Yara’s results in 2009 declined from last year, following the unprecedented drop in fertilizer deliveries and prices after the financial turmoil from the second half of 2008. Yara mitigated the effects of the slow-down by reducing third-party purchases, curtailing production and reducing fixed costs. Financial flexibility was maintained by reducing working capital and securing more long-term financing. During 2009, Yara delivered on its growth ambitions with several important initiatives, like the establishment of a production joint venture in Libya and initiating further brown field expansion in Qatar.
Growth in grain demand remained robust through last year’s economic slow-down, and fertilizer demand picked up. The Board of Directors anticipates that long-term fundamentals for fertilizer demand will remain strong and considers Yara to be well-positioned to deliver in 2010 and beyond.