In 2013 Yara delivered continued strong earnings, with a cash return on gross investment of 12.6%. Production volumes and deliveries increased, while margins declined compared with 2012. Yara’s safety performance improved in 2013, but further improvements are needed.
Yara’s after-tax measure for return on capital, CROGI, was 12.6% for 2013, compared with a target of minimum 10% average over the business cycle, and down from 17.3% in 2012. Production volumes and deliveries increased, reflecting underlying growth, capacity expansions and acquisition growth. Margins declined compared with 2012 as global commodity fertilizer prices were lower, but premiums for value-added fertilizer products increased.
Significant progress was made during 2013 in terms of both developing and delivering on Yara’s strategic objectives, including taking profitable and sustainable growth actions.