Yara International (YAR) Q4 2019 earnings summary
Event summary combining transcript, slides, and related documents.
Q4 2019 earnings summary
28 Oct, 2026Executive summary
2019 EBITDA rose 38% to USD 2,095 million; adjusted EBITDA excluding special items increased 42% to USD 2,165 million, driven by lower European gas costs, improved product mix and currency effects.
Net income attributable to shareholders reached USD 599 million, versus USD 159 million in 2018; ROIC improved to 6.6% from 3.8%, below the >10% through-cycle target.
Strategy centers on shifting from volume to value growth through operational excellence, scalable crop nutrition solutions and innovative growth.
Financial highlights
Revenue and other income was USD 12,936 million, down from USD 13,054 million in 2018; operating income rose to USD 989 million from USD 402 million.
EBITDA was USD 2,095 million versus USD 1,523 million; excluding special items, EBITDA was USD 2,165 million versus USD 1,525 million.
Net income attributable to shareholders was USD 599 million versus USD 159 million; basic EPS was USD 2.20 versus USD 0.58, and adjusted EPS excluding FX translation and special items was USD 3.09 versus USD 1.68.
Net cash from operating activities rose to USD 1,907 million from USD 756 million; net cash used in investing activities was USD 1,044 million versus USD 2,000 million.
Total deliveries fell 1.5% to 38 million tonnes, mainly due to lower volumes of low-margin blended fertilizers in Brazil.
Outlook and guidance
2020 investment intentions were ~USD 1.2 billion, including USD 600 million of committed growth and improvement investments and ~USD 200 million for production-plant productivity and efficiency projects.
Brazil projects include Salitre, scheduled for completion in H2 2021, and Rio Grande expansion and modernization, scheduled for completion by end-2020.
Targets include minimum USD 600 million of Yara Improvement Program EBITDA gains by 2023 versus 2018, and >10% lower GHG emission intensity by 2025 versus 2018.
Premium product deliveries are targeted to grow by 3.5 million tonnes and YaraVita sales to 100 million units by 2025; digital farming targets positive EBITDA in 2022.
Long-term target is ROIC above 10% through the cycle; the Board cited strict capital discipline for future growth initiatives.
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