBOR
–
841
–
6
Long-term interest-bearing debt
Other long-term liabilities
(4)
4
–
1)	The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)	All amounts are pre-tax.
For either hedging category, there are no balances remaining from a hedging relationship for which 
hedge accounting is no longer applied.
Specific risks associated with the upcoming interest rate benchmark reform
Yara is exposed to NIBOR, STIBOR and USD LIBOR interest rate benchmarks subject to the 
upcoming interest rate benchmark reform. Please see note 6.1 Financial risks to the consolidated 
financial statement for further information about the transition.
241
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

11	 Number of shares outstanding, shareholders, equity reconciliation etc.
Yara International ASA was established 10 November 2003. The company was established with 
a share capital of NOK 108,610,470 consisting of 63,888,512 shares at NOK 1.70 per share. 
At 31 December 2021, the company has a share capital of NOK 433,033,566 consisting of 
254,725,627 ordinary shares at NOK 1.70 per share.
Yara has no own shares at 31 December 2021. For further information on these issues see 
note 5.1 to the consolidated financial statement.
Shareholders holding 1 percent or more of the total 254,725,627 shares issued as of 
31 December 2021 are according to information in the Norwegian securities’ registry system 
(Verdipapirsentralen).
Name
Number of shares
Holding (%)
Ministry of Trade, Industry and Fisheries
92,239,891
36.2%
The Government Pension Fund Norway
17,931,756
7.0%
State Street Bank 1)
10,186,565
4.0%
JPMorgan Chase Bank 1)
3,979,425
1.6%
Clearstream Banking 1)
3,232,371
1.3%
1) Nominee accounts.
Shareholders’ equity
NOK millions
Paid in capital
Retained 
earnings
Total 
shareholders’ 
equity
Balance 31 December 2019
577
13,943
14,521
Net income of the year
–
15,690
15,690
Dividend proposed 5)
–
(5,202)
(5,202)
Actuarial gain/(loss) 1)
–
37
37
Additional dividend to proposed dividend for 2020 6)
–
(4,766)
(4,766)
Adjustment to proposed dividend previous years
9
9
Treasury shares 3) 4)
(17)
(3,559)
(3,576)
Balance 31 December 2020
560
16,153
16,713
Net income of the year
–
13,839
13,839
Dividend proposed
–
(7,642)
(7,642)
Actuarial gain/(loss) 1)
–
(39)
(39)
Additional dividend to proposed dividend for 2021 2)
–
(5,094)
(5,094)
Adjustment to proposed dividend previous years
12
12
Redeemed shares, Norwegian State 3)
(3)
(711)
(715)
Treasury shares 3) 4)
(6)
(1,378)
(1,384)
Balance 31 December 2021
550
15,139
15,689
1)	Yara International ASA has decided to use the option in NRS 6A to adopt IAS19. For further information, see the accounting principles note 1.
2)	Additional dividend as approved in Extraordinary General Meeting 6 September 2021, NOK 20 per share.
3)	As approved by General Meeting 7 May 2020.
4)	See note 5.1 to the consolidated financial statement for more information.
5)	Based on total shares issued less 5.131.128 own shares less commitment to redeem 2.912.838 shares from the Norwegian State.
6)	Additional dividend as approved in Extraordinary General Meeting 17 November 2020, NOK 18 per share.
242
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

12	Long-term debt
Denominated amounts 2021
Carrying amounts
NOK millions, except percentages and denominated amounts
Notes
Maturity
Weighted average 
interest rates
Currency
millions
NOK millions
2021
2020
Unsecured debenture bonds in NOK (Coupon 2.55%)
–
–
–
708
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.75%)
6.1
2022
1.57%
1,250
1,250
1,250
1,249
Unsecured debenture bonds in NOK (Coupon 3.00%)
6.1
2022
3.02%
600
600
602
624
Unsecured debenture bonds in NOK (Coupon 2.45%)
6.1
2022
2.48%
1,000
1,000
992
1,025
Unsecured debenture bonds in NOK (Coupon 2.41%)
6.1
2024
2.45%
1,000
1,000
996
–
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.64%)
6.1
2024
1.50%
1,150
1,150
1,148
–
Unsecured debenture bonds in NOK (Coupon 2.90%)
6.1
2026
2.93%
1,000
1,000
990
1,040
Unsecured debenture bonds in SEK (Coupon STIBOR + 1.00%)
6.1
2026
0.68%
450
439
438
470
Unsecured debenture bonds in SEK (Coupon 1.10%)
6.1
2026
0.99%
800
782
781
841
Unsecured debenture bonds in USD (Coupon 3.80%)
6.1
2027
3.93%
500
4,411
4,397
4,246
Unsecured debenture bonds in USD (Coupon 4.75%)
6.1
2028
4.84%
1,000
8,822
8,789
8,488
Unsecured debenture bonds in USD (Coupon 3.15%)
6.1
2030
3.21%
750
6,616
6,578
6,352
Unsecured bank loans in USD
1.26%
453
3,992
3,988
4,111
Outstanding long-term debt
30,949
29,154
Less: Current portion
(4,059)
(967)
Total
26,890
28,187
243
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

At 31 December 2021, the fair value of the long-term debt, including the current portion, is NOK 32,763 million and the carrying value is NOK 30,949 million. See note 5.3 Interest-bearing debt and 
6.1 Financial risks to the consolidated financial statements for further information about long-term debt.
Payments on long-term debt fall due as follows
NOK millions
Debentures
Bank loans
Total 1)
2022
2,469
1,590
4,059
2023
–
269
269
2024
1,594
1,592
3,186
2025
–
269
269
2026
6,541
269
6,809
Thereafter
16,357
–
16,357
Total
26,961
3,988
30,949
1)	Including current portion.
244
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

13	 Transactions with related parties
Transactions with related parties are mainly associated with the group treasury function and rendering of group services by the employees of Yara International ASA.
NOK millions
Notes
2021
2020
Income statement
Yara Belgium S.A.
1,787
1,500
Yara Brasil Fertilizantes S.A.
113
59
Yara Norge AS
97
80
Yara Sluiskil B.V.
86
76
Other
730
582
Internal revenues
4
2,813
2,298
Yara GmbH & Co. KG
 267 
 219 
Yara Asia Pte Ltd.
 261 
 192 
Yara Belgium S.A./N.V.
 87 
 88 
Yara UK Ltd.
 41 
 36 
Yara Suomi Oy
 35 
 34 
Yara Sluiskil B.V.
 31 
 31 
Other
 212 
 361 
Other operating expenses
 4 
 934 
 961 
Fertilizer Holdings AS
12,000
14,000
Yara Norge AS
3,000
1,300
Yara Asia Pte Ltd
1,959
1,032
Yara Guatemala S.A.
58
73
Dividends and group relief from subsidiaries
5
17,016
16,405
NOK millions
Notes
2021
2020
Yara Holding Netherlands B.V.
135
201
Yara Norge AS
65
136
Yara Suomi Oy
57
48
Yara Sluiskil B.V.
55
66
Yara AB
30
40
Yara Investments Germany SE
28
32
Yara Investment GmbH
21
23
Yara Nederland B.V.
2
95
Other
76
147
Interest income group companies
5
470
788
Yara AS
(9)
–
Fertilizer Holdings AS
(3)
(16)
Yara Mexico S. de R.L. de C.V.
(2)
–
Yara Canada Holding Inc.
(1)
(12)
Yara Norge AS
(1)
(9)
Yara Asia Pte Ltd
–
(10)
Yara Switzerland Ltd
–
(10)
Other
(3)
(22)
Interest expense group companies
5
(19)
(78)
245
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

NOK millions
Notes
2021
2020
Non-current assets
Yara Holding Netherlands B.V.
14,394
14,726
Yara Norge AS
4,847
4,684
Yara Sluiskil B.V.
4,564
4,784
Yara Suomi Oy
3,446
3,611
Yara Investments Germany SE
3,138
3,289
Yara Investment GmbH
1,669
1,749
Yara AB
1,589
1,686
Yara France SAS
1,398
1,465
Other
2,162
2,076
Intercompany receivables
37,207
38,070
Current assets
Fertilizer Holding AS
12,370
4,000
Yara AS
–
3,942
Yara Norge AS
3,049
1,344
Yara Asia Pte Ltd
1,969
5
Yara Switzerland Ltd
1,179
–
Yara AB
520
4
Other
623
3,437
Intercompany receivables
19,710
12,733
Yara Pensjonskasse
7
11
Stiftelsen for ansattes aksjer i Yara
21
–
Other related parties receivables 1)
28
11
NOK millions
Notes
2021
2020
Current liabilities
Yara GmbH & Co. KG
(3,389)
(2,953)
Yara Nederland B.V.
(2,727)
(7,372)
Yara Tertre S.A.
(2,409)
(2,680)
Yara Italia S.p.A.
(2,313)
(1,980)
Yara Canada Holding Inc.
(1,569)
(1,029)
Yara Norge AS
(1,459)
(363)
Other
(8,669)
(12,412)
Intercompany payables
(22,535)
(28,789)
Trinidad Nitrogen Company Ltd.
(467)
(116)
Yara Freeport LLC DBA Texas Ammonia
(147)
(217)
Yara Pilbara Nitrates Pty Ltd
(2)
–
ST Interest-bearing loans from Group associates and 
joint arrangements
(617)
(333)
1)	Yara International ASA has transactions with Yara Pensjonskasse (pension fund) and Stiftelsen for ansatte aksjer i Yara. See note 1 for more 
information.
Remuneration to the Board of Directors and Yara Management are disclosed in note 8.1 and 8.2 
to the consolidated financial statements. 
246
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Statement from the Board and the CEO of Yara International ASA
The Board of Directors and the CEO have 
today considered and approved the integrated 
report for Yara International ASA (“Company”) 
and the Yara Group (“Group”) for the 2021 
calendar year and as of 31 December 2021.
The consolidated financial statements have 
been prepared in accordance with IFRS 
as adopted by EU as well as additional 
information requirements as per the 
Norwegian Accounting Act. The financial 
statements for the Company have been 
prepared in accordance with the Norwegian 
Accounting Act and generally accepted 
accounting practice in Norway.
We confirm to the best of our knowledge that:
•	 The 2021 financial statements for the 
Company and the Group have been 
prepared in accordance with applicable 
accounting standards
•	 The information in the financial statements 
gives a true and fair view of the Company’s 
and the
•	 Group’s assets, liabilities, financial position 
and result as of 31 December 2021
•	 The integrated report 2021 has been 
prepared in accordance with the 
International Integrated Reporting 
Framework (IR) 1) and meets the 
information requirements of the Norwegian 
accounting act with regard to the Report of 
the Board of Directors and statements on 
corporate governance and corporate social 
responsibility
•	 The integrated report for the Company and 
the Group;
–	 gives a true and fair view of 
the Company’s and the Group’s 
development, performance and financial 
position, and
–	 includes a description of the principal 
risks and uncertainty factors facing the 
Company and the Group
•	 That the country-by-country report for 
2021 has been prepared in accordance 
with the Norwegian Accounting Act § 3-3d 
and the Norwegian Security Trading Act § 
5-5a
The Board of Directors Yara International ASA,
Oslo 24 March 2022
Trond Berger
Chair
Kimberly Mathisen
Vice Chair
Adele B. Norman Pran
Member of the Board
John Thuestad
Member of the Board
Rune Bratteberg
Member of the Board
Birgitte R. Vartdal
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Geir O. Sundbø
Member of the Board
Håkon Reistad Fure
Member of the Board
Øystein J. Kostøl
Member of the Board
Svein Tore Holsether
President and CEO
1)	2013 edition of the International Integrated Reporting Framework as published by the International Integrated Reporting Council (IIRC) on https://integratedreporting.org/
247
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

The below listed parts of the Yara Annual Report 2021 constitutes the Report of the Board of Directors
Norwegian Accounting Act
Content
Annual Report chapter reference
Page reference
Section 3-3a,
1st para
Information regarding the nature and location of the business, including information on any branch offices.
Introduction
Board message
Note 8.4
4
106–115 
217–219 
Section 3-3a,
2nd para
Review of the development and results of the company’s operations and position together with a 
description of the key risks and uncertainty factors facing the company, hereunder also information on 
research and development activities.
Prosperity performance 
Megatrends and Our Strategy 
Risk management 
59–67 
18–23
116–124
Section 3-3a,
5th para
A description that provides a basis for assessing the company’s further outlook, including whether the 
results for the year agree with previously stated target results and expected developments and give 
reason for any discrepancy
Board message
Prosperity performance
106–115 
59–67
Section 3-3a,
6th para
Information regarding any financial risk that is significant to the evaluation of the company’s assets, 
liabilities, financial position and results.
Risk management 
Note 6.1
Note 1
116–124 
197–204 
136–138 
Section 3-3a, 7th para, cfr. 
Section 4-5
Information regarding the going concern assumption.
Prosperity performance
59–67
Section 3-3a,
8th para
Proposal for the allocation of profit or settlement of loss.
Board message
106–115
Section 3-3a,
9th para
Information about the work environment, along with an overview of implemented measures relevant to 
the working environment and including information on injuries, accidents and sick leave rates.
People performance
Board message
43–49 
106–115 
Section 3-3a,
10th para
Information on matters relating to the business, hereunder its factor inputs and products, which may 
result in a not insignificant impact on the external environment. The environmental impact each aspect of 
the business has or may have, as well as measures implemented or planned implemented to prevent or 
reduce any negative environmental impacts, shall be stated.
Planet performance
Board message
Managing outcomes and value creation
53–55 
106–115 
28–29
Section 3-3a,
11th para
Information on whether insurances covering the board members’ and CEO’s potential liabilities towards 
the company and third parties are maintained, including information on the relevant insurance coverage.
Board message 
106–115
Section 3-3a, 13th para,
cfr. Securities Trading Act 
Section 5-8a (1)
Shareholders information:
A description of any provisions of articles of association that restrict the right to trade 
in the shares of the company.
N/A
248
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Norwegian Accounting Act
Content
Annual Report chapter reference
Page reference
Section 3-3a, 13th para,
cfr. Securities Trading Act 
Section 5-8a (2)
Shareholders information:
A description of who exercises the rights attached to shares in any employee share schemes where 
authority is not exercised directly by the employees covered by the scheme.
N/A
Section 3-3a, 13th para,
cfr. Securities Trading Act 
Section 5-8a (3)
Shareholders information:
Any agreements between shareholders which are known to the company and which restrict the 
possibilities of trading in or exercising voting rights attached to shares.
N/A
Section 3-3a, 13th para,
cfr. Securities Trading Act 
Section 5-8a (4)
Shareholders information:
Any significant agreements to which the company is a party, the terms of which take effect, alter or 
terminate as a result of a takeover bid, and a description of those terms.
N/A
Section 3-3b
Report on corporate governance
Corporate governance
79–96
Section 3-3c, first para
Report on social responsibility
Board message
People performance
Planet performance
Risk management 
106–115 
43–49 
53–55 
116–124 
Section 3-3d
Report on payments to the authorities, etc. (country by country reporting)
Separate report available on Latest annual 
report page, yara.com
Act relating to equality 
and a prohibition against 
discrimination (Equality and 
Anti-Discrimination Act) 
Section 26a
Accounting for the factual status of gender equality, equal pay and diversity, and actions taken to fulfill 
requirements
People performance
Board message
43–49
106–115
249
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Auditor’s report
To the General Meeting of Yara International ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Yara International ASA, which comprise:
•	 The financial statements of the parent company Yara International ASA (the Company), which 
comprise the balance sheet as at 31 December 2021, the income statement and cash flow 
statement for the year then ended, and notes to the financial statements, including a summary 
of significant accounting policies, and
•	 The consolidated financial statements of Yara International ASA and its subsidiaries (the Group), 
which comprise the statement of financial position as at 31 December 2021, the statement of 
income, statement of comprehensive income, statement of changes in equity and statement of 
cash flows for the year then ended, and notes to the financial statements, including a summary 
of significant accounting policies.
In our opinion:
•	 the financial statements comply with applicable statutory requirements,
•	 the financial statements give a true and fair view of the financial position of the Company as at 
31 December 2021, and its financial performance and its cash flows for the year then ended in 
accordance with the Norwegian Accounting Act and accounting standards and practices gener­
ally accepted in Norway, and
•	 the financial statements give a true and fair view of the financial position of the Group as at 
31 December 2021, and its financial performance and its cash flows for the year then ended in 
accordance with International Financial Reporting Standards as adopted by the EU.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our 
responsibilities under those standards are further described in the Auditor’s Responsibilities for 
the Audit of the Financial Statements section of our report. We are independent of the Company 
and the Group as required by laws and regulations and the International Ethics Standards Board 
for Accountants’ International Code of Ethics for Professional Accountants (including International 
Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities 
in accordance with these requirements. We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit 
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 18 years from the incorporation of the Company on 
12 November 2003 for the accounting year 2004 following the demerger from Norsk Hydro ASA. 
We were auditors in Norsk Hydro ASA at the time for the demerger and have been auditors for 
Yara ASA and Norsk Hydro ASA in total for more than 20 years.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance 
in our audit of the financial statements of the current period. These matters were addressed in the 
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and 
we do not provide a separate opinion on these matters.
The key audit matters identified in our audit are:
•	 Tax assets and liabilities 
•	 Impairment of goodwill and property, plant and equipment
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo, Norway
Tel: +47 23 27 90 00
www.deloitte.no
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to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each 
DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.no to learn more.
© Deloitte AS
Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
250
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Tax assets and liabilities
Key audit matter
As detailed in note 1 and 2.8, the Group has recognized deferred tax assets of USD 504 million. 
Total unrecognized deferred tax assets are USD 480 million, of which USD 160 million represent 
unused tax losses in Brazil. Recognition of these assets are based on management assumptions 
related to future operating results and timing of utilization.
As detailed in note 1 and 2.8, management applies judgment to determine to what extent these 
deferred tax assets qualify for recognition in the statement of financial position. This involves 
judgment as to the likelihood of the realization of deferred tax assets. The expectation that the 
benefit of these deferred tax assets will be realized is dependent on sufficient taxable profits in 
future periods. 
As detailed in note 1 and 5.6, the Group is engaged in a number of juridical and administrative 
proceedings related to disputed tax matters with uncertain outcome. Management is required 
to make certain judgments and estimates to recognize and measure the effect of uncertain tax 
positions. 
Due to the significant management judgment involved in estimation and recognition of deferred 
tax assets, uncertain tax positions, we have assessed this to be a Key Audit Matter.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
•	 We evaluated relevant controls associated with accounting for tax balances, including deferred 
tax assets and uncertain tax positions. 
•	 We involved our tax specialists in evaluating management’s judgments and conclusions.
•	 We challenged the appropriateness of management’s assumptions and estimates in relation 
to the likelihood of generating future taxable profits to support the recognition of deferred tax 
assets. We evaluated the forecasted taxable profits and consistency of these forecasts with 
historical performance. 
•	 We evaluated management’s assessment of the probable outcome related to uncertain tax 
positions.
•	 We reviewed applicable third-party evidence and correspondence with tax authorities.
•	 We considered the adequacy of the Group’s disclosures related to uncertain tax positions and 
deferred tax assets.
Page 2
Independent Auditor’s Report
Yara International ASA
251
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Impairment of goodwill, property, plant and equipment
Key audit matter
As disclosed in note 1, 4.1 and 4.2, the Group has recognized goodwill of USD 789 million and 
property, plant and equipment (PP&E) of USD 7,133 million. The Company’s goodwill is tested 
for impairment on an annual basis while PP&E is tested for impairment when events or changes in 
circumstances indicate that the carrying amount of the asset may not be recoverable.
Determining whether goodwill and PP&E are impaired requires estimation of the value in use. 
As disclosed in note 4.7, the value in use calculation requires management to make significant 
estimates and assumptions related to future commodity prices, gas prices as well as assumptions 
related to discount rates, future production levels and capital expenditures. Changes in these 
assumptions could have a significant impact on the value of goodwill and PP&E.
Net impairment losses of USD 666 million were recognized in the year ended 31 December 2021.
Due to the significant judgment involved in determining the assumptions used in the testing for 
impairment of goodwill, property, plant and equipment we have assessed this to be a Key Audit 
Matter.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
•	 We evaluated relevant controls associated with the impairment review process. 
•	 We challenged management’s key assumptions used in the cash flow forecasts included within 
the impairment models. 
•	 We challenged specifically the urea- and ammonia prices, gas prices, assumed production 
levels, capital expenditure and discount rate assumptions, including consideration of the risk of 
management bias. 
•	 We compared urea- and ammonia and gas prices to third party publications.
•	 We used internal valuation specialists in assessing discount rate assumptions used and testing 
the models.
•	 We validated the mathematical accuracy of cash flow models and agreed relevant data to the 
latest production plans and approved budgets. 
•	 We considered the adequacy of the disclosures provided by the Group in relation to its impair­
ment reviews.
Page 3
Independent Auditor’s Report
Yara International ASA
252
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Other information
The Board of Directors and the President and CEO (management) are responsible for the other 
information accompanying the financial statements. The other information comprises information 
in the integrated report, but does not include the financial statements and our auditor’s report 
thereon. Our opinion on the financial statements does not cover the other information accompany­
ing the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the other 
information accompanying the financial statements. The purpose is to consider if there is material 
inconsistency between the other information accompanying the financial statements and the 
financial statements or our knowledge obtained in the audit, or whether the other information 
accompanying the financial statements otherwise appears to be materially misstated. We are 
required to report if there is a material misstatement in the other information accompanying the 
financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the other information
•	 is consistent with the financial statements and
•	 contains the information required by applicable legal requirements regarding the Board of 
Directors’ report.
•	 contains the information required by applicable legal requirements regarding the statements on 
Corporate Governance and Corporate Social Responsibility, and to the report on payments to 
governments.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair 
view in accordance with the Norwegian Accounting Act and accounting standards and practices 
generally accepted in Norway, and for the preparation and true and fair view of the consolidated 
financial statements of the Group in accordance with International Financial Reporting Standards 
as adopted by the EU, and for such internal control as management determines is necessary to 
enable the preparation of financial statements that are free from material misstatement, whether 
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s 
and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to 
going concern. The financial statements of the Company use the going concern basis of account­
ing insofar as it is not likely that the enterprise will cease operations. The consolidated financial 
statements of the Group use the going concern basis of accounting unless management either 
intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a 
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with ISAs will always detect a material misstate­
ment when it exists. Misstatements can arise from fraud or error and are considered material if, 
individually or in aggregate, they could reasonably be expected to influence the economic decisions 
of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain 
professional scepticism throughout the audit. We also:
•	 identify and assess the risks of material misstatement of the financial statements, whether due 
to fraud or error. We design and perform audit procedures responsive to those risks, and obtain 
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
•	 obtain an understanding of internal control relevant to the audit in order to design audit proce­
dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion 
on the effectiveness of the Company’s or the Group’s internal control.
•	 evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management.
•	 conclude on the appropriateness of management’s use of the going concern basis of accounting, 
and, based on the audit evidence obtained, whether a material uncertainty exists related to 
events or conditions that may cast significant doubt on the Company and the Group’s ability to 
continue as a going concern. If we conclude that a material uncertainty exists, we are required to 
draw attention in our auditor’s report to the related disclosures in the financial statements or, if 
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit 
evidence obtained up to the date of our auditor’s report. However, future events or conditions 
may cause the Company and the Group to cease to continue as a going concern.
•	 evaluate the overall presentation, structure and content of the financial statements, including 
the disclosures, and whether the financial statements represent the underlying transactions and 
events in a manner that achieves a true and fair view.
Page 4
Independent Auditor’s Report
Yara International ASA
253
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

•	 obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the consolidated financial state­
ments. We are responsible for the direction, supervision and performance of the group audit. We 
remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and 
other matters that may reasonably be thought to bear on our independence, and where applicable, 
related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that 
were of most significance in the audit of the financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, 
we determine that a matter should not be communicated in our report because the adverse conse­
quences of doing so would reasonably be expected to outweigh the public interest benefits of such 
communication.
Report on Other Legal and Regulatory Requirements
Report on compliance with Regulation on European Single Electronic Format (ESEF)
Opinion
We have performed an assurance engagement to obtain reasonable assurance that the financial 
statements with file name 213800WKOUWXWFJ5Z514-2021-12-31-en have been prepared in 
accordance with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and 
the accompanying Regulation on European Single Electronic Format (ESEF).
In our opinion, the financial statements have been prepared, in all material respects, in accordance 
with the requirements of ESEF.
Management’s Responsibilities 
Management is responsible for preparing, tagging and publishing the financial statements in the 
single electronic reporting format required in ESEF. This responsibility comprises an adequate 
process and the internal control procedures which management determines is necessary for the 
preparation, tagging and publication of the financial statements.
Auditor’s Responsibilities
Our responsibility is to express an opinion on whether the financial statements have been prepared 
in accordance with ESEF. We conducted our work in accordance with the International Standard for 
Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of 
historical financial information”. The standard requires us to plan and perform procedures to obtain 
reasonable assurance that the financial statements have been prepared in accordance with the 
European Single Electronic Format.
As part of our work, we performed procedures to obtain an understanding of the company’s 
processes for preparing its financial statements in the European Single Electronic Format. We 
evaluated the completeness and accuracy of the iXBRL tagging and assessed management’s 
use of judgement. Our work comprised reconciliation of the financial statements tagged under 
the European Single Electronic Format with the audited financial statements in human-readable 
format. We believe that the evidence we have obtained is sufficient and appropriate to provide a 
basis for our opinion. 
Oslo, 24 March 2022
Deloitte AS

Espen Johansen
State Authorised Public Accountant
Page 5
Independent Auditor’s Report
Yara International ASA
254
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of alternative performance measures in the Yara Group
Yara makes regular use of certain non-GAAP financial alternative performance measures (APMs), 
both in absolute terms and comparatively from period to period. The APMs used are the following:
•	 Operating income
•	 EBITDA
•	 EBITDA excluding special items
•	 Return on invested capital (ROIC)
•	 Premium generated
•	 Fixed cost
•	 Net operating capital (days)
•	 Net interest-bearing debt
•	 Net debt/equity ratio
•	 Net debt/EBITDA excluding special items ratio
•	 Basic earnings per share excluding currency and special items
Definitions and explanations for the use of these APMs are described below, including 
reconciliations of the APMs to the most directly reconcilable line item, subtotal or total presented 
in the financial statements.
Operating income
Operating income is directly identifiable from Yara’s consolidated statement of income and is 
considered key information in order to understand the Group’s financial performance. It provides 
performance information which covers all activities which normally are to be considered as 
“operating”. Share of net income in equity-accounted investees is however not included.
EBITDA
Earnings before interest, tax, depreciation and amortization (EBITDA) is used for providing 
consistent information on Yara’s operating performance and debt servicing ability. Such a measure 
is relative to other companies and frequently used by securities analysts, investors and other 
stakeholders. EBITDA, as defined by Yara, includes operating income, share of net income in 
equity-accounted investees, interest income and other financial income. It excludes depreciation, 
amortization and impairment loss, as well as amortization of excess values in equity-accounted 
investees. Yara’s definition of EBITDA may differ from that of other companies.
EBITDA excluding special items
EBITDA excluding special items is used to better mirror the underlying performance in the 
reported period, adjusting for items which are not primarily related to the period in which they 
are recognized. For details on special items, see page 66 in chapter 2, Yara in review, section 
Prosperity performance.
255
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of operating income to EBITDA excluding special items
USD millions
2021
2020
Operating income
1,068
1,176
Share of net income in equity-accounted investees
23
20
Interest income and other financial income
64
62
Depreciation and amortization 1)
984
919
Impairment loss 2)
666
46
Earnings before interest, tax and depreciation/amortization (EBITDA)
2,804
2,223
Special items included in EBITDA 3)
87
(62)
EBITDA, excluding special items
A
2,891
2,161
1)	Including amortization of excess value in equity-accounted investees.
2)	Including impairment loss on excess value in equity-accounted investees.
3)	For details on special items, see page 66 in chapter 2, Yara in review, section Prosperity performance.
Reconciliation of net income to EBITDA
USD millions
2021
2020
Net income
384
690
Income taxes
355
160
Interest expense and other financial items
164
165
Foreign currency translation (gain)/loss
251
243
Depreciation and amortization 1)
984
919
Impairment loss 2)
666
46
EBITDA
2,804
2,223
1)	Including amortization of excess value in equity-accounted investees.
2)	Including impairment loss on excess value in equity-accounted investees.
256
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

ROIC
Return on invested capital (ROIC) is defined as Net Operating Profit After Tax (NOPAT) divided 
by average invested capital calculated on a 12-months rolling average basis. NOPAT is defined 
as operating income excluding amortization and impairment of intangible assets other than 
goodwill, plus interest income from external customers, minus tax cost calculated on the 
previous mentioned items with a 25 percent flat rate, and plus net income from equity-accounted 
investees. Average invested capital is defined as total current assets excluding cash and cash 
equivalents, plus a normalized cash level of USD 200 million, minus total current liabilities 
excluding short-term interest-bearing debt and current portion of long-term debt, plus property, 
plant and equipment, plus right-of-use assets, plus goodwill and plus equity-accounted investees.
NOPAT and average invested capital are defined and reconciled as components in the reporting of 
ROIC as an APM. They are not considered to be separate APMs.
Reconciliation of operating income to net operating profit after tax
USD millions
2021
2020
Operating income
1,068
1,176
Amortization and impairment of intangible assets
47
44
Interest income from external customers
58
54
Calculated tax cost (25% flat rate) on items above
(293)
(319)
Share of net income in equity-accounted investees
23
20
Net operating profit after tax (NOPAT)
B
903
976
Reconciliation of net income to net operating profit after tax
USD millions
2021
2020
Net income
384
690
Amortization and impairment of intangible assets
47
44
Interest income from external customers
58
54
Interest income and other financial income
(64)
(62)
Interest expense and other financial items
164
165
Foreign currency translation (gain)/loss
251
243
Income tax, added back
355
160
Calculated tax cost (25% flat rate)
(293)
(319)
Net operating profit after tax (NOPAT)
B
903
976
257
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of invested capital and ROIC calculation
USD millions
2021
2020
Total current assets as reported
7,698
5,637
Cash and cash equivalents as reported
(394)
(1,363)
Normalized level of operating cash
200
200
Total current liabilities as reported
(5,544)
(3,165)
Short-term interest-bearing debt as reported
337
345
Current portion of long-term debt as reported
476
132
Short-term lease liabilities as reported
104
111
Property, plant and equipment as reported
7,133
8,579
Right-of-use assets as reported
421
430
Goodwill as reported
789
831
Equity-accounted investees as reported
117
107
Adjustment for 3-months/12-months average
27
356
Invested capital
C
11,363
12,200
Return on invested capital (ROIC)
D=B/C
7.9%
8.0%
258
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Premium generated
Yara reports the measure Premium Generated to provide information on its commercial 
performance for selected Premium Products, reflecting Yara’s ability to grow premium offerings 
and to generate a positive price premium compared with alternative commodity products. The 
brief definition of Premium Generated is total tonnage of delivered Premium NPKs and straight 
Nitrate fertilizers, multiplied by their associated price premiums. NPK premium is defined as Yara’s 
average realized price for Premium NPKs benchmarked against a comparable and theoretically 
calculated blend of global nitrogen (N), phosphorus (P) and potassium (K) prices, adjusted for 
variable bagging costs and logistical costs. The blend model is calculated using Urea Prilled FOB 
Black Sea, DAP FOB North Africa, and MOP FOB Vancouver/ SOP FOB West Europe for the 
respective main nutrients. These commodity prices are derived from external publications. Costs 
for content of secondary and micro nutrients in Yara deliveries are deducted for comparability. 
The Nitrate premium is defined as Yara’s average sales price for straight nitrates versus the 
comparable value of urea. Comparability is achieved through adjusting the measures for relevant 
freight components and nitrogen content, such that both are represented in a theoretical delivered 
CIF bulk Germany value of CAN 27 percent. The urea reference applied is Urea Granular FOB 
Egypt, and the measure is adjusted for sulphur content. The measurement includes estimates 
and simplified assumptions, however, it is considered to be of sufficient accuracy to assess the 
premium development over time. 
Reconciliation of Premium generated
USD millions
2021
2020
Revenues 1) from premium NPKs and straight nitrates
5,318
3,949
Adjustments to revenues 2)
(615)
(496)
Adjusted revenues as basis for premium generated
E
4,703
3,452
Benchmark revenue for premium generated 3)
F
4,422
2,416
Calculated premium generated
G=E–F
280
1,036
1)	IFRS revenues, refer to Note 2.1 Revenue from contracts with customers, page 138 in the financial statement part of Yara Integrated Report 2021.
2)	Adjustments for logistical and bagging costs, incoterms, sulphur content, and homogenization of nutrient content (for nitrates).
3)	Value of commodity fertilizers adjusted by nutrient content, secondary and micro nutrients in NPK, cost of coloring and incoterms. The commodity prices are derived from the external publications Fertecon, Fertilizer Week, Profercy, The Market and FMB.
259
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Yara Improvement Program (YIP)
Yara has established a corporate program to drive and coordinate existing and new improvement 
initiatives, the Yara Improvement Program. At its Capital Markets Day on 26 June 2019, Yara 
launched an extended version of this program which distinguish between three defined pillars; 
a) higher production returns and lower variable costs, b) leaner cost base, and c) smarter working 
capital management. At the same time, Yara moved to reporting operational metrics on underlying 
value drivers to provide information on project performance to management, and which Yara also 
considers to be relevant for external stakeholders. The operational metrics are reported on a rolling 
12-months basis and include:
•	 production volume (kt),
•	 energy efficiency (Gj/T),
•	 fixed cost (USD millions), and
•	 net operating capital (days).
The fixed cost, and the net operating capital measures represent financial alternative performance 
measures and are defined below. The production volume and energy efficiency are physical 
measures and are defined and reported in the Prosperity performance section in chapter 2 of the 
integrated report.
Fixed cost is defined as the subtotal “Operating costs and expenses” in the consolidated statement 
of income minus variable product cost (raw materials, energy, freight), other variable operating 
expenses, depreciation, amortization and impairment loss. The reported amounts are adjusted for 
items which are not considered to be part of underlying business performance for the period (for 
details on special items, see page 66 in chapter 2, Yara in review, section Prosperity performance), 
currency effects, and items which relate to portfolio and structural changes. The currency effects 
are calculated by converting from local currency to reporting currency using baseline exchange 
rates as of 2018. The portfolio and structural changes refer to the acquisition of the Vale Cubatão 
Fertilizantes complex in Brazil and the ammonia plant in Freeport.
Net operating capital days are reported on a 12-months average basis and is defined as the net 
of credit days, inventory days and payable days. Credit days are calculated as trade receivables, 
adjusted for VAT payables, relative to total revenue and interest income from customers. Inventory 
days are calculated as the total inventory balance relative to product variable costs. Payable days 
are calculated as trade payables adjusted for payables related to investments, relative to supplier 
related operating costs and expenses.
As Yara Improvement Program performance measures are presented to report on the progress 
towards Yara’s strategic goals, previous calendar year is considered to represent the relevant 
comparatives.
Reconciliation of operating costs and expenses to fixed cost
USD millions
2021
2020
Operating costs and expenses
15,540
10,551
Variable part of Raw materials, energy costs and freight expenses
(11,508)
(7,399)
Variable part of Other operating expenses
(37)
(31)
Depreciation and amortization
(984)
(919)
Impairment loss
(666)
(46)
Currency effects (using baseline exchange rates as of 2018)
184
209
Special items within fixed cost
(42)
(44)
Fixed cost
2,487
2,322
260
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Reconciliation of Net operating capital days
USD millions
2021
2020
Trade recievables as reported
2,138
1,478
Adjustment for VAT payables
(133)
(83)
Adjustment for 12-months average
(383)
106
Adjusted trade receivables (12-months average)
H
1,621
1,501
Revenue from contracts with customers
16,617
11,591
Interest income from external customers
54
51
Total revenue and interest income from customers
I
16,671
11,641
Credit days
J=(H/I)*365
35
47
Inventories as reported
4,003
2,161
Adjustment for 12-months average
(1,202)
(25)
Inventories (12-months average)
K
2,801
2,136
Raw materials, energy costs and freight expenses
12,136
8,021
Fixed product costs and freight expenses external customers
(1,753)
(1,522)
Product variable costs
L
10,383
6,498
Inventory days
M=(K/L)*365
98
120
Trade and other payables as reported
3,188
1,542
Adjustment for other payables
(164)
(113)
Adjustment for payables related to investments
(162)
(160)
Adjustment for 12-months average
(1,004)
(66)
Trade payables (12-months average)
N
1,857
1,203
Operating costs and expenses
15,540
10,551
Depreciation and amortization
(984)
(919)
Impairment loss
(666)
(46)
Other non-supplier related costs
(668)
(1,397)
Operating costs and expenses, adjusted
O
13,222
8,190
Payable days
P=(N/O)*365
51
54
Net operating capital days
Q=J+M–P
83
113
261
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Capital structure measures
Yara reports the Group’s net interest-bearing debt, net debt/equity ratio and net debt/EBITDA 
excluding special items ratio to provide information on the Group’s financial position as references 
to the targeted capital structure as communicated in Yara’s financial policy. In addition, Yara’s 
reporting of net interest-bearing debt highlights key development factors which supplement the 
consolidated statement of cash flows. Net interest-bearing debt is defined by Yara as cash and
cash equivalents and other liquid assets, reduced for short-term and long-term (including current 
portion) interest-bearing debt, and lease liabilities. The net debt/equity ratio is calculated as net 
interest-bearing debt divided by shareholders’ equity plus non-controlling interests. The Net Debt/
EBITDA ratio is calculated as net interest-bearing debt divided by EBITDA excluding special items 
on a 12-months rolling basis.
Net interest-bearing debt
USD millions
31 Dec 2021
31 Dec 2020
Cash and cash equivalents
394
1,363
Other liquid assets
2
1
Short-term interest-bearing debt
(337)
(345)
Current portion of long-term debt
(476)
(132)
Short-term lease liabilities
(104)
(111)
Long-term interest-bearing debt
(3,089)
(3,371)
Long-term lease liabilities
(321)
(335)
Net interest-bearing debt
R
(3,930)
(2,930)
Net debt/equity ratio
USD millions
31 Dec 2021
31 Dec 2020
Net interest-bearing debt
R
(3,930)
(2,930)
Total equity
S
(7,116)
(8,220)
Net debt/equity ratio
T=R/S
0.55
0.36
Net debt/EBITDA excluding special items ratio
USD millions
31 Dec 2021
31 Dec 2020
Net interest-bearing debt
R
(3,930)
(2,930)
EBITDA, excluding special items (last 12 months)
A
2,891
2,161
Net debt/EBITDA excluding special items ratio
U=(R)/A
1.36
1.36
262
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

Basic earnings per share excluding currency and special items
Basic earnings per share (EPS) excluding currency and special items is an adjusted EPS measure 
which mirrors the underlying performance in the reported period by adjusting for currency effects 
and items which are not primarily related to the period in which they are recognized. This APM 
represent net income after non-controlling interests, excluding foreign currency translation gain/
loss and special items after tax, divided by average number of shares outstanding in the period. 
The tax effect on foreign currency and special items is calculated based on relevant statutory tax 
rate for simplicity.
Earnings per share
USD millions, except earnings per share and number of shares
2021
2020
Weighted average number of shares outstanding
V
256,789,744
267,985,860
Net income attributable to shareholders of the parent
W
449
691
Foreign currency translation gain/(loss)
X
(251)
(243)
Tax effect on foreign currency translation gain/(loss)
Y
61
73
Special items within income before tax 1)
AA
(751)
17
Tax effect on special items
AB
91
17
Special items within income before tax, net after tax
AC=AA+AB
(659)
34
Non-controlling interest's share of special items, net after tax
AD
(84)
(1)
Net income excluding currency and special items
AE=W–X–Y+Z–AC–AC+AD
1,215
826
Basic earnings per share
AF=W/V
1.75
2.58
Basic earnings per share excluding currency and special items
AG=AE/V
4.73
3.08
1)	For details on special items, see page 66 in chapter 2, Yara in review, section Prosperity performance.
263
Yara Integrated Report 2021
01	 ‌THIS IS YARA
02	 ‌YEAR IN REVIEW
03	 ‌FROM THE BOARDROOM
04	 ‌FINANCIAL STATEMENTS
‌Consolidated financial statements
‌Financial statements for 
‌Yara International ASA
‌Statement from the Board and the 
‌CEO of Yara International ASA
‌Auditor’s report
‌Reconciliation of alternative 
‌performance measures in 
‌the Yara Group

yara.com
artbox.no

Appendix H 
Copies of the Acquiring Company's annual accounts for 2021 
Vedlegg H  
Kopi av det Overtagende Selskaps årsregnskap for 2021

Yara Clean Ammonia Newco AS
Org. nr. 928 352 447
Resultatregnskap 
Beløp i NOK
Note
01.11 - 31.12.21
Driftsinntekter 
Annen driftsinntekt 
0
Driftskostnader 
Annen driftskostnad 
3, 4, 5
0
Driftsresultat 
0
Ordinært resultat før skattekostnad 
0
Skattekostnad på ordinært resultat 
6
0
Årsresultat 
0
Overføringer og disponeringer 
Overføringer annen egenkapital 
1
0
Sum disponert 
0
DocuSign Envelope ID: AA5B3B38-42A9-4DD0-B7D5-B693D2D185F2

Yara Clean Ammonia Newco AS
Org. nr. 928 352 447
Balanse pr. 31. desember
Beløp i NOK
Note
2021
Eiendeler 
Finansielle anleggsmidler 
Lån til foretak i samme konsern 
2
24 430
                                         
Sum eiendeler 
24 430
                                         
Egenkapital og gjeld 
Aksjekapital 
1
30 000
                                         
Annen innskutt egenkapital 
-5 570 
Sum Egenkapital 
24 430
                                         
11. mai 2022
Oslo
__________________________
__________________________
__________________________
Alvin Kristian Rosvoll
Kristine Elene Stray Ryssdal
Thor Samuel Giæver
Styrets leder
Styremedlem
Styremedlem
DocuSign Envelope ID: AA5B3B38-42A9-4DD0-B7D5-B693D2D185F2

Yara Clean Ammonia Newco AS
Noter til regnskapet 2021
Regnskapsprinsipper 
Årsregnskapet er satt opp i samsvar med norsk regnskapslov og god regnskapsskikk for små foretak. 
Selskapet har fravalgt revisjon for regnskapsåret 2021. 
Skatter
Note 1 - Egenkapital (NOK)
Selskapets aksjekapital består per 31.12.2021 av 3 000 aksjer, hver pålydende kr 10. 
Selskapet har kun en aksjeklasse, og samtlige aksjer har lik stemmerett. 
Aksjonæroversikt per 31.12.2021
Aksjonær
Antall aksjer 
Eierandel 
Nytt foretak AS
3 000
                          
100 %
Avstemming egenkapital 
Aksjekapital 
Annen innskutt 
egenkapital 
Sum 
egenkapital 
Stiftelse 01.11.2021
30 000
                        
-5 570 
24 430
        
Periodens resultat
-
                         
-
             
Egenkapital per 31.12.2021
30 000
                        
-5 570 
24 430
        
Note 2 - Lån til selskap i samme konsern 
Note 3 - Ytelser til ledende personer 
Det er ikke gitt ytelser til ledende personer. 
Note 4 - Lån og sikkerhetsstillelse til ledende personer 
Det er ikke gitt lån til- eller stilt sikkerhet til fordel for ledende personer. 
Note 5 - Ansatte 
Selskapet har ikke ansatte. Selskapet er ikke pliktig til å ha obligatorisk tjenestepensjonsordning. 
Note 6 - Skatt 
Årets skattekostnad 
2021
Resultatført skatt på ordinært resultat 
Betalbar skatt 
-
                    
Endring i utsatt skattefordel 
-
                    
Skattekostnad ordinært resultat 
-
                    
Skattepliktig inntekt:
Selskapet ble stiftet den 1. november 2021 med navnet NFH 211197 AS og ble registert i foretaksregisteret 17. desember 
2021. Stiftelskostnader er regnskapsført som annen innskutt egenkapital. Selskapet har ikke hatt drift i 2021. 
Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. 
Utsatt skatt/skattefordel er beregnet med 22 % på grunnlag av de midlertidige forskjeller som eksisterer mellom 
regnskapsmessige og skattemessige verdier, samt skattemessig underskudd til fremføring ved utgangen av regnskapsåret. 
Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet. 
Utsatt skatt/skattefordel bokføres ikke i regnskapet, i tråd med god regnskapsskikk for små foretak. 
Selskapet har ytt et lån til morselskapet på NOK 30 000 i medhold til aksjeloven §8-7. Saldo på lånet per 31. desember 2021 er 
NOK 24 430.
DocuSign Envelope ID: AA5B3B38-42A9-4DD0-B7D5-B693D2D185F2

Ordinært resultat før skatt
-
                    
Permanente forskjeller 
-5 570 
Endring i midlertidige forskjeller
-
                    
Skattepliktig inntekt
-5 570 
Beregning av utsatt skattefordel
Underskudd til fremføring
-5 570 
Grunnlag for utsatt skattefordel
-5 570 
Utsatt skattefordel (22%)
-1 225 
Herav ikke balanseført utsatt skattefordel
1 225
                 
Utsatt skattefordel i balansen
-
                    
Note 7 - Hendelser etter balansedagen
Yara International ASA overtok gjeld mot selskapet samtlige aksjer og er ny eier av Yara Clean Ammonia Newco AS fra og med 
24 januar 2022.  Selskapet skiftet navn fra NFH 211197 AS til Yara Clean Ammonia Newco AS og samtidig ble formål og styre 
endret. Endringene ble registrert 8. februar 2022.
DocuSign Envelope ID: AA5B3B38-42A9-4DD0-B7D5-B693D2D185F2

Appendix I 
Draft balance sheet showing the allocation of the Transferring Company's 
balance sheet as of 30 April 2022 adjusted for relevant transaction up to 1 June 
2022, between the Transferring Company and the Acquiring Company 
Vedlegg I 
Utkast til balanse som viser fordelingen av det Overdragende Selskapets 
balanse per 30. april 2022 justert for relevante transaksjoner opp til og med 1. 
juni, mellom det Overdragende Selskap og det Overtakende Selskap

Demerger and merger BS (NOK)
Yara Int. ASA
Adjustments 
Yara Int. ASA
Yara Int. ASA
YCA NewCo AS
YCA NewCo AS
Currency: kNOK
30.04.22 
Reported
from carve out 
transactions
adj., before 
demerger
Demerged
Draft demerger 
balance sheet
30.04.22 Adjusted
Demerged
Draft opening 
balance
Deferred tax asset
1,356,425
 - 
1,356,425
15,248
1,341,177
 - 
15,248
15,248
Intangible assets
417,061
 - 
417,061
 - 
417,061
 - 
 - 
 - 
Property, plant and equipment
73,978
 - 
73,978
 - 
73,978
 - 
 - 
 - 
Shares in subsidiaries
19,740,659
(30)
19,740,629
30
19,740,599
 - 
30
30
Other non-current assets
535,057
 - 
535,057
 - 
535,057
 - 
 - 
 - 
Intercompany receivables
37,614,367
9,756,832
47,371,199
9,756,807
37,614,391
 - 
9,756,807
9,756,807
Inventories
32,230
 - 
32,230
 - 
32,230
 - 
 - 
 - 
Other current assets
21,423,622
 - 
21,423,622
 - 
21,423,622
 - 
 - 
 - 
Merger receivable
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Demerger receivable
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Cash and cash equivalents
(1,777,562)
 - 
(1,777,562)
5,914
(1,783,476)
24
5,914
5,938
Total Assets
79,415,837
9,756,802
89,172,639
9,778,000
79,394,640
24
9,778,000
9,778,024
Share capital
(433,034)
 - 
(433,034)
(69,336)
(363,697)
 - 
(69,336.3)
(69,336)
Other equity
(13,917,912)
6
(13,917,906)
(9,702,749)
(4,215,157)
 - 
(9,702,749)
(9,702,749)
Employee benefit
(1,081,917)
 - 
(1,081,917)
(3,897)
(1,078,020)
 - 
(3,897)
(3,897)
Deferred tax liability
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Net debt liabilities
(62,538,386)
(9,756,807)
(72,295,193)
 - 
(72,295,193)
(24)
 - 
(24)
Accounts payable
(173,236)
 - 
(173,236)
 - 
(173,236)
 - 
 - 
 - 
Merger liability
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Demerger liability
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Other current liabilities
(1,271,353)
 - 
(1,271,353)
(2,017)
(1,269,336)
 - 
(2,017)
(2,017)
Equity and liabilities
(79,415,837)
(9,756,802)
(89,172,639)
(9,778,000)
(79,394,640)
(24)
(9,778,000)
(9,778,024)

Appendix J 
Expert statement prepared by KWC Revisjon AS for the Transferring Company 
cf. the Public Limited Liability Act section 14-4 cf. section 13-10 
Vedlegg J 
Sakkyndig redegjørelse utarbeidet av KWC Revisjon AS for det Overdragende 
Selskap, jfr. allmennaksjeloven § 14-4 jf. § 13-10

Munkedamsveien 45, 0250 Oslo    +47 23 11 50 50    Org.nr. 898 823 962    kw-c.no 
  REVISJON 
1 
 
 
 
 
 
To the general meeting of Yara International ASA 
 
 
 
Report on demerger plan (the consideration) for Yara International 
ASA  
 
INTRODUCTION 
As independent expert and on instructions from the Board of Directors in Yara International ASA (“Yara 
International”), we report in accordance with the Norwegian Public Limited Liability Companies Act section 
14-4, cf. section 13-10. This report concerns the 2 June 2022 demerger plan in respect of Yara International. 
By way of this demerger, all assets and liabilities set out in the demerger plan will be transferred to Yara 
Clean Ammonia NewCo AS (the “Acquiring Company”). The demerger is carried out as part of the 
contemplated carve-out of the ammonia trade and shipping business, as well as the blue and green ammonia 
business (the “YCA Business”). 
 
THE BOARD OF DIRECTORS’ RESPONSIBILITY 
The board of directors is responsible for the information on which this report is based, and on the valuations 
on which the consideration is based. 
 
THE INDEPENDENT EXPERT’S RESPONSIBILITY 
Our responsibility is to prepare a report regarding how the demerger consideration for the shareholders in 
the transferring company (i.e. Yara International) has been determined.  
The remaining report is divided into two parts. The first part is a description of the methods applied in 
determining the consideration to be received by the shareholders in the transferring company (Yara 
International). The second part is our opinion on the consideration. 
 
PART 1: METHODS APPLIED IN DETERMINING THE CONSIDERATION 
The consideration to be received by the Yara International shareholders is based on fair market values of 
assets and liabilities in Yara International. The demerger of Yara International is carried out in accordance 
with the Norwegian Tax Act section 11-8, whereby the company’s nominal and paid in share capital, 
including share premium, shall be allocated to the transferees in the same proportion as the net asset values 
of Yara International. 
Yara International is listed at the Oslo Stock Exchange. As of the demerger, the demerged assets and 
liabilities in Yara International have been valued at NOK 19.78 billion (mUSD 2,203). This value has been 
determined by an external financial advisor (the “Advisor”) in a report dated 13 May 2022. The Advisor has 
applied a discounted cash flow (DCF) analysis as a primary approach and an analysis of multiples as a 
secondary approach/reasonability assessment. Moreover, the Advisor has applied a sum-of-the parts

2 
approach whereby separate enterprise values for the different demerged units which constitute the YCA 
Business have been determined, which in total amounts to the total enterprise value of the demerged assets. 
The total enterprise value of the demerged assets has subsequently been subject to adjustments to account 
for the level of net working capital and net debt at the time of the demerger.  
The value of Yara International has been determined by using the volume-weighted average price of Yara 
International five trading days prior to the demerger.  
The market capitalization of Yara International less the net assets demerged to the Acquiring Company as of 
2 June 2022 amounted to NOK 103.77 billion. This corresponds to the fair value of the net assets remaining 
in Yara International after the demerger. Further, the listed share price of Yara International (i.e. the volume-
weighted average price) is considered a reasonable basis for determining the fair market value of the total 
net assets subject to the demerger of Yara International. 
On this basis, the parties to the demerger agree that the fair market value of the assets and liabilities 
transferred to the Acquiring Company constitutes 16.0095% of the pre demerger fair market value of Yara 
International. 
As consideration for the demerger, the shareholders of Yara International will receive 254,725,627 newly 
issued shares in the Acquiring Company, with a NOK 0.2722 nominal amount per share. The amount in 
excess of the aggregate nominal amount is provided for based on accounting continuity. The consideration 
shares will be allocated among the shareholders in Yara International in proportion to the number of shares 
held in Yara International as of the time of completion of the demerger. 
The consideration shares in the Acquiring Company constitutes the entire consideration in respect of the 
demerger. The demerger is executed at full shareholder continuity. 
No particular issues have been raised in connection with determination of the consideration amount.  
 
PART 2: THE INDEPENDENT EXPERT’S REPORT 
We have conducted our review and issue our statement in accordance with the Norwegian standard SA 
3802-1 “The auditor’s statements and reports pursuant to Norwegian company legislation”. The standard 
requires that we plan and perform our review to obtain reasonable assurance that the value of the assets and 
liabilities to be transferred to the Acquiring Company at least corresponds to the value of the consideration, 
and to be able to report on the consideration to the shareholders of Yara International. Our review includes 
verification of the valuation of the contribution and the consideration, including the valuation principles as well 
as existence and belonging. Also, we have assessed the valuation methods that have been applied and the 
assumptions on which the valuation is based. 
We believe that the audit evidence we have obtained is sufficient and appropriate to constitute a basis for our 
opinion.

3 
CONCLUSION 
In our opinion, the consideration to the Yara International shareholders of 1 share in Acquiring Company per 
Yara International share is reasonable and fair based on the valuation of the companies as described above. 
 
Oslo, 2 June 2022 
 
KWC Revisjon AS 
 
 
 
 
 
 
 
 
_______________________ 
 
 
 
 
Simen B. Weiby  
State Authorized Public Advisor (Norway) 
 
 
 
The translation to English has been prepared for information purposes only

Munkedamsveien 45, 0250 Oslo    +47 23 11 50 50    Org.nr. 898 823 962    kw-c.no 
  REVISJON 
1 
 
 
 
 
 
Til generalforsamlingen i Yara International ASA 
 
 
 
 
Redegjørelse for (vederlaget) delingsforholdet i Yara International 
ASA 
INNLEDNING 
På oppdrag fra styret i Yara International ASA («Yara International») avgir vi som uavhengig sakkyndig, i 
samsvar med asal. § 14-4, jf. § 13-10, en redegjørelse for fisjonsplanen datert 2. juni 2022 for Yara 
International. Ved fisjonen overdras de eiendeler og forpliktelser som fremgår av fisjonsplanen til Yara 
International og Yara Clean Ammonia NewCo AS (det «Overtakende Selskap»). Fisjonen gjennomføres som 
et ledd i den tiltenkte utskillelsen av ammoniakkhandel og shippingvirksomheten, samt virksomheten knyttet 
til blå og grønn ammoniakk ("YCA Virksomheten") fra Yara-konsernet. 
 
STYRETS ANSVAR FOR REDEGJØRELSEN 
Styret er ansvarlig for informasjonen redegjørelsen bygger på og de verdsettelser som er gjort. 
 
UAVHENGIG SAKKYNDIGES OPPGAVER OG PLIKTER 
Vår oppgave er å utarbeide en redegjørelse om hvordan fisjonsvederlaget til aksjonærene i det 
overdragende selskapet (dvs. Yara International) har blitt fastsatt. 
Den videre redegjørelsen består av to deler. Den første delen angir hvilke fremgangsmåter som er brukt ved 
fastsettelsen av vederlaget til aksjeeierne i det overdragende selskapet. Den andre delen er vår uttalelse om 
vederlaget. 
 
DEL 1: REDEGJØRELSE OM FASTSETTELSE AV VEDERLAGET 
Fastsettelsen av vederlaget til aksjonærene i Yara International er basert på virkelige verdier av eiendeler, 
rettigheter og forpliktelser i Yara International. Delingen av selskapet gjennomføres i samsvar skattelovens § 
11-8 hvoretter selskapets nominelle og innbetalte aksjekapital, herunder overkurs, skal deles i samme forhold 
som nettoverdiene fordeles mellom selskapene.  
Yara International er notert ved Oslo Børs. Pr. fisjonstidspunktet har de aktiva og passiva i Yara International 
som skilles ut blitt verdsatt til NOK 19,78 mrd. (USD 2 203 millioner). Denne verdsettelsen har blitt utført av 
en ekstern finansiell rådgiver («Rådgiveren»), og er inntatt en verdsettelsesrapport datert 13. mai 2022. 
Rådgiveren har benyttet neddiskontering av forventede fremtidige kontantstrømmer (DCF-analyse) som sin 
primære metode, samt multippelanalyse som sekundærmetode/støttemetode. Videre har Rådgiveren 
benyttet en «sum-of the parts» tilnærming, hvoretter separate virksomhetsverdier for de respektive enhetene 
som utgjør YCA Virksomheten har blitt fastsatt. I sum utgjør disse virksomhetene den samlede 
virksomhetsverdien til de eiendeler som skilles ut. Den samlede virksomhetsverdien av de eiendelene som

2 
skilles ut har deretter blitt justert for å reflektere nivået på netto arbeidskapital og netto rentebærende gjeld 
på tidspunktet for utskillelsen. 
Verdien av Yara International har blitt fastsatt basert på den volumvektede gjennomsnittlige aksjekursen for 
Yara International de siste fem handelsdagene før fisjonen. 
Den samlede markedsverdien («market cap») av Yara International fratrukket den beregnede verdien av 
netto eiendeler som skilles ut til Overtakende Selskap pr. 2. juni 2022 utgjorde NOK 103,77 mrd. Dette 
tilsvarer virkelig verdi av de netto eiendeler som ikke skilles ut fra Yara International. Den samlede 
markedsverdien av Yara International (basert på den volumvektede gjennomsnittlige aksjekursen) er et egnet 
utgangspunkt for å fastsette virkelig verdi av de totale netto eiendeler som er omfattet av fisjonen av Yara 
International. 
Partene er enige om at virkelig verdi av eiendelene, rettighetene og forpliktelsene som utfisjoneres til 
Overtakende Selskap utgjør 16,0095 % av den virkelige verdien av Yara International før fisjonen. 
Som vederlag ved fisjonen mottar aksjonærene i Yara International 254 725 627 nyutstedte vederlagsaksjer i 
Overtakende Selskap, pålydende NOK 0,2722 pr. aksje. Overskytende beløp avsettes med regnskapsmessig 
kontinuitet. Vederlagsaksjene vil bli fordelt mellom aksjonærene i Yara International i samme forhold som de 
utestående aksjene i Yara International pr. gjennomføringen av fisjonen. 
Vederlagsaksjene i Overtakende Selskap utgjør det hele og fulle vederlag i anledning fisjonen. Fisjonen 
gjennomføres med full eiermessig kontinuitet.   
Det har ikke vært særlige vanskeligheter i forbindelse med fastsettelse av vederlaget.  
 
DEL 2: DEN UAVHENGIG SAKKYNDIGES UTTALELSE 
Vi har utført vår kontroll og avgir vår uttalelse i samsvar med standard for attestasjonsoppdrag SA 3802-1 
”Revisors uttalelser og redegjørelser etter aksjelovgivningen”. Standarden krever at vi planlegger og utfører 
kontroller for å oppnå betryggende sikkerhet for at de eiendeler og forpliktelser selskapet skal overta, har en 
verdi som minst svarer til det avtalte vederlaget, og for å kunne uttale oss om vederlaget til aksjeeierne i Yara 
International. Arbeidet omfatter kontroll av verdsettelsen av innskuddet og av vederlaget, herunder 
vurderingsprinsippene og eksistens og tilhørighet. Videre har vi vurdert de verdsettelsesmetoder som er 
benyttet, og de forutsetninger som ligger til grunn for verdsettelsen. 
Etter vår oppfatning er innhentet bevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

3 
KONKLUSJON 
Etter vår mening er vederlaget til aksjeeierne i Yara International på 1 mottatt aksje i Overtakende Selskap for 
hver aksje i Yara International rimelig og saklig basert på verdsettelsen av selskapene som beskrevet i 
ovenfor. 
 
Oslo, 2. juni 2022 
 
KWC Revisjon AS 
 
 
 
 
 
 
 
 
_______________________ 
 
 
 
 
Simen B. Weiby  
Statsautorisert revisor

Appendix K 
Expert statement prepared by KWC Revisjon AS for the Acquiring Company cf. 
the Public Limited Liability Act section 14-4 cf. section 13-10 
Vedlegg K  
Sakkyndig redegjørelse utarbeidet av KWC Revisjon AS for det Overtakende 
Selskap, jfr. allmennaksjeloven § 14-4 jf. § 13-10

Munkedamsveien 45, 0250 Oslo    +47 23 11 50 50    Org.nr. 898 823 962    kw-c.no 
  REVISJON 
1 
 
 
 
 
 
To the general meeting of Yara Clean Ammonia NewCo AS  
 
 
 
 
Report on demerger plan in Yara Clean Ammonia NewCo AS   
 
INTRODUCTION 
As independent expert and on instructions from the Board of Directors in Yara Clean Ammonia NewCo AS 
(the “Acquiring Company”), we report in accordance with the Norwegian Public Limited Liability Companies 
Act section 14-4, cf. section 13-10. This report concerns the 2 June 2022 demerger plan in respect of Yara 
International ASA (“Yara International”) and the Acquiring Company. By way of this demerger, assets and 
liabilities set out in the demerger plan will be transferred from Yara International to the Acquiring Company. 
The demerger is carried out as part of the contemplated carve-out from Yara International of the ammonia 
trade and shipping business, as well as the blue and green ammonia business (the “YCA Business”). 
 
THE BOARD OF DIRECTORS’ RESPONSIBILITY 
The board of directors is responsible for the information on which this report is based, and on the valuations 
on which the consideration is based. 
 
THE INDEPENDENT EXPERT’S RESPONSIBILITY 
Our responsibility is to prepare a report regarding the demerger plan and to report on determination of the 
consideration.  
The remaining report is divided into three parts. The first part is a presentation of facts and circumstances in 
accordance with the requirements set out in the Norwegian Public Limited Liability Companies Act section 
13-10 and section 2-6, first clause numbers 1 – 4. The second part sets out the methods applied in 
determining the consideration to the shareholders in Yara International. The third part sets out our opinion. 
 
PART 1: INFORMATION ABOUT THE CONTRIBUTION 
The assets to be received by the company as part of the demerger include the following: 
 
all 30,000 shares in Yara Clean Ammonia Norge AS; 
 
existing employment contracts with the employees; 
 
pension obligations and accrued holiday allowance related to the employees per the completion 
date; 
 
cash equal to the pension and holiday allowance related to the employees; 
 
YCA Business in the Yara International, including goodwill, know-how, relevant contracts, non-
disclosure agreements, memorandums of understanding, cooperation agreements and other project 
agreements relating to the YCA Business. This includes, but is not limited to, the YCA Business in the 
Transferring Company, including any goodwill and know-how, related to the "Skrei project" under

2 
which the Transferring Company is the entrepreneur of the project and Yara Norge AS on an interim 
basis has acted as the formal contract party under relevant contracts related to the project and 
towards relevant authorities; 
 
tax loss carry forward in Yara International related to the YCA Business; 
 
receivable towards Yara Clean Ammonia Norge AS issued in connection with Yara Clean Ammonia 
Norge AS' acquisition of Yara LPG Shipping AS with a nominal value of NOK 2,039,791,000; 
 
receivable towards Yara Clean Ammonia Norge AS issued in connection with Yara Clean Ammonia 
Norge AS' acquisition of Yara Clean Ammonia Switzerland Ltd. with a nominal value of NOK 
7,225,242,665; 
 
receivable towards Yara Clean Ammonia Norge AS issued in connection with Yara Clean Ammonia 
Norge AS' acquisition of the rights and obligations under the relevant contracts and awarded grant 
related to the Skrei project, with a nominal value of NOK 307,020,000; 
 
receivable towards Yara Clean Ammonia US Inc. issued in connection with Yara Clean Ammonia US 
Inc.'s acquisition of the US trading and shipping business and the blue and green ammonia business, 
with a nominal value of USD 19,600,000; 
 
memberships in committees, research consortiums and any other interest organizations related to 
the YCA Business; and 
 
business plans, presentations, records, files, data and documents relating exclusively or 
predominantly to the YCA Business. 
 
 
The distribution of book value between the Acquiring Company and Yara International is set out in separate 
draft allocating balance sheets per 30 April 2022, adjusted for relevant transactions in the Yara International 
up to and including 1 June 2022. 
 
PART 2: METHOD APPLIED IN DETERMINING THE CONSIDERATION 
The consideration to be received by the Yara International shareholders is based on fair market values of 
assets and liabilities in Yara International. The demerger of Yara International is carried out in accordance 
with the Norwegian Tax Act section 11-8, whereby the company’s nominal and paid in share capital, 
including share premium, shall be allocated to the Acquiring Company in the same proportion as the net 
asset values of Yara International. 
Yara International is listed at the Oslo Stock Exchange. As of the demerger, the demerged assets and 
liabilities in Yara International, which constitute the YCA Business, have been valued at NOK 19.78 billion 
(mUSD 2,203). This value has been determined by an external financial advisor (the “Advisor”) in a report 
dated 13 May 2022. The Advisor has applied a discounted cash flow (DCF) analysis as a primary approach 
and an analysis of multiples as a secondary approach/reasonability assessment. Moreover, the Advisor has 
applied a sum-of-the parts approach whereby separate enterprise values for the different demerged units 
which constitute the YCA Business have been determined, which in total amounts to the total enterprise 
value of the demerged assets. The total enterprise value of the demerged assets have subsequently been 
subject to adjustments to account for working capital and net debt.  
The value of Yara International has been determined by using the volume-weighted average price of Yara 
International five trading days prior to the demerger.  
The market capitalization of Yara International less the net assets demerged to the Acquiring Company as of 
1 June 2022 amounted to NOK 103.77 billion. This corresponds to the fair value of the net assets remaining 
in Yara International after the demerger. Further, the listed share price of Yara International (i.e. the volume-
weighted average price based on the last five trading days prior to the demerger) is considered a reasonable 
basis for determining the fair market value of the total net assets subject to the demerger of Yara 
International.

3 
On this basis, the parties to the demerger agree that the fair market value of the assets and liabilities 
transferred to the Acquiring Company constitutes 16.0095% of the pre demerger fair market value of Yara 
International. 
As consideration for the demerger, the shareholders of Yara International will receive 254,725,627 newly 
issued shares in the Acquiring Company, with a NOK 0.2722 nominal amount per share. The amount in 
excess of the aggregate nominal amount is provided for based on accounting continuity. The consideration 
shares will be allocated among the shareholders in Yara International in proportion to the number of shares 
held in Yara International as of the time of completion of the demerger. 
The consideration shares in the Acquiring Company constitutes the entire consideration in respect of the 
demerger. The demerger is executed at full shareholder continuity. 
No particular issues have been raised in connection with determination of the consideration amount 
 
PART 3: THE INDEPENDENT EXPERT’S REPORT 
We have conducted our review and issue our statement in accordance with the Norwegian standard SA 
3802-1 “The auditor’s statements and reports pursuant to Norwegian company legislation”. The standard 
requires that we plan and perform our review to obtain reasonable assurance that the assets and liabilities 
that are transferred to the Acquiring Company have a value at least corresponding to the agreed 
consideration, and to be able to report on the consideration received by the shareholders in Yara 
International. Our review includes verification of the valuation of the contribution and the consideration, 
including the valuation principles as well as existence and belonging. Also, we have assessed the valuation 
methods that have been applied and the assumptions on which the valuation is based. 
We believe that the audit evidence we have obtained is sufficient and appropriate to constitute a basis for our 
opinion. 
 
CONCLUSION 
In our opinion, the assets transferred to the Acquiring Company by way of the demerger has a value at least 
corresponding to the agreed consideration shares in the Acquiring Company with a nominal amount of NOK 
69,336,316. 6694 and share premium of NOK 9,702,749,451.0895, and the basis for the consideration to the 
shareholders in Yara International of 1 share in the Acquiring Company for each share in Yara International, 
reasonable and fair based on the valuation of the companies as described above. 
 
Oslo, 2 June 2022 
 
KWC Revisjon AS 
 
 
 
 
 
 
 
 
_______________________ 
 
 
 
 
Simen B. Weiby  
State Authorized Public Advisor (Norway) 
 
 
The translation to English has been prepared for information purposes only

Munkedamsveien 45, 0250 Oslo    +47 23 11 50 50    Org.nr. 898 823 962    kw-c.no 
  REVISJON 
1 
 
 
 
 
 
Til generalforsamlingen i Yara Clean Ammonia NewCo AS 
 
 
Redegjørelse for fisjonsplanen i Yara Clean Ammonia NewCo AS 
INNLEDNING 
På oppdrag fra styret i Yara Clean Ammonia NewCo AS (det «Overtakende Selskap») avgir vi som 
uavhengig sakkyndig, i samsvar med asal. § 14-4 jf. § 13-10, en redegjørelse for fisjonsplanen datert 2. juni 
2022 for Yara International ASA (det «Yara International») og det Overtakende Selskap. Ved fisjonen 
overdras de eiendeler og forpliktelser som fremgår av fisjonsplanen til det Overtakende Selskap. Fisjonen 
gjennomføres som et ledd i den tiltenkte utskillelsen av ammoniakkhandel og shippingvirksomheten, samt 
virksomheten knyttet til blå og grønn ammoniakk ("YCA Virksomheten") fra Yara-konsernet. 
STYRETS ANSVAR FOR REDEGJØRELSEN 
Styret er ansvarlig for informasjonen redegjørelsen bygger på og de verdsettelser som er gjort. 
 
UAVHENGIG SAKKYNDIGES OPPGAVER OG PLIKTER 
Vår oppgave er å utarbeide en redegjørelse om fisjonsplanen og å uttale oss om vederlaget. 
Den videre redegjørelsen består av tre deler. Den første delen er en presentasjon av opplysninger i 
overensstemmelse med de krav som stilles i allmennaksjeloven § 13-10 og § 2-6 første ledd nr. 1 til 4. Den 
andre delen angir hvilke fremgangsmåter som er brukt ved fastsettelsen av vederlaget til aksjeeierne i det 
Yara International. Den tredje delen er vår uttalelse. 
DEL 1: OPPLYSNINGER OM INNSKUDDET 
De eiendeler selskapet skal overta ved fisjonen omfatter følgende: 
 
alle 30.000 aksjer i Yara Clean Ammonia Norge AS; 
 
eksisterende arbeidsavtaler med de ansatte; 
 
pensjonsforpliktelser og opptjente feriepenger relater til de ansatte pr. fusjonstidspunktet; 
 
kontanter som tilsvarer pensjon- og feriepengeforpliktelser for de overførte ansatte;  
 
YCA Virksomheten i det Yara International, inkludert goodwill, know-how, relevante kontrakter, 
konfidensialitetsavtaler, intensjonsavtaler, samarbeidsavtaler og andre prosjektavtaler knyttet til YCA 
Virksomheten. Dette omfatter, men er ikke begrenset til, YCA Virksomheten i det Overdragende 
Selskap, herunder forretningsverdi (goodwill) og know-how, knyttet til "Skrei-prosjektet" som det 
Overdragende Selskap har utviklet og Yara Norge AS midlertidig har opptrådt som formell 
kontraktspart i relevante kontraktsforhold og overfor relevante myndigheter; 
 
fremførbart skattemessig underskudd knyttet til YCA virksomheten i Yara International; 
 
fordring mot Yara Clean Ammonia Norge AS utstedt i forbindelse med Yara Clean Ammonia Norge 
AS' erverv av Yara LPG Shipping AS med nominell verdi NOK 2 039 791 000; 
 
fordring mot Yara Clean Ammonia Norge AS utstedt i forbindelse med Yara Clean Ammonia Norge 
AS' erverv av Yara Clean Ammonia Switzerland Ltd. med nominell verdi NOK 7 225 242 665; 
 
fordring mot Yara Clean Ammonia Norge AS utstedt i forbindelse med Yara Clean Ammonia Norge 
AS' erverv av rettighetene og forpliktelsene under relevante kontrakter og tilkjent støtte knyttet til 
Skrei-prosjektet med nominell verdi NOK 307 020 000;

2 
 
fordrinng mot Yara Clean Ammonia US Inc. utstedt i forbindelse med Yara Clean Ammonia US Inc. 
sitt erverv av den amerikanske virksomheten knyttet til ammoniakkhandel og shipping, med nominell 
verdi USD 19 600 000; 
 
medlemskap i komiteer for forskning og utvikling, konsortier og andre interesseorganisasjoner 
knyttet til YCA Virksomheten; og 
 
forretningsplaner, presentasjoner, arkiver, filer, data og dokumenter som utelukkende eller 
hovedsakelig knytter seg til YCA Virksomheten. 
 
Fordelingen av regnskapsmessige verdier mellom det Overtakende Selskap og det Overdragende Selskap er 
vist i eget utkast til fisjonsbalanse pr. 30. april 2022, justert for relevant transaksjoner i Overdragende Selskap 
opp til og med 1. juni 2022. 
DEL 2: FREMGANGSMÅTE VED FASTSETTELSE AV VEDERLAGET 
Fastsettelsen av vederlaget til aksjonærene i Yara International er basert på virkelige verdier av eiendeler, 
rettigheter og forpliktelser i Yara International. Delingen av selskapet gjennomføres i samsvar med 
skattelovens § 11-8 hvoretter den nominelle og innbetalte aksjekapital i Yara International, herunder 
overkurs, skal allokeres til det Overtakende Selskap i samme forhold som nettoverdiene i Yara International.  
Yara International er notert ved Oslo Børs. Pr. fisjonstidspunktet har de aktiva og passiva i det Overdragende 
Selskap som skilles ut blitt verdsatt til NOK 19,78 mrd. (USD 2 203 millioner). Denne verdsettelsen har blitt 
utført av en ekstern finansiell rådgiver («Rådgiveren»), og er inntatt en verdsettelsesrapport datert 13. mai. 
Rådgiveren har benyttet neddiskontering av forventede fremtidige kontantstrømmer (DCF-analyse) som sin 
primære metode, samt multippelanalyse som sekundærmetode/støttemetode. Videre har Rådgiveren 
benyttet en «sum-of the parts» tilnærming, hvoretter separate virksomhetsverdier for de respektive enhetene 
som utgjør YCA Virksomheten har blitt fastsatt. I sum utgjør disse enhetene den samlede virksomhetsverdien 
til de eiendeler som skilles ut. Den samlede virksomhetsverdien av de eiendelene som skilles ut har deretter 
blitt justert for å reflektere nivået på netto arbeidskapital og netto rentebærende gjeld på tidspunktet for 
utskillelsen. 
Verdien av Yara International har blitt fastsatt basert på den volumvektede gjennomsnittlige aksjekursen for 
Yara International de siste fem handelsdagene før fisjonen. 
Den samlede markedsverdien («market cap») av Yara International fratrukket den beregnede verdien av 
netto eiendeler som skilles ut til Overtakende Selskap pr. 1. juni utgjorde NOK 103,77 mrd. Dette tilsvarer 
virkelig verdi av de netto eiendeler som ikke skilles ut fra det Overdragende Selskap. Markedsverdien av 
Yara International (gitt ved volumvektet gjennomsnittlig aksjekurs basert på siste fem handledager før 
fisjonen) er et egnet utgangspunkt for å fastsette virkelig verdi av de totale netto eiendeler som er omfattet av 
fisjonen av Yara International 
På bakgrunn av dette er partene er enige i at virkelig verdi av eiendelene, rettighetene og forpliktelsene som 
utfisjoneres til det Overtakende Selskap utgjør 16,0095 % av den virkelige verdien av det Overdragende 
Selskap før fisjonen. 
Som vederlag ved fisjonen mottar aksjonærene i det Overdragende Selskap 254 725 627 nyutstedte 
vederlagsaksjer i det Overtakende Selskap, pålydende NOK 0,2722 pr. aksje. Overskytende beløp avsettes 
med regnskapsmessig kontinuitet. Vederlagsaksjene skal fordeles i forhold til hvor mange aksjer den enkelte 
aksjonær eide i det Overdragende Selskap per gjennomføringstidspunktet. 
Vederlagsaksjene i det Overtakende Selskap utgjør det hele og fulle vederlag i anledning fisjonen. Fisjonen 
gjennomføres med full eiermessig kontinuitet.   
Det har ikke vært særlige vanskeligheter i forbindelse med fastsettelse av vederlaget.

3 
DEL 3: DEN UAVHENGIG SAKKYNDIGES UTTALELSE 
 
Vi har utført vår kontroll og avgir vår uttalelse i samsvar med standard for attestasjonsoppdrag SA 3802-1 
”Revisors uttalelser og redegjørelser etter aksjelovgivningen”. Standarden krever at vi planlegger og utfører 
kontroller for å oppnå betryggende sikkerhet for at de eiendeler og forpliktelser selskapet skal overta, har en 
verdi som minst svarer til det avtalte vederlaget, og for å kunne uttale oss om vederlaget til aksjeeierne i Yara 
International ASA. Arbeidet omfatter kontroll av verdsettelsen av innskuddet og av vederlaget herunder 
vurderingsprinsippene og eksistens og tilhørighet. Videre har vi vurdert de verdsettelsesmetoder som er 
benyttet, og de forutsetninger som ligger til grunn for verdsettelsen. 
Etter vår oppfatning er innhentet bevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. 
 
KONKLUSJON 
Etter vår mening har de eiendeler det Overtakende Selskap skal overta ved fisjonen en verdi som minst 
svarer til det avtalte vederlaget i aksjer i det Overtakende Selskap pålydende NOK 69 336 315,6694 samt 
overkurs NOK 9 702 749 451,0895, og etter vår mening er begrunnelsen for vederlaget til aksjeeierne i Yara 
International ASA på 1 mottatt aksje i det Overtakende Selskap for hver aksje i Yara International rimelig og 
saklig basert på verdsettelsen av selskapene som beskrevet i ovenfor. 
 
Oslo, 2. juni 2022 
 
KWC Revisjon AS 
 
 
 
 
 
 
 
 
_______________________ 
 
 
 
 
Simen B. Weiby  
Statsautorisert revisor

Appendix L 
Report on the Demerger by the boards of directors of the Transferring Company 
and the Acquiring Company 
Vedlegg L 
Rapport om Fisjonen fra styrene i det Overdragende Selskapet og det 
Overtakende Selskap

1 
 
 
 
RAPPORT OM FISJON AV YARA 
INTERNATIONAL ASA  
MED YARA CLEAN AMMONIA NEWCO AS  
SOM OVERTAKENDE SELSKAP 
REPORT ON DEMERGER OF YARA 
INTERNATIONAL ASA 
WITH YARA CLEAN AMMONIA NEWCO AS 
ACQUIRING COMPANY 
 
INNLEDNING 
 
INTRODUCTION  
Styrene i Yara International ASA og Yara Clean 
Ammonia NewCo AS har vedtatt en felles 
fisjonsplan for en fisjon av Yara International 
ASA, org. nr. 986 228 608, som overdragende 
selskap (det "Overdragende Selskap"), og Yara 
Clean Ammonia NewCo AS, org. nr. 928 352 447, 
som overtakende selskap (det "Overtakende 
Selskap").  
The boards of directors of Yara International ASA 
and Yara Clean Ammonia NewCo AS have 
approved a joint de-merger plan for the demerger 
of Yara International ASA, business reg. no. 
986 228 608, as transferring company (the 
"Transferring Company"), and Yara Clean 
Ammonia NewCo AS, business reg. no. 928 352 
447, as acquiring company (the "Acquiring 
Company").  
Denne rapporten datert 2. juni 2022 er utarbeidet 
av styrene i det Overdragende Selskap og det 
Overtakende 
Selskap 
i 
henhold 
til 
allmennaksjeloven § 14-4 (3) jf. § 13-9. 
Rapporten gir en oversikt hva fisjonen vil bety for 
selskapene.  
This report dated 2 June 2022 has been prepared 
by the board of directors of the Transferring 
Company and the Acquiring Company in 
accordance with section 14-4 (3) cf. 13-9 of the 
Norwegian Public Limited Liability Companies 
Act. The report provides an overview of what the 
demerger will entail for the companies.  
Fisjonen vil innebære at nærmere angitte 
eiendeler, rettigheter og forpliktelser som en 
helhet vil bli overført til det Overtakende Selskap 
og at aksjekapitalen i det Overdragende Selskap 
vil 
bli 
nedsatt. 
Som 
fisjonsvederlag 
vil 
aksjonærene i det Overdragende Selskap på 
tidspunktet for gjennomføringen av fisjonen motta 
aksjer i det Overtakende Selskap gjennom en 
kapitalforhøyelse i dette selskapet. 
The demerger will entail that further specified 
assets, rights and liabilities will be transferred as 
a whole to the Acquiring Company and that the 
share capital in the Transferring Company will be 
reduced. As consideration for the demerger, the 
shareholders of the Transferring Company will at 
the time of completion of the demerger receive 
shares in the Acquiring Company by way of a 
share capital increase in this company. 
Det Overtakende Selskap er et nystiftet selskap 
og vil forut for fisjonen ikke ha noen egen 
virksomhet. 
The Acquiring Company is a newly incorporated 
company and will prior to the demerger not have 
any own operations.  
Fisjonen vil bli gjennomført i henhold til reglene i 
allmennaksjeloven kapittel 14. 
The demerger will be completed in accordance 
with the rules in chapter 14 of the Norwegian 
Public Limited Liability Companies Act.  
 
DEN UTFISJONERTE VIRKSOMHETEN 
 
THE DEMERGED BUSINESS 
Som nærmere beskrevet i fisjonsplanen, vil den 
utfisjonerte 
virksomheten 
omfatte 
det 
Overdragende Selskaps rettigheter, eiendeler og 
forpliktelser knyttet til ammoniakkhandel og –
shippingvirksomheten, 
samt 
virksomheten 
knyttet til blå- og grønn ammoniakk ("YCA 
Virksomheten"). 
As further described in the demerger plan, the 
demerged 
business 
will 
comprise 
the 
Transferring Company's assets, rights and 
liabilities pertaining to the ammonia trade and 
shipping business, as well as the blue and green 
ammonia business (the "YCA Business").

2 
 
 
 
 
BEGRUNNELSE FOR FISJONEN 
 
REASONS FOR THE DEMERGER 
Fisjonen gjennomføres som et ledd i den tiltenkte 
utskillelsen av YCA Virksomheten fra Yara-
konsernet. Som ledd i denne utskillelsen vil visse 
eiendeler, rettigheter og forpliktelser i det 
Overdragende Selskap overføres til et nylig stiftet 
datterselskap av det Overdragende Selskap, 
Yara Clean Ammonia Holding AS, org. nr. 928 
352 498. Denne overføringen vil skje ved at (i) de 
aktuelle 
eiendelene, 
rettighetene 
og 
forpliktelsene overføres til det Overtakende 
Selskap gjennom fisjonen og (ii) at det 
Overtakende 
Selskapet 
umiddelbart 
etter 
gjennomføringen av fisjonen fusjoneres inn i Yara 
Clean Ammonia Holding AS i en konsernfusjon 
hvor fusjonsvederlaget vil bestå av en økning av 
det Overdragende Selskaps aksjekapital ved en 
økning av pålydende verdi på aksjene i det 
Overdragende Selskap ("Fusjonen"). En separat 
fusjonsplan for Fusjonen vil inngås samtidig med 
fisjonsplanen. 
 
The Demerger is carried out as a part of the 
contemplated carve-out of the YCA Business 
from the Yara group in which certain assets and 
liabilities of the Transferring Company will be 
transferred to a newly established subsidiary of 
the Transferring Company, Yara Clean Ammonia 
Holding 
AS, 
company 
registration 
no. 
928 352 498. This transfer will be completed by 
(i) transferring relevant assets, rights and 
obligations to the Acquiring Company in the 
demerger and (ii) a merger of the Acquiring 
Company into Yara Clean Ammonia Holding AS 
immediately after the completion of the demerger 
in a triangular merger, where the merger 
consideration will consist of an increase of the 
Transferring 
Company's 
share 
capital 
by 
increasing the nominal value per share in the 
Transferring 
Company 
(the 
"Merger"). 
A 
separate merger plan for the Merger is concluded 
at the same time as the demerger plan. 
Etter 
gjennomføringen 
av 
Fusjonen 
er 
intensjonen å overføre aksjene i Yara Clean 
Ammonia Holding AS til Yara Clean Ammonia 
AS, org. nr. 928 652 920 for å ferdigstille 
utskillelsen av YCA Virksomheten med Yara 
Clean Ammonia AS som morselskap og direkte 
datterselskap av det Overdragende Selskap. 
Following the completion of the Merger,  the 
intention is to transfer the shares in Yara Clean 
Ammonia Holding AS to Yara Clean Ammonia 
AS, company registration no 928 652 920, in 
order to complete the carve-out of the YCA 
Business, with Yara Clean Ammonia AS as the 
ultimate holding company and direct subsidiary of 
the Transferring Company. 
 
FISJONSVEDERLAG – 
DELINGSFORHOLD 
 
DEMERGER CONSIDERATION – 
ALLOCATION RATIO 
Aksjonærene i det Overdragende Selskap på 
tidspunktet for gjennomføring av fisjonen vil motta 
til sammen 254 725 627 aksjer i det Overtakende 
Selskap, hver pålydende NOK 0,2722, som 
fisjonsvederlag. Vederlagsaksjene vil bli fordelt 
blant aksjonærene i det Overdragende Selskap i 
forhold til hvor mange aksjer de eier i det 
Overdragende 
Selskap 
på 
tidspunktet 
for 
gjennomføring av fisjonen.  
The shareholders of the Transferring Company 
as of the date of completion of the demerger will 
receive in aggregate 254,725,627 new shares in 
the Acquiring Company, each with a nominal 
value of NOK 0.2722, as demerger consideration. 
The consideration shares will be allocated among 
the shareholders in the Transferring Company in 
proportion to the number of shares held in the 
Transferring Company as of the time of 
completion of the demerger.  
Vederlagsaksjene vil være ordinære aksjer i det 
Overtakende Selskap. Eksisterende aksjer i det 
Overtakende 
Selskap 
vil 
innløses 
ved 
gjennomføringen av fisjonen. Vederlagsaksjene 
vil 
derfor 
utgjøre 
samtlige 
aksjer 
i 
det 
Overtakende Selskap etter gjennomføringen av 
fisjonen. 
The consideration shares will be ordinary shares 
in the Acquiring Company. The existing shares in 
the Acquiring Company will be redeemed upon 
completion of the demerger. Consequently, the 
consideration shares will constitute all the shares 
in the Acquiring Company following completion of 
the demerger.  
Fisjonen 
bygger 
på 
et 
delingsforhold 
på 
83.9905 % og 16,0095 % på henholdsvis det 
The demerger is based on an allocation ratio of 
83.9905% 
and 
16.0095% 
between 
the

3 
 
 
 
Overdragende Selskap og det Overtakende 
Selskap. Dette delingsforholdet er blitt fastsatt av 
styrene i selskapene som deltar i fisjonen på 
basis av hva styrene anser å være den reelle 
verdien av henholdsvis den gjenværende og den 
utfisjonerte 
virksomheten. 
I 
henhold 
til 
skatterettslige regler vil det Overdragende 
Selskaps nominelle og innbetalte aksjekapital bli 
fordelt mellom selskapene i henhold til dette 
delingsforholdet. Overtakende Selskap er ikke 
tillagt noen verdi da dets aksjekapital i sin helhet 
vil bli innløst i forbindelse med gjennomføringen 
av fisjonen.  
Transferring 
Company 
and 
the 
Acquiring 
Company, respectively. This allocation ratio has 
been determined by the boards of directors of the 
companies participating in the demerger on the 
basis of what the boards consider to be the real 
value of the remaining and demerged business, 
respectively. In accordance with applicable tax 
law, the nominal value and paid-in share capital 
of the Transferring Company will be allocated 
between the companies pursuant to this 
allocation ratio. The Acquiring Company has not 
been attributed any value, as its share capital will 
be redeemed in connection with the completion 
of the demerger. 
 
BETINGELSER FOR GJENNOMFØRING 
AV FISJONEN 
 
CONDITIONS FOR COMPLETION OF 
THE DEMERGER 
Gjennomføringen av fisjonen er betinget av at 
fisjonen godkjennes med det nødvendige flertall 
av 
generalforsamlingene 
i 
både 
det 
Overdragende Selskap og det Overtakende 
Selskap, samt at det ikke fremsettes innsigelser 
fra selskapenes kreditorer eller at eventuelle 
innsigelser er avklart.  
Completion of the demerger is conditional the 
demerger being approved by the required 
majority of the general meetings in each of the 
Transferring 
Company 
and 
the 
Acquiring 
Company, as well as no objections being made 
by the companies’ creditors or that such 
objections have been settled. 
Det er videre en betingelse for fisjonen at 
Fusjonen godkjennes med det nødvendige flertall 
av generalforsamlingene i det Overdragende 
Selskap, det Overtakende Selskap og Yara Clean 
Ammonia Holding AS (overtakende selskap i 
Fusjonen), at det ikke fremsettes innsigelser fra 
selskapenes 
kreditorer 
eller 
at 
eventuelle 
innsigelser er avklart, og at alle vilkår for 
gjennomføring av Fusjonen for øvrig er oppfylt 
eller frafalt (om vilkåret kan frafalles). 
The completion of the demerger is also 
conditional upon the Merger being approved by 
the required majority by the general meetings in 
the 
Transferring 
Company, 
the 
Acquiring 
Company, and Yara Clean Ammonia Holding AS 
(the acquiring company in the Merger), as well as 
no objections being made by the companies’ 
creditors or that such objections have been 
settled, and that all conditions for completion of 
the Merger is otherwise satisfied or waived (if the 
condition is capable of waiver).  
 
PROSESS FOR GJENNOMFØRING AV 
FISJONEN 
 
PROCESS FOR COMPLETION OF THE 
DEMERGER 
Fisjonen vil bli behandlet på ekstraordinære 
generalforsamlinger i det Overdragende Selskap 
og det Overtakende Selskap, foreløpig planlagt 
tidlig juli 
2022. 
For 
at 
fisjonsplanen 
skal 
godkjennes må den vedtas med minst to tredeler 
av de avgitte stemmer og den representerte 
kapital på disse generalforsamlingene.  
The demerger will be considered at the 
extraordinary 
general 
meetings 
of 
the 
Transferring 
Company 
and 
the 
Acquiring 
Company, currently scheduled to early July 2022. 
Approval of the demerger plan requires at least 
two-thirds of the votes cast and the represented 
share capital at the general meetings. 
Etter 
at 
fisjonsplanen 
er 
godkjent 
av 
generalforsamlingene vil fisjonsbeslutningen bli 
meldt til Foretaksregisteret. 
Subsequent to the general meetings’ approval of 
the demerger plan, the demerger resolution will 
be filed with the Norwegian Register of Business 
Enterprises. 
Foretaksregisteret 
vil 
deretter 
kunngjøre 
fisjonsbeslutningen 
og 
varsle 
selskapenes 
The Norwegian Register of Business Enterprises 
will thereafter announce the demerger resolution

4 
 
 
 
kreditorer om at innsigelse mot fisjonen må 
meldes innen seks uker fra kunngjøringen i 
Brønnøysundregistrenes 
elektroniske 
kunngjøringspublikasjon. I denne seks ukers 
kreditorvarselperioden vil selskapenes kreditorer 
kunne komme med innsigelser mot fisjonen.  
and 
notify 
the 
companies' 
creditors 
that 
objections against the demerger must be 
reported within six weeks from the announcement 
in 
the 
Norwegian 
Register 
of 
Business 
Enterprises' electronic announcement system. 
During this six weeks' creditor notice period, the 
companies' creditors may set forth objections 
against the demerger. 
Etter utløpet av kreditorvarslingsperioden vil 
gjennomføringen 
av 
fisjonen 
bli 
meldt 
til 
Foretaksregisteret forutsatt at betingelsene for 
gjennomføring er oppfylt. Gjennomføringen er 
anslått å ville finne sted rundt 23. august 2022.  
Following the expiry of the creditor notice period, 
the completion of the demerger will be filed with 
the Norwegian Register of Business Enterprises 
subject to satisfaction of the conditions for 
completion. The completion is expected to take 
place on or about 23 August 2022.  
På tidspunktet for registrering av gjennomføring 
av fisjonen i Foretaksregisteret vil aksjekapitalen 
i det Overdragende Selskap bli nedsatt, de 
utfisjonerte eiendeler, rettigheter og forpliktelser 
bli overført til det Overtakende Selskap, den 
nåværende aksjekapitalen i det Overtakende 
Selskap bli innløst, kapitalforhøyelsen i det 
Overtakende 
Selskap 
bli 
gjennomført 
og 
aksjonærene i det Overdragende Selskap motta 
vederlagsaksjer i det Overtakende Selskap. Det 
Overtakende Selskap vil deretter fusjoneres inn i 
Yara Clean Ammonia Holding AS og opphøre 
som et selvstendig rettssubjekt. 
At the time of registration of completion of the 
demerger in the Norwegian Register of Business 
Enterprises, the share capital of the Transferring 
Company will be reduced, the demerged assets, 
rights and liabilities will be transferred to the 
Acquiring Company, the current share capital of 
the Acquiring Company will be redeemed, the 
share capital increase in the Acquiring Company 
will be completed and the shareholders of the 
Transferring Company will receive consideration 
shares in the Acquiring Company. The Acquiring 
Company will then be merged with Yara Clean 
Ammonia Holding AS, and cease to exist as an 
independent legal entity. 
 
KONSEKVENSER FOR DE ANSATTE 
 
CONSEQUENCES FOR THE 
EMPLOYEES  
Det Overdragende Selskap har på tidspunktet for 
fisjonsplanen 611 ansatte. Av disse vil 23 ansatte 
overføres via Overtakende Selskap og deretter, 
gjennom den etterfølgende fusjonen, til Yara 
Clean Ammonia Holding AS. Rettighetene og 
pliktene til de ansatte som overføres vil overføres 
til det Overtakende Selskap og videre til Yara 
Clean Ammonia Holding AS i henhold til reglene 
i arbeidsmiljøloven kapittel 16. 
As of the time of the demerger plan, the 
Transferring Company has 611 employees. A 
total of 23 employees will be transferred to the 
Acquiring Company and then, through the 
subsequent merger, to Yara Clean Ammonia 
Holding AS. The rights and obligations of the 
transferred employees will be transferred to the 
Acquiring Company and on to Yara Clean 
Ammonia Holding AS in accordance with the 
provisions of chapter 16 of the Norwegian 
Working Environment Act. 
Intensjonen er at fisjonen ikke skal medføre 
særlige endringer i ansettelsesvilkårene for de 
ansatte i det Overdragende Selskap når deres 
ansettelsesforhold er overført til det Overtakende 
Selskap.  
The intention is that the demerger will not imply 
adverse changes to the terms and conditions for 
the employees in the Transferring Company 
when they are transferred to the Acquiring 
Company.  
Det Overtakende Selskap vil ikke ha ansatte før 
gjennomføringen av fisjonen. 
The Acquiring Company will not have any 
employees prior to completion of the demerger.

5 
 
 
 
Fisjonen forventes ikke å føre til vesentlige 
omlegginger 
av 
driften 
som 
vil 
medføre 
vesentlige endringer eller omdisponeringer for 
arbeidsstyrken i det Overdragende Selskap.   
The demerger is not expected to entail any 
material changes to the business resulting in 
material changes or rearrangements for the 
workforce in the Transferring Company.  
Det er gitt informasjon til og gjennomført 
drøftinger med tillitsvalgte i Yara-konsernet om 
reorganiseringen i Yara-konsernet, herunder om 
fisjonen, 
i 
overensstemmelse 
med 
arbeidsmiljølovens regler, annen lovgivning og 
gjeldende avtaler. Ansatte som skal overføres har 
videre mottatt informasjon om overføringen.  
The employee representatives in the Yara group 
have been informed and consulted about the 
reorganisation in the Yara group, including the 
demerger, in accordance with the Norwegian 
Working Environment Act, other legislation and 
applicable agreements. Relevant employees in 
the Transferring Company that will be transferred 
have also been informed about the transfer. 
Fisjonen 
vil 
ikke 
påvirke 
eksisterende 
ansatterepresentasjon 
i 
det 
Overdragende 
Selskaps 
styre 
eller 
styrene 
i 
dets 
datterselskaper. De overførte ansatte vil også 
etter fisjonen ha stemmerett og være valgbare til 
styret i det Overdragende Selskap i henhold til 
gjeldende konsernordning i det Overdragende 
Selskap. Det Overtakende Selskap vil drøfte 
eventuell 
ansatterepresentasjon 
i 
det 
Overtakende Selskap med de tillitsvalgte i Yara-
konsernet 
i 
overensstemmelse 
med 
arbeidsmiljølovens regler, annen lovgivning og 
gjeldende avtaler. 
The demerger will not affect existing employee 
representation in the Transferring Company's 
board of directors or the board of its subsidiaries. 
The transferred employees will continue to have 
voting rights and be eligible for election to the 
board of the Transferring Company's board of 
directors after the demerger in accordance with 
the applicable group scheme in the Transferring 
Company. The Acquiring Company will discuss 
any employee representation in the Acquiring 
Company with the employee representatives in 
the Yara group in accordance with the Norwegian 
Working Environment Act, other legislation and 
applicable agreements. 
Denne rapporten og fisjonsplanen vil bli gjort 
tilgjengelig for de ansatte i overensstemmelse 
med allmennaksjeloven § 14-4 (3) jf. 13-11 (2). 
De ansatte i det Overdragende Selskap har rett til 
å uttale seg om fisjonsplanen i henhold til reglene 
i allmennaksjeloven § 14-4 (3) jf.§ 13-11 (4). 
This report and the demerger plan will be made 
available to the employees in accordance with the 
section 14-4 (3), cf. section 13-11 (2) of the 
Norwegian Public Limited Liability Companies 
Act. The employees of the Transferring Company 
have the right to give a statement regarding the 
demerger plan in accordance with 14-4 (3), cf. 
section 13-11 (4) of the Norwegian Public Limited 
Liability Companies Act. 
 
SKATTEMESSIGE KONSEKVENSER 
 
TAX CONSEQUENCES 
Fisjonen er antatt å oppfylle vilkårene for 
skattemessig kontinuitet etter norsk rett. Dette 
innebærer at fisjonen ikke vil utløse beskatning i 
Norge for det Overdragende Selskap eller det 
Overtakende Selskap.  
The demerger is considered to fulfil the conditions 
for tax continuity pursuant to Norwegian law. This 
entails that the demerger will not trigger any 
taxation in Norway for the Transferring Company 
or the Acquiring Company. 
For norske aksjonærer i det Overdragende 
Selskap 
vil 
fisjonen 
således 
ikke 
utløse 
realisasjonsbeskatning. Inngangsverdien på den 
enkelte aksjonærs aksjer i det Overdragende 
Selskap vil bli fordelt på aksjene i det 
Overdragende Selskap og det Overtakende 
Selskap.  
For Norwegian shareholders in the Transferring 
Company, the demerger will thus not trigger any 
taxation of capital gains. The cost price of the 
shareholders' 
shares 
in 
the 
Transferring 
Company will be allocated on the shares in the 
Transferring 
Company 
and 
the 
Acquiring 
Company.

6 
 
 
 
Utenlandske aksjonærer må selv undersøke de 
skattemessige konsekvensene fisjonen vil ha i 
deres hjemland. 
Foreign 
shareholders 
must 
independently 
examine the tax effects of the demerger in their 
own jurisdictions. 
 
I tilfelle motstrid mellom den norske teksten og 
den engelske oversettelsen, skal den norske 
teksten gjelde. 
In case of any discrepancies between the 
Norwegian text and the English translation, the 
Norwegian text shall prevail. 
[signaturside følger] 
 
[signature page follows]

_____________________________ 
 
_____________________________ 
 
 
_____________________________ 
 
 
 
_____________________________ 
 
 
 
_____________________________ 
 
 
_____________________________ 
 
 
_____________________________ 
 
 
 
_____________________________ 
 
 
 
_____________________________ 
 
 
_____________________________ 

	
		
[Signature page for report on demerger of Yara International ASA with 
Yara Clean Ammonia NewCo AS as acquiring company - Signaturside for rapport for fisjon av Yara 
International ASA med Yara Clean Ammonia NewCo AS som overtakende selskap] 
Yara International ASA 
 
The board of directors of / Styret i 
Trond Berger 
Chairperson of the board 
Styreleder 
Jannicke Hilland   
Deputy chairperson 
Styrets nestleder 
Board member 
Styremedlem 
John Gabriel Thuestad 
Styremedlem 
Tove Feld 
Board member 
Håkon Reistad Fure 
Board member  
Styremedlem 
Birgitte Ringstad Vartdal 
Board member  
Styremedlem 
(ansattrepresentant) 
Rune Asle Bratteberg 
Board member  
Styremedlem 
(employee representative) 
(ansattrepresentant) 
Geir Olav Sundbø 
Board member  
Styremedlem 
(employee representative) 
Ragnhild Flesland Høimyr 
Board member  
Styremedlem 
 (ansattrepresentant) 
(employee representative) 
Eva Safrine Aspvik
Board member
Styremedlem
(ansattrepresentant)
(employee representative)

[Signature page for report on demerger of Yara International ASA with 
Yara Clean Ammonia NewCo AS as acquiring company - Signaturside for rapport for fisjon av Yara 
International ASA med Yara Clean Ammonia NewCo AS som overtakende selskap] 
  
The board of directors of / Styret i  
Yara Clean Ammonia NewCo AS 
 
 
 
_____________________________ 
Alvin Kristian Rosvoll 
Chairperson of the board 
Styreleder 
 
 
_____________________________ 
Kristine Elene Stray Ryssdal 
Board member  
Styremedlem 
 
 
 
_____________________________ 
Thor Samuel Giæver 
Board member  
Styremedlem  
 

	
		

Appendix M  Auditor's statement on coverage for restricted equity in the Transferring 
Company 
Vedlegg M  
Revisors uttalelse om dekning for bunden egenkapital i det Overdragende 
Selskap

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities 
(collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally 
separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and 
related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see 
www.deloitte.no to learn more. 
© Deloitte AS  
Registrert i Foretaksregisteret Medlemmer av Den 
norske Revisorforening 
Organisasjonsnummer: 980 211 282   
Deloitte AS 
Dronning Eufemias gate 14 
Postboks 221 Sentrum 
NO-0103 Oslo 
Norway 
Tel: +47 23 27 90 00 
www.deloitte.no 
To the General Meeting of Yara International ASA   
 
 
OPINION REGARDING COVERAGE FOR REMAINING NON-DISTRIBUTABLE EQUITY AFTER THE DEMERGER  
We have performed procedures to examine whether there is full cover for the remaining share capital and other 
non-distributable equity after the reduction in share capital in the demerger of Yara International ASA as at 2 June 
2022. 
The Board of Directors’ responsibility for the reduction 
The Board of Directors is responsible for ensuring that the reduction does not compromise the requirement for full 
cover for the company’s non-distributable equity according to the Public Limited Liability Companies Act Section 12-
2 refer 14-3 subsection three.  
Auditor’s responsibility 
Our responsibility is to express an opinion on this based on our procedures. 
We have performed our procedures and issue our opinion on basis of the Norwegian auditing standard NSAE 3802 
“The auditor’s assurance reports and statements required by Norwegian Company legislation1" issued by the 
Norwegian Institute of Public Accountants. The standard requires that we plan and perform procedures to obtain 
reasonable assurance that there is full cover for the remaining share capital and non-distributable equity after due 
consideration has been given to post balance sheet events and losses expected to occur. Our procedures include an 
examination of the calculations the Board of Directors is responsible for, and an assessment of whether due 
consideration has been given to post balance sheet events that may result in inadequate cover.  
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Opinion 
In our opinion there is cover for the remaining share capital and other non-distributable equity after the share capital 
reduction in the demerger of Yara International ASA of NOK 69,336,315.6694, from NOK 433,033,565.9000 to NOK 
363,697,250.2306.  
 
 
Oslo, 2 June 2022 
Deloitte AS 
 
 
 
Espen Johansen 
State Authorised Public Accountant 
 
Note: This translation from Norwegian has been prepared for information purposes only. 
 
 
 
 
1 Norwegian name of standard: SA 3802-1 Revisors uttalelser og redegjørelser etter aksjelovgivningen

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities 
(collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally 
separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and 
related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see 
www.deloitte.no to learn more. 
© Deloitte AS  
Registrert i Foretaksregisteret Medlemmer av Den 
norske Revisorforening 
Organisasjonsnummer: 980 211 282   
Deloitte AS 
Dronning Eufemias gate 14 
Postboks 221 Sentrum 
NO-0103 Oslo 
Norway 
Tel: +47 23 27 90 00 
www.deloitte.no 
Til generalforsamlingen i Yara International ASA 
 
 
BEKREFTELSE AV DEKNING FOR BUNDET EGENKAPITAL VED KAPITALNEDSETTELSE I FORBINDELSE MED FISJON 
Vi har kontrollert om det er dekning for den gjenværende aksjekapital og bundet egenkapital for øvrig i forbindelse 
med kapitalnedsettelse ved fisjon i Yara International ASA pr. 2. juni 2022. 
Styrets ansvar for kapitalnedsettelsen 
Styret er ansvarlig for at nedsettelsen ikke er større enn at det er full dekning for selskapets bundne egenkapital etter 
allmennaksjeloven § 12-2, jf. § 14-3 tredje ledd.  
Revisors oppgaver og plikter 
Vår oppgave er å uttale oss om det er full dekning for selskapets bundne egenkapital etter allmennaksjeloven § 12-2. 
Vi har utført vår kontroll og avgir vår uttalelse i samsvar med standard for attestasjonsoppdrag SA 3802-1 ”Revisors 
uttalelser og redegjørelser etter aksjelovgivningen”. Standarden krever at vi planlegger og utfører kontroller for å 
oppnå betryggende sikkerhet for at det er dekning for den gjenværende aksjekapital og bundet egenkapital for øvrig 
etter at det er tatt tilbørlig hensyn til hendelser etter balansedagen og tap som må forventes å inntreffe. Arbeidet 
omfatter kontroll av de beregninger som styret er ansvarlig for samt å kontrollere om det er tatt hensyn til hendelser 
etter balansedagen som kan medføre at det ikke lenger vil være dekning. 
Vi mener at innhentede bevis er tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. 
Konklusjon 
Etter vår mening er det etter kapitalnedsettelse ved fisjon i Yara International ASA med kr 69 336 315,6694, fra kr 
433 033 565,9000, til kr 363 697 250,2306, dekning for den gjenværende aksjekapital og bundet egenkapital for 
øvrig i samsvar med allmennaksjeloven. 
 
Oslo, 2. juni 2022 
Deloitte AS 
 
 
 
 
Espen Johansen 
statsautorisert revisor

Appendix N 
List of employees engaged in the YCA Business 
Vedlegg N 
Liste over Ansatte tilknyttet YCA Virksomheten

Appendix N – The Employees* 
Employee no. 
Position** 
1 
Director HR Clean Ammonia 
2 
Senior Manager Commercial Fleets, Operations and HESQ 
3 
Director Bunkering Market Development Scandinavia 
4 
Product Manager Clean Ammonia 
5 
Vice President 
6 
Project Director 
7 
Director Bunkering – Port Relationships & Regulations 
8 
Head of Clean Ammonia 
9 
Director Bunkering – Value Chain Partnerships 
10 
VP Special Projects 
11 
Project Director 
12 
SVP Upstream Projects & Technologies 
13 
VP Business Intelligence & Analysis 
14 
SVP Commercial 
15 
Finance Director 
16 
Ammonia Senior Technical Manager 
17 
CFO, Yara Clean Ammonia 
18 
Director Communications 
19 
Project Manager, Yara Clean Ammonia, Upstream Projects and Technologies
20 
Technology Manager, Water Electrolysis 
21 
SVP Product Management and Certification 
22 
Director, Industry and Market Leads 
23 
Chief Engineer 
 
*Employee no. matched with list of names not to be disclosed  
**New position in Yara Clean Ammonia