Investor Relations

Share Buy-Back Program

Yara executes share buy-back programs as an integrated part of its shareholder policy. This is based on our belief that share buy-backs will contribute to a better reflection of underlying values in Yara’s share price, an improvement in earnings per share and an improved capital structure. The company has bought back shares in most years.

Share buy-back program 2008

The Annual General Meeting (AGM) held on May 8, 2008, authorized the year's buy-back program. The AGM authorized Yara to buy back up to 5 percent of Yara’s shares (14,578,767 shares) over a 12-month period.

The shares are purchased for later cancellation. Yara has renewed the agreement with the Norwegian State, according to which the State’s shares will be redeemed on a pro-rata basis to ensure that the State’s ownership stake remains unchanged when shares are cancelled.

Yara's purchases of own shares were disclosed to the Oslo Stock Exchange and details published in the table below.

Date Price No. of
shares
Accumulated share holdings
during this program
30 July 2008 365.73 100,000 100,000
01 Aug 2008 366.38 100,000 200,000
04 Aug 2008 349.04 130,000 330,000
05 Aug 2008 318.64 70,000 400,000
08 Aug 2008 331.12 80,000 480,000
11 Aug 2008 320.67 100,000 580,000
14 Aug 2008 313.49 80,000 660,000
15 Aug 2008 305.55 80,000 740,000
19 Aug 2008 310.48 80,000 820,000
22 Aug 2008 326.95 80,000 900,000
26 Aug 2008 320.29 100,000 1,000,000
21 Oct 2008 128.21 50,000 1,050,000
23 Oct 2008 116.70 50,000 1,100,000
28 Oct 2008 113.31 50,000 1,150,000
30 Oct 2008 134.41 50,000 1,200,000
03 Nov 2008 140.82 50,000 1,250,000
06 Nov 2008 139.83 50,000 1,300,000
10 Nov 2008 146.60 50,000 1,350,000
11 Nov 2008 138.88 50,000 1,400,000
14 Nov 2008 114.20 50,000 1,450,000
18 Nov 2008 111.02 50,000 1,500,000
19 Nov 2008 102.24 50,000 1,550,000
21 Nov 2008 94.88 50,000 1,600,000
25 Nov 2008 105.40 50,000 1,650,000
26 Nov 2008 107.65 50,000 1,700,000
02 Dec 2008  107.12 50,000 1,750,000

Share buy-back program 2007

Buy-back authorization was not utilized in 2007.


Share buy-back program 2006

The Annual General Meeting held May 11, 2006, authorized the year's buy-back program. The AGM authorized Yara to buy back up to 5 percent of Yara’s shares (15,148,972 shares) over a 12-month period.

Yara renewed the agreement with the Norwegian State according to which the State’s shares were to be redeemed on a pro-rata basis to ensure that the State’s ownership remained unchanged in the event repurchased shares are cancelled.

Purchases of own shares were disclosed at Oslo Stock Exchange and details published in the table below.


Date Price No. of
shares
Accumulated share holdings
during this program
30 May 2006 84.10 203,200 203,200
31 May 2006 82.78 187,000 390,200
18 July 2006 81.32 230,000 620,200
19 July 2006 86.13 360,000 980,200
20 July 2006 91.75 375,000 1,355,200
25 July 2006 92.01 315,000 1,670,200
26 July 2006 91.73 220,000 1,890,200
27 July 2006 92.57 243,000 2,133,200
01 Aug 2006 92.60 205,000 2,338,200
02 Aug 2006 93.00 270,000 2,608,200
04 Aug 2006 96.49 315,000 2,923,200
07 Aug 2006 94.96 315,000 3,238,200
08 Aug 2006 92.59 260,000 3,498,200
09 Aug 2006 91.94 275,000 3,773,200
14 Aug 2006 91.32 125,000 3,898,200
15 Aug 2006 91.10 190,000 4,088,200
17 Aug 2006 93.35 175,000 4,263,200
21 Aug 2006 93.98 175,000 4,438,200
22 Aug 2006 93.67 105,000 4,543,200
24 Aug 2006 93.46 122,700 4,665,900
29 Aug 2006 93.10 76,000 4,741,900
30 Aug 2006 93.87 154,000 4,895,900
31 Aug 2006 93.20 175.000 5,070,900
20 Oct 2006 106,91 455.000 5,525,900
24 Oct 2006 109.23 300,000 5,825,900
26 Oct 2006 112.81 315,000 6,140,900
27 Oct 2006 111.80  500,000 6,640,900
31 Oct 2006 114.70 475,000 7,115,900
01 Nov 2006 114.22 158,600 7,274,500

Share buy-back program 2005

At Yara’s General Meeting on May 19, 2005, the Board received authorization for a period of 12 months to buy 5 percent (15,736,867) of Yara shares in the open market and from the Norwegian State.

The purchases were to be made at such times and at such prices based on the discretion of the Board. However, the purchase price per share was not to be less than NOK 10 and nor greater than NOK 300. The shares were either to be used for cancellation or as payment in business transactions.

The company entered into an agreement with the Norwegian State to the effect that the State’s shares would be redeemed on a pro-rata basis so that the State’s ownership stake remained unchanged in the event of a cancellation of the shares bought back.

The authorization was valid from May 19, 2005 until May 18, 2006.

Purchases of own shares were disclosed to the Oslo Stock Exchange and details published in the table below.


Date Price No. of
shares
Accumulated share holdings
during this program
24 May 2005 92.88 270,000 270,000
25 May 2005 93.92 230,000 500,000
15 July 2005 100.10 250,000 750,000
18 July 2005 103.23 400,000 1,150,000
19 July 2005 104.56 125,000 1,275,000
21 July 2005 105.24 240,000 1,515,000
27 July 2005 106.49 130,000 1,645,000
28 July 2005 108.65 186,300 1,831,300
29 July 2005 109.78 49,500 1,880,800
12 Aug 2005 109.05 175,000 2,055,800
15 Aug 2005 107.75 175,000 2,230,800
16 Aug 2005 109.35 302,000 2,532,800
19 Aug 2005 107.02 255,000 2,787,800
23 Aug 2005 108.01 334,300 3,122,100
24 Aug 2005 108.22 58,700 3,180,800
21 Oct 2005 103.72 806,000 3,986,800
24 Oct 2005 105.09 300,000 4,286,800
25 Oct 2005 107.27 457,000 4,743,800
28 Oct 2005 101.93 375,000 5,118,800
01 Nov 2005 106.08 128,000 5,246,800
02 Nov 2005 105.11 200,000 5,446,800
03 Nov 2005 105.17 312,000 5,758,800
07 Nov 2005 107.99 141,000 5,899,800
09 Nov 2005 108.21 113,000 6,012,800
10 Nov 2005 108.79 292,000 6,304,800
14 Nov 2005 106.58 195,400 6,500,200
17 Feb 2006 102.07 225,000 6,725,200
20 Feb 2006 101.23 250,000 6,975,200
22 Feb 2006 99.33 110,000 7,085,200
23 Feb 2006 98.69 300,000 7,385,200
28 Feb 2006 103.08 115,000 7,500,200



Share buy-back program 2004

Yara completed the first phase of its share buy-back program, based on the authorization the Board of Directors received during Yara’s General Meeting held on June 16, 2004.

This meeting authorized Yara’s board to buy back up to 5 percent of total shares (15,972,130 shares) by Dec. 15, 2005. A precondition for the Yara board ahead of launching 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 (presently 36.21%) unchanged.

On Oct. 14, 2004, Yara and the Norwegian Government signed an agreement making it possible for Yara to execute the announced buy-back program without affecting the State's ownership in Yara. With such an agreement in place, Yara began buying back shares with the aim of cancelling the shares by way of a capital reduction.

As a part of this program, Yara purchased 3,001,400 own shares from the open market. In addition, Yara purchased 1,703,834 shares from the Norwegian Government as part of the agreement described above.

The shares bought back in the market were cancelled and the shares bought back from the Government were redeemed. The price paid for the shares previously owned by the Government was the same as the price paid for shares in the open market, with the addition of interest.

Yara after this phase had a total of 314,737,356 outstanding shares.

(table)

The table below lists shares purchased in the open market.

Period Price No. of
shares
Accumulated share holdings
19 Oct 2004 67.67 285,000 285,000
20 Oct 2004 66.22 350,000 635,000
21 Oct 2004 66.92 250,000 885,000
25 Oct 2004 67.61 200,000 1,085,000
26 Oct 2004 66.96 200,000 1,285,000
28 Oct 2004 67.09 200,000 1,485,000
02 Nov 2004 68.46 200,000 1,685,000
03 Nov 2004 70.17 180,000 1,865,000
04 Nov 2004 68.40 135,000 2,000,000
08 Nov 2004 68.84 116,400 2,116,400
09 Nov 2004 68.76 310,000 2,426,400
10 Nov 2004 69.91 300,000 2,726,400
22 Nov 2004 74.61 275,000 3,001,400
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