In 2014 Yara delivered continued strong earnings driven by higher margins and increased deliveries compared with 2013. Yara’s safety performance improved also in 2014, although continuous focus and further improvements are needed to reach our ambition of zero accidents.
Yara’s after-tax measure for return on capital, CROGI, was 13.3% for 2014, up from 12.6% in 2013 and higher than the target of minimum 10% average over the business cycle. Yara’s margins improved significantly compared with 2013, primarily reflecting lower energy prices in Europe.
Deliveries of both fertilizer and industrial products increased reflecting both organic growth and the acquisitions of Bunge’s fertilizer business in Brazil in August 2013 and OFD Holding Inc. (OFD) in Colombia in October 2014.
Significant progress was made during 2014 in terms of delivering on Yara’s strategic objectives, including profitable and sustainable growth with the initiation of several new capacity expansions in existing sites, and the completion of two acquisitions in Latin America.