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"value": "Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry\u2019s only global crop nutrition company. Through our focus on clean ammonia production, we aim to enable the hydrogen economy, driving a green transition of shipping, fertilizer production, and other energy-intensive industries",
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"value": "Board conclusion In the opinion of the Board of Directors, the consolidated financial statements provide a true and fair view of the group\u2019s financial performance during 2022 and financial position on 31 December 2022. According to paragraph 3\u20133a of the Norwegian Accounting Act, we confirm that the consolidated financial statements and the financial statements of the parent company have been prepared based on the going concern assumption, and that it is appropriate to make that assumption",
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"value": "Yara publishes quarterly financial results according to its financial calendar, which is published annually on its web pages and to the Oslo Stock Exchange. Ahead of announcement of quarterly results, Yara has a \u201cclosed period\u201d when contact with external analysts, investors, and journalists is minimized. Yara will not comment upon own activities or market developments during this period, to minimize the risk of unequal information in the marketplace. The closed periods are from 1 April until the first-quarter results publication, from 1 July until the second-quarter results publication, and from 1 October until the third-quarter results publication, and from 16 January until the fourth-quarter results publication",
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"value": "Svein Tore Holsether (1972) POSITION President and Chief Executive Officer YEAR OF APPOINTMENT 2015 EMPLOYED 2015 EDUCATION Bachelor\u2019s degree, specializing in Finance & Management from the University of Utah, USA EXPERIENCE Mr. Holsether is passionate about promoting the Sustainable Development Goals in the global business arena. To contribute to a thriving future and drive inclusive growth, he is a member of the steering committee of the IMAGINE Food Collective, a World Economic Forum (WEF) nature champion, and a member of the Alliance of CEO Climate Leaders at the WEF. He was a member of the Executive Committee and the Chair of the Food & Nature program for the World Business Council for Sustainable Development (WBCSD), a Commissioner of the Business and Sustainable Development Commission (BSDC), and currently serves as Chair of the International Fertilizer Association (IFA). In 2021, he was elected President of NHO, the Confederation of Norwegian Enterprises. Previously, Mr. Holsether has held a range of executive and senior positions in large industrial companies. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 50,869 Thor Gi\u00e6ver (1972) POSITION EVP & Chief Financial Officer YEAR OF APPOINTMENT 2021 EMPLOYED 2004 EDUCATION Bachelor\u2019s (Hons) degree from the School of Management, University of Bath, UK EXPERIENCE Mr. Gi\u00e6ver has served as Executive Vice President and Chief Financial Officer since July 2021. He joined Yara in 2004 and has held several senior positions in the company. He was SVP Investor Relations from 2011 to 2021 and has previously held the positions of Acting CFO (2014-2015) and Head of Controlling & Risk Management (2009-2011). He also has earlier experience from a number of finance positions at Ford Motor Company (1996-2004). Gi\u00e6ver is a certified Diversity Manager in line with the requirements from Norsk Sertifisering AS. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 7,758 Lars R\u00f8s\u00e6g (1982) POSITION EVP, Corporate Development & Deputy CEO YEAR OF APPOINTMENT 2021 EMPLOYED 2017 EDUCATION Degree (\u201cSivil\u00f8konom\u201d) from the Norwegian School of Economics (NHH) EXPERIENCE Mr. R\u00f8s\u00e6g has served as Executive Vice President Corporate Development & Deputy CEO since July 2021. He previously held the position of EVP & Chief Financial Officer (2018-2021) and Vice President Global JVs & CEO Office (2017-2018). He has broad experience from senior finance and strategy positions at Sapa (2012-2017) and Orkla (2005-2012). R\u00f8s\u00e6g is a certified Diversity Manager in line with the requirements from Norsk Sertifisering AS. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 11,843 M\u00f3nica Andr\u00e9s Enr\u00edquez (1970) POSITION EVP, Europe YEAR OF APPOINTMENT 2021 EMPLOYED 1998 EDUCATION Master\u2019s degree in Business Administration from Instituto de Empresa Spanish Business School Degree in Agronomy Engineering from the Spanish Polytechnic University of Engineers (ETSIA) EXPERIENCE Ms. Andr\u00e9s Enr\u00edquez has served as Executive Vice President Europe since July 2021. She has previously held several posi- tions in the company. She was VP Farming Solutions Europe (2020-2021), Project Manager for Yara Europe Strategy, and SVP BU South Europe (2019-2020), SVP BU Asia (2017-2019), and Country manager for Spain and Portugal (2013-2016). Ms. Andr\u00e9s Enr\u00edquez was employed by Hydro in 1998 as a field agronomist. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 4,966 Solveig Hellebust (1967) POSITION EVP, People, Process and Digitalization YEAR OF APPOINTMENT 2022 EMPLOYED 2020 EDUCATION Ph.D. degree in Agricultural Trade from the Norwegian University of Life Sciences. Master\u2019s degree in Agricultural Economics from the University of Illinois at Urbana-Champaign, USA. Master of Management and Economics (\u201cSivil\u00f8konom\u201d) from BI Norwegian Business School EXPERIENCE Ms. Hellebust has served as Executive Vice President People, Process and Digitalization since July 2021. She joined Yara in December 2020 in the position of Senior Vice President and Chief HR Officer. For almost 11 years (2009-2019), Ms. Hellebust was Group Executive Vice President at DNB with 9 years as Group Executive Vice President HR, followed by the role of Group Executive Vice President People and Operations. She has also held various executive HR roles in Pronova BioPharma (2004-2009) and Telenor (2001-2004). Prior to her executive roles, Ms. Hellebust served three years as Associate Professor of Economics at BI Norwegian Business School. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 2,137 P\u00e5l Hestad (1971) POSITION EVP, Global Plants & Operational Excellence YEAR OF APPOINTMENT 2020 EMPLOYED 1995 EDUCATION Master\u2019s degree in Industrial Electrochemistry from the Norwegian University of Science and Technology (NTNU) EXPERIENCE Mr. Hestad has served as Executive Vice President Global Plants & Operational Excellence since June 2020. He has been a Yara employee since 1995. Mr. Hestad has held several posi- tions at Yara\u2019s Glomfjord plant (Process Engineer, Operations Engineer, Productivity Engineer, Production Manager, and Plant Manager), as well as the positions of Head of Productivity (2003-2004), Regional Plant Manager, Germany (2010- 2012), Regional Head of Production (2012-2018), and Senior Vice President Production, Northern Europe & Canada (2018- 2020). GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 11,204 Fernanda Lopes Larsen (1974) POSITION EVP, Africa & Asia YEAR OF APPOINTMENT 2020 EMPLOYED 2012 EDUCATION Master\u2019s degree in Civil Engineering from Graz University of Technology, Austria and a specialization in Corporate Innovation from Stanford University, USA EXPERIENCE Mrs. Lopes Larsen has served as Executive Vice President Africa & Asia since September 2020. She joined Yara in 2012 and has since held several senior positions, the most recent being Senior Vice President for Indirect Procurement (2016-2020). Prior to joining Yara, Mrs. Lopes Larsen held manufacturing and procurement positions in consumer goods and pharmaceutical companies Procter & Gamble and GlaxoSmithKline. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 6,224 Chrystel Monthean (1967) POSITION EVP, Americas YEAR OF APPOINTMENT 2020 EMPLOYED 1991 EDUCATION Post-graduate degree in agronomy engineering from Ecole National des Ing\u00e9nieurs de l\u2019Horticulture et du Paysage, France. Master\u2019s degree in International Business and Technology Transfer from Rouen Business School, France. EXPERIENCE Mrs. Monthean has served as Executive Vice President Americas since September 2020. She has been a Yara employee since 1991. Her previous positions in the company include EVP Africa & Asia (June 2020), Manager, BU Latin America (2018-2020), Value Chain Director (2013-2018), and Managing Director of Yara Vietnam (2007-2013). Prior to moving to Asia and Latin America, Mrs. Monthean held roles in various commercial functions and countries in Europe. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 6,892 Kristine Ryssdal (1960) POSITION EVP, HR & General Counsel YEAR OF APPOINTMENT 2020 EMPLOYED 2016 EDUCATION Master of Laws degree from the London School of Economics, UK. Law degree from the University of Oslo EXPERIENCE Ms. Ryssdal (born 1960) has served as Executive Vice President & General Counsel since July 2021. She previously held the position of EVP HR & General Counsel (2020-2021) and EVP General Counsel (2016-2020). Before joining Yara, Ms. Ryssdal held the position of Vice President Legal at Statoil (2012-2016). Prior to this, Ryssdal was Senior Vice President and Chief Legal Officer of Renewable Energy Corporation ASA 2008-2012, Senior Advisor Commercial & Legal Affairs at Norsk Hydro / Statoil Hydro 2006-2008, Legal Counsel at Norsk Hydro 1998-2006, and Attorney at the Attorney General\u2019s office 1987-1998. Sustainability is an integrated part of her leadership agenda as responsible for Ethics & Compliance in the Group Executive Board. Ryssdal is also a member of the Executive Board of the Central Bank of Norway, supervising amongst others responsible investments of the Norwegian Oil Fund. GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE 5 SHARES OWNED AT YEAR-END 2022 14,121",
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"value": "Yara\u2019s capital allocation policy is based on an overall objective to maintain a mid-investment grade credit rating, while at the same time providing investors with a potential for cyclical upside in dividends. Yara\u2019s targeted capital structure is a mid- to long-term net debt/EBITDA range of 1.5-2.0 and a net debt/equity ratio below 0.60. Subject to these requirements, Yara\u2019s ordinary dividend shall be 50% of net income. Shareholder returns are distributed primarily as cash, with share buybacks as a supplemental lever. Yara\u2019s robust global business model and high hurdle rate for new investments is generating strong cash flow, and this may lead to increased dividend capacity going forward. Yara expects to invest approximately USD 1.7 billion during 2023 based on its current committed maintenance and improvement plans and announced growth investments, of which 0.5 billion is phasing of investments from 2022. CapEx guidance is unchanged at max USD 1.2 billion annual average. However, this may be adjusted for ",
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"value": "Financial statements
Due to rounding differences, figures or percentages may not add up to the total.
Consolidated financial statements
137
Consolidated statement of income
138
Consolidated statement of comprehensive income
139
Consolidated statement of changes in equity
140
Consolidated statement of financial position
141
Consolidated statement of cash flows
143
Basis of preparation
144
Notes to the consolidated
financial statements
147
1 Key sources of estimation uncertainty,
judgments and assumptions
147
1.1 General
147
1.2 Key sources of estimation uncertainty and
assumptions
147
1.3 Critical judgments in applying accounting policies
148
1.4 Other key factors
148
2 Results for the year
151
2.1 Revenue from contracts with customers
151
2.2 Other income and commodity derivative gain/(loss)
155
2.3 Segment information
155
2.4 Raw materials, energy costs and freight expenses
162
2.5 Payroll and related costs
162
2.6 Other operating expenses
162
2.7 Financial income and expenses
163
2.8 Income taxes
164
3 Current assets
169
3.1 Inventories
169
3.2 Trade receivables
171
3.3 Prepaid expenses and other current assets
173
3.4 Cash and cash equivalents
173
4 Investments in non-current assets
174
4.1 Property, plant and equipment
174
4.2 Intangible assets
179
4.3 Associated companies and joint ventures
181
4.4 Joint operations
182
4.5 Leases
184
4.6 Other non-current assets
186
4.7 Impairment of non-current assets
188
4.8 Committed future investments
192
5 Equity and liabilities
193
5.1 Share information
193
5.2 Non-controlling interests
194
5.3 Interest-bearing debt
196
5.4 Pensions and other long-term employee
benefit obligations
198
5.5 Trade and other payables
204
5.6 Provisions and contingencies
204
5.7 Contractual obligations
207
5.8 Secured debt and guarantees
208
6 Financial risk
209
6.1 Financial risks
209
6.2 Hedge accounting
216
6.3 Financial instruments
219
7 Business initiatives
225
7.1 Business initiatives
225
7.2 Disposal of investments
225
8 Other disclosures
226
8.1 Related parties
226
8.2 Share based remuneration
227
8.3 External audit remuneration
227
8.4 Composition of the group
228
8.5 Post balance sheet date events
230
Financial statements for
Yara International ASA
232
Statement from the Board and the
CEO of Yara International ASA
259
Auditor\u2019s report
263
Reconciliation of alternative
performance measures in the Yara Group
268
137
Yara Integrated Report 2022
01 THIS IS YARA
02 YEAR IN REVIEW
03 FROM THE BOARDROOM
04 FINANCIAL STATEMENTS
Consolidated financial statements
Financial statements for
Yara International ASA
Statement from the Board and the
CEO of Yara International ASA
Auditor\u2019s report
Reconciliation of alternative
performance measures in
the Yara Group
Basis of preparation Corporate information Yara (the Group) consists of Yara International ASA and its subsidiaries. Yara International ASA is a public limited company incorporated in Norway. The Company\u2019s registered office is at Drammensveien 131, Oslo, Norway. The principal activities of the Group are described in note 2.3 Segment information, note 4.3 Associated companies and joint ventures, and note 4.4 Joint operations. These consolidated financial statements consist of the Group and the Group\u2019s interests in associated companies and jointly controlled entities. Information on the Group\u2019s structure is provided in note 8.4 Composition of the Group. Information on other related party relationships of the Group is provided in note 8.1 Related parties. Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Yara also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The consolidated financial statements have been prepared under the historical cost convention modified to include revaluation to fair value of equity instruments, derivative financial instruments, contingent consideration, disposal group held for sale and defined benefit plan assets. The consolidated financial statements are presented in US dollars (USD). All values are rounded to the nearest USD million, except when otherwise indicated. The functional currency of Yara International ASA is Norwegian kroner (NOK). Materiality judgments These financial statements aim to provide useful financial information which meet the common information needs of its primary users. Materiality judgments are necessary to meet this objective, and Yara has made such judgments related to recognition, measurement, presentation and disclosures. With reference to the complete set of financial statements, information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primary users based on the information provided. The materiality judgments are reassessed at each reporting date and updated based on changed facts and Yara specific circumstances. Yara\u2019s climate targets Yara announced the Group\u2019s climate targets on the company\u2019s ESG-seminar 7 December 2020. In brief Yara has set an intensity KPI of 10 percent reduction in CO 2 e per tonne N within 2025, a KPI on reduction of absolute emissions (scope 1 and 2) by 30 percent within 2030, and an ambition to be climate- neutral within 2050. Basis of consolidation The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group re-assesses if it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group. Profit or losses from transactions with associates and joint ventures are recognized in the Group\u2019s consolidated financial statements only to the extent of interest in the associate or joint venture that is not related to the Group. Changes in the Group\u2019s ownership in subsidiaries that do not result in the Group losing control, are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the Company. EU Directive 83/349 Yara GmbH & Co. KG with legal seat in D\u00fclmen/Germany, and its directly and indirectly owned subsidiaries, are included in the consolidated financial statements of Yara International ASA as defined by sec. 291 HGB (German commercial code). For the purpose of sec. 264b HGB, Yara GmbH & Co. KG makes use of the relief to not disclose any independent financial statements and notes. Foreign currency translation Transactions and balances Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognized by applying the exchange rate at the date of transaction. Monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Changes in value due to these foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group. Foreign currency translations on foreign currency borrowings that provide a hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments, are not recognized in the statement of income. Such foreign currency translations are recognized as a separate component of other comprehensive income, including tax charges and credits attributable to these borrowings and monetary items. When the net investment is disposed of they are recognized in the consolidated statement of income. Group companies When preparing the consolidated financial statements, all items in the individual financial statements are translated into USD using the exchange rates at period end for statement of financial position items and monthly average exchange rates for statement of income items. Gains and losses derived from this translation, including effects of exchange rate changes on transactions designated as hedges of net foreign investments, are included in other comprehensive income as a separate component. The translation difference derived from each foreign subsidiary, associated company or jointly controlled entity, is reversed through the statement of income as part of the gain or loss arising from disposal of such a foreign operation. Significant accounting policies Accounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements: Accounting Policies Revenue recognition 2.1 Dividends received 2.7 Interest income 2.7 Income Taxes 2.8 Inventories 3.1 Property, plant and equipment 4.1 Goodwill 4.2 Intangible assets other than goodwill 4.2 Research and development expenditures 4.2 Investments in associates and joint ventures 4.3 Investments in joint operations 4.4 Leases 4.5 Impairment of non-current assets 4.7 Own shares 5.1 Dividends paid 5.1 Employee benefit obligations 5.4 Provisions and contingencies 5.6 Hedge accounting 6.2 Financial Instruments 6.3 Fair value measurement 6.3 Disposal group held for sale 7.1 New and revised accounting standards and interpretations Adopted The Group has applied the following amendments to IFRS that are effective for accounting periods beginning on or after 1 January 2022: \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u201cday 2\u201d gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. \u2022 Amendments to IAS 16 \u2013 Proceeds before Intended Use The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment (PP&E), any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. \u2022 Amendments to IAS 37 \u2013 Costs of Fulfilling a Contract The amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss- making. The amendments are intended to provide clarity and help ensure consistent application of the standard. Not yet effective The below amendments to IFRS applicable to Yara have been issued but were not yet effective on the balance sheet date. Yara will implement the changes from their effective date, subject to endorsement by the EU. At the date of the Board approval of these financial statements, Yara has not identified significant impact to the consolidated financial statements as result of amendments effective for 2023. The impact of changes which are effective from 2024 and beyond are not yet assessed. \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies The amendments are effective for annual periods beginning on or after 1 January 2023. They provide guidance and examples to help entities apply materiality judgments to accounting policy disclosures. \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates The amendments are effective for annual periods beginning on or after 1 January 2023. They clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates IFRS 17 Insurance Contracts IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023 and replaces IFRS 4 Insurance contracts. It establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard. At the date of the Board approval of these consolidated financial statements, Yara has not identified a significant impact to the consolidated financial statements as result of implementation of IFRS 17. As a non-insurer, Yara does neither expect a significant impact in the future. With reference to the voluntary scope exceptions available within the Standard if certain conditions are met, Yara will apply IFRS 9 and IFRS 15 instead of IFRS 17 to the extent possible. \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments are effective for annual periods beginning on or after 1 January 2023. The main change is an exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24. Accordingly, this change narrows the scope of the initial recognition exemption which no longer will apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments are effective for annual periods beginning on or after 1 January 2024. They specify the requirements for classifying liabilities as current or non- current. 1 Key sources of estimation uncertainty, judgments and assumptions 1.1 General The preparation of consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and the use of Yara\u2019s accounting policies requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 1.2 Key sources of estimation uncertainty and assumptions Inventory Yara has significant carrying amounts related to inventory recognized in the consolidated statement of financial position. As some of Yara\u2019s products are traded in markets where there are limited observable market references available, estimates and assumptions are required in determining net realizable value. Management has used its best estimates in determining net realizable value for inventory. The carrying amount of inventory at 31 December 2022 is USD 4,365 million and write-down at year-end is USD 140 million. See note 3.1 Inventories for more information. Impairment of assets Property, plant and equipment Yara has significant carrying amounts related to property, plant and equipment recognized in the consolidated statement of financial position. The value in use of some of these assets could be influenced by changes in market conditions in the regions where Yara carries out its business. Significant and prolonged adverse market conditions related for example to increases in natural gas cost and/or lower market prices for products sold could lead to temporary or permanent closures of production facilities. Such closures will be considered as an impairment indicator and an impairment test will be carried out. The outcome of such impairment tests may be that significant impairment losses are recognized in the statement of income. A reduction in the expected useful life and/or residual value of the assets can also lead to periods with higher depreciation expense going forward. Yara has carried out impairment tests for certain production facilities during 2022, mainly due to uncertain or adverse economic conditions in local markets. No facilities have been closed during 2022. On the other hand, Yara adapted to market conditions by curtailing the Group\u2019s European production capacity of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. Total impairment recognized on property, plant and equipment in 2022 is USD 35 million. Impairments recognized in prior periods have been evaluated for reversals. No reversals have been recognized in 2022. The carrying amount of property, plant and equipment at 31 December 2022 is USD 6,970 million. See note 4.1 Property, plant and equipment and 4.7 Impairment of non-current assets for further details. Goodwill and other intangible assets Determining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash- generating units to which goodwill and other intangible assets have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying value of goodwill and other intangible assets at 31 December 2022 is USD 754 million and USD 112 million, respectively. Yara has not been recognized any impairment of goodwill or other intangible assets in 2022. Details of recognized goodwill are provided in note 4.2 and the impairment information, including sensitivity disclosures, is disclosed in note 4.7. Other intangible assets mainly comprise of software, customer relationships and patent and trademarks either identified as part of the purchase price allocation of new business combinations or internally developed. See note 4.2 Intangible assets and 4.7 Impairment of non-current assets for further details. Tax assets and liabilities Yara recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether these assets should be recognized, taking into consideration that stronger evidence for utilization is required for entities with a history of recent tax losses. The carrying amounts of deferred tax assets and deferred tax liabilities at 31 December 2022 are USD 449 million and USD 473 million, respectively. The amount of unrecognized deferred tax assets is USD 392 million, of which USD 213 million is related to unused tax losses in Brazil. Further information about deferred tax is provided in note 2.8. Yara\u2019s operations in Brazil also generate tax credits. Recognition of these assets is based on Management assumptions related to future operating results and timing of utilization. Yara has recognized USD 99 million of such tax credits which are classified as non-current assets. Unrecognized amounts of the same credits is USD 4 million which reflects the challenges of utilizing all credits through ordinary operations. Further information is provided in note 4.6. Yara is engaged in a number of legal and administrative proceedings related to disputed tax matters with uncertain outcome. Management is required to estimate the probability of cash outflow on a case-by-case basis. The estimated maximum exposure on tax contingencies is approximately USD 176 million of which USD 77 million is related to tax cases in Brazil. The estimated maximum exposure of USD 176 million excludes a separately disclosed case with the Dutch tax authorities. Further information is provided in note 5.6. Yara has operations in multiple countries, each with its own taxation regime. Management is required to make judgments, estimates and assumptions in relation to tax treatments. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets and liabilities. When assessing whether uncertainty over tax treatments exists, Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities. In case of uncertain tax treatments, Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty. Pension liabilities The fair value of pension liabilities is calculated based on several actuarial and economic assumptions. Any changes in the assumptions used would affect the estimated pension obligation. Changes in the discount rate have the most significant impact. The discount rate and other key assumptions are determined locally for each individual pension plan, based on the economic environment in which the plan is established. Assumptions are normally reviewed annually when the actuarial calculation is carried out, unless there are significant changes during the year. The carrying amount of the net pension and other long-term employee benefits liabilities at 31 December 2022 is USD 79 million. The gross pension and other long-term employee benefits liabilities have a carrying value of USD 1,632 million at the same date. Detailed information, including sensitivity disclosures, is provided in note 5.4 . 1.3 Critical judgments in applying accounting policies Classifications of joint arrangements Management has used judgment in relation to the classification of Yara Freeport LLC DBA Texas Ammonia and classified it as a joint operation. The unit constructed an ammonia plant in the US which opened in April 2018. The company is owned 68 percent by Yara but controlled jointly with the other owner. The company has been classified as a joint operation because the partners have equal number of board representatives and because relevant activities that significantly affect the return on the investment requires approval of representatives from both partners. The same judgment has been made for the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also on the basis of required consensus when making relevant decisions. See note 4.4 Joint operations for further details on joint operations. 1.4 Other key factors Climate change Yara faces significant risks and opportunities linked to of climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy development processes, and embedded in Yara\u2019s governance structure including the mandate of the Board Audit and Sustainability Committee. In December 2020 Yara announced a strategic shift towards climate-neutral solutions together with the Group\u2019s climate targets with an intensity KPI of 10 percent reduction in CO 2 e per tonne N within 2025, a KPI on reduction of absolute emissions (scope 1 and 2) by 30 percent within 2030, and an ambition to be climate-neutral within 2050. Yara is fully committed to reaching these goals and is working to embed climate risks and opportunities into all relevant key business processes such as business planning, business performance reviews and capital value processes. All targets are refined for annual periods, following the annual cycle of business planning and execution. In the short-term incentives structure for the Group Executive Board, planet-related indicators weigh 25 percent. Yara\u2019s core industrial processes are production of nitrogen fertilizers and industrial chemicals. Natural gas is the main energy source and feedstock to the processes. The two main emission sources are CO 2 from both the feedstock and energy parts of natural gas in the ammonia process, and N 2 O emissions from nitric acid production. To reduce GHG emissions Yara systematically assesses opportunities for improvements of these operations. The Group has set GHG reduction targets up to 2025 and 2030, and GHG reduction projects are expected to deliver decreases in future emissions. Other potential implications to Yara linked to climate change mainly relate to the following: \u2022 Current regulation Climate related policies and regulations develop unequally between markets which may impact the competitiveness of Yara\u2019s fertilizer production. \u2022 Emerging regulation, new technology, changing markets Climate change leads to societal processes which may present both risks and opportunities within market preferences, legislation and technology. \u2022 Reputation Yara\u2019s ability, real or perceived, to respond to national and regional climate policies and regulations can impact Yara\u2019s brand, reputation and relationship with current and future business partners, customers and consumers. \u2022 Physical effects of climate change (acute and chronic) Yara\u2019s industrial setup includes a flexible structure of own-produced and third-party sourced ammonia for production of fertilizer. Significant capacity is therefore located in coastal areas which can be subject to acute and chronic weather-related risks including extreme weather conditions and natura l disasters. This may lead to disturbances in operations and the supply chain. Extreme weather conditions may also lead to changes in farming patterns. Through 2021 and 2022, Yara analyzed risks and opportunities under different climate scenarios. The foundation for the exercise was three Representation Concentration Pathways (RCP\u2019s) from the Intergovernmental Panel on Climate Change (IPCC) fifth assessment: 1) the stringent mitigation scenario (RCP2.6), 2) an intermediate scenario (RCP4.5), and 3) the very high emissions scenario (RCP8.5). The scope of the analysis covered the whole value chain of Yara, including suppliers, logistics, own operations, and the agricultural and industrial markets. The outcomes were focused on impacts in 2030 and 2050, respectively. The TCFD categories of risks and opportunities were applied through the process. Transitional risks were defined as risks to Yara that arise from the transition to low-carbon and climate- resilient economies. Physical risks were defined as risks to the Group that arise from the physical effects of climate change. Yara considers the intermediate scenario to be most likely, followed by the stringent mitigation scenario, with the very high emissions scenario to be the least likely one. On this basis, the Group\u2019s current understanding of the main climate risks which may impact Yara\u2019s financial performance are the following: \u2022 Emerging European regulation This refers mainly to the implementation of carbon pricing mechanisms and regulations to reduce emissions from fertilizer, as well as responses to emerging climate regula- tion globally. \u2022 New competitors on ammonia This refers to a global risk of competition from new players establishing green ammonia production based on renewable energy. \u2022 Physical effects of climate change This mainly refers to physical climate risk as result of extreme weather, flooding and water scarcity for production. In a stringent mitigation scenario, transitional risk is considered to be higher, especially in terms of reputation and litigations. Physical effects of climate changes in this scenario are considered to be lower. By 2030, Yara\u2019s operations, suppliers and farmer customers will almost certainly be significantly impacted by climate change in terms of more extreme weather. In a high emissions scenario, this impact will be even higher and more frequent. Consequences will be more severe. Transitional risk in this scenario is, however, considered to be lower. As of year-end 2022, any current and future financial impact to Yara of climate risks and opportunities is highly uncertain. However, Yara will through 2023 work to further develop the Group\u2019s understanding of how risk exposure can develop under the different climate scenarios to confirm, quantify, and mitigate the identified risks. Among other things, Yara closely monitors the development of existing and emerging regulation and markets on a global basis. Yara has also initiated a second phase, in depth physical and transitional climate risk analysis which is expected to provide an even more granular and quantifiable understanding. The impact of climate change to these consolidated financial statements is based on Yara\u2019s current understanding based on the status of work done so far, and refers to the following: \u2022 Impairment of non-current assets and estimation of useful life The intermediate scenario (RCP4.5) is applied as basis for impairment-testing of non-current assets. However, specific risks in the other scenarios are considered if they are particularly relevant for the asset being tested. Emission reduction projects that have passed the final investment decision and reached the execution phase are included in future cash flow projections. Other, uncommitted projects are not included, but the terminal value is adjusted for higher capex if investments are likely to meet emission targets and/or new regulatory requirements. Due to emerging regulation in Europe, forecasted emission cost is one of the key assumptions in value- in-use calculation for plants in Europe. Yara has as of year-end 2022 not identified stranded assets or changes to useful life of significant assets. However, the initiated second phase of transitional and physical climate risk assessments of production assets may uncover conditions that are currently unknown. Yara may also make future, climate related, strategic decisions that potentially can change useful lives or trigger assets to become stranded. The Inflation Reduction Act (IRA) in the US, which was approved in 2022, is expected to create a decarbonization momentum and to make the US a highly attractive location for clean ammonia investments. The cost of producing blue ammonia in the US after the introduction of IRA will be significantly lower than in Europe, especially if Europe does not introduce additional incentives for its own industry. Given expected increased demand for blue ammonia in new seg- ments like shipping, power generation and as energy carrier, combined with low visibility of future incentive schemes in Europe, it is too early to predict how poten- tial new ammonia supply from the US may impact production assets in Europe. This recent development has therefore not been considered a separate indicator of impair- ment at year-end 2022. However, Yara will closely monitor the supply/demand balance and government incentives in Europe going forward. Yara\u2019s ammonia plants in Europe are mainly integrated with production of fertilizer and industrial products. Depending on the market fundamentals for ammonia in the future, it cannot be ruled out that a more liquid ammonia market with compet- itive supply from the US to Europe could lead to reduced useful life and/or impair- ments of production assets in Europe, in particular ammonia production assets. Importing ammonia to integrated produc- tion sites in Europe is technically possible and is already used as an optimization tool for some sites. However, the technical and business feasibility of increasing ammonia imports in future will vary from site to site. As of 31 December 2022, the carrying amount of Yara\u2019s ammonia production assets in Europe is USD 0.5 billion See note 4.7 Impairment of non-current assets and note 4.1 Property, plant and equipment for more information. \u2022 Government grants Yara was in 2021 awarded two grants by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. Yara has received a limited number of other less significant, climate related government grants. See note 4.1 Property, plant and equipment for more information. \u2022 Intangible assets - Emission rights in Europe Yara\u2019s European nitric acid and ammonia plants are covered by the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. EU ETS follows a \u201ccap- and-trade\u201d approach. This means that EU sets a cap on GHG emission each year, and companies need to hold an European Union Allowance (EUA) for every tonne of CO 2 they emit. Companies receive and/or buy these permits \u2013 and they can trade them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing plants. Future reduction of free allocations is expected as part of implementation of new, emerging European regulation. Yara receives free EUAs based on the Group\u2019s production of ammonia and nitric acid. These are used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. This has also been the situation historically. The surplus balance as of 31 December 2022 is significant and is currently held to cover an expected deficit in future years. EUAs received are initially recognized as intangible assets at nil value (nominal value) and Yara has not been engaged in external trading activities. As a result, Yara\u2019s emission rights under EU ETS have had no impact on the consolidated statement of income and financial position of the periods presented. A provision will be recognized once the level of emissions exceeds the level of allowances granted. \u2022 Environmental and decommissioning obligations See note 5.6 Provisions and contingencies for information on provisions as a result of environmental and decommissioning obligations. \u2022 Financial instruments In 2019, Yara signed a USD 1,100 million five-year multicurrency revolving credit facility (\u201cRCF\u201d) with a link to the Group\u2019s Carbon Intensity Target. The margin under the Facility will be adjusted based on Yara\u2019s progress to achieve a 10 percent reduction of GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by 2025, refer to Yara\u2019s climate targets. The credit facility is undrawn and has consequently had no material financial effect in 2022. In July 2022 the \u201cYara Green Financing Framework\u201d was launched. Yara has established this Framework as an overarching platform under which the Group intends to issue Green Financing Instruments where the proceeds will be exclusively allocated to finance and/or refinance Eligible Green Projects as defined in this Framework. It is aligned with market best practices outlined by the International Capital Market Association (\u201cICMA\u201d) 2021 Green Bond Principles and the Loan Market Association (\u201cLMA\u201d) 2021 Green Loan Principles. It includes components as use of proceeds, process for project evaluation and selection, management of proceeds, and reporting. The Framework is available at Yara\u2019s website. In November 2022, Yara announced an offering of USD 600 million 7.378 percent Green Notes due 2032. In accordance with Yara Green Financing Framework, an amount equivalent to the net proceeds from this offering is intended to be allo- cated to finance, or refinance, in whole or in part, new or existing green investments or assets. See note 5.3 Interest-bearing debt for more information on interest-bearing debt. Price volatility and the war in Ukraine Import restrictions, as well as several rounds of new sanctions, have been presented by the EU, UK, US and other countries following Russia\u2019s invasion of Ukraine. This has restricted, and will likely continue to restrict, trade with Russian and Belarusian counterparties, both due to sanctions imposed on entities and individuals, and due to banking and logistical challenges. Yara has historically sourced phosphate, potash and ammonia from Russia, in addition to significant volumes of natural gas for its production in Europe. Yara has stopped all sourcing from suppliers which are prohibited by sanctions in certain jurisdictions, and is utilizing its global sourcing, production and distribution capabilities with the objective to keep supplying customers and secure continuity in food supply chains. To cater for the reduced volumes of ammonia from Russian producers, Yara has replaced these volumes by sourcing ammonia from other producers, including producers in the Middle East, North Africa, North America and the Caribbean. In 2022 Yara adapted to market conditions by curtailing the Group\u2019s European production of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. For phosphates and potash Yara has increased sourcing from existing suppliers outside Russia/Belarus and entered into contracts with new suppliers, which has secured supplies to our production system for 2022. There has been no material impact on Yara\u2019s production volumes so far due to lack of raw materials. There can be no assurance, however, that Yara will be able to continue to do so in the future, and as a result there could be a reduction in volumes sourced by Yara. Accounts payables to companies linked to Russian sanctioned individuals amount to USD 221 million as of 31 December 2022. The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the statement of financial position. All were overdue as of 31 December 2022. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain. Yara, together with its advisors, are constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulation and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is some uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may differ from Yara\u2019s conclusions, and Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals, see note 5.6 Provisions and contingencies. While raw material price increases in isolation are negative for Yara, higher end-product prices create offsetting positive effects, as higher grain prices improve farmers\u2019 profitability and demand incentives for agricultural input. Covid-19 Yara has not experienced any major disruptions to its operations or experienced significant financial effects due to Covid-19. 2 Results for the year 2.1 Revenue from contracts with customers Overview and accounting policies A description of the nature of external rev- enues in the Yara Group can be found in note 2.3 Segment information. Under IFRS 15, Yara recognizes as revenue the agreed transaction price in a contract with a customer at the time when the Group transfers the control of a distinct product or service to the customer. The nature of Yara\u2019s revenue recognition is categorized as follows: \u2022 Sale of fertilizer and chemical products Yara sells fertilizer and chemical products to customers worldwide. Ordinary purchase orders are normally the contracts with the customer which create enforceable rights and obligations. Revenue is recognized when control of the products is transferred to the customer. This is normally determined by the incoterm used in the sales transac- tions. The use of incoterms varies between regions, markets and customers, but prod- ucts are typically sold ex-warehouse. Contracts with larger customers often include sales incentives leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have pro- spective or retrospective effect. Volume discounts with retrospective effect are systematically accrued and recognized as reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations. Products are normally sold with standard warranties which provide protection to the customers that the product have the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds. The majority of sales in the Group have credit terms of less than 90 days. Normally customer contracts do not include a signifi- cant financing component. Yara does not have significant incremental costs of obtaining or fulfilling contracts with customers which the Group expects to recover. \u2022 Freight/insurance services Yara arranges delivery to the customer\u2019s location using different incoterms. When the Group uses incoterms which transfer the responsibility for the goods to the cus- tomer before the freight/insurance service s delivered (C-incoterms), Yara normally considers the freight/insurance service to be a distinct service which shall be accounted for as a separate performance obligation. This means that Yara allocates consideration to these freight/insurance services based on known or estimated standalone selling prices, and recognizes the corresponding revenue over time to the extent the freight/insurance service is performed. However, the timing effects are limited since the majority of deliveries to the customer\u2019s location are done within days. Shipping and handling activities that occur before customers take control of the goods are considered to be part of fulfilling the sale of the goods. \u2022 Other products and services Other products and services include a number of different offerings including equipment and services to store or handle product, and technology offerings, such as environmental solutions. Revenues from sale of equipment are recognized upon delivery to the customer. Revenues from sale of services are recognized over time as the service is performed. Revenues from environmental solutions technology offer- ings are recognized over time using the percentage of completion method if they meet the criteria for over time recognition in IFRS 15. The percentage of completion method is an input method (based on costs incurred) and provides a faithful depiction of the transfer of these offerings since it is reasonably possible to estimate the stages of project completion on an ongoing basis. Offerings which represent multiple element arrangements are analyzed to identify distinct goods or services that shall be accounted for as separate performance obligations. \u2022 Urea sales in India Yara\u2019s India business manufactures and sells urea to dealers who sell to retailers who in turn sell to farmers. Yara sells urea under a pricing scheme policy (as applicable from time to time) issued by the Government of India (GoI). This policy aims to promote balanced nutrient appli- cation and sustained agricultural growth by making urea available to farmers across India at affordable prices on a timely basis. The price at which Yara can sell urea to registered dealers under the pricing scheme policy (as applicable from time to time) is regulated, verified and determined by GoI. The price is generally less than the cost of production. GoI provides a compensation based on a predefined method considering the sales price set by GoI to be charged to registered dealers, the cost for natural gas, other variable cost (including cost of bags and freight) and fixed cost. Control of goods transfers at the time the registered dealer receives the goods. The consideration received is based on the dealer\u2019s receipt of goods and constitutes of the fixed sales price to be paid by the registered dealer and the estimated com- pensation to be paid by GoI. As Yara has the inventory risk and controls the goods until they are delivered to the registered dealers, the compensation from GoI is presented as revenue in the consolidated statement of income. Disaggregation of external revenues by nature USD millions Fertilizer and chemical products Freight/ insurance services Other products and services Total 2022 Europe 5,547 122 60 5,729 Americas 8,292 171 28 8,492 Africa & Asia 3,126 57 5 3,188 Global Plants & Operational Excellence 28 \u2013 49 77 Clean Ammonia 1,875 64 7 1,946 Industrial Solutions 4,167 189 59 4,415 Other and Eliminations 4 \u2013 51 55 Total 23,039 604 258 23,902 2021 Restated 1) Europe 3,732 103 50 3,885 Americas 6,410 168 9 6,587 Africa & Asia 2,330 49 5 2,384 Global Plants & Operational Excellence 16 \u2013 35 51 Clean Ammonia 1,093 62 7 1,162 Industrial Solutions 2,290 144 47 2,481 Other and Eliminations 4 \u2013 62 67 Total 15,876 526 215 16,617 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations Disaggregation of external revenues by product group USD millions 2022 2021 Ammonia 2,756 1,618 Urea 5,434 3,794 Nitrate 4,200 2,500 NPK 7,010 5,210 CN 1,037 704 UAN 630 392 SSP 117 101 DAP/MAP 272 284 MOP/SOP 753 590 Other fertilizer and chemical products 1,436 1,206 Other products and services 258 215 Total revenues 23,902 16,617 Yara serves a large number of customers. No revenues from transactions with any single customer amount to ten percent or more of Yara\u2019s total revenues. Disaggregation of external revenues by geographical area 1) USD millions Europe Brazil Latin America ex. Brazil North America Asia Africa Total 2022 Europe 5,589 5 22 16 16 81 5,729 Americas 2 4,910 1,607 1,972 \u2013 \u2013 8,492 Africa & Asia \u2013 \u2013 \u2013 \u2013 2,155 1,033 3,188 Global Plants & Operational Excellence 76 \u2013 \u2013 \u2013 \u2013 \u2013 77 Clean Ammonia \u2013 391 42 818 696 \u2013 1,946 Industrial Solutions 2,732 815 253 164 122 329 4,415 Other and Eliminations 30 \u2013 \u2013 3 21 \u2013 55 Total 8,431 6,120 1,924 2,974 3,009 1,443 23,902 2021 Restated 2) Europe 3,755 \u2013 16 1 61 52 3,885 Americas \u2013 3,821 1,262 1,504 \u2013 \u2013 6,587 Africa & Asia \u2013 \u2013 \u2013 \u2013 1,651 733 2,384 Global Plants & Operational Excellence 47 \u2013 4 \u2013 \u2013 \u2013 51 Clean Ammonia 6 186 44 453 472 \u2013 1,162 Industrial Solutions 1,397 546 141 121 87 188 2,481 Other and Eliminations 41 \u2013 \u2013 1 24 \u2013 67 Total 5,247 4,553 1,467 2,080 2,295 973 16,617 1) Figures are based on customer location. 2) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations. Revenues from external customers of an amount of USD 457 million (2021: USD 291 million) are attributed to Norway (Yara\u2019s country of domicile) . Customer contract balances and unsatisfied performance obligations The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and prepayments and deposits from customers (contract liabilities). Information on billed trade receivables can be found in note 3.2 Trade receivables. Unbilled receivables (contract assets) are limited and refer mainly to environmental solutions technology offerings with revenue recognition over time in accordance with the percentage of completion method. For such offerings, billing generally occurs upon achievement of contractual milestones subsequent to revenue recognition. Contract assets are transferred to receivables when Yara has an unconditional right to consideration. Prepayments and deposits from customers (contract liabilities) mainly refer to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods. To a limited extent contract liabilities also refer to up-front payments on environmental solutions technology offerings. Unsatisfied performance obligations refer mainly to environmental solutions deliveries. For other deliveries, unsatisfied performance obligations which are part of contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied performance obligations are not disclosed when Yara\u2019s right to consideration corresponds directly with the value to the customer of Yara\u2019s performance completed to date. USD millions 2022 2021 Contract assets Balance at 1 January 4 26 Transferred to receivables in the period (2) (22) Increase due to measure of progress in the period 4 1 Currency translation effect \u2013 (1) Balance at 31 December 5 4 Contract liabilities Balance at 1 January 634 372 Share of opening balance recognized as revenue in the period (619) (354) Cash received not recognized as revenue in the period 1) 606 616 Currency translation effect (2) (1) Balance at 31 December 620 634 Unsatisfied performance obligations Initial contract price on signed contracts 169 149 Aggregate contract revenue incurred to date 2) (115) (106) Transaction price allocated to unsatisfied performance obligations 53 44 Unsatisfied performance obligations to be recognized within 1 year 48 9 2-3 years 5 34 Transaction price allocated to unsatisfied performance obligations 53 44 1) Presented net of amounts created and released within the same reporting period. 2) Based on the percentage of completion method 2.2 Other income and commodity derivative gain/(loss) Accounting policies A white certificate is an instrument issued by an authorized body guaranteeing that a specified amount of energy savings has been achieved. Yara receives such instruments from voluntarily participating in the white certificate scheme in Italy. The white certificates under this scheme are tradable and Yara sells these instruments to energy producers in the scheme on an ongoing basis. Yara recognizes the white certificates received at zero cost and recognizes a gain equal to the selling price once they are sold. Compensation from insurance companies is recognized in profit and loss when it becomes a receivable. The compensation is considered a receivable when it is \u201cvirtually certain\u201d that it will be received. Commodity-based derivatives gain/(loss) relates to changes in fair value of embedded derivatives in commodity contracts linked to gas and ammonia prices. Refer to note 6.3 Financial instruments for more information. Specification USD millions Notes 2022 2021 Other income and commodity derivative gain/(loss) Sale of white certificates 5 13 Insurance and other compensations 33 14 Supplier settlement \u2013 37 Commodity-based derivatives gain/(loss) 6.3 94 (90) Gain on sale of non-current assets 4 \u2013 Other 14 16 Total 150 (9) 2.3 Segment information Yara\u2019s operations comprise of the following operating segments as of year-end 2022: Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions The regional segments operate in a fully integrated setup, comprising production, supply chain and commercial operations, producing and delivering existing Yara solutions in addition to commercializing and selling new offerings. The operating segments presented are the key components of Yara\u2019s business as of year-end 2022 which have been assessed, monitored and managed on a regular basis by Yara\u2019s Chief Executive Officer (CEO) as the Chief Operating Decision Maker. Europe Yara Europe comprises sales, marketing and production within Europe. Yara Europe markets crop nutrition solutions to farmers and collaborates with the food value chain, offering crop nutrition products, advice and climate smart services and solutions. The product portfolio is comprehensive, ranging from standard nitrogen-based fertilizer to specialty products and organic fertilizers. The largest product categories sold within nitrogen-based fertilizer are nitrates and compound fertilizer (NPK). Product sales are today mainly made spot to distributors based on ordinary purchase orders and underlying frame agreements. Products are sold to a variety of customers covering wholesale, co-operatives, retail and, to a lesser extent, direct to farmers. The types of customers and products sold differ between regional markets and the off take of product varies throughout the fertilizer seasons in the different markets. Yara Europe also exports some products to other regions within the Group, based on arm\u2019s length transfer pricing. Yara Europe has nine fertilizer plants, two high value product plants and two organic fertilizer plants, a phosphate mine and a potassium sulfate/feed phosphate plant across Europe. The plants have different product portfolios and are located to serve both domestic and export markets. In addition, the region supplies customers through more than 100 terminals and warehouses (owned and leased) and has a presence in around 30 European countries. The majority of products sold are produced at own sites in the region. Operating results are driven by integrated business value creation from plant to market. The margin between realized finished fertilizer prices and raw material input prices is partly driven by Yara\u2019s ability to differentiate its offerings and partly by the price developments for commodity fertilizer (urea, UAN), natural gas and ammonia. Yara also creates value through operational efficiency at its production plants, competitive sourcing of raw materials for production and optimal resource allocation across its business model. Operating results are also impacted by currency movements as margins are typically US dollar exposed while fixed costs have a significant local currency component (mainly Euro). Americas Yara Americas comprises sales, marketing and production within the regional business units of North America, Latin America and Brazil. The segment markets a comprehensive offering of crop nutrition solutions and services including a broad product portfolio comprising nitrogen- based fertilizer and compound fertilizer (NPK). The region also sells phosphate and potash- based fertilizers which, to a large extent, are sourced from third parties. Product sales are today mainly made spot to distributors based on ordinary purchase orders and underlying frame agreements, but to an increasing extent the products are also sold directly to farmers and co-operatives. The composition of customer groups and products sold differs between local and regional markets, and the off take of product varies with the fertilizer seasons in the different markets. Product sales are mainly sourced from the operating segment Global Plants & Operational Excellence based on arm\u2019s length transfer pricing and from the segment\u2019s own production facilities in Canada, the US, Trinidad, Colombia and Brazil. The North America business unit operates a fully owned plant in Belle Plaine, Canada and also participates in the joint operations Trinidad Nitrogen Company Ltd. in Trinidad and Yara Freeport LLC DBA Texas Ammonia in the US (Yara consolidates its share of assets, liabilities, revenues and costs for joint operations). A smaller portion of the urea and urea ammonium nitrate (UAN) sales are sourced from third-party producers. In addition to crop nutrition solutions, North America markets industrial application solutions such as wastewater treatment and additives for the construction industry and oil field services. The Latin America business unit covers all Spanish-speaking markets in the Americas, from Mexico in the North to Argentina in the South. In Colombia Yara owns a production facility in Cartagena which mainly serves the local Colombian market with compound fertilizer (NPK) and calcium nitrate (CN) products. The Cartagena facility also produces soluble ammonium nitrate to supply local customers and from time to time also exports some smaller ammonia volumes. The Brazil business unit operates more than 20 blending units and distribution sites with a geographic spread to supply Brazil\u2019s main agricultural markets. It also includes the fully owned production plants at Rio Grande, Ponta Grossa, Cubat\u00e3o and Sumar\u00e9. Operating results in Yara Americas are largely driven by Yara\u2019s ability to commercialize crop nutrition solutions based on European produced premium fertilizers at value- added margins, as well as the marketing of own-produced products in the region. Other key value drivers are reliability and operational efficiency at the production plants, competitive sourcing of raw materials for production (including natural gas), and efficient blending of third-party sourced raw materials. Operating results are also impacted by currency movements, as margins are typically US dollar exposed while fixed costs have a significant local currency component. Africa & Asia Yara Africa & Asia comprises sales, marketing, distribution and production of fertilizers and industrial products across the Asia-Pacific, Africa and Oceania regions. The segment markets a comprehensive offering of crop nutrition solutions and services including a broad product portfolio comprising nitrogen-based fertilizer and compound fertilizers (NPK) designed for soil application. This portfolio is complemented by foliar and soluble products, serving a different range of crop application. A significant part of the products marketed are sourced from Yara production plants, both inside and outside the Africa & Asia region. Most of the customers in the region are smallholder farmers. Yara reaches these customers through distributors, retailers and co-operatives based on different commercial agreements. The region also includes more mature agricultural markets such as South Africa, Australia and New Zealand where Yara often sells directly to professional large-scale crop farmers. The type of customers and product portfolio sold differs greatly between the different markets. The region has offices and operational units in more than 20 countries, with most significant business operations in China, India, Thailand, South Africa and Australia. As a complementary part to the crop nutrition distribution business, the fertilizer production comprises of one production facility in Australia producing Ammonia and Technical Ammonium Nitrate (TAN) and one production facility at Babrala in India producing ammonia and urea. The ammonia produced in Australia is commercialized by Yara\u2019s ammonia sales and logistics activity within the operating segment Clean Ammonia, while the technical ammonium nitrate (TAN) is commercialized by the operating segment Industrial Solutions in the Australian mining market. The production facility producing technical ammonium nitrate (TAN) is a joint operation (Yara Pilbara Nitrates Pty Ltd.) in which Yara consolidates its ownership share of 50 percent of assets, liabilities, revenues and costs. The ammonia produced at Babrala is used for the production of urea at the same plant. The urea produced at the plant is sold under a subsidized government scheme in India, for more information see note 2.1 Revenue from contracts with customers. Operating results are highly influenced by Yara\u2019s ability to commercialize the differentiated nitrate-based fertilizer portfolio and the upgrading margins in the production facilities driven by the price levels of ammonia/urea and competitive gas supply. Operating results can also be influenced by movements in currency rates. Global Plants & Operational Excellence The Global Plants & Operational Excellence segment operates Yara\u2019s largest, and export oriented, production plants in Porsgrunn (Norway) and in Sluiskil (the Netherlands) and has a key role in driving operational improvements, competence development and technical project execution across Yara\u2019s production system. In addition, the segment includes the global planning and optimization function, the product management function, the direct procurement functions, and the corporate Health, Environment, Safety and Quality (HESQ) function The majority of sales in the segment are
group internal sales of finished fertilizers
transferred at internal prices based on the
arm\u2019s length principle.
The Global Plants & Operational Excellence
segment\u2019s operating results are highly
influenced by volume output and margin
development for fertilizer commodities. The
margins are primarily driven by the difference
in price levels for urea, diammonium
phosphate fertilizer (DAP) and potash-based
fertilizer, and the price level of the key input
factors energy, phosphate rock and potash.
Operating results can also be influenced by
movements in currency rates.
Clean Ammonia
The Clean Ammonia segment contains
Yara\u2019s ammonia sales and logistics activity
that plays a vital role in Yara\u2019s production
system as it allocates excess volume from
producer plants and delivers to consumer
plants in a timely manner in order to ensure
high production capacity utilization. Besides
significant intra-group purchases and sales,
Yara Clean Ammonia purchases ammonia
from third parties predominantly to supply its
European production region. It also generates
significant external sales by selling ammonia
to large customers in the fertilizer and
chemical industries, mainly in the Americas
and Asia regions. It also provides optimized
shipping solutions that fit Yara\u2019s storage and
port capacity, which includes a fleet of owned
and time-chartered vessels.
The segment was established to capture
growth opportunities within carbon-free food
solutions, shipping fuel, power and other
clean ammonia applications, leveraging Yara\u2019s
unique existing position within ammonia
production, trade and shipping. The segment
is currently evaluating several new green and
blue ammonia projects with the aim to serve
growing markets for clean ammonia and add
scale to the existing business.
Industrial Solutions
Yara Industrial Solutions mainly provides
nitrogen-based solutions and services across a
wide range of industries including automotive,
construction, waste handling and circular
economy, shipping, chemicals, mining and
animal feed. There is a strong environmental
focus to Yara Industrial Solutions and a large
portion of revenue is derived from AdBlue, a
urea-based reagent used by diesel vehicles
to reduce nitrogen oxide emissions. The
segment also offers NO
X
abatement solutions
for industrial plants and transport at both land
and sea. In addition, Yara Industrial Solutions
is continuously working to develop product
and service offerings in high growth markets
as well as additional green and sustainable
opportunities globally.
Yara Industrial Solutions performs its
activities through four commercial units:
Transport Reagents, Mining Applications,
Base Chemicals and Industrial Nitrates.
These commercial units are backed by
six dedicated production plants across
Europe, Latin America, Asia and Africa.
In addition, the segment has arm\u2019s length
commercial agreements with the rest of
Yara\u2019s global production plant network and
external suppliers. Through direct sales and
distributors, Yara Industrial Solutions is able
to provide its customers with high quality,
reliable products and services backed by deep
local knowledge combined with global best
practice expertise.
The customer contracts are to a large extent
medium to long-term contracts; however,
products are also sold spot based on ordinary
purchase orders. In some markets the
segment delivers equipment and services to
store or handle products.
Operating results are exposed to fluctuations
in commodity prices and general economic
activity. However, Yara Industrial Solutions\u2019
integrated position coupled with its diversified
exposure in terms of product, underlying
industry and global location has allowed Yara
Industrial Solutions to mitigate these effects
to a great extent.
Other and Eliminations
Other and eliminations comprises of cross-
segment eliminations which to a large extent
refer to elimination of internal profit on
inventory. In addition, it comprises corporate
costs which are not allocated to operating
segments. Fluctuations in EBITDA refer to
volumes in stock and internal margins on
these volumes based on the arms length\u2019s
principle. Increase in EBITDA in Other and
eliminations refers to lower volumes in stock
and vice versa. An increase in EBITDA may
also be explained by lower internal margins
on volumes in stock. In both situations the
internal eliminations will be less significant.
Yara Marine Technology activities have been
moved from Industrial Solutions to Other and
Eliminations from 2022. The comparative
segment figures for 2021 have been restated
accordingly. The Yara Group figures are
unchanged.
Consolidated statement of income USD millions, except percentages 2022 2021 Restated 1) External revenue from contract with customers Europe 5,729 3,885 Americas 8,492 6,587 Africa & Asia 3,188 2,384 Global Plants & Operational Excellence 77 51 Clean Ammonia 1,946 1,162 Industrial Solutions 4,415 2,481 Other and Eliminations 55 67 Total 23,902 16,617 Internal revenue Europe 1,390 936 Americas 1,240 628 Africa & Asia 976 847 Global Plants & Operational Excellence 4,277 2,771 Clean Ammonia 2,481 1,155 Industrial Solutions 517 270 Other and Eliminations (10,883) (6,607) Total \u2013 \u2013 USD millions, except percentages 2022 2021 Restated 1) Total revenue Europe 7,119 4,822 Americas 9,732 7,215 Africa & Asia 4,165 3,231 Global Plants & Operational Excellence 4,354 2,822 Clean Ammonia 4,428 2,317 Industrial Solutions 4,932 2,751 Other and Eliminations (10,828) (6,540) Total 23,902 16,617 Operating income 2) Europe 953 394 Americas 1,486 303 Africa & Asia 550 92 Global Plants & Operational Excellence 206 125 Clean Ammonia 197 93 Industrial Solutions 509 170 Other and Eliminations (74) (109) Total 3,827 1,068 USD millions, except percentages 2022 2021 Restated 1) EBITDA 2) Europe 1,226 664 Americas 1,852 991 Africa & Asia 659 248 Global Plants & Operational Excellence 396 570 Clean Ammonia 249 131 Industrial Solutions 642 288 Other and Eliminations (65) (88) Total 4,959 2,804 ROIC (12-month rolling average) 2) Yara 3) 25.7% 7.9% Europe 24.7% 12.2% Americas 28.1% 7.3% Africa & Asia 20.5% 3.9% Global Plants & Operational Excellence 14.3% 5.8% Clean Ammonia 33.1% 18.8% Industrial Solutions 28.6% 12.0% USD millions, except percentages 2022 2021 Restated 1) Net operating profit after tax (NOPAT) 2) Europe 722 302 Americas 1,185 288 Africa & Asia 419 74 Global Plants & Operational Excellence 155 94 Clean Ammonia 148 70 Industrial Solutions 396 136 Other and Eliminations (43) (62) Yara 3) 2,981 903 Invested capital 2) Yara 3) 11,602 11,363 Europe 2,923 2,486 Americas 4,214 3,954 Africa & Asia 2,040 1,910 Global Plants & Operational Excellence 1,081 1,623 Clean Ammonia 446 370 Industrial Solutions 1,385 1,136 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations. 2) See \u201cAlternative performance measures\u201d section for reconciliation of alternative performance measures in the Yara Group. ROIC, NOPAT and Invested Capital are calculated on a 12-month rolling average basis. 3) A normalized operating cash requirement is employed in the ROIC calculation for Yara, but not for the segments. This effect explains the variance in ROIC between Yara and the segments. See \u201cAlternative performance measures\u201d section for more information . Reconciliation of operating income to EBITDA
USD millions Operating Income
Equity-accounted
investees
Interest income and
other financial income
Depreciation and
amortization Impairment loss EBITDA
2022
Europe 953 5 4 251 13 1,226
Americas 1,486 9 91 251 15 1,852
Africa & Asia 550 \u2013 3 104 2 659
Global Plants & Operational Excellence 206 \u2013 \u2013 186 4 396
Clean Ammonia 197 \u2013 \u2013 51 2 249
Industrial Solutions 509 10 3 119 \u2013 642
Other and Eliminations (74) \u2013 6 2 \u2013 (65)
Total 3,827 25 108 964 35 4,959
2021 Restated
1)
Europe 394 5 1 270 (6) 664
Americas 303 15 54 237 381 991
Africa & Asia 92 \u2013 3 110 44 248
Global Plants & Operational Excellence 125 \u2013 \u2013 203 242 570
Clean Ammonia 93 \u2013 \u2013 38 \u2013 131
Industrial Solutions 170 3 2 110 3 288
Other and Eliminations (109) \u2013 4 16 2 (88)
Total 1,068 23 64 984 666 2,804
1)
The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations .
Consolidated statement of financial position
USD millions 2022
2021
Restated
1)
Total assets
2)
Europe 4,383 3,713
Americas 5,401 6,108
Africa & Asia 2,730 2,653
Global Plants & Operational Excellence 2,145 2,147
Clean Ammonia 881 742
Industrial Solutions 2,024 1,830
Other and Eliminations 418 80
Total 17,982 17,272
Current assets
2)
Europe 2,335 1,722
Americas 2,748 3,373
Africa & Asia 1,464 1,220
Global Plants & Operational Excellence 610 616
Clean Ammonia 555 434
Industrial Solutions 1,101 935
Other and Eliminations (193) (601)
Total 8,620 7,698
Non-current assets
2)
Europe 2,048 1,990
Americas 2,653 2,735
Africa & Asia 1,266 1,433
Global Plants & Operational Excellence 1,535 1,531
Clean Ammonia 326 308
Industrial Solutions 923 895
Other and Eliminations
3)
612 681
Total 9,363 9,574
USD millions 2022
2021
Restated
1)
Associated companies and joint ventures
Europe 21 20
Americas 77 62
Global Plants & Operational Excellence 2 2
Industrial Solutions 52 41
Other and Eliminations (5) (5)
Total 147 120
Investments
4)
Europe 352 302
Americas 238 174
Africa & Asia 15 (1)
Global Plants & Operational Excellence 225 191
Clean Ammonia 22 9
Industrial Solutions 164 153
Other and Eliminations 26 26
Total 1,042 854
1)
The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change
impacts Yara Industrial Solutions and Other and Eliminations.
2)
Assets exclude internal cash accounts and accounts receivable related to group relief.
3)
Figure includes deferred tax asset balance for whole of Yara.
4)
Investments comprise property, plant and equipment, intangible assets, equity-accounted investees and other equity investments. The
figures presented are capitalized amounts and may deviate from cash flow from investing activities due to timing of cash outflows .
Non-current assets for all segments by geographical location USD millions 2022 2021 Non-current assets 1) Europe 4,402 4,533 Brazil 1,009 871 Latin America ex. Brazil 289 306 Asia 1,250 1,402 North America 1,501 1,614 Africa 50 56 Total 8,501 8,782 1) The identification of non-current assets and investments is based on location of operation. Excluded from non-current assets are financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts. Non-current assets of an amount of USD 1,023 million (2021: USD 1,127 million) are attributed to Norway (Yara\u2019s country of domicile). Information related to disaggregation of external revenues by geographical area, nature and product group can be found in note 2.1 Revenue from contracts with customers. 2.4 Raw materials, energy costs and freight expenses USD millions 2022 2021 Raw materials, energy costs and freight expenses Raw material and energy costs (14,926) (9,937) Freight expense (1,013) (1,124) Other production related costs (2,138) (1,742) Total (18,078) (12,803) 2.5 Payroll and related costs USD millions Notes 2022 2021 Payroll and related costs Salaries 8.2 (1,031) (1,020) Social security costs 8.2 (157) (157) Social benefits 8.2 (7) (8) Net periodic pension cost 5.4, 8.2 (88) (86) Total (1,284) (1,270) 2.6 Other operating expenses USD millions Notes 2022 2021 Other operating expenses Selling and administrative expense (307) (273) Advertising expense (34) (33) Travel expense (41) (17) Fees auditors, lawyers, consultants 8.3 (112) (108) Other expenses (81) (47) Total (575) (479) Research costs 4.2 (95) (94 2.7 Financial income and expenses Accounting policies Interest income and expenses are recognized in the statement of income as they are accrued, based on the effective interest method. Dividends from investments are recognized in the statement of income when the Group has a right to receive the dividends. Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Yara International ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognized by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/(loss)\u201d in the consolidated statement of income for the Group. Capitalized interest expense refers to borrowing costs which are added to the cost of Property, plant and equipment that take a substantial period of time to get ready for their intended use or sale (\u201cqualifying assets\u201d) if they are directly attributable to the acquisition, construction or production of such assets. Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ) The foreign currency translation loss this year of USD 61 million comprised a loss of USD 281 million on US dollar denominated debt positions and a gain of USD 220 million on internal posi- tions in other currencies than USD. In 2021, the losses on US dollar denominated debt positions and the internal positions in other currencies than USD were USD 100 million and USD 151 million, respectively 2.8 Income taxes Accounting policies Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for by using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, carry forward of unused tax credits, and any unused tax losses. However, deferred tax assets are recognized only to the extent these can be utilized against probable taxable profits. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests, are recognized only to the extent it is probable that sufficient taxable profits are expected to reverse in the foreseeable future to utilize the benefits of the temporary differences. Current and deferred taxes are recognized as expense or income in the statement of income, except when they relate to items recognized directly in equity or in other comprehensive income. If the tax relates to items recognized in other comprehensive income or directly in equity, the tax is also recognized as other comprehensive income or directly in equity. Uncertain tax positions, for example from unresolved disputes with tax authorities, are provided for if there are probable cash outflows. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets or liabilities. When assessing whether uncertainty over tax treatments exists Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities as well as tax memorandum prepared by internal or external experts. In case of uncertain tax treatments Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty . The major components of income tax expense for the year ended 31 December: USD millions 2022 2021 Consolidated statement of income Current taxes Current year (696) (328) Prior year adjustment (5) (9) Total (701) (337) Deferred taxes Deferred tax income/(expense) recognized in the current year (248) 185 Adjustments to deferred tax attributable to changes in tax rates and laws (6) (14) (Write-downs)/reversal of previous write-downs of deferred tax assets 98 (190) Total (156) (18) Total tax income/(expense) recognized in statement of consolidated income (857) (355) Other comprehensive income Current tax Hedge of net investment 18 6 Total current tax 18 6 Deferred tax Pensions (42) (55) Available-for-sale financial assets 2 \u2013 Total (41) (55) Total tax income/(expense) recognized directly in other comprehensive income (22) (48) Total tax income/(expense) recognized in comprehensive income (879) (404) Taxable income differs from net income before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in future years (temporary differences). It also excludes items that are never taxable or deductible (permanent differences). The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substan- tively enacted by the balance sheet date . Reconciliation of Norwegian nominal statutory tax rate to effective tax rate
USD millions, except percentages 2022 2022 2021 2021
Income before tax 3,639 739
Expected income taxes at statutory tax rate
1)
22.0% (800) 22.0% (163)
Tax law changes 0.2% (6) 1.2% (9)
Foreign tax rate differences 2.1% (76) 2.3% (17)
Unused tax losses and tax offsets not recognized as deferred tax assets 0.5% (20) 19.9% (147)
Previously unrecognized and unused tax losses and deductible temporary differences
now recognized as deferred tax assets (1.7%) 61 (1.9%) 14
Non-deductible expenses 0.4% (16) 2.1% (15)
Share of net income equity-accounted investees (0.1%) 4 (0.1%) 1
Tax free income miscellaneous (0.6%) 21 (3.7%) 27
Prior year adjustment 0.1% (5) 1.2% (9)
Withholding tax 0.6% (22) 1.6% (12)
Other, net (0.1%) 4 3.5% (26)
Total income tax income/(expense) (857) (355)
Effective tax rate 23.5% 48.0%
1)
Calculated as Norwegian nominal statutory tax rate of 22 percent (2021: 22 percent) applied to income before tax .
Specification of deferred tax assets/(liabilities) The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities . 2022 USD millions Opening balance Charged to income Changes in tax rate Recognized in other comprehensive income Acquisitions/disposals Foreign currency translation Closing balance Non-current items Intangible assets 6 3 \u2013 \u2013 \u2013 (3) 6 Property, plant and equipment (233) (103) 2 \u2013 \u2013 31 (303) Pensions 58 5 \u2013 (42) \u2013 (5) 16 Equity securities available-for-sale \u2013 \u2013 \u2013 2 \u2013 \u2013 2 Other non-current assets (114) (82) 1 \u2013 \u2013 18 (175) Other non-current liabilities and accruals 115 63 \u2013 \u2013 \u2013 (9) 169 Total (168) (114) 2 (41) \u2013 34 (286) Current items Inventory valuation 71 \u2013 (5) \u2013 \u2013 1 67 Accrued expenses 58 41 (1) \u2013 \u2013 (2) 96 Assets classified as held for sale 2 (2) \u2013 \u2013 \u2013 \u2013 \u2013 Total 132 39 (6) \u2013 \u2013 (1) 163 Tax loss carry forwards 573 (170) (4) \u2013 \u2013 91 491 Unused tax credits 4 (4) \u2013 \u2013 \u2013 \u2013 \u2013 Unrecognized tax assets for tax losses and temporary differences (480) 98 1 \u2013 \u2013 (9) (392) Net deferred tax asset/(liability) 61 (150) (6) (41) \u2013 113 (23 ) 2021 USD millions Opening balance Charged to income Changes in tax rate Recognized in other comprehensive income Acquisitions/disposals Foreign currency translation Closing balance Non-current items Intangible assets (6) 13 (1) \u2013 (1) \u2013 6 Property, plant and equipment (411) 177 (10) \u2013 \u2013 10 (233) Pensions 115 (1) (7) (55) \u2013 5 58 Other non-current assets (140) 30 \u2013 \u2013 \u2013 (4) (114) Other non-current liabilities and accruals 68 49 2 \u2013 \u2013 (4) 115 Total (373) 269 (16) (55) (1) 8 (168) Current items Inventory valuation 39 35 (3) \u2013 \u2013 \u2013 71 Accrued expenses 73 (13) 1 \u2013 \u2013 (3) 58 Assets classified as held for sale \u2013 2 \u2013 \u2013 \u2013 \u2013 2 Total 111 25 (2) \u2013 \u2013 (3) 132 Tax loss carry forwards 646 (89) 2 \u2013 \u2013 13 573 Unused tax credits 25 (20) 1 \u2013 \u2013 (1) 4 Unrecognized tax assets for tax losses and temporary differences (312) (190) \u2013 \u2013 \u2013 21 (480) Net deferred tax asset/(liability) 97 (4) (14) (55) (1) 38 61 Unrecognized deferred tax assets USD millions 2022 2021 Unrecognized deferred tax assets are attributable to the following Tax losses 304 314 Deductible temporary differences 88 167 Total 392 480 Unrecognized tax losses in Brazil amount to USD 213 million in 2022 (2021: USD 160 million). Utilization of the tax loss carry forwards in Brazil is without time limitation and restricted to 30 percent of taxable income each year. Specification of expiration of tax loss carry forwards USD millions 2022 2023 12 2024 4 2025 6 2026 4 2027 7 After 2027 24 Without expiration 1,680 Total tax loss carry forwards 1,736 Deferred tax effect of tax loss carry forwards 491 Unrecognized deferred tax assets for tax losses (304) Recognized in the statement of financial position 188 Yara\u2019s recognized tax loss carry forwards primarily relate to the business in Norway, where tax losses are without expiration. The tax losses are mainly related to incurred currency losses, non-recurring transactions and loss from operations. The recognized tax assets for all units are all supported by estimated future profit level . Deferred tax presented in the statement of financial position USD millions 2022 2021 Deferred tax assets 449 504 Deferred tax liabilities (473) (443) Net deferred tax asset/(liability) (23) 61 Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements is amounting to approximately USD 9 billion that for the main part can be distributed as tax-free div- idends. For the expected part of dividend that cannot be distributed as tax-free income, a deferred tax liability of USD 10 million is recognized. For information regarding tax contingencies and uncertain tax treatments, see note 5.6 Provisions and contingencies. 3 Current assets 3.1 Inventories Overview Inventories comprise finished goods, work in progress, raw materials and spare parts. Finished goods refer to own produced products and goods purchased for resale. Work in progress is partly processed, unfinished products. Raw materials include own produced raw materials, mainly ammonia and nitric acids, as well as raw materials purchased from external parties such as phosphate potassium and other input factors used in the production. Spare parts include packing, operating and maintenance supplies. Accounting policies Inventories are stated at the lower of cost, using weighted average, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and other selling costs. All amounts presented are net of write-downs. A write-down is recognized for the amount by which the carrying amount exceeds its net realizable value. The cost of inventories comprises all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. This includes direct materials, direct labor, and an appropriate portion of production overhead, or the purchase price of the inven- tory. Yara is using the standard costing method for cost measurement which consider normal levels of materials and supplies, labor, efficiency and capacity utilization. Spare parts held as inventories are spare parts which do not meet the criteria for being classified as property, plant and equipment. Yara has internal sales between the different segments. These sales create internal margins which are eliminated and presented as \u201cOther and eliminations\u201d. Inventory stock 2022 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 989 769 503 123 \u2013 197 (168) 2,413 Work in progress 59 2 8 44 \u2013 50 \u2013 164 Raw materials 223 827 15 184 146 112 (14) 1,494 Spare parts 93 56 29 70 \u2013 46 \u2013 294 Total at 31 December 2022 1,365 1,654 555 421 146 405 (181) 4,365 Inventory stock 2021 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 606 622 473 165 \u2013 165 (174) 1,857 Work in progress 54 1 1 35 \u2013 39 \u2013 130 Raw materials 133 1,272 24 78 121 102 (9) 1,722 Spare parts 92 57 28 72 \u2013 44 2 294 Total at 31 December 2021 885 1,952 526 350 121 350 (181) 4,003 Write-down 2022
USD millions Europe Americas Africa & Asia
Global Plants
& Operational
Excellence Clean Ammonia Industrial Solutions
Other and
Eliminations Total
Balance at 1 January (11) (48) (7) (4) \u2013 (5) 35 (42)
New write-downs recognized during the year (59) (124) (39) (81) (25) (36) 109 (255)
Write-downs reversed due to product sold 25 85 4 51 22 21 (113) 94
Write-downs reversed, other 8 29 23 1 \u2013 3 \u2013 63
Foreign currency translation gain/(loss) \u2013 (2) 1 1 \u2013 \u2013 \u2013 \u2013
Balance at 31 December (37) (61) (19) (33) (4) (18) 30 (140)
Write-down 2021
USD millions Europe Americas Africa & Asia
Global Plants
& Operational
Excellence Clean Ammonia Industrial Solutions
Other and
Eliminations Total
Balance at 1 January (12) (6) (3) (1) \u2013 (7) 2 (28)
New write-downs recognized during the year (14) (105) (12) (6) \u2013 (7) 66 (78)
Write-downs reversed due to product sold 8 7 4 1 \u2013 8 (34) (6)
Write-downs reversed, other 6 54 3 2 \u2013 1 \u2013 66
Foreign currency translation gain/(loss) 1 3 \u2013 \u2013 \u2013 \u2013 \u2013 4
Balance at 31 December (11) (48) (7) (4) \u2013 (5) 35 (42)
No inventories were pledged as security at end of 2022 or 2021.
3.2 Trade receivables Accounting policies Trade receivables are initially recognized at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortized costs using the effective interest method. Short-term receivables are normally not discounted. In accordance with the expected loss model, Yara records lifetime expected credit losses on all trade and lease receivables (the simplified approach). The calculation of expected credit loss (ECL) is based on both historical and forward-looking information, and it is done on a geographical level. When calculating ECL for trade receivables not yet due and trade receivables less than 90 days overdue, the last five years historical loss percentage is used as base amount for allowance. Forward-looking information is taken into account by assessing available information on local unit level which could indicate an expected future loss that is higher or lower than the experience, including regional macroeconomic information. Calculation of ECL for trade receivables more than 90 days overdue is based on a separate, individual assessment of each receivable. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. Specification USD millions Notes 2022 2021 Trade receivables 1) 2,407 2,229 Allowance for expected credit loss (102) (92) Total 6.3 2,305 2,138 1) Of the total balance of USD 2,407 million, about USD 1,125 million (2021: USD 1,069 million) refers to credit insured receivables. Movement in allowance for expected credit loss USD millions Notes 2022 2021 Balance at 1 January (92) (94) Lifetime expected credit losses recognized for existing business (28) (11) Amounts written off as uncollectible 3 3 Lifetime expected credit losses reversed 14 6 Foreign currency translation \u2013 4 Balance at 31 December (102) (92 Ageing analysis of trade receivables at 31 December Gross trade receivables Past due gross trade receivables USD millions Total Not past due gross trade receivables < 30 days 30\u201390 days 91\u2013180 days > 180 days 2022 2,407 2,029 169 69 25 115 2021 2,229 1,922 141 42 13 111 Impairment of trade receivables Impairment on past due receivables USD millions Total Impairment on not past due receivables < 30 days 30\u201390 days 91\u2013180 days > 180 days 2022 (102) (5) (4) (5) (3) (86) 2021 (92) (5) (3) (2) (2) (80) Net trade receivables Past due but not impaired USD millions Total Neither past due nor impaired < 30 days 30\u201390 days 91\u2013180 days > 180 days 2022 2,305 2,023 165 64 22 30 2021 2,138 1,917 138 41 12 31 3.3 Prepaid expenses and other current assets Accounting policies Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted. On other receivables, loans and deposits, Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). Please see note 4.6 Other non-current assets for more information. Specification USD millions Notes 2022 2021 Financial assets: Foreign exchange contracts 6.1 6 6 Receivables and deposits 6.3 265 215 Contracts assets 2.1 5 4 Expected credit loss on other current assets 6.3 (1) (1) Total financial instruments 274 225 Non-financial assets: VAT and sales-related taxes 4.6 288 222 Prepaid income taxes 92 84 Prepaid expenses 277 177 Total non-financial assets 657 483 Total 6.3 932 708 3.4 Cash and cash equivalents Accounting policies Cash and cash equivalents include bank deposits and monetary items which are due in less than three months. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, they are normally not discounted as they are short-term items. On deposits, Yara records a 12-month\u2019s expected credit loss if there has not been any significant increase in credit risk since initial recognition (the general approach). Specification USD millions Notes 2022 2021 Cash and cash equivalents 6.3 1,010 394 Expected credit loss provision on bank deposits is USD 1 million (2021: USD 3 million). External bank deposits that are not available for use by the group at 31 December 2022 have a carrying value of USD 102 million (2021: USD 44 million), mainly related to cash held by joint operations. More information about bank deposits and dividend resolutions in subsidiaries with significant non-controlling interests is provided in note 5.2 Non-controlling interests. The average interest rate for liquid assets is approximately 3.2 percent as of 31 December 2022 (2021: 1.2 percent). Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and inter- national banks with established limits for exposure towards each institution. 4 Investments in non-current assets 4.1 Property, plant and equipment Overview Property, plant and equipment (PP&E) mainly refers to Yara\u2019s fertilizer production plants across the world, and which hold assets such as land, buildings, machinery, equipment and periodic maintenance. In addition, they hold investments in self-constructed assets not yet in use and which are categorized as assets under construction. The remaining PP&E refers to assets for distribution of fertilizer products, which mainly consists of buildings, machinery and equipment for bagging and blending of products, as well as terminals and warehouses. Accounting polices An item of property, plant and equipment is recognized at cost if it is probable that the item will generate future economic benefits for Yara and the cost can be measured reliably. The carrying value of PP&E is comprised of the historical cost less accumulated depreciation and any impair- ment loss. If a legal or constructive obligation exists to decommission PP&E, the carrying value of the assets is increased with the discounted value of such obligations. Borrowing costs are added to the cost of assets that take a substantial period of time to get ready for their intended use or sale (\u201cqualifying assets\u201d) if they are directly attributable to the acquisition, construction or production of such assets . Depreciation of an asset begins when it is available for use. An asset is available for use when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Decommissioning obligations and borrowing costs added to the carrying amount of PP&E are depreciated over the useful life of the respective PP&E . PP&E are depreciated on a straight-line basis over their expected useful life. Individual parts of PP&E with different useful lives are accounted for and depreciated separately. Expected useful lives and residual values are, unless immaterial, re-assessed annually. Gain or loss due to sale or retirement of PP&E is calculated as the difference between sales proceeds and the carrying value and is recognized in the statement of income. An impairment is recognized if an asset\u2019s carrying value is higher than the recoverable amount. Non-current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Please see note 4.7 Impairment of non-current assets. Costs related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred . Removal of mine waste materials (\u201cstripping costs\u201d) in the production phase of existing mines are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets . Capitalization of investments as self-constructed PP&E start when defined decision gates are met. These investments are then categorized as assets under construction until they are ready for use as intended by management. Once they are ready for use, they are transferred to the applicable classes of PP&E and depreciation starts. Government grants are recognized in the financial statements when Yara has reasonable assur- ance that it will comply with conditions attached to them and the grants will be received. A government grant that compensates Yara for the cost of an asset is deducted from the carrying value of the asset, and is recognized in the statement of income on a systematic basis over the useful life of the asset as a reduction of depreciation expense. If the government grant refers to assets under construction, it is recognized as a reduction of depreciation expense once the asset is ready for use as intended by management and depreciations starts. If a government grant refers to research and development (R&D) which do not meet the criteria for capitalization, or it refers to self-constructed property, plant and equipment (PPE) which do not meet Yara\u2019s internal decision gates for capitalization, the government grant is recognized in the statement of income as reduc- tion of the costs for which the grant is intended to compensate. Any portion of government grants received not yet earned is provided for and recognized as a liability 2022 USD millions, except percentages and year Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Other Total Cost Balance at 1 January 256 2,682 10,590 551 831 284 89 15,284 Addition at cost 1) 5 30 456 103 391 \u2013 10 995 Derecognition \u2013 (17) (130) (67) (25) \u2013 \u2013 (239) Transfers to asset held for sale (1) (15) (17) \u2013 \u2013 \u2013 \u2013 (34) Other transfers 2) \u2013 97 169 23 (369) 23 57 \u2013 Foreign currency translation (5) (88) (578) (26) (27) (2) (4) (731) Balance at 31 December 254 2,689 10,491 584 801 305 152 15,277 Depreciation and impairment Balance at 1 January (21) (1,130) (6,323) (308) (256) (72) (47) (8,151) Depreciation (16) (103) (543) (96) \u2013 (15) \u2013 (777) Impairment loss 3) \u2013 (12) (19) (2) (2) \u2013 \u2013 (35) Derecognition \u2013 12 116 67 \u2013 \u2013 \u2013 195 Transfers to asset held for sale \u2013 21 15 \u2013 \u2013 \u2013 \u2013 37 Other transfers \u2013 (2) 11 (10) \u2013 \u2013 \u2013 \u2013 Foreign currency translation \u2013 48 356 15 3 \u2013 2 425 Balance at 31 December (35) (1,164) (6,386) (335) (255) (87) (45) (8,307) Carrying value Balance at 1 January 235 1,552 4,267 243 576 212 48 7,133 Balance at 31 December 219 1,525 4,106 249 546 219 107 6,970 Useful life in years Indefinite 10\u201360 2\u201340 2\u20135 20 5\u201325 Depreciation rate 2\u20136% 3\u201350% 15\u201350% 5% 5\u201320% 1) The amount in \u201cBuilding\u201d includes USD 45 million reduction to decommissioning assets, mainly due to increase in discount rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 3) Please see note 4.7 Impairment of non-current assets Main changes in 2022 The largest additions to PP&E include projects related to nitric acid production in Sluiskil, sulfuric acid production in the Siilinj\u00e4rvi plant and turnaround activities in Belle Plaine, Tertre, and plants in Finland and Brazil. The largest transfer from assets under construction to other categories of PP&E refer to construc- tion projects related to modernization of Cubat\u00e3o plant in Brazil and the Yara Birkeland, an electric container ship. Assets used as security PP&E pledged as security was USD 17 million in 2022 (2021: USD 26 million). Government grants Government grants related to assets have been recognized as deduction to the carrying value by reducing \u201cAddition at cost\u201d with USD 8 million in 2022 (2021: USD 8 million). In 2021, Yara was awarded two grants amounting to USD 0.9 million and USD 32.1 million by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. The USD 0.9 million received for the feasibility studies have been recognized as a reduction of other operating expenses in the statement of income in 2021. The additional USD 32.1 million for the actual demonstration project is conditional on approval by the EFTA Surveillance Authority (ESA) which is expected in 2023. Borrowing costs The amount of borrowing cost capitalized amounted to USD 2 million in 2022 (2021: USD 8 million). The average rate for the borrowing cost capitalized was 3.4 percent in 2022 (2021: 3.2 percent). Contractual commitments Please find information on contractual obligations on PP&E in note 4.8 Committed future investments 2021 USD millions, except percentages Land Buildings Machinery and equipment Capitalized maintenance Asset under construction Vessels Other Total Cost Balance at 1 January 280 2,680 10,863 540 1,600 280 97 16,340 Additions at cost 1) 2 19 313 107 343 7 \u2013 791 Derecognition (5) (35) (221) (64) (4) (3) \u2013 (333) Transfers to asset held for sale (6) (229) (91) \u2013 (372) \u2013 (18) (717) Other transfers 2) 3 391 268 5 (693) \u2013 19 (7) Foreign currency translation (18) (144) (541) (36) (42) \u2013 (8) (790) Balance at 31 December 256 2,682 10,590 551 831 284 89 15,284 Depreciation and impairment \u2013 Balance at 1 January (11) (1,070) (6,266) (301) (12) (61) (40) (7,760) Depreciation \u2013 (107) (580) (93) \u2013 (13) (6) (800) Impairment loss 3) (14) (129) (50) (1) (473) \u2013 (1) (669) Reversed impairment \u2013 9 21 \u2013 10 \u2013 \u2013 41 Derecognition \u2013 31 188 64 \u2013 3 \u2013 287 Transfers to asset held for sale 3 96 45 \u2013 174 \u2013 1 318 Other transfers 1 (17) (31) 2 45 \u2013 \u2013 \u2013 Foreign currency translation 1 58 349 21 \u2013 \u2013 3 433 Balance at 31 December (21) (1,130) (6,323) (308) (256) (72) (42) (8,151) Carrying value Balance at 1 January 269 1,609 4,597 238 1,588 219 57 8,579 Balance at 31 December 235 1,552 4,267 243 576 212 48 7,133 Useful life in years Indefinite 10\u201360 2\u201340 2\u20135 20 5\u201325 Depreciation rate 2\u20136% 3\u201350% 15\u201350% 5% 5\u201320% 1) The amount for \u201cBuildings\u201d includes USD 50 million reduction to decommissioning assets, due to increase in discount rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects, which is netted off to 0 at total. 3) Please see note 4.7 Impairment of non-current assetsMain changes in 2021
The carrying value is reduced by USD 1,446 million in 2021, which is mainly driven by the
impairment and the subsequent reclassification of the Salitre phosphate mining project in Brazil
to held-for-sale disposal group and the USD 232 million impairment of the Dallol potash mining
project in Ethiopia. Yara recognized an impairment loss of USD 337 million related to Salitre, and
subsequently reclassified USD 375 million of PP&E to disposal group held-for-sale.
The largest transfer from assets under construction to other categories of PP&E refer to
construction projects related to completed assets in modernization of the Rio Grande plant in
Brazil.
4.2 Intangible assets Accounting Policies Intangible assets with finite useful lives, and that are acquired separately, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period. The effect of any changes in estimate is accounted for on a prospective basis. Intangible assets with indefinite useful lives, and that are acquired separately, are carried at cost less accumulated impairment losses. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Useful lives are set as indefinite with no amortization as there is no foreseeable limit to the cash flows generated by goodwill. Instead of amortization, goodwill is tested for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to cash-generating units (CGUs) or group of CGUs that are expected to benefit from the combination. For more information on impairment, please see note 4.7 Impairment of non-current assets. The Group\u2019s accounting policy for goodwill arising on the acquisition of an associate or joint ventures is described in note 4.3 Associated companies and joint ventures. Intangible assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Intangible assets not ready for its intended use are also tested for impairment annually. Please see note 4.7 Impairment of non-current assets. Expenditures on research activities are expensed in the period in which they incur. An internally generated intangible asset arising from development is recognized if, an only if, all of the following have been demonstrated; \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 The intention to complete the intangible asset and use or sell it \u2022 The ability to use or sell the intangible asset \u2022 How the intangible asset will generate probable future economic benefits \u2022 The availability of adequate technical, financial and other resources to complete the develop- ment and to use or sell the intangible asset \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during its development Where no internally-generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they incur . Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. They are normally not subject to recognition of configuration or customization costs as intangible assets because Yara does not control the software being configured. Further, related configuration or customizations activities often would not create a resource controlled by the customer that is separate from the software and consequently is normally expensed. Consequently, costs incurred to configure or customize, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognized as operating expenses when the services are received. Licensed software hosted on-premise or in third-party data centers as well as software acquired in a business combination and internally developed software are recognized as intangible assets if they meet the recognition criteria in IAS 38. Yara receives free European Union Allowances (EUA) under the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. The EUA received are initially recognized as intangible assets at nil value (nominal value) and is used to settle the Group\u2019s liabilities arising from GHG emissions of this production of ammonia and nitric acid in Europe. Yara is currently in a net positive situation. This has also been the situation historically. A provision will be recognized once the level of emissions exceeds the level of allowances granted. Yara has not engaged in trading activities. 2022 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 862 182 376 1,420 Addition at cost \u2013 7 14 21 Derecognition (33) \u2013 (1) (34) Other transfers \u2013 9 (9) \u2013 Foreign currency translation (34) (14) (17) (65) Balance at 31 December 795 184 364 1,343 Amortization and impairment Balance at 1 January (73) (136) (289) (499) Amortization \u2013 (20) (14) (34) Derecognition 33 \u2013 - 34 Foreign currency translation (1) 11 12 22 Balance at 31 December (41) (145) (291) (477) Carrying value Balance at 1 January 789 45 87 921 Balance at 31 December 754 39 73 867 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2021 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 890 222 390 1,502 Addition at cost \u2013 8 25 33 Derecognition \u2013 (49) (5) (55) Acquisition new companies 7 \u2013 7 14 Transfer to asset held for sale (13) (1) (12) (26) Other transfers \u2013 12 (12) 1 Foreign currency translation (22) (10) (17) (49) Balance at 31 December 862 182 376 1,420 Amortization and impairment Balance at 1 January (58) (159) (297) (514) Amortization \u2013 (26) (16) (42) Impairment loss 2) (31) (2) (4) (37) Derecognition \u2013 42 5 46 Transfer to asset held for sale 13 \u2013 11 24 Foreign currency translation 4 9 11 24 Balance at 31 December (73) (136) (289) (499) Carrying value Balance at 1 January 831 64 93 988 Balance at 31 December 789 45 87 921 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2) For further information, see note 4.7 Impairment of non-current assets. Expenditures on research and development activities Expenditures on research and development activities are expensed in the period of the amount of USD 95 million (USD 94 million in 2021). Assets used as security No intangible assets were pledged as security in 2022 and 2021. See note 5.8 Secured debt and guarantees for more information 4.3 Associated companies and joint ventures Overview Yara has a number of investments classified as associated companies and joint ventures, but none of these are individually significant. The investments are mainly in sales and marketing entities in the operating segments Americas and Industrial Solutions. Accounting policies Associated companies are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights . A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. The classification depends upon rights and obligations of the parties to the arrangement. In a joint operation the parties have rights to the assets and obligations for the liabilities of the arrangement. In a joint venture the parties have rights to the net assets of the arrangement. The share of results, assets and liabilities of associated companies and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Under the equity method of accounting, the investment is initially recognized at cost and the carrying value is subsequently increased or decreased to recognize Yara\u2019s share of profit or loss of the investee after the date of acquisition. Any excess of the cost of acquisition of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment. The equity-accounted investees are tested for impairment if indications of loss in value are identified. An impairment loss is recognized if the recoverable amount, estimated as the higher of fair value less costs to sell and value in use, is below the carrying value. Accounting policies of equity-accounted investees are changed where necessary to ensure consistency with the policies adopted by the Yara Group. 2022 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 33 18 6 \u2013 6 \u2013 (2) (3) 53 Joint ventures 87 \u2013 19 \u2013 19 \u2013 (6) (5) 94 Total 120 18 25 \u2013 25 \u2013 (8) (8) 147 2021 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 32 1 3 \u2013 3 \u2013 (2) (2) 33 Joint ventures 75 \u2013 20 \u2013 20 \u2013 (6) (2) 87 Total 107 1 23 \u2013 23 \u2013 (8) (4) 120 Due to it being impractical to obtain financial reports within the same reporting date as Yara, there is, for some of the associated companies and joint ventures, a lag of 1\u20133 months for the numbers included . Sales and receivables/payables Sales from investees to Yara were USD 12 million (2021: USD 16 million). As of 31 December 2022, Yara had net current receivables towards investees of USD 4 million (2021: USD 3 million). 4.4 Joint operations Accounting policies In a joint operation the parties have rights to the assets and obligations for the liabilities of the arrangement. The Group recognizes in relation to its interests in a joint operation: \u2022 Its assets, including its share of assets held jointly; \u2022 Its liabilities, including its share of any liabilities incurred jointly; \u2022 Its revenue from the sale of its share of the output arising from the joint operation; \u2022 Its share of the revenue from the sale of the output by the joint operation and; \u2022 Its expenses, including its share of any expenses incurred jointly. The Group accounts for these assets, liabilities, revenues and expenses in accordance with the applicable IFRSs. Yara has three investments that are classified as joint operations: Yara Pilbara Nitrates Pty Ltd Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next to Yara\u2019s ammonia plant in the Pilbara region of Australia. The plant has an annual production capacity of about 330.000 metric tonnes of TAN and primarily supplies the mining operations in the region. The company is 50 percent owned by Yara and 50 percent by Orica. Trinidad Nitrogen Co. Ltd. (Tringen) Tringen owns an ammonia complex consisting of two separate ammonia plants which are managed and operated by Yara under a management and operating agreement. In addition, Yara provides marketing support. The two plants have an annual production capacity of about 1 million metric tonnes of ammonia which is mainly exported to other markets. Yara has a 49 percent ownership stake in Tringen, the remaining 51 percent of Tringen is owned by National Enterprises Limited, which is a publicly listed Company, in which the Government of the Republic of Trinidad and Tobago has majority shareholding. Yara Freeport LLC DBA Texas Ammonia Yara and the BASF Group have constructed an ammonia plant at BASF\u2019s site in Freeport, Texas, US. Commercial operations commenced in 2018. BASF manages and operates the plant. The plant has an annual nameplate production capacity of about 750.000 metric tonnes of ammonia and each party off-takes ammonia from the plant in accordance with their ownership share. The company is 68 percent owned by Yara and 32 percent by BASF The following table shows the effect of consolidating joint operations on Yara\u2019s financial statements. The table is based on unaudited financial information of Yara\u2019s joint operations based on their IFRS
financial statements.
Financial position 31 December 2022 31 December 2021
USD millions (unaudited)
Yara Pilbara
Nitrates Tringen
Yara Freeport
LLC DBA Texas
Ammonia
Yara\u2019s share of
consolidated Joint
operations
Yara Pilbara
Nitrates Tringen
Yara Freeport
LLC DBA Texas
Ammonia
Yara\u2019s share of
consolidated Joint
operations
Assets
Deferred tax assets 48 \u2013 \u2013 48 40 \u2013 \u2013 40
Property, plant and equipment 307 71 235 612 330 68 251 649
Right-of-use asset 7 \u2013 4 11 6 \u2013 4 10
Other non-current assets \u2013 3 1 4 \u2013 7 1 8
Total non-current assets 362 74 240 676 376 75 256 707
Inventories 7 29 2 38 5 20 3 28
External trade receivables 16 \u2013 \u2013 16 8 \u2013 \u2013 8
Internal trade receivables \u2013 26 14 41 \u2013 30 17 47
Prepaid expenses and other current assets 1 13 2 16 9 11 1 21
Cash and cash equivalents 2 60 25 87 \u2013 28 11 40
Total current assets 26 129 43 198 23 89 32 144
Total assets 388 203 283 874 399 164 288 851
Total equity 219 156 266 642 132 115 268 514
Liabilities
Employee benefits \u2013 10 \u2013 10 \u2013 8 \u2013 8
Deferred tax liabilities \u2013 7 \u2013 7 \u2013 6 \u2013 6
Long-term provisions 17 \u2013 \u2013 17 31 \u2013 \u2013 31
External long-term interest-bearing debt 6 \u2013 3 10 6 \u2013 3 9
Internal long-term interest-bearing debt 129 \u2013 \u2013 129 188 \u2013 \u2013 188
Total non-current liabilities 152 16 3 172 225 14 3 242
External trade and other payables 3 24 11 37 6 26 14 46
Internal trade and other payables 12 \u2013 \u2013 12 9 \u2013 \u2013 9
Current tax liabilities \u2013 5 \u2013 5 \u2013 1 \u2013 1
Short-term provisions 1 \u2013 \u2013 1 1 \u2013 \u2013 1
Other short-term liabilities \u2013 2 3 5 26 1 3 30
Bank loans and other short-term interest-bearing debt \u2013 \u2013 \u2013 \u2013 \u2013 7 \u2013 7
Total current liabilities 16 30 13 59 42 36 17 94
Total equity and liabilities 388 203 283 874 399 164 288 851
Income statement 2022 2021 USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport LLC DBA Texas Ammonia Yara\u2019s share of consolidated Joint operations Yara Pilbara Nitrates Tringen Yara Freeport LLC DBA Texas Ammonia Yara\u2019s share of consolidated Joint operations Revenue and other income 95 379 230 703 67 241 181 489 Operating costs and expenses (92) (216) (221) (529) (120) 1) (142) (169) (432) Operating income/(loss) 3 162 9 174 (53) 100 12 58 Income before tax (6) 165 9 168 (57) 98 11 53 Income tax expense 1 (59) \u2013 (58) 14 (30) \u2013 (17) Net income (5) 106 9 110 (44) 68 11 36 1) Includes an impairment loss of USD 44 million. Refer to note 4.7 Impairment of non-current assets for further details . 4.5 Leases Accounting policies IFRS 16 defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For each contract that meets this definition, IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability in the balance sheet, with certain exemptions for short-term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets\u2019 useful life. The portion of lease payments representing payments of lease liabilities shall be classified as cash flows used in financing activities in the statement of cash flows. Payments for short-term leases, low value assets and variable amounts not included in the measurement of the lease liability shall be classified within operating activities. Yara also classifies payment of interest within operating activities. Yara has taken advantage of the accounting policy choice in IFRS 16 to not apply the standard to leases of intangible assets. This means that leases of intangible assets are accounted for by applying IAS 38 Intangible assets. Significant lease liabilities for the Group comprise of leases of land, vessels, product storage assets (warehouses, terminals etc.), office buildings and other buildings. Other, less significant leases in Yara comprise of transportation and logistics assets, machinery and equipment, utilities supply, employee cars, IT infrastructure and office equipment. Yara has applied different accounting policies to different assets as follows: \u2022 Yara expenses services and other non-lease components embedded in lease contracts for land, vessels, product storage assets, utilities supply, IT infrastructure, office buildings and other buildings. For leases of other assets, Yara capitalizes non-lease components subject to fixed payments as part of the lease. \u2022 Yara expenses short-term leases of machinery, office equipment and other equipment in accordance with the general short-term exemption in IFRS 16. \u2022 Yara expenses low value leases in accordance with the general low value exemption in IFRS 16. Lease terms are determined by including extension and termination options which are reasonably certain to be exercised. Yara strives to consider all relevant facts and circumstances that create an economic incentive for Yara to exercise such options. However, use of significant judgement may be needed. Yara discounts the lease liability by using incremental borrowing rates. However, the interest rate implicit in the lease may be used for selected lease arrangements which are material on Group level and if the rate can be readily determined. The incremental borrowing rates are updated on a quarterly basis and are determined for all relevant currencies and lease terms taking into account the risk-free rate, Yara\u2019s credit risk premium, local unit risk premium above Yara country risk premium and asset risk premium. Updated incremental borrowing rates are applied to new lease arrangements recognized during that quarter, as well as for modifications of existing leases Right-of-use assets USD millions Land Vessels Buildings Product storage Transportation & logistics Other assets Total Carrying value Balance ROU assets at 1 January 2021 125 28 96 72 55 54 430 Additions and lease modifications 5 31 15 52 15 35 153 Transfers to assets held-for-sale \u2013 \u2013 (1) \u2013 \u2013 \u2013 (1) Depreciation (8) (26) (23) (35) (24) (24) (141) Foreign currency translation gain/(loss) (5) \u2013 (4) (3) (3) (4) (20) Balance at 31 December 2021 117 32 82 86 42 61 421 Additions and lease modifications 10 46 19 34 23 24 156 Depreciation (8) (38) (22) (39) (23) (22) (153) Foreign currency translation gain/(loss) (6) \u2013 (5) (4) (2) (3) (21) Balance at 31 December 2022 112 40 73 78 41 60 403 Lease liabilities USD millions Long-term Short-term Total Carrying value Balance lease obligations at 1 January 2021 335 111 446 Additions and lease modifications 146 (1) 145 Transfers to liabilities held-for-sale (1) \u2013 (1) Reclassification to short-term (142) 142 \u2013 Lease payments \u2013 (142) (142) Foreign currency translation gain/(loss) (16) (7) (23) Balance at 31 December 2021 321 104 425 Additions and lease modifications 157 (2) 155 Reclassification to short-term (170) 169 \u2013 Lease payments \u2013 (149) (149) Foreign currency translation gain/(loss) (16) (4) (21) Balance at 31 December 2022 292 118 410 Interest expense on lease liabilities in the period amounts to USD 16 million (2021: USD 14 million).Leases not yet commenced to which Yara was committed as of 31 December 2022, amounted to a discounted value of USD 59 million (2021: USD 39 million). The amount includes an estimated commitment of USD 16 million for a facility under construction, for which the fees payable will be variable but Yara will be committed to offtake the entire output of the facility. There are no material restrictions or covenants imposed by leases. Maturity analysis of contractual undiscounted cash flows USD millions 2022 2023 134 2024 78 2025 49 2026 35 2027 24 Thereafter 247 Total undiscounted lease liabilities at 31 December 2022 568 Leases expensed in the period USD millions 2022 2021 Expenses relating to variable fee leases not included in the measurement of lease liabilities 26 25 Expenses relating to short-term leases 30 29 Expenses relating to leased assets of low value, excluding short- term leases 1 3 Total leases expensed 57 57 Cash outflows in the period USD millions 2022 2021 Principal payments on recognized lease liabilities 149 142 Interest payments on recognized lease liabilities 15 15 Payments on leases expensed in the period 57 57 Total cash outflows for leases 221 214 4.6 Other non-current assets Accounting policies Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted. On other receivables, loans and deposits, Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses is recorded. The 12-months expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the Probability of Default based on the credit rating of different counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. Yara\u2019s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due to materiality Specifications USD millions Notes 2022 2021 Financial assets Equity instruments 6.1, 6.3 54 34 Embedded derivatives in commodity contracts 6.3 7 6 Cross currency and interest rate swaps 6.3 11 \u2013 Receivables and deposits 6.3 22 31 Expected credit loss on long-term loans and receivables 6.3 (1) (1) Total financial assets 93 70 Non-financial assets Surplus on funded defined benefit plans 5.4 215 127 Prepayment for property, plant and equipment 33 29 Other non-financial assets 19 77 Tax and VAT receivables 168 173 Total non-financial assets 434 405 Total 526 476 Long-term VAT receivables in Brazil At year-end 2022, Yara has recognized USD 99 million of tax credits related to value added taxes in Brazil (2021: USD 84 million). This is included in the line \u201cTax and VAT receivables\u201d in the table above. The Brazilian tax system is highly complex. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. PIS/ COFINS are charged over gross revenues, with a rate of 1.65 percent and 7.6 percent. However, fertilizer sales have a PIS/COFINS tax rate of zero. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freights). These accumulated credits can be used to offset other federal taxes in many circum- stances and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years, without any need of accounting adjustments. The general rates for ICMS are 18 percent, 17 percent, 12 percent, 7 percent and 4 percent, but a benefit that has been granted for fertilizers and other industries reduces these rates to 1 percent on internal operations within most of the States and to 4.68 percent or 7.3 percent on interstate operations for 2022. The Brazilian State Treasury Offices decided that for 2025 onwards there will be an isonomic rate of 4 percent (importation, interstate, internal) with gradual changes from January 2022 to December 2024. The current legislation results in accumulation of ICMS tax credits in a number of States. Yara maintains a provision for expected discounts/losses where these credits are not expected to be realized in full through normal operations. The provision is USD 4 million at year-end 2022 (2021: USD 4 million). 4.7 Impairment of non-current assets Accounting policies Cash-generating units (CGUs) or group of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. Any impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU or group of CGUs, and then to the CGU\u2019s or group of CGUs\u2019 other assets on a pro rata basis of the carrying amounts. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. Non-current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Indications that could trigger an impairment test include: \u2022 Significant underperformance relative to historical or projected future results \u2022 Significant changes in the Group\u2019s use of the assets or the strategy for the overall business \u2022 Significant negative industry or economic trends An impairment loss is recognized to the extent that the assets\u2019 carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Previously recognized impairment losses, except for impaired goodwill, are reversed if the assumptions for impairment are no longer present. Impairment losses are only reversed to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation, if no impairment had been recognized. Recognized impairment loss USD millions 2022 2021 Asset class Goodwill \u2013 (31) Other intangible assets \u2013 (6) Property, plant and equipment (35) (669) Right-of-use assets \u2013 \u2013 Total impairment of non-current assets (35) (706) Reversal of impairment of non-current assets \u2013 41 Net impairment loss (35) (666) USD millions 2022 2021 Segment split Europe (13) 6 Americas (15) (381) Africa & Asia (2) (44) Global Plants & Operational Excellence (4) (242) Clean Ammonia (2) \u2013 Industrial Solutions \u2013 (3) Other and Eliminations \u2013 (2) Net impairment loss (35) (666) Impairment charges in 2022 Impairment of property, plant and equipment is mainly related to a USD 15 million additional impairment of the Salitre mining project, which was disposed in 2022, and a USD 13 million impairment of the Montoir plant in France. Impairment charges and reversals in 2021
Asset/CGU Segment
Recoverable
value method
1)
(Impairment)/
reversal, net
Salitre mining project Americas FVLCD (337)
Dallol mining project Global Plants & Operational Excellence FVLCD (232)
Yara Pilbara Nitrates plant Africa & Asia VIU (44)
Paulinia fertilizer plants Americas FVLCD (32)
Italy Europe VIU 23
Other (44)
Total (666)
1)
FVLCD \u2013 Fair value less cost of disposal
VIU \u2013 Value in use
The table above presents a split of impairment charges and reversals in 2021, and the main
impairments are explained in the following text section.
Salitre mining project (Brazil)
The Salitre phosphate mining project was classified as a disposal group held-for-sale at the end
of 2021, as Yara had entered a contract to sell the project. The recoverable value of the Salitre
assets, measured based on the agreed selling price, was determined to be lower than their carrying
amount. The sale of Yara\u2019s Salitre phosphate mining project was completed in February 2022.
Dallol mining project (Ethiopia)
The project was on hold while working on a structural solution for the next stage of the project.
It was concluded that the fair value less cost of disposal was close to zero in the current environ-
ment, and an impairment charge of USD 232 million was recognized in 2021.
Yara announced on 4 July 2022 that it had signed a contract to sell its ownership stake in the
project. The sale was completed on 27 January 2023.
Yara Pilbara Nitrates plant
Yara owns 50 percent of the joint operation Yara Pilbara Nitrates. This company owns and controls
a TAN plant in Australia. The cash generating unit has been disclosed as sensitive for impairment
over time. Reduced margin forecasts (TAN margin above ammonia cost) caused the impairment
of USD 44 million. Sensitivities for this CGU are presented in the section \u201cOther assets and CGUs
with no allocated goodwill\u201d, below.
Paulinia fertilizer plants
The USD 32 million impairment of fertilizer assets at Yara\u2019s Paulina site was triggered by the
decision to close its fertilizer production, which was announced in December 2021.
Impairment testing
The mandatory impairment testing of CGUs, groups of CGUs with allocated goodwill or assets with
indefinite useful life are carried out during third quarter each year. Yara has also performed testing
of other CGUs or individual assets with various impairment indicators. The recoverable amounts for
units with allocated goodwill have been determined based on \u201cvalue-in-use\u201d.
Main assumptions
Discount rate
Discount rates used in the calculation of value-in-use reflect the current market assessment of
the risks specific to each cash generating unit. The discount rates were estimated based on the
weighted average cost of capital for the industry. This rate was further adjusted to reflect the cur-
rency in which the CGU operates and market assessments of any risk specific to the CGU for which
future estimates of cash flows have not been adjusted.
Currency rates and inflation
The value-in-use calculation is performed in the most relevant currency for the CGU. When
converting foreign currency cash flows to the testing currency, Yara uses the forecasted annual
average rates estimated by IHS based on the \u201cpurchasing power parity\u201d (PPP) principle. The
projections include long-term inflation (CPI) in which each CGU is located.
Assumptions relevant for production assets
The valuations of production assets are based on Yara\u2019s long-term commodity and energy price
forecasts. Due to the cyclicality of the fertilizer industry, Yara includes cash flow projections for a
longer period than five years. Despite a relatively steady growth in market demand, history shows
that there are periods with oversupply. Yara\u2019s internal commodity forecasts reflect its assessment
of the supply/demand balance in the short to medium term. After a period of maximum eight
years, all the main commodity sales price assumptions reflect an annual nominal growth that does
not exceed the relevant inflation rates. The main assumptions for the impairment testing are:
\u2022 Fertilizer prices
The urea price is the most important assumption when testing nitrogen fertilizer plants for
impairment, as urea is the global price setter for commodity nitrogen. Yara\u2019s nitrate and NPK
prices are estimated using urea as the base, adding estimated premiums on top of the com-
modity value of the nutrient. These premiums reflect an agronomic value-add of the products,
and the estimated premiums for each plant are based on historically achieved premiums above
the Yara average premium in main markets. For both NPK and nitrates, internally developed
forecasts are used since there are no active forward markets for these products. External market
intelligence reports are used as one of many input factors. For Europe, the market dynamics
following Carbon Border Adjustment Mechanism (CBAM) have been considered for regional
fertilizer price assumptions. With Europe being a net importer of fertilizer, it is expected that
increased emission taxes will lead to higher prices of fertilizers in Europe than in regions with
lower emission taxes. As higher fertilizer prices may lead to lower demand, a net negative
impact on the margins has been reflected in the cash flow forecasts.
\u2022 Ammonia prices
For several of Yara\u2019s plants, the ammonia price is a key assumption for calculating the value-in-
use. Some plants are net buyers of ammonia, in which case increased ammonia prices have a
negative impact on earnings while other plants are net sellers of ammonia, and these plants will
benefit from higher ammonia prices. Internally developed price forecasts are used since there is
no active forward market for ammonia. External market intelligence reports are used as one of
many input factors.
\u2022 Natural gas purchase prices
Natural gas is the most important cost factor for several of Yara\u2019s production plants. Yara maxi-
mizes the use of observable gas market input for the purpose of impairment testing. For certain
regions, where no liquid market for natural gas exists, Yara prepares internal forecasts based on
the expected supply/demand balance.
\u2022 Production reliability
Production reliability is important for the plants\u2019 profitability as it impacts both the production
volume and the energy consumption factor (energy per ton produced). The reliability assumption
is plant specific, taking into consideration the historical experienced reliability and implemented
improvement initiatives.
\u2022 Capital expenditures
Ammonia and finished fertilizer plants require significant maintenance investments. The esti-
mated amounts reflect previous experience and plant specific knowledge. Estimated capital
expenditures do not include capital expenditures that enhance the current performance. Physical
climate risks are considered when estimating future capex, in particular when setting the longer-
term cash flow forecasts.
\u2022 Carbon emission tax
Forecasted carbon emission tax is one of the key assumptions when testing Yara\u2019s plants that
produce ammonia, in particular in Europe where such taxes are expected to increase in the
years to come. External market reports have been used as input factors when developing Yara\u2019s
own forecast for the price of EU allowance (EUA). Yara has projected gradual reduction of free
allowances based on proposals presented by the European Union. Emission reduction projects
are only considered when they are committed.
Assumptions relevant for sales units
Sales units within each regional segment market and distribute a complete range of crop nutrition
products, technologies and knowledge. Industrial Solutions develops and market environmental
solutions and essential products for industrial applications. These units are able to create value
over and above the commodity value of the product. Management forecasts for market premiums
are not exceeding five years with the first year derived from the CGU\u2019s business plan. After a
period of five years, Yara uses a steady growth rate that is not exceeding the growth for the prod-
uct\u2019s industry or countries in which the CGUs operate. Although the risk and opportunity related
to stricter fertilizer regulations to reduce emissions may be more balanced at Yara level, with
Yara\u2019s focus on new products and services, it may have negative impact on single assets and cash
generating units. The cash flow forecasts, in particular the terminal growth rate assumption, are
adjusted when considered necessary to reflect this risk .
Cash generating units or groups of cash generating units with goodwill, including sensitivities:
The sensitivities presented in the table below show the change in each parameter that would result in the recoverable amount being equal to the carrying amount of the CGU, while keeping all other
parameters unchanged. Sensitivities are not presented if the recoverable amount is more than 200 percent of the carrying amount, as no reasonable changes in discount rate, annual cash flows or termi-
nal growth rate are considered to trigger impairments.
USD millions, except percentages
Belle Plaine
(Americas) Europe
Pilbara
Ammonia
(Africa & Asia)
Ammonia
Sales and
Logistics (Clean
Ammonia) Americas
Brazil
(Americas)
India
(Africa & Asia) Other CGUs Total
Allocated goodwill amount, 2022 275 154 111 55 47 31 29 52 754
Allocated goodwill amount, 2021 292 161 111 55 47 30 32 61 789
Carrying amount
1)
, 2022 1,088 2,524 709 471 3,527 1,044 277
Recoverable amount in percent of carrying amount, 2022 > 200% > 200% > 200% > 200% > 200% 143% 184%
Assumptions:
Discount rate, pre-tax, 2022 8.7% 8.5% 8.3% 7.5% 9.1% 11.2% 10.2%
Discount rate, pre-tax, 2021 7.5% 8.0% 6.4% 6.2% 8.7% 11.6% 9.3%
Terminal growth rate (nominal), 2022 0.0% 0.5% 0.5% 0.0% 2.0% 2.0% 1.9%
Change leading to recoverable amount being the same as carrying amount, 2022
Increase in discount rate 5% points 6% points
Reduction in annual cash flow 30% 45%
Reduction in terminal growth rate 6% points 6% points
1)
Carrying amount includes goodwill, other non-current assets and working capital.
Descriptions for main CGUs or group of CGUs with allocated goodwill
Belle Plaine (Canada)
The CGU Belle Plaine comprises fertilizer production and sales and distribution activity. The
production site has an ammonia plant, a nitric acid plant and a urea granulation plant, with an
annual production capacity of 0.7 million tonnes ammonia, 0.1 million tonnes nitric acid, 1.1
million tonnes urea and 0.2 million tonnes UAN. Most of the ammonia and nitric acid produced is
used in the production of UAN and granular urea, but some of the ammonia is sold for agricultural
purposes during peak ammonia seasons.
Europe
The operating segment covers all operations including production, sales and distribution in the
Europe region. More information about the segment is provided in note 2.3 Segment information.
Pilbara Ammonia (Australia)
This is an ammonia plant located in Western Australia with an annual production capacity of
approximately 0.8 million tonnes.
Ammonia Sales and Logistics
The global ammonia sales and logistics segment sources and sells ammonia and provides
logistical services to consuming plants in Yara and to third-party customers in the fertilizer and
chemical industries.
Americas
The operating segment covers all operations such as production, sales and distribution in Americas
region. More information about the segment is provided in note 2.3 Segment information .
Brazil
The CGU Business unit Brazil covers several aspects of fertilizer production and distribution,
including production of Single Super Phosphate (SSP) as well as blending and distribution of
fertilizers, delivering approximately 9 million tonnes of fertilizers and covering approximately one
fourth of the Brazilian market demand. The main production and blending asset in the CGU is the
Rio Grande plant. Currently, the Rio Grande plant has an annual production capacity of 0.8 million
tonnes of finished fertilizer (NPK and SSP depending on market demand), in addition to a blending
capacity of approximately 2.2 million tonnes.
India
The CGU comprises a urea plant with related urea distribution business and premium product
sales. The plant produces 0.7 million tonnes ammonia and 1.3 million tonnes urea annually.
Other CGUs with allocated goodwill
Goodwill presented in the column \u201cOther CGUs\u201d comprise five CGUs that have also been tested for
impairment. None of these are determined to be sensitive for impairment.
Other assets and CGUs with no allocated goodwill
Yara has performed testing of several CGUs with impairment indicators during 2022. This includes
certain plants in Europe that lately have been curtailed, fully or partly, due to the market situation.
Some of the CGUs that were tested based on impairment indicators presented low headroom
between the recoverable amount, calculated based on value-in-use, and their carrying values. The
main CGUs that are considered sensitive are described below:
Yara Pilbara Nitrates
The joint operation Yara Pilbara Nitrates owns a TAN plant in Australia. The carrying value of the
CGU is USD 307 million, representing Yara\u2019s 50 percent ownership stake. The value-in-use is 5
percent higher. The key assumptions are the TAN margin above ammonia cost, which is estimated
for the TAN market in Western Australia, and the discount rate (9 percent on pre-tax basis). An
isolated reduction to the annual cash flow of 10 percent would trigger an impairment of USD 18
million. An increase in the pre-tax discount rate of 1 percent point would trigger an impairment of
USD 24 million.
Yara Sweden K\u00f6ping
Yara\u2019s production site in K\u00f6ping, Sweden, comprises one nitric acid plant and one nitrate plant,
with an annual production capacity of 0.3 million tonnes nitric acid and 0.4 million tonnes nitrates.
The CGU has a carrying amount of USD 215 million and a value-in-use that is 12 percent higher.
The key assumptions for the testing are the margin above ammonia cost and the discount rate
(11 percent on pre-tax basis). An isolated reduction to the annual cash flow of 10 percent would
reduce the headroom to nil. An increase in the pre-tax discount rate of 4 percent points would
reduce the headroom to nil.
Future potential reversals of impairment
Yara has recognized impairment losses on several CGUs over time. These impairments will
be reversed, fully or partly, when and if the situation improves and the recoverable value is
determined to be higher than the carrying amount. The increased carrying amount cannot exceed
the carrying amount that would have been determined (net of amortization or depreciation) had
no impairment loss been recognized in prior periods. A large portion of the historical impairments
is related to the plant in Montoir (France). Upon improvement on the key conditions for reversals
such as increases in fertilizer prices, the maximum amount of potential reversal at year-end 2022
is USD 90 million (2021: USD 94 million).
4.8 Committed future investments
USD millions
Investments
2023
Investments
Thereafter
Investments
Total
Contract commitments for investments in property,
plant and equipment 342 80 422
Contract commitments for acquisition or own
generated intangible assets 4 \u2013 4
Contract commitments for other future investments 8 \u2013 8
Total 354 80 434
Yara has publicly communicated a total capital expenditure of USD 1.7 billion in 2023, which
includes investments that commits fund but for which external contracts are not necessarily
signed. The amounts presented in the table above represent contract commitments .
5 Equity and liabilities 5.1 Share information In 2022 Yara has distributed total dividends of NOK 10,189 million (NOK 40.00 per share) to its shareholders, as follows: \u2022 The Extraordinary General Meeting on 6 December 2022 approved an additional dividend of NOK 2,547 million (NOK 10.00 per share), which was paid out during fourth quarter 2022 (USD 258 million). \u2022 The Annual General Meeting on 10 May 2022 approved a dividend for 2021 of NOK 7,642 million (NOK 30.00 per share), which was paid out during second quarter 2022 (USD 796 million). On 10 May 2022, the Annual General Meeting also authorized the Board of Directors to acquire up to 12,736,281 shares in the open market and from the Norwegian State. Shares may be purchased within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently cancelled. Yara has renewed its agreement with the Norwegian State according to which the State\u2019s shares will be redeemed on a pro-rata basis to ensure the State\u2019s ownership is unchanged in the event of a cancellation of shares bought back. Yara has not purchased own shares under the 2022 buy-back program. Under the 2020 buy-back program, Yara purchased 3,420,752 own shares in 2021 for a total consideration of NOK 1,398 million (USD 164 million) and 5,131,128 own shares in 2020 for a total consideration of NOK 1,823 million (USD 201 million). These shares were cancelled at the Annual General Meeting on 6 May 2021. Pursuant to the agreement with the Norwegian State, total equity attributable to the shareholders of the parent was reduced with an addi- tional NOK 1,697 million (USD 192 million) for the redemption of 4,854,730 shares from the Norwegian State. When own shares are repurchased, the amount of consideration paid, including directly attributable costs, is recognized as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from total equity. Gain/loss from the sale of own shares is recog- nized as a change in equity. Yara has one class of shares, all with equal voting rights and equal rights to receive dividends. USD millions Ordinary shares Own shares Number of shares outstanding Total at 31 December 2020 268,132,237 (5,131,128) 263,001,109 Treasury shares - share buy-back program 1) \u2013 (3,420,752) (3,420,752) Redeemed shares Norwegian State 2) (4,854,730) \u2013 (4,854,730) Shares cancelled 2) (8,551,880) 8,551,880 \u2013 Total at 31 December 2021 254,725,627 \u2013 254,725,627 Total at 31 December 2022 254,725,627 \u2013 254,725,627 1) As approved by the General Meeting 7 May 2020. 2) As approved by the General Meeting 6 May 202 5.2 Non-controlling interests Summarized financial information in respect of each of the Group\u2019s subsidiaries that has material non-controlling interests is set out below. The sale of Yara Dallol B.V. was completed in early 2023. Refer to note 8.5 Post balance sheet date events for more information. 2022 USD millions Total at 1 January Share of profit Dividend distributed Foreign currency translation Total at 31 December Yara Dallol B.V. \u2013 \u2013 \u2013 \u2013 \u2013 Other 13 5 (1) (3) 13 Total 13 5 (1) (3) 13 2021 USD millions Total at 1 January Share of profit Dividend distributed Foreign currency translation Total at 31 December Yara Dallol B.V. 67 (67) \u2013 \u2013 \u2013 Other 12 2 (1) \u2013 13 Total 79 (65) (1) \u2013 13 Place of incorporation and percentage of non-controlling interests Company name Place of incorporation Percentage non-controlling interests 1) 2022 Percentage non-controlling interests 1) 2021 Yara Dallol B.V. The Netherlands 2) 40.77% 40.84% 1) Equals voting rights. 2) Place of operations is Ethiopia. Restrictions and other information related to significant non-controlling interests The shareholders in Yara Dallol have agreed that no dividends shall be distributed from the company before the start of production. After that, the company shall pay out as much as permitted by applicable law and possible restrictions in future financing agreements. As of 31 December 2022, Yara Dallol held USD 0.4 million in cash and cash equivalents (2021: USD 0.3 million). Financial position for companies with significant non-controlling interests
2022 2021
USD millions Yara Dallol Yara Dallol
Current Assets \u2013 1
Non-current assets 1 1
Current liabilities (2) (3)
Non-current liabilities (1) \u2013
Equity attributable to owners of the company 1 2
Income statement for companies with significant non-controlling interests
2022 2021
USD millions Yara Dallol Yara Dallol
Expenses
1)
\u2013 (203)
Net income/(loss) \u2013 (203)
Net income attributable to shareholders of the parent \u2013 (136)
Net income attributable to non-controlling interests \u2013 (67)
Net income/(loss) \u2013 (203)
Total comprehensive income attributable to shareholders of the parent \u2013 (136)
Total comprehensive income attributable to non-controlling interests \u2013 (67)
Total comprehensive income/(loss) for the year \u2013 (203)
Net cash inflow/(outflow) from operating activities \u2013 (4)
Net cash inflow/(outflow) from investing activities (1) (1)
Net cash inflow/(outflow) from financing activities \u2013 3
Net cash inflow/(outflow) \u2013 (1)
1)
Yara recognized a USD 232 million asset impairment in 2021. Refer to note 4.7 Impairment of non-current assets for more information.
5.3 Interest-bearing debt Accounting policies Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the effective interest method. Specification Long-term interest-bearing debt Denominated amounts 2022 Carrying Values USD millions, except percentages and denominated amounts Notes Maturity Weighted average interest rates Currency Millions USD Millions 2022 2021 NOK (Coupon NIBOR + 0.750%) 6.1 2022 \u2013 \u2013 \u2013 \u2013 142 SEK (Coupon STIBOR + 1.000%) 6.1 2022 \u2013 \u2013 \u2013 \u2013 50 SEK (Coupon 1.100%) 6.1 2022 \u2013 \u2013 \u2013 \u2013 89 NOK (Coupon 3.000%) 6.1 2024 3.0% 600 61 59 68 NOK (Coupon 2.450%) 6.1 2024 2.5% 1,000 102 98 113 USD (Coupon 3.800%) 6.1 2026 3.9% 500 500 499 499 NOK (Coupon 2.410%) 6.1 2026 2.5% 1,000 102 96 113 NOK (Coupon NIBOR + 0.640%) 6.1 2026 4.1% 1,150 117 117 130 NOK (Coupon 2.900%) 6.1 2027 2.9% 1,000 102 94 112 USD (Coupon 4.750%) 6.1 2028 4.8% 1,000 1,000 998 997 USD (Coupon 3.150%) 6.1 2030 3.2% 750 750 747 746 USD (Coupon 7.378%) 6.1 2032 7.5% 600 600 594 \u2013 Total unsecured debenture bonds 3,302 3,059 USD 5.6% 287 287 287 482 Total unsecured bank loans 287 482 Mortgage loans 9 21 Other long-term debt 52 2 Total 61 23 Outstanding long-term debt 3,651 3,565 Less: Current portion (54) (476) Total 3,597 3,089 The carrying values include issuance discount, capitalized issuance costs and fair value hedge
accounting adjustments (see note 6.3 Financial Instrumentsfor further information about fair value
of financial instruments).
At 31 December 2022, the fair value of the long-term debt, including the current portion, is
USD 3,381 million and the carrying value is USD 3,651 million.
Yara builds its funding on a negative pledge structure with the basic funding ranking pari-passu.
Substantially all unsecured debenture bonds and unsecured bank loan agreements therefore
contain provisions restricting the pledging of assets to secure future borrowings.
Of the long-term debt at the end of 2022, USD 2,850 million in bond debt originates from Yara\u2019s
November 2022, June 2020, June 2018, and June 2016 bond issues in the US market accord-
ing to 144A/Regulation S. A further NOK 4,750 million originate from Yara\u2019s December 2014,
December 2017, and November 2021 bond issues in the Norwegian market. The entire NOK
denominated bond debt is converted to USD exposure through cross-currency swaps.
Yara\u2019s additional long-term funding is based on bank loans. Yara\u2019s term loan from the Nordic
Investment Bank has been reduced to USD 15 million through scheduled down payments and
linear instalments will continue until December 2023. Likewise, the loan facility established in
January 2018 with partial support by a guarantee from Export Finance Norway, has been reduced
to USD 122 million through scheduled down payments and semi-annual instalments will continue
until August 2026. The USD 150 million term loan due 2024 from Svensk Exportkredit AB
remains fully drawn at year-end. A further minor portion of the long-term bank loans is borrowed
in emerging markets.
Yara has undrawn long-term revolving credit facilities totaling USD 1,350 million, whereof
USD 250 million falls due in 2024, USD 50 million in 2025, and the rest in 2026.
Contractual payments on long-term debt
USD millions Debentures
1)
Bank Loans Other Total
2)
2023 \u2013 45 8 54
2024 157 181 8 346
2025 \u2013 31 17 48
2026 712 31 8 750
2027 94 \u2013 8 102
Thereafter 2,340 \u2013 12 2,352
Total 3,302 287 61 3,651
1)
Yara International ASA is responsible for the entire amount.
2)
Including current portion.
Short-term interest-bearing debt
USD millions, except percentages Notes 2022 2021
Credit facilities 61 264
Overdraft facilities 24 39
Other 71 34
Total 6.3 157 337
Weighted Average Interest Rates
1)
Credit facilities 4.50% 3.60%
Overdraft facilities 7.70% 4.20%
Other 3.90% 0.20%
1)
Repricing minimum annually.
Yara has access to short-term credit and overdraft facilities with various banks both centrally and
in local markets. At 31 December 2022, the unused frame of such facilities totals approximately
USD 820 million .
Reconciliation of liabilities arising from financing activities Non-cash changes USD millions 31 Dec 2021 Cash flows Foreign exchange movement Amortization 1) Other Reclassification 31 Dec 2022 Long-term interest-bearing debt 3,089 543 (33) (2) 36 2) (35) 3,597 Bank loans and other interest-bearing short-term debt 337 (153) (27) \u2013 \u2013 \u2013 157 Current portion of long-term debt 476 (409) (47) \u2013 \u2013 35 54 Total 3,901 (20) (107) (2) 36 \u2013 3,808 1) Amortization of transaction cost. 2) Other non-cash changes include USD 57 million increase related to financing of machinery acquired by a contractor which in substance is controlled by Yara. It also includes value changes on interest rate swaps designated as hedging instruments. See note 4.5 Leases for reconciliation of liabilities arising from leasing activities . 5.4 Pensions and other long-term employee benefit obligations Overview The Group companies provide various retirement plans in accordance with local regulations and practices in the countries in which they operate. Defined benefit plans are generally based on years of service and average or final salary levels, offering retirement benefits in addition to what is provided by state pension plans. Most of the defined benefit plan obligations are covered by external insurance companies or by pension funds. By definition, both investment risk and actuarial risk (i.e., the actual level of benefits to be paid in the future) are retained by the Group companies. Defined contribution plans require the companies to make agreed contributions to a separate fund when employees have rendered services entitling them to the contributions. The companies have no legal or constructive obligation to pay further contributions. Some companies make contributions to multi-employer pension plans included in a joint arrange- ment with others. All multi-employer plans are accounted for as defined contribution plans. Some companies have recognized provisions for jubilee benefits, which are classified as Other long-term employee benefits. Accounting policies Defined benefit plans The Group\u2019s net obligation in respect of defined benefit plans is calculated separately for each plan. The amount is an estimation of future benefits that the employees have earned in return for their service in current and prior periods. The benefit is discounted to determine its present value, and the fair value of plan assets is deducted. The discount rate is the yield at the balance sheet date on high quality corporate bonds or government bonds where no market for high quality corporate bonds exists. If the bond has a different maturity from the obligation, the discount rate is adjusted. Qualified actuaries using the projected credit unit method perform the calculations. Past service costs arising from the amendment of plan benefits are recognized immediately in profit or loss. Remeasurement gains and losses are recognized as retained earnings through other comprehensive income in the period they occur and will not be reclassified to profit or loss in subsequent periods. Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the statement of income when employees have rendered services entitling them to the contributions. Prepaid contributions are recognized as an asset to the extent that a cash refund or deduction in future payments is availableOther long-term benefits
The Group\u2019s obligation in respect of other long-term benefits is the amount of future benefits that
the employees have earned in return for their service in current and prior periods. The obligation is
discounted based on the same principles as defined benefit plans.
Long-term employee benefit obligations recognized in the statement of financial position
USD millions Notes 2022 2021
Defined benefit plans (277) (383)
Surplus on funded defined benefit plans 215 127
Net liability for defined benefit plans (63) (257)
Termination benefits (3) (3)
Other long-term employee benefits (13) (14)
Net long-term employee benefit obligations recognized
in Statement of financial position (79) (273)
Of which classified as Other non-current non-financial
assets 4.6 215 127
Of which classified as Non-current Employee benefit
liabilities (293) (399)
Expenses for long-term employee benefit obligations recognized in the statement of income
USD millions Notes 2022 2021
Defined benefit plans (44) (45)
Defined contribution plans (37) (35)
Multi-employer plans (9) (9)
Termination benefits \u2013 (1)
Other long-term employee benefits (2) (1)
Net expenses recognized in Statement of income (91) (91)
Of which classified as Payroll and related costs 2.5 (88) (86)
Of which classified as Interest expense and other
financial items 2.7 (3) (5)
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have incurred obligations under a funded
defined benefit plan. The pension plan was closed to new entrants in 2006 and employees below
the age of 55 at that time received a paid-up policy for previously earned benefit entitlements.
The defined benefit plan was replaced by a defined contribution plan from the same date. Further
pension obligations in Norway include certain unfunded pension arrangements as well as early
retirement schemes. Retirement age is flexible from age 62 to age 67.
A majority of Yara\u2019s obligations under defined benefit plans are related to subsidiaries within the
Eurozone:
Employees of Yara\u2019s Dutch subsidiaries hired before 1 August 2014 are members of a funded
Defined Benefit pension plan. Employees born before 1950 and who were in service before 2006
are entitled to a pension scheme based on final salary at the age of retirement. The other employ-
ees are members of an Average Pay scheme. Retirement age is 68. The funded Defined Benefit
pension plan has been closed for new members from 1 August 2014. New hires are enrolled in a
Defined Contribution pension plan from the same date.
Obligations in Finland include the statutory TyEL pension scheme, as well as a voluntary defined
benefit plan which is closed to new entrants. Both schemes are covered by pension funds. The
TyEL pension scheme provides for a flexible retirement age from 63 to 68 based on the employ-
ee\u2019s salary each year and with accelerated earning of retirement benefits beyond the age of 63.
A reform of the Employees Pensions Act was agreed in 2017, which will gradually increase the
minimum retirement age from 63 to 65 while also gradually increase the maximum retirement
age from 68 to 70. Further, accrual rates will change and retirement age will be linked to life
expectancy (from year 2027). The voluntary pension plan regulations have also been amended in
order to adapt to the revised pension legislation.
Subsidiaries of Yara are also liable to retirement benefits in France, Germany, Belgium and Italy
within the Eurozone.
Yara sponsors a funded defined benefit pension plan for qualifying UK employees. Under the fund,
employees are entitled to annual pensions on retirement at age 62 of 1/57
th
of final pensionable
salary for each year of service (some members have a retirement age of 65 and accrue at a rate
of 1/60). Benefits are also payable on death and following other events such as withdrawing from
active service. The plan was closed for new members from 2001. Broadly, about 9 percent of the
liabilities are attributable to current employees, 19 percent to deferred pensioners and 72 percent
to current pensioners.
Other defined benefit plan obligations include employees of subsidiaries in Switzerland, Sweden,
Trinidad and South Africa .
Most defined benefit plans include benefits in case of disability, death in service and death after
retirement, which are included in the valuation of liabilities.
The provision for defined benefit plans also includes liabilities for medical plans in Great Britain,
Trinidad, and South Africa with a total of USD 8 million (2021: USD 7 million).
Pension cost recognized in statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the
following year to determine the net pension cost. The discount rate is used to calculate the interest
income from plan assets.
The following items have been recognized in the Statement of income
USD millions 2022 2021
Current service cost (37) (46)
Contribution by employees 2 3
Administration cost (2) (2)
Past service cost \u2013 6
Other
1)
(3) \u2013
Social security cost (2) (2)
Payroll and related costs (40) (40)
Interest expense on obligation (31) (25)
Interest income from plan assets 27 21
Net interest expense on the net obligation (3) (5)
Net pension cost recognized in Statement of income (44) (45)
1)
Other defined benefit costs includes the initial recognition as a defined benefit liability for a pension plan in Switzerland (USD 3 million). The
pension plan was previously recognized as a defined contribution plan.
Pension cost recognized in the Statement of income, by origin
USD millions 2022 2021
Payroll and related costs
Finland (7) (8)
The Netherlands (15) (20)
Great Britain (2) (2)
Norway (4) (5)
Other (12) (5)
Total (40) (40)
USD millions 2022 2021
Net interest income / (expense) on the net obligation / asset
Finland \u2013 (1)
The Netherlands \u2013 (1)
Great Britain \u2013 \u2013
Norway (1) (1)
Other (2) (3)
Total (3) (5 )
Remeasurement gains / (losses) recognized in other comprehensive income USD millions 2022 2021 Remeasurement gains / (losses) on obligation for defined benefit plans 424 105 Remeasurement gains / (losses) on plan assets for defined benefit plans (261) 117 (Increase)/decrease in recognized net liability due to minimum funding requirement and asset ceiling limit 1) 22 (8) Net remeasurement gains / (losses) for defined benefit plans 183 214 Change in deferred tax related to remeasurement gains / (losses) for defined benefit plans 2) (44) (44) Total remeasurement gains / (losses) recognized in other comprehensive income 140 170 1) Yara (UK) Ltd does not have an unconditional right to recoup any surplus arising in the Fund. The value of plan assets is reduced to restrict the funded status to zero (asset ceiling limit). 2) Includes impact from change in tax percentage on remeasurement gains and losses recognized in prior years. Remeasurement gains and losses include experience adjustments, reflecting the difference between estimated and actual changes in obligations and plan assets during the year, as well as the impact of change in demographic and financial assumptions when measuring the present value of pension liabilities at year-end with revised assumptions. Remeasurement gains and losses are permanently recognized directly in retained earnings in the period in which they occur. Actuarial valuations provided the following results USD millions 2022 2021 Present value of fully or partially funded liabilities for defined benefit plans (1,414) (1,974) Present value of unfunded liabilities for defined benefit plans (200) (232) Present value of liabilities for defined benefit plans (1,614) (2,206) Fair value of plan assets 1,635 2,064 Unrecognized asset due to asset ceiling limitation 1) (66) (96) Social security tax liability on defined benefit plans (17) (19) Net liability recognized for defined benefit plans (63) (257) 1) As of 31 December 2022 there is no liability for deficit contributions recognized for the UK pension plan. The surplus of plan assets is reduced to restrict the funded status to zero (asset ceiling limit). Defined benefit obligations and plan assets by origin 2022 2021 USD millions Obligations Assets Obligations Assets Finland (281) 319 (375) 326 The Netherlands (482) 604 (751) 791 Other Eurozone (199) 90 (275) 122 Great Britain 1) (255) 254 (406) 406 Norway 2) (304) 219 (322) 255 Other (111) 82 (96) 69 Total (1,632) 1,569 (2,225) 1,968 1) Including asset ceiling adjustment 2) Including social security tax liability Development of defined benefit obligations USD millions 2022 2021 Defined benefit obligation at 1 January (2,206) (2,476) Current service cost (37) (46) Interest cost (31) (25) Experience adjustments (34) 15 Effect of changes in financial assumptions 469 86 Effect of changes in demographic assumptions (12) 4 Past service cost \u2013 6 Benefits paid 91 89 Transfer of obligation (in)/out (6) (1) Foreign currency translation on foreign plans 166 139 Other 1) (16) 4 Defined benefit obligation at 31 December (1,614) (2,206) 1) Other changes includes the initial recognition of a defined benefit liability of USD 18 million following a revised assessment for a pension plan in Switzerland, which has previously been accounted for as a defined contribution plan. 2021: There was a change in valuation method for attributing benefits to periods of service, for one of the pension plans in France. There was also an impact from reversal of the minimum funding liability for the UK pension plan Development of plan assets USD millions 2022 2021 Fair value of plan assets at 1 January 2,064 2,048 Interest income from plan assets 27 21 Administration cost on plan assets (2) (2) Return on plan assets (excluding the calculated interest income) (261) 117 Employer contributions 21 69 Employees' contributions 2 3 Benefits paid (79) (76) Transfer of plan assets in/(out) 6 1 Other 1) 15 \u2013 Foreign currency translation on foreign plans (159) (117) Fair value of plan assets at 31 December 1,635 2,064 Depending on local regulations, Yara may be required to ensure a certain funding level of the pension plans. UK legislation requires that pension schemes are funded prudently. Currently, Yara\u2019s pension plan for UK employees is sufficiently funded. Next funding valuation is due no later than 5 April 2024, at which progress will be reviewed. In The Netherlands, an agreement is in place in which Yara will need to ensure a minimum level of funding by making additional contribution to the fund. On the other hand, Yara will be able to recover parts of the contribution which has been paid to the fund, in case the funding ratio reaches a certain level. In Norway, Yara may be required to increase the capital buffer of the pension fund. The pension funds have the legal form of foundations, independently governed by their Board of Directors or Board of Trustees. It is the responsibility of the Board to determine the investment strategy, and to review the administration of plan assets and the funding level of the pension plans. Yara\u2019s defined benefit plan obligations are inherently exposed to inflation risk, interest rate risk, disability risk and longevity risk. The investment strategies of the pension funds ensure diversification of investments in order to keep market volatility risk at a desired level. An exception is the pension fund of Yara in Finland, which has invested almost 1/2 of the fair value of plan assets into shares of non-listed Pohjolan Voima Oy, a company producing electricity and heat for its shareholders on an at cost-basis. The Boards of the pension funds are targeting a satisfactory level of risk and return corresponding to the maturity profile of future pension benefit payments. At the end of the year, the plan assets were invested as follows USD millions, except percentages 2022 2022 2021 2021 Cash and cash equivalents 16 1% 20 1% Shares 320 20% 553 27% Other equity instruments 51 3% 48 2% High yield debt instruments 94 6% 90 4% Investment grade debt instruments 577 35% 794 38% Properties 61 4% 104 5% Other quoted plan assets 1) 331 20% 302 15% Total investments quoted in active markets 1,450 89% 1,913 93% Shares and other equity instruments 150 9% 109 5% Other plan assets 2) 34 2% 41 2% Total unquoted investments 184 11% 151 7% Total plan assets 1,635 2,064 1) Other quoted plan assets include insurance policies, hybrid funds and other fund investments. 2) Other unquoted plan assets is mainly a loan to Yara Suomi Oy. Contributions expected to be paid to the defined benefit plans for 2023 are USD 30 million (including benefits to be paid for unfunded plans). The contributions paid in 2022 were USD 33 million. Duration of liabilities at the end of the year: Duration of liabilities (in years) 2022 Finland 14 The Netherlands 15 Great Britain 12 Norway 11 Total 1) 13 1) Weighted average Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographical
assumptions and taking into account the relevant economic environment of each pension plan.
The discount rate is a weighted average of the yields at the balance sheet date on high quality
corporate bonds, or government bonds where no deep market exists for high quality corporate
bonds. The discount rate is adjusted by extrapolation if necessary, to take into account differences
in maturities.
The following financial assumptions have been applied for the valuation of liabilities
Discount rate (in %) 2022 2021
Finland 3.8 0.8
The Netherlands 3.7 1.0
Great Britain 4.8 2.0
Norway 3.2 1.9
Total
1)
3.9 1.4
1)
Weighted average.
Expected salary increase (in %) 2022 2021
Finland 2.6 2.2
The Netherlands 2.9 2.5
Great Britain 3.2 3.3
Norway 3.4 2.4
Total
1)
3.0 2.6
1)
Weighted average.
Expected pension indexation (in %) 2022 2021
Finland 2.4 1.6
The Netherlands 2.1 1.8
Great Britain 2.8 2.9
Norway 3.3 1.0
Total
1)
2.3 1.8
1)
Weighted average.
The following table presents indicators of life expectancy of the mortality tables applied for
valuation of the obligations, by showing expected longevity of a current employee aged 45 today
from the date he or she reaches age 65, and the expected longevity of a current retiree aged 65.
Expected longevity (in years) Current employee Current retiree
Finland 25.9 23.4
The Netherlands 24.8 22.8
Great Britain 23.9 22.9
Norway 25.4 23.6
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of
assumptions and estimates. The table below indicates the sensitivity of the most significant
assumptions applied to the defined benefit obligation, by showing the estimated result from a
reasonable increase or decrease in any one of the key assumptions applied. Holding all other
assumptions constant represents a limitation of the analysis, as some of the assumptions may be
correlated. The methods used in preparing the analysis are consistent with previous years.
USD millions 2022 2021
Actual valuation (1,614) (2,206)
Discount rate +0.5% (1,522) (2,050)
Discount rate -0.5%
(1,717) (2,383)
Expected rate of salary increase +0.5% (1,624) (2,224)
Expected rate of salary increase -0.5% (1,605) (2,189)
Expected rate of pension increase +0.5% (1,694) (2,337)
Expected rate of pension increase -0.5%
(1,543) (2,091)
Expected longevity +1 year (1,669) (2,291)
Expected longevity -1 year (1,560) (2,123)
5.5 Trade and other payables Accounting policies Trade payables are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term payables are normally not discounted. Specifications USD millions Notes 2022 2021 Trade payables 6.3 2,334 3,024 Payroll and value-added taxes 214 164 Total 2,549 3,188 Trade payables are non-interest bearing and have an average term of 60 days. Payroll and value- added taxes are mainly settled bimonthly or on a quarterly basis. 5.6 Provisions and contingencies Accounting policies A provision is recognized when the Group has a present obligation (legal or constructive) following a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obli- gation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertain- ties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows. A restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The restructuring provision includes only the direct expenditures arising from the restructuring. These expenditures are those that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist where the Group has a contract where the unavoidable costs of meeting the obligations under it exceeds the economic benefits expected to be received from the contract. Decommissioning refers to the process of dismantling and removing equipment and site restora- tion when a site is closed down. A liability is recognized as soon as a decommissioning obligation arises. The obligation can be legal or constructive and is accounted for based on a best estimate discounted to the present value. The discounted provision is progressively unwound, with the unwinding charge presented as a finance cost. The unwinding charge takes the provision from its current net present value to its future end value. If an obligation exits to decommission PP&E, the carrying value of the assets is increased with the discounted value of the obligation. This is also the case if an obligation arises during construction or due to new legal requirements. The decommissioning asset is depreciated over the useful life of the asset. If an obligation arises as a result of day-to-day operations where the asset has been used to produce inventory, the cost is expensed as incurred. Decommissioning provisions are updated when new information becomes available. Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising in the conduct of its business. Legal claims are assessed on an individual basis and provisions are recognized if the specific claims give rise to present, probable obligations and the costs can be reliably measured. When a legal or constructive environmental obligation arises as a result of a past event, and the cost can be reliably measured, a provision is recognized. 2022 USD millions Environmental Restructuring Legal claims Decommission Other Total Balance at 1 January 2022 78 19 33 176 52 357 Additional provision in the year 10 6 14 \u2013 53 83 Interest expense on liability and effect of change in discount rate \u2013 \u2013 2 (43) \u2013 (41) Unused provision (1) (3) (4) (1) (14) (41) Utilization of provision (6) (5) (3) (6) (23) (25) Companies purchased/sold (1) \u2013 \u2013 \u2013 \u2013 (1) Currency translation effects (2) (1) 1 (4) (3) (9) Balance at 31 December 2022 78 16 43 121 65 323 2021 USD millions Environmental Restructuring Legal claims Decommission Other Total Balance at 1 January 2021 76 34 35 243 48 435 Additional provision in the year 20 6 7 8 28 70 Interest expense on liability and effect of change in discount rate \u2013 \u2013 2 (49) \u2013 (48) Unused provision (1) (9) (3) \u2013 (17) (29) Utilization of provision (11) (10) (6) (8) (6) (42) Companies purchased/sold \u2013 \u2013 \u2013 (6) \u2013 (6) Currency translation effects (6) (1) (2) (11) (2) (22) Balance at 31 December 2021 78 19 33 176 52 357 Provisions presented in the consolidated statement of financial position USD millions 2022 2021 Current liabilities 92 74 Non-current liabilities 231 283 Total 323 357 Provisions Environmental provisions Yara\u2019s future cost for environmental remediation depends on a number of uncertain factors, such as changes in regulations or authorities\u2019 approval for the extent of actions. Estimates are followed up frequently. Due to the uncertain nature of defining the exact levels of pollution and precise needs for cleanup, it is possible that they could be revised in the near term. In addition, conditions which could require future expenditures may be determined to exist for various sites, including Yara\u2019s major production facilities and warehouses Provisions for environmental cleanup and asset retirement obligations relate to production
facilities currently in operation and facilities that are closed. The obligations relate to such actions
as restoration or rehabilitation of industrial or mining sites, disposal of contaminated material and
related activities.
Restructuring provisions
Restructuring mainly relates to closure or significant reorganization of business locations in a
country or region. The provision is a best estimate based on the detailed formal plan for the
business and location affected.
Legal claims
Yara is involved in a number of proceedings globally concerning matters arising in connection with the
conduct of its business. Yara does not believe such proceedings will, individually or in the aggregate,
have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity.
Decommission provisions
Yara has obligations to decommission and remove installations at the end of the production
period. Establishing the appropriate provisions for such obligations involve the application of
considerable judgement and involve an inherent risk of significant adjustments. The costs of these
decommissioning and removal activities require revisions due to changes in current regulations
and technology while considering relevant risks and uncertainties. Most of the removal activities
are many years into the future, and the removal technology and costs are constantly changing.
The estimates include assumptions of the time required and can vary considerably depending on
the assumed removal complexity. Moreover, changes in the discount rate and currency exchange
rates may impact the estimates significantly. As a result, the initial recognition of the liability and
the capitalized cost associated with decommissioning and removal obligations, and the subsequent
adjustment of these balance sheet items, involve the application of judgement. Most significant
decommissioning provisions relate to contractual obligations for operations on leased land, the main
ones being plants in Australia and France. The decrease in decommission provisions during 2022 is
mainly due to increased discount rates in Australia and changes in AUD/USD currency rates.
Other provisions
Other include onerous contracts, warranties and various other provisions.
Contingencies
Sanctions
Yara has certain long-term supply agreements where sourcing has, to date, been stopped or
terminated as a result of the political and economic import restrictions and sanctions that have
been imposed against Russia and certain Russian entities and individuals. Yara, together with its
advisors, is constantly reviewing the scope of the sanctions to ensure that the Group operates in
accordance with relevant government regulation and contractual commitments. As the sanction
regulations are complex and the assessments of the related impact on each business partner
depend on several judgements, there is uncertainty when drawing conclusions. The suppliers\u2019
assessments of the sanction regulation and the related impact on contractual commitments may
therefore differ from Yara\u2019s conclusions, which could subject Yara to potential claims.
Yara has received contractual demands from suppliers that are linked to Russian sanctioned
individuals. For each of these demands, Yara has considered if it is probable that they will require
outflow of resources. Based on available information and legal advice, Yara has not made material
provisions for these demands. It is not possible to provide a reliable estimate of the potential
exposure as these demands are not detailed with amounts and have not been sufficiently stipulated.
Legal contingencies
Following Yara Fertiliser India Pvt Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, stamp
duty is payable on the lease of the Babrala plant site. Yara\u2019s position is that the stamp duty on
this lease is less than USD 1 million. In order to ascertain the amount of stamp duty payable, Yara
sought adjudication of the amount by the local tax authorities. The authority has assessed stamp
duty on the lease at approximately USD 31 million (based on exchange rates as of December
2022). Yara is of the view that the authority\u2019s decision is incorrect, and remains of the view that
the correct amount of stamp duty is less than USD 1 million. In March 2019, Yara Fertiliser India
Pvt Ltd filed a written petition in the high court of Uttar Pradesh to seek the court\u2019s decision and
affirmation of our position. The State of Uttar Pradesh has filed its response to the Petition filed by
Yara Fertiliser India Pvt Ltd. No date has yet been scheduled for substantial hearing of the petition.
It may take five years or more to receive a decision from the Uttar Pradesh State Court. In addition
to the stamp duty on the lease, Yara has also sought adjudication of stamp duty in the same state
on the court order for the acquisition. Yara\u2019s position is that the stamp duty payable is less than
USD 6 million. As of today, the relevant authority has not yet issued its decision. The provisions
made for stamp duties in the Uttar Pradesh state corresponds to Yara\u2019s assessment.
Further information related to an ongoing environmental case in Brazil, where Yara is a party due
to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below
since it is not possible to provide a reliable estimate of the maximum potential exposure:
\u2022 Yara has together with other companies related to the Trevisa Group been sued by an
association representing approximately 1,300 potential victims in two separate lawsuits. The
lawsuits are related to mine and lead industry activities performed by the company Plumbum
Com\u00e9rcio e Representa\u00e7\u00f5es de Produtos Mineirais e Industriais (Plumbum) in the cities Santo
Amaro da Purifica\u00e7\u00e3o and Boquira in Bahia state in Brazil. Plumbum was formerly part of
the Trevisa Group. Adubos Trevo has not been involved in any of the activities included in
the lawsuits. The lawsuits include claims for various personal losses, damage to properties,
institution of relief funds, environmental restoration and cleanup activities. The lawsuits were
filed in 2011 and 2012 but are still in the initial phase. Yara denies liability for any potential
damage caused by the activities of Plumbum and has not made any provision for the claims.
In addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business. Several of these cases have been ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion that based on the information currently available, these matters will be solved without material adverse effect. The total estimate of the financial effect in the unlikely event that all should have a negative outcome, is USD 80 million, mainly related to cases in Brazil. On 21 and 22 January 2020 the Spanish competition authority (CNMC) visited the premises of Yara Iberian S.A.U. (Spain). Yara Iberian cooperated with the officials during the site visit. The CNMC is conducting a preliminary inquiry into possible infringements of the Spanish Competition Act. As such, Yara is not under any formal investigation and no employees are formally suspected in the case which is still being preliminary assessed by the CNMC. Tax contingencies In relation to an ongoing tax dispute and to safeguard their taxation rights, the Dutch tax authorities issued in 2018 a new tax assessment for business restructuring (\u201cexit tax assessment\u201d). The tax assessment would increase the tax cost with USD 500 million, plus USD 200 million in accumulated interest. It is Yara\u2019s position that the tax assessment is unreasonable and unfounded, and no provision has been made for the exit tax claim. The tax authorities\u2019 principal claim is significantly lower and Yara has considered that claim separately from the exit tax assessment. Yara expects that the exit tax assessment will not trigger any immediate payment and that tax payments will be deferred until the case has been fully resolved or the tax assessment has been withdrawn. Several subsidiaries are engaged in legal and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable. A majority of these contingencies are related to taxes in Brazil, with an estimated maximum exposure of approximately USD 77 million. Tax contingencies outside Brazil and excluding the above- mentioned exit tax assessment in the Netherlands have an estimated maximum exposure of approximately USD 99 million. A subsidiary received in 2022 a notification of potential changes to historic tax assessments combined with a request for more information. Yara disagrees with the basis for the notification which has a potential tax exposure of approximately USD 50 million. In 2019, Yara International ASA received a notification and request for information from the Norwegian Tax Authorities related to a transfer price audit. In the notification and request for information, the Tax Authorities have stated that they consider changing the company\u2019s tax assessment for the years 2015, 2016 and 2017. The Tax Authorities have neither disclosed any potential amount nor provided guidance on how a potential change will impact the tax assessment for these years. Uncertain tax treatments In 2020, Yara realized taxable losses due to disposal of shares and when restructuring the corpo- rate holding structure. Due to uncertainty of the tax treatment related to the losses, tax assets of USD 84 million are not recognized in the financial statements. At year-end 2022, Yara has an income tax provision of USD 45 million related to an ongoing tax case. The majority of the provision was recognized in 2019 due to a court ruling against one of Yara\u2019s subsidiaries, and the provision is considered to cover the full exposure. In addition to the income tax provision, Yara has recognized a provision for related interest charges of USD 6 million. Yara has appealed the ruling. 5.7 Contractual obligations Take-or-pay and Long-term contracts Yara has entered into take-or-pay and long-term contracts providing for future payments to raw materials, energy, and transportation capacity. Yara has marketing and off-take agreements with some of its joint operations, see note 4.4 Joint operations. The noncancellable future obligations at 31 December 2022 (undiscounted amounts) USD millions Total 2023 698 2024 405 2025 202 2026 197 2027 183 Thereafter 654 Total 2,340 Future \u201ctake-or-pay\u201d obligations are included in the table above only if they are non-cancellable and the contractually agreed pricing is fixed or may otherwise deviate from observable market prices at the time of delivery. Yara did not need to pay any significant amount to fulfill take-or-pay clauses in 2022. For further information regarding future obligations, see note 5.4 for future obligations related to pensions, note 5.6 for provisions and contingencies and 4.5 for future commitments related to lease arrangements 5.8 Secured debt and guarantees USD millions 2022 2021 Amount of secured debt 9 22 Assets used as security for debt Machinery and equipment, etc. 2 3 Buildings and structural plant 15 23 Total 17 26 Assets used as security for non-financial liabilities Buildings and structural plant 17 39 Total 17 39 Guarantees (off-balance sheet) Contingency for sales under government and finance schemes 139 103 Parent company guarantees 103 175 Bank guarantees 75 64 Total 317 342 Off-balance sheet exposures consist mainly of guarantees related to commercial contract obli- gations (bid bonds, performance guarantees), payment guarantees related to environmental obligations, and mandatory public guarantees related to receivable VAT. These guarantees are issued on behalf of Yara International ASA and its subsidiaries. The guarantor could be required to perform in the event of a default of a commercial contract or non-compliance with public authority regulations. Guarantees related to pension liabilities are included to the extent such guarantees exceed the gross liability included in the consolidated statement of financial position. Further, Yara is contingently liable to third parties for credits granted under various government and finance schemes where the original receivables have been derecognized from the financial statements in accordance with the terms of the schemes and requirements in IFRS 9. Guarantees of debt issued on behalf of consolidated companies are not included since the draw- ings under such credit lines are included in the consolidated statement of financial position. The guarantee obligation under such guarantees is at any time limited to the amount drawn under the credit facility. Guarantees issued to public authorities covering tax and VAT liabilities are also not included as these obligations are already included in the consolidated statement of financial position. Contingent liabilities related to the de-merger from Norsk Hydro ASA Yara is contingently liable for unfunded pension liabilities accrued prior to the consummation of the de-merger from Norsk Hydro ASA (Hydro) as a matter of the joint and several liability provided by Norwegian law. Hydro\u2019s unfunded pension liabilities, calculated in accordance with Hydro\u2019s accounting policies, amounted to approximately NOK 2 billion at demerger 24 March 2004 and have been reduced by payments thereafter 6 Financial risk 6.1 Financial risks Risk management policies Risk management in Yara is based on the principle that risk evaluation is an integral part of all business activities. Yara\u2019s strategic approach is to determine appropriate risk levels or limits for the main risks and to constantly maintain and develop tools and procedures for monitoring the asso- ciated exposures. The Group\u2019s policies, approved by the Board of Directors, thus provide written principles on funding risk, currency risk, interest rate risk, credit risk, and the investment of excess liquidity. In general, risks arising from operational activities may either be accepted or reduced. The policies restrict transactions that will increase the Group\u2019s exposure beyond the level stemming from operations. Yara\u2019s Executive Management is responsible for reviewing and operationalizing the Board defined policies, while the operating regions and expert organizations act as risk owners. The financial risks related to the operations of the Group are thus monitored and managed by Yara\u2019s Finance, Treasury & Insurance function through internal risk reports that analyze each exposure by degree and magnitude of risk. The Finance, Treasury & Insurance function reports regularly to the Group\u2019s Executive Management. Based on the overall evaluation of risk, Yara may seek to reduce its inherent exposures by using insurance policies, trade finance contracts, guarantees or derivative instruments such as forward contracts, options and swaps. The use of such instruments is also governed by the Board approved policies. Yara may designate and document the use of certain derivatives and other financial assets or liabilities as hedging instruments against changes in fair value of recognized assets and liabilities (fair value hedges), highly probable forecast transactions (cash flow hedges) and net investments in foreign operations (net investment hedges). The prospective effectiveness of any such hedge is assessed at inception and verified on a quarterly basis. Derivatives not designated in a hedging relationship are classified as undesignated derivatives and acquired and managed within the framework and policies defined by the Board also when hedge accounting is not applied. There were no principal changes in the Group\u2019s approach to capital management during the years ending 31 December 2022 and 31 December 2021. Yara\u2019s liquidity surplus, kept as short-term bank deposits, increased during 2022 as higher selling prices more than offset increased production costs and lower deliveries. Funding risk The capital structure of the Group consists of interest-bearing debt as disclosed in note 5.3 Interest-bearing debt, cash and cash equivalents as disclosed in note 3.4 Cash and cash equiv- alents plus equity attributable to equity holders of the parent, comprising paid-in capital and retained earnings as disclosed in note 5.1 Share information and statement of changes in equity. To secure access to capital markets at attractive terms and remain financially solid, Yara aims to maintain a mid-investment grade credit rating from the leading agencies, Standard & Poor\u2019s (current rating BBB) and Moody\u2019s (current rating Baa2). Yara does not have specific debt ratio targets and the only financial covenant refers to the debt- to-equity ratio, calculated as net interest-bearing debt divided by shareholders\u2019 equity plus non-controlling interests. In most restrictive agreements, the ratio is below 1.4. At the end of 2022, the ratio was 0.37 compared with 0.55 at the end of 2021. The Group is not subject to any externally imposed capital requirements. Through its financial structure, Yara has the necessary flexibility to capture the right industrial opportunities when they arise. As such opportunities typically materialize in periods characterized by industry margins and earnings below peak levels, Yara will seek to maintain adequate financial capacity throughout the business cycleCurrency risk
Prices of Yara\u2019s most important products are either directly denominated or determined in US
dollars. In markets outside the US, local prices will generally adjust to fluctuations in the US dollar
exchange rate, however with a certain time lag. Yara\u2019s raw materials costs, such as natural gas
used in the production of ammonia, are either denominated in US dollars or highly correlated to
changes in the US dollar exchange rate. In order to hedge Yara\u2019s long-term exposure to fluctua-
tions in the US dollar exchange rate, Yara incurs most of its debt in US dollars. The part of Yara\u2019s
US dollar debt that constitutes a hedge of future earnings was gradually reduced from around
USD 2,700 million at the start of the year to around USD 2,100 million at the end of the year
(2021: Increased gradually from around USD 1,900 million to around USD 3,000 million during
the first three quarters, but reduced thereafter to around USD 2,700 million at the end of the
year). A certain portion of the total debt is kept in various local currencies in order to finance local
currency exposed business positions.
Yara thus primarily manages currency risks by adjusting the composition of the debt or liquidity
portfolios to changes in Yara\u2019s overall risk exposure. Derivative instruments may also be used
to manage currency risk related to forecast purchases and sales or to offset short-term liquidity
need in one currency with surplus liquidity in another currency. Such forward contracts are not
designated as hedging instruments for accounting purposes. Changes in fair value are therefore
recognized in the income statement.
Sensitivity \u2013 net income
USD millions 2022 2021
A 10% weakening
1)
of the US dollar at the reporting date would have increased/(decreased) net income by 132 185
A 10% weakening
1)
of the euro at the reporting date would have increased/(decreased) net income by (229) (215)
1)
Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on the value of financial instruments in the balance sheet as at year-end.
Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2021. A 10 percent
strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above.
Sensitivity \u2013 Other comprehensive income
USD millions 2022 2021
A 10% weakening
1)
of the Norwegian krone at the reporting date would have increased/(decreased) other comprehensive income by (69) (143)
A 10% weakening
1)
of the Canadian dollar at the reporting date would have increased/(decreased) other comprehensive income by (107) (111)
A 10% weakening
1)
of the Brazilian real at the reporting date would have increased/(decreased) other comprehensive income by (79) (6)
A 10% weakening
1)
of the euro at the reporting date would have increased/(decreased) other comprehensive income by (187) (115)
1)
Against US dollar (presentation currency of the Group).
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on equity in foreign operations as at year-end. Since all other variables are
assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same basis for 2021 .
Interest rate risk Yara\u2019s exposure to changes in interest rates is mainly linked to fair value risk and cash flow risk from its debt portfolio as disclosed in note 5.3 Interest-bearing debt. Yara has a defined framework for fair value risk arising from exposure towards fixed interest rates. In accordance with that framework, all bank loans have been borrowed at floating rates. A portion of the bond debt has been retained at fixed interest rates, while the remaining part of the bond debt has been converted to floating rates through interest rate swaps and cross-currency swaps. Consequently, the interest expense related to the converted (hedged) part of the bond debt will fluctuate in line with market changes. At the reporting date, the interest rate exposure arising from the bonds issued is summarized in the table below. Conversion to floating rates Carrying amounts 2022 Carrying amounts 2021 USD millions, except percentages Notes Maturity Denominated amounts 2022 Fixed interest rate Basis for exposure hedged Receive fixed interest payments Pay floating interest rates 1) 2) Fixed interest rate Floating interest rate Fixed interest rate Floating interest rate Floating interest rate bonds NOK (Coupon NIBOR + 0.75%) 5.3 2022 \u2013 \u2013 \u2013 \u2013 142 SEK (Coupon STIBOR + 1.00%) 5.3 2022 \u2013 \u2013 \u2013 \u2013 50 NOK (Coupon NIBOR + 0.64%) 5.3 2026 130 \u2013 117 \u2013 130 Fixed interest rate bonds SEK (Coupon 1.10%) 5.3 2022 \u2013 1.10% \u2013 1.10% USD LIBOR 3M + margin \u2013 \u2013 \u2013 89 NOK (Coupon 3.00%) 5.3, 6.2 2024 68 3.00% 68 3.00% USD LIBOR 3M + margin \u2013 59 \u2013 68 NOK (Coupon 2.45%) 5.3, 6.2 2024 113 2.45% 113 2.45% USD LIBOR 3M + margin \u2013 98 \u2013 113 USD (Coupon 3.80%) 5.3, 6.2 2026 500 3.80% \u2013 499 \u2013 499 \u2013 NOK (Coupon 2.41%) 5.3 2026 113 2.41% 113 2.41% USD LIBOR 3M + margin \u2013 96 \u2013 113 NOK (Coupon 2.90%) 5.3, 6.2 2027 113 2.90% 113 2.90% USD LIBOR 3M + margin \u2013 94 \u2013 112 USD (Coupon 4.75%) 5.3, 6.2 2028 1,000 4.75% \u2013 998 \u2013 997 \u2013 USD (Coupon 3.15%) 5.3 2030 750 3.15% \u2013 747 \u2013 746 \u2013 USD (Coupon 7.38%) 5.3 2032 600 7.38% \u2013 4.13% SOFR + margin \u2013 594 \u2013 \u2013 Total unsecured debenture bonds 3,389 409 2,245 1,058 2,243 817 1) Through a combination of interest rate swaps and cross-currency swaps. 2) Margin varies from contract to contract within the range from 0.26 to 1.44 percent. Interest rate profile of the Group\u2019s interest-bearing financial instruments
USD millions Notes 2022 2021
Outstanding long-term interest-bearing debt (including current portion) 5.3 3,651 3,565
Portion of bonds with fixed interest rate 5.3 2,245 2,243
Outstanding long-term interest-bearing debt (including current portion) less portion of bonds with fixed interest rate 1,406 1,322
Sensitivity
USD millions 2022 2021
An increase of 100 basis points in USD interest rates at the reporting date would have increased/(decreased) net income by (1) (5)
An increase of 100 basis points in NOK interest rates at the reporting date would have increased/(decreased) net income by 1 1
All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on financial instruments in the balance sheet as at year-end. The analysis
was performed on the same basis for 2021. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above .
Specific risks associated with the upcoming interest rate benchmark reform The Group is exposed to NIBOR and USD LIBOR (collectively \u2018IBOR\u2019) interest rate benchmarks subject to the ongoing interest rate benchmark reform. For NIBOR rates there are thus far no indicated cessation dates, but the USD LIBOR tenors will cease to be published by the end of June 2023. The process to include fallback language in the applicable agreements is ongoing and will be completed during the first half of 2023. Yara will also continue to monitor the transition to new benchmark rates carefully, in particular the emergence and adoption of alternative term rates. As at year-end, Yara\u2019s exposure to IBOR interest rate benchmarks was as shown in the table below. Financial contracts with an IBOR benchmark reference as at 31 December 2022 Denominated amounts USD millions Notes USD LIBOR NOK NIBOR Bonds Pay interest 5.3 \u2013 (117) Receive interest \u2013 \u2013 Bank loans Pay interest 5.3 (287) \u2013 Receive interest \u2013 \u2013 Interest rate swaps Pay interest 6.2, 6.3 \u2013 (366) Receive interest \u2013 \u2013 Cross-currency swaps Pay interest 6.3 (484) \u2013 Receive interest 6.3 \u2013 484 Total exposure to IBOR rates (771) \u2013 In order to ensure compliance, Yara\u2019s Finance, Treasury & Insurance function has completed various actions as part of their IBOR transition program, hereunder a treasury system upgrade to enable processing of transactions with alternative benchmark rates and a revision of benchmark references for undrawn facilities. A review also confirmed that none of Yara\u2019s existing hedging relations (see note 6.2 Hedge accounting) are affected by the reform. Credit risk Yara has a well-established system for credit management with established limits at both customer and country level. Yara\u2019s geographically diversified portfolio reduces the overall credit risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara\u2019s financial instruments is generally limited to amounts, if any, by which the counterparty\u2019s obligations exceed Yara\u2019s obligations. The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the statement of financial position and as disclosed in note 6.3 Financial instruments. Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. At the end of the reporting period, Yara had deposited USD 81.3 million (2021: USD 67.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as \u201cOther current financial assets\u201d in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month. Due to Yara\u2019s geographical spread and significant number of customers there are no significant concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its customer portfolio. Yara may undertake a number of measures to reduce credit risk of particular receivables. Such measures include letters of credit, bank guarantees and credit insurance agreements. The effect of credit risk reduction from these measures is not considered to be material for the Group. Liquidity risk Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and by continuously monitoring forecasted and actual cash flows. Yara aims at an even debt repayment schedule and has secured committed undrawn credit facilities to provide sufficient reserves to meet unforeseen liquidity needs. Undrawn facilities that the Group has at its disposal are presented in note 5.3 Interest-bearing debt . Contractual maturities of financial liabilities, including estimated interest payments 31 December 2022 USD millions Carrying amount Contractual cash flows On demand 6 months or less 6\u201312 months 1\u20132 years 2\u20135 years More than 5 years Non-derivative financial liabilities Short-term interest-bearing debt (157) (171) (154) (13) (5) \u2013 \u2013 \u2013 Long-term interest-bearing debt 1) (3,651) (4,707) \u2013 (87) (116) (526) (1,310) (2,668) Accrued interest expense (13) (13) \u2013 (13) \u2013 \u2013 \u2013 \u2013 Trade payables (2,334) (2,334) (10) (2,313) (12) \u2013 \u2013 \u2013 Payroll and value added taxes (189) (189) (1) (166) (21) \u2013 \u2013 \u2013 Other short-term liabilities (53) (53) \u2013 (42) (11) \u2013 \u2013 \u2013 Other long-term liabilities (12) (12) \u2013 \u2013 \u2013 (8) (1) (4) Derivative financial instruments Freestanding financial derivatives (113) Outflow (1,903) \u2013 (922) (74) (281) (484) (145) Inflow 1,764 \u2013 906 71 238 420 132 Commodity derivatives 4 Outflow (3) \u2013 (2) (1) \u2013 \u2013 \u2013 Inflow 7 \u2013 \u2013 \u2013 7 \u2013 \u2013 Hedge designated derivatives (22) Outflow (300) \u2013 (23) (28) (43) (91) (116) Inflow 281 \u2013 12 22 35 88 124 Total (6,539) (7,632) (165) (2,662) (175) (577) (1,377) (2,677 ) 1) Includes current portion of long-term interest-bearing debt amounting to USD 54 million. See note 4.5 Leases for contractual maturities of lease liabilities 31 December 2021
USD millions
Carrying
amount
Contractual
cash flows On demand
6 months
or less 6\u201312 months 1\u20132 years 2\u20135 years
More than
5 years
Non-derivative financial liabilities
Short-term interest-bearing debt (337) (337) (35) (293) (8) \u2013 \u2013 \u2013
Long-term interest-bearing debt
1)
(3,565) (4,262) \u2013 (66) (517) (159) (1,474) (2,046)
Accrued interest expense (8) (8) \u2013 (8) \u2013 \u2013 \u2013 \u2013
Trade payables (3,024) (3,024) (6) (2,969) (49) \u2013 \u2013 \u2013
Payroll and value added taxes (354) (354) (2) (336) (16) \u2013 \u2013 \u2013
Other short-term liabilities (71) (71) \u2013 (40) (31) \u2013 \u2013 \u2013
Other long-term liabilities (24) (24) \u2013 \u2013 \u2013 (22) \u2013 (2)
Derivative financial instruments
Freestanding financial derivatives (60)
Outflow (1,039) \u2013 (84) (333) (15) (484) (123)
Inflow 985 \u2013 82 311 17 459 116
Commodity derivatives (92)
Outflow (98) \u2013 (63) (35) \u2013 \u2013 \u2013
Inflow 1 \u2013 1 \u2013 \u2013 \u2013 \u2013
Hedge designated derivatives (2)
Outflow (51) \u2013 (4) (5) (12) (26) (4)
Inflow 49 \u2013 \u2013 12 11 23 3
Total (7,536) (8,232) (43) (3,779) (671) (181) (1,503) (2,054 )
Derivative instruments USD millions Notes 2022 2021 Total fair value of derivatives Forward foreign exchange contracts 6.3 (19) (9) Cross-currency swaps 6.3 (104) (52) Interest rate swaps designated for hedging 6.3 (22) (2) Other interest rate swaps 6.3 2 \u2013 Embedded commodity derivatives 6.3 12 (92) Balance 31 December (132) (154) Derivatives presented in the statement of financial position Other non-current financial assets 4.6 18 6 Other current financial assets 3.3 6 7 Other non-current financial liabilities 6.3 (127) (36) Other current financial liabilities 6.3 (28) (132) Balance 31 December (132) (154) Outstanding committed forward foreign exchange contracts at 31 December USD millions 2022 2021 Forward foreign exchange contracts, notional amount 1,521 971 All outstanding forward foreign exchange contracts at 31 December 2022 have maturity in 2023, except non-deliverable forward contracts totaling USD 35 million that mature in 2024. Buy positions are mainly in US dollars against Norwegian kroner or Brazilian reals. Sell positions are in various operating currencies towards Norwegian kroner. 6.2 Hedge accounting A description of the Group\u2019s general risk management policies and principles can be found in note 6.1 Financial risks. Accounting policies Yara applies hedge accounting according to IFRS 9 and designates certain derivatives as either hedges of the fair value of recognized assets or liabilities (fair value hedges), hedges of foreign currency risk of recognized assets or liabilities (cash flow hedges), or hedges of net investments in foreign operations. Changes in fair value of financial instruments designated as fair value hedges are recognized in the Consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in the fair value attributable to the hedged risk. Changes in fair value of financial instruments used as hedging instruments in cash flow hedges are recognized in equity until the hedged transactions are recognized. Any ineffective part of a hedge is recognized in the Consolidated statement of income. Changes in fair value of financial instruments used as hedges of net investment in foreign operations are recognized as other comprehensive income. Any ineffective part of a hedge is recognized in the Consolidated statement of income. Hedge accounting ceases when the hedging instrument expires, is sold, terminated or exercised. Hedge accounting also ceases if the hedge relationship for some reason no longer fulfills the requirements for hedge accounting. Fair value hedges In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The remaining hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 600 million fixed rate bond debt from 2014. A hedging relation for NOK 700 million of the bond debt was discontinued upon maturity in 2021. In December 2017, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The remaining hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed rate bond debt from 2017. A hedging relation for SEK 800 million of the bond debt was discontin- ued upon maturity in 2022 In November 2021, Yara designated a long-term NOK fixed-to-floating interest rate swap as hedging instrument. The hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million fixed rate bond debt from 2021. In November 2022, Yara designated a long-term USD fixed-to-floating interest rate swap as hedging instrument. The hedged risk is the change in fair value due to changes in risk-free interest rates (SOFR) of the USD 600 million fixed rate bond debt from 2022. Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation of interest rate swaps as hedging instruments and use of hedge account- ing enables Yara to include the fair value of changes in interest rates in the carrying value of the bonds. The corresponding adjustment in the Consolidated statement of income offsets the effects of the recognized interest rate swaps, leading to less volatility in net income. As the key parameters of the hedging instruments (interest basis, inception dates and maturity dates) are identical to the respective hedged items, no ineffectiveness has been identified. Cash flow hedges Yara had no cash flow hedges in 2022 or 2021. However, Yara has used derivative instruments to hedge cash flows of planned transactions in the past and may do so also in the future. Net investment hedges At 31 December 2022, Yara has designated in total USD 815 million (2021: USD 815 million) of its USD denominated interest-bearing debt as hedges of net investments in foreign (USD based) entities. The hedging instruments comprise USD denominated bonds and the currency component of a portion of the Group\u2019s cross-currency swap portfolio. The designation of interest-bearing debt as hedges of net investments leads to changes of foreign currency translation (gain/loss) being recognized in the Consolidated statement of comprehensive income instead of in the Consolidated statement of income. As both the hedged net investments and the hedging instruments are sensitive only to fluctuations in the USDNOK spot rate, no ineffectiveness has been identified. Effect on financial position and performance in 2022 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 4) Line item in the consolidated statement of financial position in which the hedged item is included Line item in the consolidated statement of financial position in which the hedging instrument is included Change in value of the hedged item used for calculating hedge ineffectiveness This year\u2019s change in value of the hedging instrument Hedge ineffectiveness recognized in consolidated statement of incomeAmounts in USD millions Currency Hedge rates Assets LiabilitiesAssets LiabilitiesFair value hedges Interest rate risk - Fixed interest, NOK bonds (2014) NOK 3M NIBOR 59 2 \u2013 Long-term interest-bearing debt Other long-term liabilities 2 (2) \u2013 - Fixed interest, NOK bonds (2017) NOK 3M NIBOR 192 12 \u2013 Long-term interest-bearing debt Other long-term liabilities 10 (10) \u2013 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR 96 6 \u2013 Long-term interest-bearing debt Other long-term liabilities 6 (6) \u2013 - Fixed interest, USD bonds (2022) USD SOFR 594 2 \u2013 Long-term interest-bearing debt Other long-term liabilities 2 (2) \u2013 Net investment hedges Foreign exchange risk - Net equity in subsidiaries 2) USD Spot USDNOK 815 \u2013 \u2013 279 Retained earnings Long-term interest-bearing debt 3) (70) 70 \u2013 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Amounts are after tax. See note 2.8 Income tax expense for the tax effect. 3) Includes USD (8) million related to the part of the hedging instrument (cross-currency swap) which refers to the line-item Other long-term liabilities. 4) Included in the carrying amount of the hedged item on fair value hedges. For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied Effect on financial position and performance in 2021 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 4) Line item in the consolidated statement of financial position in which the hedged item is included Line item in the consolidated statement of financial position in which the hedging instrument is included Change in value of the hedged item used for calculating hedge ineffectiveness This year\u2019s change in value of the hedging instrument Hedge ineffectiveness recognized in consolidated statement of incomeAmounts in USD millions Currency Hedge rates Assets LiabilitiesAssets LiabilitiesFair value hedges Interest rate risk - Fixed interest, NOK bonds (2014) NOK 3M NIBOR \u2013 68 \u2013 \u2013 Long-term interest-bearing debt Other long-term liabilities 3 (3) \u2013 - Fixed interest, NOK bonds (2017) NOK 3M NIBOR \u2013 242 2 \u2013 Long-term interest-bearing debt Other long-term liabilities 10 (10) \u2013 - Fixed interest, SEK bonds (2017) SEK 3M STIBOR \u2013 99 \u2013 \u2013 Long-term interest-bearing debt Other long-term liabilities \u2013 \u2013 \u2013 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR \u2013 242 \u2013 \u2013 Long-term interest-bearing debt Other long-term liabilities \u2013 \u2013 \u2013 Net investment hedges Foreign exchange risk - Net equity in subsidiaries 2) USD Spot USDNOK 815 \u2013 \u2013 208 Retained earnings Long-term interest-bearing debt 3) (21) 21 \u2013 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Amounts are after tax. See note 2.8 Income tax expense for the tax effect. 3) Includes USD (2) million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other long-term liabilities. 4) Included in the carrying amount of the hedged item on fair value hedges. 5) The change in value columns include the effect from a USD 115 million hedging relation discontinued in August 2020. For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied 6.3 Financial instruments Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a finan- cial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Group becomes party to the contractual obligations of the instrument. Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories are amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) . Derivatives The Group uses derivative financial instruments to hedge exposure against currency risk, interest rate risk and commodity price risk arising in operating, financing and investment activities. These derivatives are initially recognized at fair value and subsequently measured at fair value through profit or loss at each balance sheet date. Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value with changes in fair value recognized in the consolidated statement of income. Embedded derivatives may refer to financial transactions and sale and purchase transactions for gas, ammonia and other commodities. Fair value on derivatives is measured based on quoted market prices when these are available. When quoted prices from active markets are not available, the Group estimates fair value by using valuation models that make maximum use of observable market data. The resulting change in fair value is recognized immediately in the statement of income. If the derivative is designated and effective as a hedging instrument, the timing of the recognition in the consolidated statement of income depends on the nature of the hedge relationship. A derivative is classified as non-current if the remaining maturity of the derivative is more than 12 months, and as current if the remaining maturity of the derivative is less than 12 months. All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for which there are no active markets. Fair value of all items in this category, is therefore calculated using valuation techniques with maximum use of market inputs and assumptions that reasonably reflect factors that market participants would consider in setting a price, relying as little as possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to changes in forward commodity prices. None of the derivatives in this category are designated in hedge relationships. Receivables and deposits See note 3.2 for information on trade receivables and note 3.4 for cash and cash equivalents. Other short-term and long-term receivables and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted. The carrying amounts of receivables and deposits are adjusted for expected credit losses and are considered to represent reasonable estimates on fair value. Interest-free receivables are dis- counted if it has a material impact on fair value. Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit loss is recorded. The 12-months expected credit loss reflect loss from default events that are possible within the next 12 months. They are calculated as the Probability of Default based on the credit rating of different counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable or deposit will be recognized based on an individual assess- ment. The credit risk has normally increased significantly when a receivable is defaulted. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. Yara\u2019s expected credit loss on receivables and deposits are limited. As a result, disclosures are reduced due to materiality. Equity instruments Yara Growth Ventures (YGV) is the corporate venture capital organization for Yara International ASA. YGV invests in start-ups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry. Yara initially accounts for all YGV\u2019s invest- ments at Fair Value. Subsequently they are measured at Fair Value through Profit or Loss in accordance with IFRS 9. YGV\u2019s portfolio currently consists of 13 investments, of which 10 are equity positions and 3 are fund positions. These investments are all direct investments where YGV does not have control or significant influence. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. The funding round in which YGV participated in is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate of fair value unless there have been any significant developments or events prior to the balance sheet date. For investments held for 12 months or longer, Yara International ASA applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns. If an YGV investment leads to control or de facto control over the investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over an investee, Yara takes advan- tage of the accounting policy choice in IAS 28 to not apply the equity method to these venture investments. Strategic investments in associates and joint ventures are accounted for by applying the equity method, refer to note 4.3 Associated companies and joint ventures. Equity instruments other than venture investments are also measured at Fair Value and subse- quently measured at Fair Value through Profit or Loss. However, Yara has made an irrevocable election at initial recognition of a limited number of long-term strategic investments in equity shares not held for trading to present subsequent changes in fair value in OCI. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. Financial liabilities See note 5.5 Trade and other payables for information on trade and other payables. Short-term payables are normally not discounted. However, short-term payables and other short-term debt are discounted if it has material impact on fair value. Fair value of these liabilities is assumed to be equal to their carrying amounts. Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the effective interest method. Fair value on long-term interest-bearing debt and other long-term liabilities differs from the carrying amounts since the USD debenture bonds are held with fixed interest rates and are not subject to hedge accounting. For these USD debenture bonds with fixed interest rates and for other non-cur- rent financial liabilities, no active market is available and fair value is calculated based on the present value of future principal and interest cash flows. Cash flows are estimated by using LIBOR with different maturities as a benchmark and adding a credit margin derived from recent transac- tions or other information available. See note 4.5 Leases for information on lease liabilities. Contingent consideration is initially recognized at fair value and subsequently measured at fair value through profit or loss. Fair value of contingent consideration is calculated considering the present value of expected payments, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the possible scenarios of financial performance, the amount to be paid under each scenario and the probability of each scenario. Financial instruments at fair value Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L), equity instruments at FV through P&L, equity instruments at FV through other comprehensive income (OCI) and financial liabilities at FV through P&L. They are valued according to different levels in the fair value hierarchy in IFRS. The different levels are defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). Carrying amounts and fair value per category 31 December 2021 Derivatives Receivables and deposits Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Amortized cost Fair value through P&L FV through OCI (no recycling) Amortized cost FV through P&L Total Non-current assets Other non-current financial assets 4.6 6 \u2013 31 17 17 \u2013 \u2013 70 Current assets Trade receivables 3.2 \u2013 \u2013 2,138 \u2013 \u2013 \u2013 \u2013 2,138 Other current financial assets 3.3 7 \u2013 217 \u2013 \u2013 \u2013 \u2013 225 Cash and cash equivalents 3.4 \u2013 \u2013 394 \u2013 \u2013 \u2013 \u2013 394 Sum financial assets 13 \u2013 2,780 17 17 \u2013 \u2013 2,827 Non-current liabilities Other non-current financial liabilities (23) (13) \u2013 \u2013 \u2013 (20) (15) (72) Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,089) \u2013 (3,089) Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (321) \u2013 (321) Current liabilities Trade and other payables 1) 5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (3,024) \u2013 (3,024) Other current financial liabilities (132) \u2013 \u2013 \u2013 \u2013 (377) (12) (521) Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (337) \u2013 (337) Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (476) \u2013 (476) Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (104) \u2013 (104) Sum financial liabilities (154) (13) \u2013 \u2013 \u2013 (7,748) (27) (7,942) Total net balance (142) (12) 2,780 17 17 (7,748) (27) (5,115) Fair value (141) (13) 2,780 17 17 (7,946) (27) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 (198) \u2013 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 Interest-bearing debt for details. Equity instruments at FV through P&L as of year-end 2021 refer to venture investments, in addition to shares in fund investments. Equity instruments at FV through OCI as of year-end 2021 refer mainly to shares in Pohhjolan Voima Oyj. No dividend was received in 2021 from any of the mentioned investments. Financial instruments at fair value
31 December 2022
USD millions Level 1 Level 2 Level 3 Total
Equity instruments \u2013 \u2013 54 54
Derivatives, net \u2013 (132) \u2013 (132)
Financial liabilities \u2013 (15) \u2013 (15)
Net total balance \u2013 (146) 54 (92)
There were no transfers between Level 1 and Level 2 in the period.
31 December 2021
USD millions Level 1 Level 2 Level 3 Total
Equity instruments \u2013 \u2013 34 34
Derivatives, net \u2013 (56) (98) (154)
Financial liabilities \u2013 (7) (20) (27)
Net total balance \u2013 (63) (84) (147)
Reconciliation of fair value instruments at Level 3 from opening to closing balance
USD millions 2022 2021
Balance at 1 January (84) (28)
Total gains or (losses):
in income statement 116 (106)
in other comprehensive income 12 4
Payments made \u2013 33
Disposals/additions 12 15
Foreign currency translation (1) (1)
Balance at 31 December 54 (84)
Sensitivity of fair value measurement of financial instruments at Level 3 at 31 December 2022
Effect on P&L Effect on OCI
USD millions Favorable (Unfavorable) Favorable (Unfavorable)
Equity instruments (20% increase/(decrease) in electricity price) \u2013 \u2013 8 (8)
Total \u2013 \u2013 8 (8)
The favorable and unfavorable effects on equity instruments at FVOCI refer to fair value of a
limited number of long-term strategic investments in equity shares of which Yara has med an
election at initial recognition to present subsequent changes in fair value in OCI. The effects are
calculated based on a valuation model for estimation of fair value, increasing/decreasing the
forward electricity prices used in the model by 20 percent. All other variables remain constant.
As of 31 December 2022, YGV\u2019s portfolio consists of ten equity instruments, of which eight are
valued at cost as the proxy for their fair value, and two investments have been held for more than
12 months and are subject to updated valuation assessment in accordance with Yara\u2019s policy. For
one of these investments, Yara recognized a loss of USD 3 million in the consolidated statement
of income, and the second investment is expected to be revalued at a new funding round primo
2023. Accordingly, sensitivities with favorable and unfavorable effects are not presented for these
equity instruments .
Gains and losses from financial instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2022 Derivatives Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Fair value through P&L FV through OCI (no recycling) Amortized cost Fair value through P&L Total Consolidated statement of income 6.1, 6.2 6 (20) (2) \u2013 \u2013 2 (15) Consolidated statement of comprehensive income 1) 6.2 \u2013 (8) \u2013 13 (81) \u2013 (76) Total 39 (28) (2) 13 (81) 2 (91) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes. 2021 Derivatives Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Fair value through P&L FV through OCI (no recycling) Amortized cost Fair value through P&L Total Consolidated statement of income 6.1, 6.2 (45) (13) (3) \u2013 \u2013 (5) (66) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 4 (27) \u2013 (26) Total (45) (16) (3) 4 (27) (5) (92) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes 7 Business initiatives 7.1 Business initiatives Yara Clean Ammonia On 4 May 2022 Yara International ASA (\u201cYara\u201d) announced that it is evaluating a potential initial public offering (\u201cIPO\u201d) of its Yara Clean Ammonia business (\u201cYCA\u201d) on the Oslo Stock Exchange. Consistent with Yara\u2019s ownership approach, the evaluation of a potential future listing is focused on attracting minority investors. It reflects Yara\u2019s strategic ambition to enable the hydrogen economy where clean ammonia will play a crucial role within zero-emission shipping fuels, power generation, green fertilizer production and other industrial applications. YCA was established as a separate segment and business unit in February 2021 to focus on clean ammonia, i.e., green and blue ammonia. A potential IPO would raise capital to accelerate the growth of YCA, visualize the value of the business better and support increased management focus - for both YCA and Yara. In connection with the internal reorganization and transfer of Yara\u2019s Clean Ammonia business to a wholly owned subsidiary of Yara, a demerger and subsequent trian- gular merger was completed on 24 August 2022. 7.2 Disposal of investments Disposal of Salitre The sale of Yara\u2019s Salitre phosphate mining project in Brazil to Eurochem was completed on 22 February 2022. The assets and liabilities of the Salitre mining project were classified as a disposal group held- for-sale and presented on separate lines within Current assets and Current Liabilities in the consolidated statement of financial position for 2021 . Upon signing of the agreement, the recoverable value of the Salitre assets was determined to be lower than their carrying amount, and the total impairment charge in 2021 was USD 337 million. The charge continued to be sensitive to USD/BRL currency development up until close of the transaction on 22 February 2022. The impairment in 2022 was USD 10 million, recognized on the line Impairment loss in the Statement of Income. The settlement of the transaction led to a loss of USD 10 million. The amount is presented in the Statement of Income as Other operating expenses. At completion, Yara received a cash consideration of USD 452 million. Net cash proceeds after deducting for cash in the business that is disposed is USD 440 million and is presented on the line Cash flows from losing control of subsidiaries or other businesses in the consolidated statement of cash flows in 2022. All amounts are included in the Americas segment. The major classes of assets and liabilities held-for-sale at 31 December 2021 were as follows: USD millions Salitre Other Total Intangible assets other than goodwill 2 \u2013 2 Property, plant and equipment 375 22 397 Inventories 19 \u2013 19 Prepaid expenses and other current assets 37 \u2013 37 Non-current assets and disposal group held-for-sale 433 22 454 Non-current provisions 7 \u2013 7 Trade and other current payables 2 8 10 Liabilities directly associated with disposal group held-for-sale 9 8 17 As of 31 December 2022, the amount recognized as held-for-sale is immaterial and is related to investments in Americas and Global Plants & Operational Excellence segments 8 Other disclosures 8.1 Related parties The Norwegian State At 31 December 2022, the Norwegian State owned 92,239,891 shares, representing 36.21 percent of the total number of shares issued. On the same date, The Government Pension Fund Norway owned 15,643,152 shares, representing 6.14 percent of the total number of shares issued. Yara Pension fund One of Yara International ASA\u2019s pension plans is arranged through Yara\u2019s pension fund in Norway \u201cYara Pensjonskasse\u201d. This plan has been closed for new members since July 2006. During 2022, Yara has contributed to the pension fund through deductions from premium fund and premium paid by the sponsoring companies Yara International ASA and Yara Norge AS. Equity-accounted investees Transactions with equity-accounted investees are described in note 4.3. Board of Directors Members of the Board of Directors are elected for two-year terms. Their rights and obligations as board members are solely and specifically provided for the company\u2019s articles of association and Norwegian law. The company has no significant contracts in which a Board Member has a material interest. Executive Management Executive Management remuneration is disclosed in the following table. The full \u201cYara Executive Remuneration Report 2022\u201d can be found at www.yara.com, Annual report sectio n. Executive Management remuneration and Board of Directors compensation USD thousands Compensation earned in 2022 Compensation earned in 2021 Salary and short-term incentive 5,136 5,653 Pension 278 694 Benefits 512 387 Share Based Remuneration 1) 877 986 Total Executive Management 6,802 7,721 Fee to Board of Directors 506 545 Total 2) 7,308 8,266 1) See note 8.2 Share Based Remuneration for further information 2) See \u201cYara Executive Remuneration Report 2022\u201d for further detail 8.2 Share based remuneration To support the alignment between executives and shareholder interests and to ensure retention of key talents in the company, an amount equal to 30 percent of the Base Salary may be awarded by the Board on an annual basis. The net after tax amount must be invested in Yara shares within a period of one month after the grant and the shares must be retained for minimum 3 years. Executives who resign from Yara must reimburse to the company at the time of resignation the net proceeds of the selling of the shares that are still within the lock-in period. The grant of SBR is conditional on Yara\u2019s Net Result excluding special items and currency gain/ loss being positive in sum over the last three years. Yara\u2019s CEO can on a discretionary basis decide that SBR shall not be granted for a given year and Yara\u2019s Board of Directors can decide that SBR shall not be granted to the CEO for a given year. Such an assessment will amongst other factors be evaluated against Yara\u2019s performance towards its strategic targets of sustainable value creation, hereunder Performance Indicators linked to People, Planet and Prosperity. 8.3 External audit remuneration Deloitte AS (Deloitte) is Yara\u2019s auditor. A few subsidiaries of Yara International ASA have appointed other audit firms. The following table shows total audit and other services delivered to the group by the appointed auditor. USD thousands Audit fee Assurance services Tax services Other non-audit services Total 2022 Deloitte Norway 846 590 24 \u2013 1,460 Deloitte abroad 3,086 360 551 11 4,008 Total Deloitte 3,932 950 575 11 5,468 Others 492 8 60 45 605 Total 4,424 958 635 56 6,073 2021 Deloitte Norway 871 227 8 2 1,109 Deloitte abroad 3,053 36 315 5 3,410 Total Deloitte 3,925 263 324 7 4,519 Others 294 1 179 36 509 Total 4,218 264 503 43 5,02 8.4 Composition of the group The consolidated financial statement of Yara comprises 143 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). This list also includes major holding companies. Subsidiaries Ownership Registered office Main parent(s) Yara Argentina S.A. 100.0% Argentina Yara Iberian S.A.U. Yara Australia Pty Ltd. 100.0% Australia Yara Technology B.V. Yara Pilbara Fertilisers Pty Ltd. 100.0% Australia Chemical Holdings Pty Ltd. Chemical Holdings Pty Ltd. 100.0% Australia Yara Australia Pty Ltd. Yara Environmental Technologies GmbH 100.0% Austria Yara Investment GmbH Yara Belgium S.A./N.V. 100.0% Belgium Yara Nederland B.V. Yara Tertre S.A. 100.0% Belgium Yara Belgium S.A./N.V. Yara Trinidad Ltd. 100.0% Bermuda Yara Caribbean (20002) Ltd. Yara Brasil Fertilizantes S.A. 100.0% Brazil Yara South America Investments B.V. Yara Belle Plaine Inc. 100.0% Canada Yara Canada Holding Inc. Yara Canada Holding Inc. 100.0% Canada Fertilizer Holdings AS Yara Canada Inc. 100.0% Canada Fertilizer Holdings AS Yara Chile Fertilizantes Ltda. 100.0% Chile Yara Phosyn Ltd. Yara Trading (Shanghai) Co. Ltd. 100.0% China Yara Asia Pte Ltd. Yara Colombia S.A. 99.4% Colombia Yara International ASA (70.1%) and OFD Holding S. de R.L. (29.3%) Yara Industrial Colombia S.A.S. 99.4% Colombia Yara Colombia S.A. Yara Costa Rica S. de R.L. 87.6% Costa Rica Yara Iberian S.A.U. Yara Danmark A/S 100.0% Denmark Fertilizer Holdings AS Yarecuador Cia. Ltda. 99.4% Ecuador Yara Colombia S.A. Yara Agri Trade Misr 51.0% Egypt Yara Trade Misr Ltd. Yara Dallol B.V. 59.2% Ethiopia Yara Nederland B.V. Yara Phosphates Oy 100.0% Finland Yara Suomi Oy Yara Suomi Oy 100.0% Finland Yara Nederland B.V. Yara France SAS 100.0% France Yara Nederland B.V. Yara Besitz GmbH 100.0% Germany Yara GmbH & Co. KG Yara Brunsb\u00fcttel GmbH 100.0% Germany Yara GmbH & Co. KG Yara Industrial Solutions Germany GmbH 100.0% Germany Yara GmbH & Co. K G Table continues Subsidiaries Ownership Registered office Main parent(s) Yara GmbH & Co. KG 100.0% Germany Yara Investments Germany SE Yara Investment GmbH 100.0% Germany Yara GmbH & Co. KG Yara Investments Germany SE 100.0% Germany Yara Nederland B.V. Yara Ghana Ltd. 100.0% Ghana Yara Nederland B.V. Yara Hellas S.A. 100.0% Greece Yara Nederland B.V. Yara Guatemala S.A. 100.0% Guatemala Yara International ASA Yara Fertilisers India Pvt. Ltd. 100.0% India Yara Asia Pte Ltd. P.T. Yara Indonesia 100.0% Indonesia Yara Asia Pte Ltd. Yara Insurance DAC 100.0% Ireland Fertilizer Holdings AS Yara Italia S.p.A. 100.0% Italy Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%) Yara C\u00f4te d'Ivoire S.A. 100.0% Ivory Coast Fertilizer Holdings AS Yara East Africa Ltd. 100.0% Kenya Yara Overseas Ltd. Yara International (M) Sdn. Bhd. 70.0% Malaysia Yara Asia Pte Ltd. Yara M\u00e9xico S. de R.L. de C.V. 100.0% Mexico OFD Holding S. de R.L. (71.9%) and Yara Nederland B.V. (28.1%) Fertilizer Holdings AS 100.0% Norway Yara International ASA Yara Clean Ammonia Norge AS 100.0% Norway Yara Clean Ammonia AS Yara Clean Ammonia AS 100.0% Norway Yara International ASA Yara Growth Ventures AS 100.0% Norway Fertilizer Holdings AS Her\u00f8ya Nett AS 100.0% Norway Yara Norge AS Yara Marine Technologies AS 100.0% Norway Fertilizer Holdings AS OFD Holding S. de R.L. 100.0% Norway Fertilizer Holdings AS Yara AS 100.0% Norway Fertilizer Holdings AS Yara Birkeland AS 100.0% Norway Fertilizer Holdings AS Yara Norge AS 100.0% Norway Yara International ASA Yara LPG Shipping AS 100.0% Norway Yara Clean Ammonia Norge AS Yara Fertilizers Philippines Inc. 100.0% Philippines Yara Asia Pte Ltd. Yara Poland Sp. z o.o. 100.0% Poland Yara Nederland B.V. Yara Rwanda Ltd. 100.0% Rwanda Yara Tanzania Ltd. Yara Asia Pte Ltd. 100.0% Singapore Yara International ASA Yara Animal Nutrition South Africa (Pty) Ltd. 100.0% South Africa Yara Phosphates Oy Yara Africa Fertilizers (Pty) Ltd. 100.0% South Africa Yara Nederland B.V. Yara Iberian S.A.U. 100.0% Spain Yara Nederland B.V . Table continues Subsidiaries Ownership Registered office Main parent(s)
Yara Marine Technologies AB 100.0% Sweden Yara Marine Technologies AS
Yara AB 100.0% Sweden Fertilizer Holdings AS
Yara Switzerland Ltd. 100.0% Switzerland Yara Nederland B.V.
Yara Clean Ammonia Switzerland SA 100.0% Switzerland Yara Clean Ammonia Norge AS
Yara Tanzania Ltd. 100.0% Tanzania Fertilizer Holdings AS
Yara (Thailand) Ltd. 100.0% Thailand Yara Asia Pte Ltd.
Yara Holding Netherlands B.V. 100.0% The Netherlands Fertilizer Holdings AS
Yara Nederland B.V. 100.0% The Netherlands Yara Holding Netherlands B.V.
Yara Sluiskil B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara South America Investments B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara Technology B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara Vlaardingen B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara Caribbean (2002) Ltd. 100.0% Trinidad and Tobago Fertilizer Holdings AS
Yara UK Ltd. 100.0% United Kingdom Fertilizer Holdings AS
Agoro Carbon Alliance US, Inc. 100.0% United States Agronomic Technology Corp. (57.5%) and Yara North America Inc. (42.5%)
Agronomic Technology Corp. 100.0% United States Yara North America Inc.
Yara Clean Ammonia US Inc. 100.0% United States Yara Clean Ammonia Norge AS
Yara North America Inc. 100.0% United States Yara International ASA
Freeport Ammonia LLC 100.0% United States Yara North America Inc.
Yara West Sacramento Terminal LLC 100.0% United States Yara North America Inc.
Yara Vietnam Co. Ltd. 100.0% Vietnam Yara Asia Pte Ltd.
Yara Fertilizer Zambia Ltd. 100.0% Zambia Yara Nederland B.V.
8.5 Post balance sheet date events
Disposal of Yara Dallol B.V.
The Share Purchase Agreement with X LR Enterprises Limited to sell its ownership interest in
the Dallol Mining project in Ethiopia as announced on 4 July 2022 was completed on 27 January
2023. Yara\u2019s full legal ownership interest in the project, together with all economic rights and
all obligations and liabilities attaching or relating thereto, were transferred to X LR Enterprises at
closing date. The accounting effect of the closing is immaterial.
Dividends
Yara\u2019s Board is proposing to the Annual General Meeting a dividend of NOK 55 per share for 2022.
Auditor\u2019s report To the General Meeting of Yara International ASA INDEPENDENT AUDITOR\u2019S REPORT Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Yara International ASA, which comprise: \u2022 The financial statements of the parent company Yara International ASA (the Company), which comprise the balance sheet as at 31 December 2022, the income statement and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and \u2022 The consolidated financial statements of Yara International ASA and its subsidiaries (the Group), which comprise the statement of financial position as at 31 December 2022, the statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion: \u2022 the financial statements comply with applicable statutory requirements, \u2022 the financial statements give a true and fair view of the financial position of the Company as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices gener- ally accepted in Norway, and \u2022 the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion those standards are further described in the Auditor\u2019s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants\u2019 International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 19 years from the incorporation of the Company on 12 November 2003 for the accounting year 2004 following the demerger from Norsk Hydro ASA. We were auditors in Norsk Hydro ASA at the time for the demerger, and have been auditors for Yara International ASA and Norsk Hydro ASA in total for more than 20 years. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The key audit matters identified in our audit are: \u2022 Tax assets and liabilities \u2022 Impairment of goodwill and property, plant and equipmen t Deloitte AS Dronning Eufemias gate 14 Postboks 221 Sentrum NO-0103 Oslo, Norway Tel: +47 23 27 90 00 www.deloitte.no Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (\u201cDTTL\u201d), its global network of member firms, and their related entities (collectively, the \u201cDeloitte organization\u201d). DTTL (also referred to as \u201cDeloitte Global\u201d) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.no to learn more. \u00a9 Deloitte AS Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 28 Tax assets and liabilities
Key audit matter
As detailed in note 1.2 and 2.8, the Group has recognized deferred tax assets of USD 449 million.
Total unrecognized deferred tax assets are USD 392 million, of which USD 213 million represent
unused tax losses in Brazil. Recognition of these assets are based on management assumptions
related to future operating results and timing of utilization.
As detailed in note 1.2, and 2.8, management applies judgment to determine to what extent
these deferred tax assets qualify for recognition in the statement of financial position. This
involves judgment as to the likelihood of the realization of deferred tax assets. The expectation
that the benefit of these deferred tax assets will be realized is dependent on sufficient taxable
profits in future periods.
As detailed in note 1.2 and 5.6, the Group is engaged in a number of juridical and administrative
proceedings related to disputed tax matters with uncertain outcome. Management is required
to make certain judgments and estimates to recognize and measure the effect of uncertain tax
positions.
Due to the significant management judgment involved in estimation and recognition of deferred
tax assets, uncertain tax positions, we have assessed this to be a Key Audit Matter.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
\u2022 We evaluated relevant controls associated with accounting for tax balances, including deferred
tax assets and uncertain tax positions.
\u2022 We involved our tax specialists in evaluating management\u2019s judgments and conclusions.
\u2022 We challenged the appropriateness of management\u2019s assumptions and estimates in relation
to the likelihood of generating future taxable profits to support the recognition of deferred tax
assets. We evaluated the forecasted taxable profits and consistency of these forecasts with
historical performance.
\u2022 We evaluated management\u2019s assessment of the probable outcome related to uncertain tax
positions.
\u2022 We reviewed applicable third-party evidence and correspondence with tax authorities.
\u2022 We considered the adequacy of the Group\u2019s disclosures related to uncertain tax positions and
deferred tax assets .
Impairment of goodwill, property, plant and equipment
Key audit matter
As disclosed in note 1.2, 4.1 and 4.2, the Group has recognized goodwill of USD 754 million and
property, plant and equipment (PP&E) of USD 6.970 million. The Company\u2019s goodwill is tested
for impairment on an annual basis while PP&E is tested for impairment when events or changes in
circumstances indicate that the carrying amount of the asset may not be recoverable.
Determining whether goodwill and PP&E are impaired requires estimation of the value in use.
As disclosed in note 4.7, the value in use calculation requires management to make significant
estimates and assumptions related to future commodity prices, gas prices as well as assumptions
related to discount rates, future production levels, capital expenditures and impact from climate
changes. Changes in these assumptions could have a significant impact on the value of goodwill
and PP&E.
Net impairment losses of USD 35 million were recognized in the year ended 31 December 2022.
Due to the significant judgment involved in determining the assumptions used in the testing for
impairment of good-will, property, plant and equipment we have assessed this to be a Key Audit
Matter.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
\u2022 We evaluated relevant controls associated with the impairment review process.
\u2022 We challenged management\u2019s key assumptions used in the cash flow forecasts included within
the impairment models.
\u2022 We challenged specifically the urea- and ammonia prices, gas prices, assumed production
levels, capital expenditure, impact from climate changes and discount rate assumptions, includ-
ing consideration of the risk of management bias.
\u2022 We compared urea- and ammonia and gas prices to third party publications.
\u2022 We used internal valuation specialists in assessing discount rate assumptions used and testing
the models.
\u2022 We validated the mathematical accuracy of cash flow models and agreed relevant data to the
latest production plans and approved budgets.
\u2022 We considered the adequacy of the disclosures provided by the Group in relation to its impair-
ment reviews .
Other information
The Board of Directors and the President and CEO (management) are responsible for the infor-
mation in the Board of Directors\u2019 report and the other information accompanying the financial
statements. The other information comprises information in the integrated report, but does not
include the financial statements and our auditor\u2019s report thereon. Our opinion on the financial
statements does not cover the information in the Board of Directors\u2019 report nor the other informa-
tion accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors\u2019 report and the other information accompanying the financial statements. The purpose is
to consider if there is material inconsistency between the Board of Directors\u2019 report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors\u2019 report and the other information accom-
panying the financial statements otherwise appear to be materially misstated. We are required to
report if there is a material misstatement in the Board of Directors\u2019 report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the other information
\u2022 is consistent with the financial statements and
\u2022 contains the information required by applicable legal requirements regarding the Board of
Directors\u2019 report.
\u2022 contains the information required by applicable legal requirements regarding the statements on
Corporate Governance and Corporate Social Responsibility, and to the report on payments to
governments.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair
view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation and true and fair view of the consolidated
financial statements of the Group in accordance with International Financial Reporting Standards
as adopted by the EU, and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company\u2019s
and the Group\u2019s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern. The financial statements of the Company use the going concern basis of accounting
insofar as it is not likely that the enterprise will cease operations. The consolidated financial state-
ments of the Group use the going concern basis of accounting unless management either intends
to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor\u2019s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor\u2019s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstate-
ment when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
\u2022 identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
\u2022 obtain an understanding of internal control relevant to the audit in order to design audit proce-
dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company\u2019s and the Group\u2019s internal control.
\u2022 evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
\u2022 conclude on the appropriateness of management\u2019s use of the going concern basis of accounting,
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company and the Group\u2019s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor\u2019s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor\u2019s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
\u2022 evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves a true and fair view.
\u2022 obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial state-
ments. We are responsible for the direction, supervision and performance of the group audit. We
remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor\u2019s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse conse-
quences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
Report on compliance with Regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Yara International ASA, we have performed an assur-
ance engagement to obtain reasonable assurance about whether the financial statements included in
the integrated report, with the file name 213800WKOUWXWFJ5Z514-2022-12-31-en.zip, have
been prepared, in all material respects, in compliance with the requirements of the Commission
Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF
Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which
includes requirements related to the preparation of the integrated report in XHTML format, and
iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the integrated report, have been prepared, in
all material respects, in compliance with the ESEF regulation.
Management\u2019s Responsibilities
Management is responsible for the preparation of the integrated report in compliance with the
ESEF regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Auditor\u2019s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all
material respects, the financial statements included in the integrated report have been prepared
in compliance with ESEF. We conduct our work in compliance with the International Standard for
Assurance Engagements (ISAE) 3000 \u2013 \u201cAssurance engagements other than audits or reviews of
historical financial information\u201d. The standard requires us to plan and perform procedures to obtain
reasonable assurance about whether the financial statements included in the integrated report
have been prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company\u2019s
processes for preparing the financial statements in compliance with the ESEF Regulation. We
examine whether the financial statements are presented in XHTML-format. We evaluate the com-
pleteness and accuracy of the iXBRL tagging of the consolidated financial statements and assess
management\u2019s use of judgement. Our procedures include reconciliation of the iXBRL tagged data
with the audited financial statements in human-readable format. We believe that the evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 23 March 2023
Deloitte AS
Espen Johansen
State Authorised Public Accountant
(This document is signed electronically)
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"value": "Basis of preparation Significant accounting policies Accounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements: Accounting Policies Revenue recognition 2.1 Dividends received 2.7 Interest income 2.7 Income Taxes 2.8 Inventories 3.1 Property, plant and equipment 4.1 Goodwill 4.2 Intangible assets other than goodwill 4.2 Research and development expenditures 4.2 Investments in associates and joint ventures 4.3 Investments in joint operations 4.4 Leases 4.5 Impairment of non-current assets 4.7 Own shares 5.1 Dividends paid 5.1 Employee benefit obligations 5.4 Provisions and contingencies 5.6 Hedge accounting 6.2 Financial Instruments 6.3 Fair value measurement 6.3 Disposal group held for sale 7.1 ",
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"fact-14": {
"value": "Basis of preparation Basis of consolidation The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group re-assesses if it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group. Profit or losses from transactions with associates and joint ventures are recognized in the Group\u2019s consolidated financial statements only to the extent of interest in the associate or joint venture that is not related to the Group. Changes in the Group\u2019s ownership in subsidiaries that do not result in the Group losing control, are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the Company",
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"fact-499": {
"value": "Basis of preparation Foreign currency translation Transactions and balances Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which rate at the date of transaction. Monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Changes in value due to these foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group. Foreign currency translations on foreign currency borrowings that provide a hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments, are not recognized in the statement of income. Such foreign currency translations are recognized as a separate component of other comprehensive income, including tax charges and credits attributable to these borrowings and monetary items. When the net investment is disposed of they are recognized in the consolidated statement of income",
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},
"fact-527": {
"value": "Basis of preparation Functional currency is the currency of the primary economic environment in which rate at the date of transaction.",
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"fact-543": {
"value": "Basis of preparation Basis of consolidation The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group re-assesses if it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group. Changes in the Group\u2019s ownership in subsidiaries that do not result in the Group losing control, are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the Company. EU Directive 83/349 Yara GmbH & Co. KG with legal seat in D\u00fclmen/Germany, and its directly and indirectly owned subsidiaries, are included in the consolidated financial statements of Yara International ASA as defined by sec. 291 HGB (German commercial code). For the purpose of sec. 264b HGB, Yara GmbH & Co. KG makes use of the relief to not disclose any independent financial statements and notes",
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"fact-554": {
"value": "Basis of preparation When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group re-assesses if it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. ",
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},
"fact-567": {
"value": "Basis of preparation Corporate information Yara (the Group) consists of Yara International ASA and its subsidiaries. Yara International ASA is a public limited company incorporated in Norway. The Company\u2019s registered office is at Drammensveien 131, Oslo, Norway. The principal activities of the Group are described in note 2.3 Segment information, note 4.3 Associated companies and joint ventures, and note 4.4 Joint operations. These consolidated financial statements consist of the Group and the Group\u2019s interests in associated companies and jointly controlled entities. Information on the Group\u2019s structure is provided in note 8.4 Composition of the Group. Information on other related party relationships of the Group is provided in note 8.1 Related parties. Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Yara also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The consolidated financial statements have been prepared under the historical cost convention modified to include revaluation to fair value of equity instruments, derivative financial instruments, contingent consideration, disposal group held for sale and defined benefit plan assets. The consolidated financial statements are presented in US dollars (USD). All values are rounded to the nearest USD million, except when otherwise indicated. The functional currency of Yara International ASA is Norwegian kroner (NOK). Basis of consolidation The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group re-assesses if it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group. Profit or losses from transactions with associates and joint ventures are recognized in the Group\u2019s consolidated financial statements only to the extent of interest in the associate or joint venture that is not related to the Group. Changes in the Group\u2019s ownership in subsidiaries that do not result in the Group losing control, are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the Company",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-573": {
"value": "Basis of preparation New and revised accounting standards and interpretations Adopted The Group has applied the following amendments to IFRS that are effective for accounting periods beginning on or after 1 January 2022: \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u201cday 2\u201d gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. \u2022 Amendments to IAS 16 \u2013 Proceeds before Intended Use The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment (PP&E), any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. \u2022 Amendments to IAS 37 \u2013 Costs of Fulfilling a Contract The amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss- making. The amendments are intended to provide clarity and help ensure consistent application of the standard. Not yet effective The below amendments to IFRS applicable to Yara have been issued but were not yet effective on the balance sheet date. Yara will implement the changes from their effective date, subject to endorsement by the EU. At the date of the Board approval of these financial statements, Yara has not identified significant impact to the consolidated financial statements as result of amendments effective for 2023. The impact of changes which are effective from 2024 and beyond are not yet assessed. \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies The amendments are effective for annual periods beginning on or after 1 January 2023. They provide guidance and examples to help entities apply materiality judgments to accounting policy disclosures. \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates The amendments are effective for annual periods beginning on or after 1 January 2023. They clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates . 145 Yara Integrated Report 2022 01 THIS IS YARA 02 YEAR IN REVIEW 03 periods beginning on or after 1 January
2023 and replaces IFRS 4 Insurance
contracts. It establishes principles for the
recognition, measurement, presentation
and disclosure of insurance contracts
within the scope of the Standard. At
the date of the Board approval of these
consolidated financial statements, Yara
has not identified a significant impact to
the consolidated financial statements as
result of implementation of IFRS 17. As
a non-insurer, Yara does neither expect
a significant impact in the future. With
reference to the voluntary scope exceptions
available within the Standard if certain
conditions are met, Yara will apply IFRS
9 and IFRS 15 instead of IFRS 17 to the
extent possible.
\u2022 Amendments to IAS 12 \u2013 Deferred Tax
related to Assets and Liabilities arising
from a Single Transaction
The amendments are effective for annual
periods beginning on or after 1 January
2023. The main change is an exemption
from the initial recognition exemption
provided in IAS 12.15(b) and IAS 12.24.
Accordingly, this change narrows the scope
of the initial recognition exemption which
no longer will apply to transactions in which
equal amounts of deductible and taxable
temporary differences arise on initial
recognition.
\u2022 Amendments to IAS 1 \u2013 Classification of
Liabilities as Current or Non-current
The amendments are effective for annual
periods beginning on or after 1 January
2024. They specify the requirements for
classifying liabilities as current or non-
current.
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"value": "Yara International ASA ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Yara International ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-460": {
"value": " Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-10": {
"value": "Drammensveien 131, Oslo, Norway.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-461": {
"value": "Drammensveien 131, Oslo, Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
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"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-16": {
"value": "These consolidated financial statements consist of the Group and the Group\u2019s interests in associated companies and jointly controlled entities. Information on the Group\u2019s structure is provided in note 8.4 Composition of the Group. Information on other related party relationships of the Group is provided in note 8.1 Related parties",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-13": {
"value": "Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Yara also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The consolidated financial statements have been prepared under the historical cost convention modified to include revaluation to fair value of equity instruments, derivative financial instruments, contingent consideration, disposal group held for sale and defined benefit plan assets. The consolidated financial statements are presented in US dollars (USD). All values are rounded to the nearest USD million, except when otherwise indicated. The functional currency of Yara International ASA is Norwegian kroner (NOK)",
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},
"fact-462": {
"value": "The consolidated financial statements have been prepared under the historical cost convention modified to include revaluation to fair value of equity instruments, derivative financial instruments, contingent consideration, disposal group held for sale and defined benefit plan assets. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-15": {
"value": "Foreign currency translation Transactions and balances Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which rate at the date of transaction. Monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Changes in value due to these foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group. Foreign currency translations on foreign currency borrowings that provide a hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments, are not recognized in the statement of income. Such foreign currency translations are recognized as a separate component of other comprehensive income, including tax charges and credits attributable to these borrowings and monetary items. When the net investment is disposed of they are recognized in the consolidated statement of income. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-17": {
"value": "New and revised accounting standards and interpretations Adopted The Group has applied the following amendments to IFRS that are effective for accounting periods beginning on or after 1 January 2022: \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u201cday 2\u201d gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. \u2022 Amendments to IAS 16 \u2013 Proceeds before Intended Use The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment (PP&E), any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. \u2022 Amendments to IAS 37 \u2013 Costs of Fulfilling a Contract The amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss- making. The amendments are intended to provide clarity and help ensure consistent application of the standard. Not yet effective The below amendments to IFRS applicable to Yara have been issued but were not yet effective on the balance sheet date. Yara will implement the changes from their effective date, subject to endorsement by the EU. At the date of the Board approval of these financial statements, Yara has not identified significant impact to the consolidated financial statements as result of amendments effective for 2023. The impact of changes which are effective from 2024 and beyond are not yet assessed. \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies The amendments are effective for annual periods beginning on or after 1 January 2023. They provide guidance and examples to help entities apply materiality judgments to accounting policy disclosures. \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates The amendments are effective for annual periods beginning on or after 1 January 2023. They clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates ods beginning on or after 1 January 2023 and replaces IFRS 4 Insurance contracts. It establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard. At the date of the Board approval of these consolidated financial statements, Yara has not identified a significant impact to the consolidated financial statements as result of implementation of IFRS 17. As a non-insurer, Yara does neither expect a significant impact in the future. With reference to the voluntary scope exceptions available within the Standard if certain conditions are met, Yara will apply IFRS 9 and IFRS 15 instead of IFRS 17 to the extent possible. \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments are effective for annual periods beginning on or after 1 January 2023. The main change is an exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24. Accordingly, this change narrows the scope of the initial recognition exemption which no longer will apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments are effective for annual periods beginning on or after 1 January 2024. They specify the requirements for classifying liabilities as current or non- current",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-464": {
"value": "1 Key sources of estimation uncertainty, judgments and assumptions 1.2 Key sources of estimation uncertainty and assumptions Inventory Yara has significant carrying amounts related to inventory recognized in the consolidated statement of financial position. As some of Yara\u2019s products are traded in markets where there are limited observable market references available, estimates and assumptions are required in determining net realizable value. Management has used its best estimates in determining net realizable value for inventory. The carrying amount of inventory at 31 December 2022 is USD 4,365 million and write-down at year-end is USD 140 million. See note 3.1 Inventories for more information. Impairment of assets Property, plant and equipment Yara has significant carrying amounts related to property, plant and equipment recognized in the consolidated statement of financial position. The value in use of some of these assets could be influenced by changes in market conditions in the regions where Yara carries out its business. Significant and prolonged adverse market conditions related for example to increases in natural gas cost and/or lower market prices for products sold could lead to temporary or permanent closures of production facilities. Such closures will be considered as an impairment indicator and an impairment test will be carried out. The outcome of such impairment tests may be that significant impairment losses are recognized in the statement of income. A reduction in the expected useful life and/or residual value of the assets can also lead to periods with higher depreciation expense going forward. Yara has carried out impairment tests for certain production facilities during 2022, mainly due to uncertain or adverse economic conditions in local markets. No facilities have been closed during 2022. On the other hand, Yara adapted to market conditions by curtailing the Group\u2019s European production capacity of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. Total impairment recognized on property, plant and equipment in 2022 is USD 35 million. Impairments recognized in prior periods have been evaluated for reversals. No reversals have been recognized in 2022. The carrying amount of property, plant and equipment at 31 December 2022 is USD 6,970 million. See note 4.1 Property, plant and equipment and 4.7 Impairment of non-current assets for further details. Goodwill and other intangible assets Determining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash- generating units to which goodwill and other intangible assets have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying value of goodwill and other intangible assets at 31 December 2022 is USD 754 million and USD 112 million, respectively. Yara has not been recognized any impairment of goodwill or other intangible assets in 2022. Details of recognized goodwill are provided in note 4.2 and the impairment information, including sensitivity disclosures, is disclosed in note 4.7. Other intangible assets mainly comprise of software, customer relationships and patent and trademarks either identified as part of the purchase price allocation of new business combinations or internally developed. See note 4.2 Intangible assets and 4.7 Impairment of non-current assets for further details. Tax assets and liabilities Yara recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether these assets should be recognized, taking into consideration that stronger evidence for utilization is required for entities with a history of recent tax losses. The carrying amounts of deferred tax assets and deferred tax liabilities at 31 December 2022 are USD 449 million and USD 473 million, respectively. The amount of unrecognized deferred tax assets is USD 392 million, of which USD 213 million is related to unused tax losses in Brazil. Further information about deferred tax is provided in note 2.8. Yara\u2019s operations in Brazil also generate tax credits. Recognition of these assets is based on Management assumptions related to future operating results and timing of utilization. Yara has recognized USD 99 million of such tax credits which are classified as non-current assets. Unrecognized amounts of the same credits is USD 4 million which reflects the challenges of utilizing all credits through ordinary operations. Further information is provided in note 4.6. Yara is engaged in a number of legal and administrative proceedings related to disputed tax matters with uncertain outcome. Management is required to estimate the probability of cash outflow on a case-by-case basis. The estimated maximum exposure on tax contingencies is approximately USD 176 million of which USD 77 million is related to tax cases in Brazil. The estimated maximum exposure of USD 176 million excludes a separately disclosed case with the Dutch tax authorities. Further information is provided in note 5.6. Yara has operations in multiple countries, each with its own taxation regime. Management is required to make judgments, estimates and assumptions in relation to tax treatments. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets and liabilities. When assessing whether uncertainty over tax treatments exists, Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities. In case of uncertain tax treatments, Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty. Pension liabilities The fair value of pension liabilities is calculated based on several actuarial and economic assumptions. Any changes in the assumptions used would affect the estimated pension obligation. Changes in the discount rate have the most significant impact. The discount rate and other key assumptions are determined locally for each individual pension plan, based on the economic environment in which the plan is established. Assumptions are normally reviewed annually when the actuarial calculation is carried out, unless there are significant changes during the year. The carrying amount of the net pension and other long-term employee benefits liabilities at 31 December 2022 is USD 79 million. The gross pension and other long-term employee benefits liabilities have a carrying value of USD 1,632 million at the same date. Detailed information, including sensitivity disclosures, is provided in note 5.4 Climate change Yara faces significant risks and opportunities linked to of climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy development processes, and embedded in Yara\u2019s governance structure including the mandate of the Board Audit and Sustainability Committee. In December 2020 Yara announced a strategic shift towards climate-neutral solutions together with the Group\u2019s climate targets with an intensity KPI of 10 percent reduction in CO 2 e per tonne N within 2025, a KPI on reduction of absolute emissions (scope 1 and 2) by 30 percent within 2030, and an ambition to be climate-neutral within 2050. Yara is fully committed to reaching these goals and is working to embed climate risks and opportunities into all relevant key business processes such as business planning, business performance reviews and capital value processes. All targets are refined for annual periods, following the annual cycle of business planning and execution. In the short-term incentives structure for the Group Executive Board, planet-related indicators weigh 25 percent. Yara\u2019s core industrial processes are production of nitrogen fertilizers and industrial chemicals. Natural gas is the main energy source and feedstock to the processes. The two main emission sources are CO 2 from both the feedstock and energy parts of natural gas in the ammonia process, and N 2 O emissions from nitric acid production. To reduce GHG emissions Yara systematically assesses opportunities for improvements of these operations. The Group has set GHG reduction targets up to 2025 and 2030, and GHG reduction projects are expected to deliver decreases in future emissions. Other potential implications to Yara linked to climate change mainly relate to the following: \u2022 Current regulation Climate related policies and regulations develop unequally between markets which may impact the competitiveness of Yara\u2019s fertilizer production. \u2022 Emerging regulation, new technology, changing markets Climate change leads to societal processes which may present both risks and opportunities within market preferences, legislation and technology. \u2022 Reputation Yara\u2019s ability, real or perceived, to respond to national and regional climate policies and regulations can impact Yara\u2019s brand, reputation and relationship with current and future business partners, customers and consumers. \u2022 Physical effects of climate change (acute and chronic) Yara\u2019s industrial setup includes a flexible structure of own-produced and third-party sourced ammonia for production of fertilizer. Significant capacity is therefore located in coastal areas which can be subject to acute and chronic weather-related risks including extreme weather conditions and natura l disasters. This may lead to disturbances in operations and the supply chain. Extreme weather conditions may also lead to changes in farming patterns. Through 2021 and 2022, Yara analyzed risks and opportunities under different climate scenarios. The foundation for the exercise was three Representation Concentration Pathways (RCP\u2019s) from the Intergovernmental Panel on Climate Change (IPCC) fifth assessment: 1) the stringent mitigation scenario (RCP2.6), 2) an intermediate scenario (RCP4.5), and 3) the very high emissions scenario (RCP8.5). The scope of the analysis covered the whole value chain of Yara, including suppliers, logistics, own operations, and the agricultural and industrial markets. The outcomes were focused on impacts in 2030 and 2050, respectively. The TCFD categories of risks and opportunities were applied through the process. Transitional risks were defined as risks to Yara that arise from the transition to low-carbon and climate- resilient economies. Physical risks were defined as risks to the Group that arise from the physical effects of climate change. Yara considers the intermediate scenario to be most likely, followed by the stringent mitigation scenario, with the very high emissions scenario to be the least likely one. On this basis, the Group\u2019s current understanding of the main climate risks which may impact Yara\u2019s financial performance are the following: \u2022 Emerging European regulation This refers mainly to the implementation of carbon pricing mechanisms and regulations to reduce emissions from fertilizer, as well as responses to emerging climate regula- tion globally. \u2022 New competitors on ammonia This refers to a global risk of competition from new players establishing green ammonia production based on renewable energy. \u2022 Physical effects of climate change This mainly refers to physical climate risk as result of extreme weather, flooding and water scarcity for production. In a stringent mitigation scenario, transitional risk is considered to be higher, especially in terms of reputation and litigations. Physical effects of climate changes in this scenario are considered to be lower. By 2030, Yara\u2019s operations, suppliers and farmer customers will almost certainly be significantly impacted by climate change in terms of more extreme weather. In a high emissions scenario, this impact will be even higher and more frequent. Consequences will be more severe. Transitional risk in this scenario is, however, considered to be lower. As of year-end 2022, any current and future financial impact to Yara of climate risks and opportunities is highly uncertain. However, Yara will through 2023 work to further develop the Group\u2019s understanding of how risk exposure can develop under the different climate scenarios to confirm, quantify, and mitigate the identified risks. Among other things, Yara closely monitors the development of existing and emerging regulation and markets on a global basis. Yara has also initiated a second phase, in depth physical and transitional climate risk analysis which is expected to provide an even more granular and quantifiable understanding. The impact of climate change to these consolidated financial statements is based on Yara\u2019s current understanding based on the status of work done so far, and refers to the following: \u2022 Impairment of non-current assets and estimation of useful life The intermediate scenario (RCP4.5) is applied as basis for impairment-testing of non-current assets. However, specific risks in the other scenarios are considered if they are particularly relevant for the asset being tested. Emission reduction projects that have passed the final investment decision and reached the execution phase are included in future cash flow projections. Other, uncommitted projects are not included, but the terminal value is adjusted for higher capex if investments are likely to meet emission targets and/or new regulatory requirements. Due to emerging regulation in Europe, forecasted emission cost is one of the key assumptions in value- in-use calculation for plants in Europe. Yara has as of year-end 2022 not identified stranded assets or changes to useful life of significant assets. However, the initiated second phase of transitional and physical climate risk assessments of production assets may uncover conditions that are currently unknown. Yara may also make future, climate related, strategic decisions that potentially can change useful lives or trigger assets to become stranded. The Inflation Reduction Act (IRA) in the US, which was approved in 2022, is expected to create a decarbonization momentum and to make the US a highly attractive location for clean ammonia investments. The cost of producing blue ammonia in the US after the introduction of IRA will be significantly lower than in Europe, especially if Europe does not introduce additional incentives for its own industry. Given expected increased demand for blue ammonia in new seg- ments like shipping, power generation and as energy carrier, combined with low visibility of future incentive schemes in Europe, it is too early to predict how poten- tial new ammonia supply from the US may impact production assets in Europe. This recent development has therefore not been considered a separate indicator of impair- ment at year-end 2022. However, Yara will closely monitor the supply/demand balance and government incentives in Europe going forward. Yara\u2019s ammonia plants in Europe are mainly integrated with production of fertilizer and industrial products. Depending on the market fundamentals for ammonia in the future, it cannot be ruled out that a more liquid ammonia market with compet- itive supply from the US to Europe could lead to reduced useful life and/or impair- ments of production assets in Europe, in particular ammonia production assets. Importing ammonia to integrated produc- tion sites in Europe is technically possible and is already used as an optimization tool for some sites. However, the technical and business feasibility of increasing ammonia imports in future will vary from site to site. As of 31 December 2022, the carrying amount of Yara\u2019s ammonia production assets in Europe is USD 0.5 billion . See note 4.7 Impairment of non-current assets and note 4.1 Property, plant and equipment for more information. \u2022 Government grants Yara was in 2021 awarded two grants by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. Yara has received a limited number of other less significant, climate related government grants. See note 4.1 Property, plant and equipment for more information. \u2022 Intangible assets - Emission rights in Europe Yara\u2019s European nitric acid and ammonia plants are covered by the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. EU ETS follows a \u201ccap- and-trade\u201d approach. This means that EU sets a cap on GHG emission each year, and companies need to hold an European Union Allowance (EUA) for every tonne of CO 2 they emit. Companies receive and/or buy these permits \u2013 and they can trade them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing plants. Future reduction of free allocations is expected as part of implementation of new, emerging European regulation. Yara receives free EUAs based on the Group\u2019s production of ammonia and nitric acid. These are used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. This has also been the situation historically. The surplus balance as of 31 December 2022 is significant and is currently held to cover an expected deficit in future years. EUAs received are initially recognized as intangible assets at nil value (nominal value) and Yara has not been engaged in external trading activities. As a result, Yara\u2019s emission rights under EU ETS have had no impact on the consolidated statement of income and financial position of the periods presented. A provision will be recognized once the level of emissions exceeds the level of allowances granted. \u2022 Environmental and decommissioning obligations See note 5.6 Provisions and contingencies for information on provisions as a result of environmental and decommissioning obligations. \u2022 Financial instruments In 2019, Yara signed a USD 1,100 million five-year multicurrency revolving credit facility (\u201cRCF\u201d) with a link to the Group\u2019s Carbon Intensity Target. The margin under the Facility will be adjusted based on Yara\u2019s progress to achieve a 10 percent reduction of GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by 2025, refer to Yara\u2019s climate targets. The credit facility is undrawn and has consequently had no material financial effect in 2022. In July 2022 the \u201cYara Green Financing Framework\u201d was launched. Yara has established this Framework as an overarching platform under which the Group intends to issue Green Financing Instruments where the proceeds will be exclusively allocated to finance and/or refinance Eligible Green Projects as defined in this Framework. It is aligned with market best practices outlined by the International Capital Market Association (\u201cICMA\u201d) 2021 Green Bond Principles and the Loan Market Association (\u201cLMA\u201d) 2021 Green Loan Principles. It includes components as use of proceeds, process for project evaluation and selection, management of proceeds, and reporting. The Framework is available at Yara\u2019s website. In November 2022, Yara announced an offering of USD 600 million 7.378 percent Green Notes due 2032. In accordance with Yara Green Financing Framework, an amount equivalent to the net proceeds from this offering is intended to be allo- cated to finance, or refinance, in whole or in part, new or existing green investments or assets. See note 5.3 Interest-bearing debt for more information on interest-bearing debt. Price volatility and the war in Ukraine Import restrictions, as well as several rounds of new sanctions, have been presented by the EU, UK, US and other countries following Russia\u2019s invasion of Ukraine. This has restricted, and will likely continue to restrict, trade with Russian and Belarusian counterparties, both due to sanctions imposed on entities and individuals, and due to banking and logistical challenges. Yara has historically sourced phosphate, potash and ammonia from Russia, in addition to significant volumes of natural gas for its production in Europe. Yara has stopped all sourcing from suppliers which are prohibited by sanctions in certain jurisdictions, and is utilizing its global sourcing, production and distribution capabilities with the objective to keep supplying customers and secure continuity in food supply chains. To cater for the reduced volumes of ammonia from Russian producers, Yara has replaced these volumes by sourcing ammonia from other producers, including producers in the Middle East, North Africa, North America and the Caribbean. In 2022 Yara adapted to market conditions by curtailing the Group\u2019s European production of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. For phosphates and potash Yara has increased sourcing from existing suppliers outside Russia/Belarus and entered into contracts with new suppliers, which has secured supplies to our production system for 2022. There has been no material impact on Yara\u2019s production volumes so far due to lack of raw materials. There can be no assurance, however, that Yara will be able to continue to do so in the future, and as a result there could be a reduction in volumes sourced by Yara. Accounts payables to companies linked to Russian sanctioned individuals amount to USD 221 million as of 31 December 2022. 150 Yara Integrated Report 2022 0 1 THIS IS YARA The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the statement of financial position. All were overdue as of 31 December 2022. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain. Yara, together with its advisors, are constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulation and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is some uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may differ from Yara\u2019s conclusions, and Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals, see note 5.6 Provisions and contingencies. While raw material price increases in isolation are negative for Yara, higher end-product prices create offsetting positive effects, as higher grain prices improve farmers\u2019 profitability and demand incentives for agricultural input. Covid-19 Yara has not experienced any major disruptions to its operations or experienced significant financial effects due to Covid-19",
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"fact-18": {
"value": "1 Key sources of estimation uncertainty, judgments and assumptions 1.1 General The preparation of consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and the use of Yara\u2019s accounting policies requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 1.2 Key sources of estimation uncertainty and assumptions Inventory Yara has significant carrying amounts related to inventory recognized in the consolidated statement of financial position. As some of Yara\u2019s products are traded in markets where there are limited observable market references available, estimates and assumptions are required in determining net realizable value. Management has used its best estimates in determining net realizable value for inventory. The carrying amount of inventory at 31 December 2022 is USD 4,365 million and write-down at year-end is USD 140 million. See note 3.1 Inventories for more information. Impairment of assets Property, plant and equipment Yara has significant carrying amounts related to property, plant and equipment recognized in the consolidated statement of financial position. The value in use of some of these assets could be influenced by changes in market conditions in the regions where Yara carries out its business. Significant and prolonged adverse market conditions related for example to increases in natural gas cost and/or lower market prices for products sold could lead to temporary or permanent closures of production facilities. Such closures will be considered as an impairment indicator and an impairment test will be carried out. The outcome of such impairment tests may be that significant impairment losses are recognized in the statement of income. A reduction in the expected useful life and/or residual value of the assets can also lead to periods with higher depreciation expense going forward. Yara has carried out impairment tests for certain production facilities during 2022, mainly due to uncertain or adverse economic conditions in local markets. No facilities have been closed during 2022. On the other hand, Yara adapted to market conditions by curtailing the Group\u2019s European production capacity of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. Total impairment recognized on property, plant and equipment in 2022 is USD 35 million. Impairments recognized in prior periods have been evaluated for reversals. No reversals have been recognized in 2022. The carrying amount of property, plant and equipment at 31 December 2022 is USD 6,970 million. See note 4.1 Property, plant and equipment and 4.7 Impairment of non-current assets for further details. Goodwill and other intangible assets Determining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash- generating units to which goodwill and other intangible assets have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying value of goodwill and other intangible assets at 31 December 2022 is USD 754 million and USD 112 million, respectively. Yara has not been recognized any impairment of goodwill or other intangible assets in 2022. Details of recognized goodwill are provided in note 4.2 and the impairment information, including sensitivity disclosures, is disclosed in note 4.7. Other intangible assets mainly comprise of software, customer relationships and patent and trademarks either identified as part of the purchase price allocation of new business combinations or internally developed. See note 4.2 Intangible assets and 4.7 Impairment of non-current assets for further details. Tax assets and liabilities Yara recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether these assets should be recognized, taking into consideration that stronger evidence for utilization is required for entities with a history of recent tax losses. The carrying amounts of deferred tax assets and deferred tax liabilities at 31 December 2022 are USD 449 million and USD 473 million, respectively. The amount of unrecognized deferred tax assets is USD 392 million, of which USD 213 million is related to unused tax losses in Brazil. Further information about deferred tax is provided in note 2.8. Yara\u2019s operations in Brazil also generate tax credits. Recognition of these assets is based on Management assumptions related to future operating results and timing of utilization. Yara has recognized USD 99 million of such tax credits which are classified as non-current assets. Unrecognized amounts of the same credits is USD 4 million which reflects the challenges of utilizing all credits through ordinary operations. Further information is provided in note 4.6. Yara is engaged in a number of legal and administrative proceedings related to disputed tax matters with uncertain outcome. Management is required to estimate the probability of cash outflow on a case-by-case basis. The estimated maximum exposure on tax contingencies is approximately USD 176 million of which USD 77 million is related to tax cases in Brazil. The estimated maximum exposure of USD 176 million excludes a separately disclosed case with the Dutch tax authorities. Further information is provided in note 5.6. Yara has operations in multiple countries, each with its own taxation regime. Management is required to make judgments, estimates and assumptions in relation to tax treatments. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets and liabilities. When assessing whether uncertainty over tax treatments exists, Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities. In case of uncertain tax treatments, Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty. Pension liabilities The fair value of pension liabilities is calculated based on several actuarial and economic assumptions. Any changes in the assumptions used would affect the estimated pension obligation. Changes in the discount rate have the most significant impact. The discount rate and other key assumptions are determined locally for each individual pension plan, based on the economic environment in which the plan is established. Assumptions are normally reviewed annually when the actuarial calculation is carried out, unless there are significant changes during the year. The carrying amount of the net pension and other long-term employee benefits liabilities at 31 December 2022 is USD 79 million. The gross pension and other long-term employee benefits liabilities have a carrying value of USD 1,632 million at the same date. Detailed information, including sensitivity disclosures, is provided in note 5.4 . 1.3 Critical judgments in applying accounting policies Classifications of joint arrangements Management has used judgment in relation to the classification of Yara Freeport LLC DBA Texas Ammonia and classified it as a joint operation. The unit constructed an ammonia plant in the US which opened in April 2018. The company is owned 68 percent by Yara but controlled jointly with the other owner. The company has been classified as a joint operation because the partners have equal number of board representatives and because relevant activities that significantly affect the return on the investment requires approval of representatives from both partners. The same judgment has been made for the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also on the basis of required consensus when making relevant decisions. See note 4.4 Joint operations for further details on joint operations. 1.4 Other key factors Climate change Yara faces significant risks and opportunities linked to of climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy development processes, and embedded in Yara\u2019s governance structure including the mandate of the Board Audit and Sustainability Committee. In December 2020 Yara announced a strategic shift towards climate-neutral solutions together with the Group\u2019s climate targets with an intensity KPI of 10 percent reduction in CO 2 e per tonne N within 2025, a KPI on reduction of absolute emissions (scope 1 and 2) by 30 percent within 2030, and an ambition to be climate-neutral within 2050. Yara is fully committed to reaching these goals and is working to embed climate risks and opportunities into all relevant key business processes such as business planning, business performance reviews and capital value processes. All targets are refined for annual periods, following the annual cycle of business planning and execution. In the short-term incentives structure for the Group Executive Board, planet-related indicators weigh 25 percent. Yara\u2019s core industrial processes are production of nitrogen fertilizers and industrial chemicals. Natural gas is the main energy source and feedstock to the processes. The two main emission sources are CO 2 from both the feedstock and energy parts of natural gas in the ammonia process, and N 2 O emissions from nitric acid production. To reduce GHG emissions Yara systematically assesses opportunities for improvements of these operations. The Group has set GHG reduction targets up to 2025 and 2030, and GHG reduction projects are expected to deliver decreases in future emissions. Other potential implications to Yara linked to climate change mainly relate to the following: \u2022 Current regulation Climate related policies and regulations develop unequally between markets which may impact the competitiveness of Yara\u2019s fertilizer production. \u2022 Emerging regulation, new technology, changing markets Climate change leads to societal processes which may present both risks and opportunities within market preferences, legislation and technology. \u2022 Reputation Yara\u2019s ability, real or perceived, to respond to national and regional climate policies and regulations can impact Yara\u2019s brand, reputation and relationship with current and future business partners, customers and consumers. \u2022 Physical effects of climate change (acute and chronic) Yara\u2019s industrial setup includes a flexible structure of own-produced and third-party sourced ammonia for production of fertilizer. Significant capacity is therefore located in coastal areas which can be subject to acute and chronic weather-related risks including extreme weather conditions and natura disasters. This may lead to disturbances in operations and the supply chain. Extreme weather conditions may also lead to changes in farming patterns. Through 2021 and 2022, Yara analyzed risks and opportunities under different climate scenarios. The foundation for the exercise was three Representation Concentration Pathways (RCP\u2019s) from the Intergovernmental Panel on Climate Change (IPCC) fifth assessment: 1) the stringent mitigation scenario (RCP2.6), 2) an intermediate scenario (RCP4.5), and 3) the very high emissions scenario (RCP8.5). The scope of the analysis covered the whole value chain of Yara, including suppliers, logistics, own operations, and the agricultural and industrial markets. The outcomes were focused on impacts in 2030 and 2050, respectively. The TCFD categories of risks and opportunities were applied through the process. Transitional risks were defined as risks to Yara that arise from the transition to low-carbon and climate- resilient economies. Physical risks were defined as risks to the Group that arise from the physical effects of climate change. Yara considers the intermediate scenario to be most likely, followed by the stringent mitigation scenario, with the very high emissions scenario to be the least likely one. On this basis, the Group\u2019s current understanding of the main climate risks which may impact Yara\u2019s financial performance are the following: \u2022 Emerging European regulation This refers mainly to the implementation of carbon pricing mechanisms and regulations to reduce emissions from fertilizer, as well as responses to emerging climate regula- tion globally. \u2022 New competitors on ammonia This refers to a global risk of competition from new players establishing green ammonia production based on renewable energy. \u2022 Physical effects of climate change This mainly refers to physical climate risk as result of extreme weather, flooding and water scarcity for production. In a stringent mitigation scenario, transitional risk is considered to be higher, especially in terms of reputation and litigations. Physical effects of climate changes in this scenario are considered to be lower. By 2030, Yara\u2019s operations, suppliers and farmer customers will almost certainly be significantly impacted by climate change in terms of more extreme weather. In a high emissions scenario, this impact will be even higher and more frequent. Consequences will be more severe. Transitional risk in this scenario is, however, considered to be lower. As of year-end 2022, any current and future financial impact to Yara of climate risks and opportunities is highly uncertain. However, Yara will through 2023 work to further develop the Group\u2019s understanding of how risk exposure can develop under the different climate scenarios to confirm, quantify, and mitigate the identified risks. Among other things, Yara closely monitors the development of existing and emerging regulation and markets on a global basis. Yara has also initiated a second phase, in depth physical and transitional climate risk analysis which is expected to provide an even more granular and quantifiable understanding. The impact of climate change to these consolidated financial statements is based on Yara\u2019s current understanding based on the status of work done so far, and refers to the following: \u2022 Impairment of non-current assets and estimation of useful life The intermediate scenario (RCP4.5) is applied as basis for impairment-testing of non-current assets. However, specific risks in the other scenarios are considered if they are particularly relevant for the asset being tested. Emission reduction projects that have passed the final investment decision and reached the execution phase are included in future cash flow projections. Other, uncommitted projects are not included, but the terminal value is adjusted for higher capex if investments are likely to meet emission targets and/or new regulatory requirements. Due to emerging regulation in Europe, forecasted emission cost is one of the key assumptions in value- in-use calculation for plants in Europe. Yara has as of year-end 2022 not identified stranded assets or changes to useful life of significant assets. However, the initiated second phase of transitional and physical climate risk assessments of production assets may uncover conditions that are currently unknown. Yara may also make future, climate related, strategic decisions that potentially can change useful lives or trigger assets to become stranded. The Inflation Reduction Act (IRA) in the US, which was approved in 2022, is expected to create a decarbonization momentum and to make the US a highly attractive location for clean ammonia investments. The cost of producing blue ammonia in the US after the introduction of IRA will be significantly lower than in Europe, especially if Europe does not introduce additional incentives for its own industry. Given expected increased demand for blue ammonia in new seg- ments like shipping, power generation and as energy carrier, combined with low visibility of future incentive schemes in Europe, it is too early to predict how poten- tial new ammonia supply from the US may impact production assets in Europe. This recent development has therefore not been considered a separate indicator of impair- ment at year-end 2022. However, Yara will closely monitor the supply/demand balance and government incentives in Europe going forward. Yara\u2019s ammonia plants in Europe are mainly integrated with production of fertilizer and industrial products. Depending on the market fundamentals for ammonia in the future, it cannot be ruled out that a more liquid ammonia market with compet- itive supply from the US to Europe could lead to reduced useful life and/or impair- ments of production assets in Europe, in particular ammonia production assets. Importing ammonia to integrated produc- tion sites in Europe is technically possible and is already used as an optimization tool for some sites. However, the technical and business feasibility of increasing ammonia imports in future will vary from site to site. As of 31 December 2022, the carrying amount of Yara\u2019s ammonia production assets in Europe is USD 0.5 billion . See note 4.7 Impairment of non-current assets and note 4.1 Property, plant and equipment for more information. \u2022 Government grants Yara was in 2021 awarded two grants by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. Yara has received a limited number of other less significant, climate related government grants. See note 4.1 Property, plant and equipment for more information. \u2022 Intangible assets - Emission rights in Europe Yara\u2019s European nitric acid and ammonia plants are covered by the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. EU ETS follows a \u201ccap- and-trade\u201d approach. This means that EU sets a cap on GHG emission each year, and companies need to hold an European Union Allowance (EUA) for every tonne of CO 2 they emit. Companies receive and/or buy these permits \u2013 and they can trade them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing plants. Future reduction of free allocations is expected as part of implementation of new, emerging European regulation. Yara receives free EUAs based on the Group\u2019s production of ammonia and nitric acid. These are used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. This has also been the situation historically. The surplus balance as of 31 December 2022 is significant and is currently held to cover an expected deficit in future years. EUAs received are initially recognized as intangible assets at nil value (nominal value) and Yara has not been engaged in external trading activities. As a result, Yara\u2019s emission rights under EU ETS have had no impact on the consolidated statement of income and financial position of the periods presented. A provision will be recognized once the level of emissions exceeds the level of allowances granted. \u2022 Environmental and decommissioning obligations See note 5.6 Provisions and contingencies for information on provisions as a result of environmental and decommissioning obligations. \u2022 Financial instruments In 2019, Yara signed a USD 1,100 million five-year multicurrency revolving credit facility (\u201cRCF\u201d) with a link to the Group\u2019s Carbon Intensity Target. The margin under the Facility will be adjusted based on Yara\u2019s progress to achieve a 10 percent reduction of GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by 2025, refer to Yara\u2019s climate targets. The credit facility is undrawn and has consequently had no material financial effect in 2022. In July 2022 the \u201cYara Green Financing Framework\u201d was launched. Yara has established this Framework as an overarching platform under which the Group intends to issue Green Financing Instruments where the proceeds will be exclusively allocated to finance and/or refinance Eligible Green Projects as defined in this Framework. It is aligned with market best practices outlined by the International Capital Market Association (\u201cICMA\u201d) 2021 Green Bond Principles and the Loan Market Association (\u201cLMA\u201d) 2021 Green Loan Principles. It includes components as use of proceeds, process for project evaluation and selection, management of proceeds, and reporting. The Framework is available at Yara\u2019s website. In November 2022, Yara announced an offering of USD 600 million 7.378 percent Green Notes due 2032. In accordance with Yara Green Financing Framework, an amount equivalent to the net proceeds from this offering is intended to be allo- cated to finance, or refinance, in whole or in part, new or existing green investments or assets. See note 5.3 Interest-bearing debt for more information on interest-bearing debt. Price volatility and the war in Ukraine Import restrictions, as well as several rounds of new sanctions, have been presented by the EU, UK, US and other countries following Russia\u2019s invasion of Ukraine. This has restricted, and will likely continue to restrict, trade with Russian and Belarusian counterparties, both due to sanctions imposed on entities and individuals, and due to banking and logistical challenges. Yara has historically sourced phosphate, potash and ammonia from Russia, in addition to significant volumes of natural gas for its production in Europe. Yara has stopped all sourcing from suppliers which are prohibited by sanctions in certain jurisdictions, and is utilizing its global sourcing, production and distribution capabilities with the objective to keep supplying customers and secure continuity in food supply chains. To cater for the reduced volumes of ammonia from Russian producers, Yara has replaced these volumes by sourcing ammonia from other producers, including producers in the Middle East, North Africa, North America and the Caribbean. In 2022 Yara adapted to market conditions by curtailing the Group\u2019s European production of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. For phosphates and potash Yara has increased sourcing from existing suppliers outside Russia/Belarus and entered into contracts with new suppliers, which has secured supplies to our production system for 2022. There has been no material impact on Yara\u2019s production volumes so far due to lack of raw materials. There can be no assurance, however, that Yara will be able to continue to do so in the future, and as a result there could be a reduction in volumes sourced by Yara. Accounts payables to companies linked to Russian sanctioned individuals amount to USD 221 million as of 31 December 2022. 150 Yara Integrated Report 2022 0 The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the statement of financial position. All were overdue as of 31 December 2022. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain. Yara, together with its advisors, are constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulation and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is some uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may differ from Yara\u2019s conclusions, and Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals, see note 5.6 Provisions and contingencies. While raw material price increases in isolation are negative for Yara, higher end-product prices create offsetting positive effects, as higher grain prices improve farmers\u2019 profitability and demand incentives for agricultural input. Covid-19 Yara has not experienced any major disruptions to its operations or experienced significant financial effects due to Covid-19. ",
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"value": "1 Key sources of estimation uncertainty, judgments and assumptions 1.1 General The preparation of consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and the use of Yara\u2019s accounting policies requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 1.2 Key sources of estimation uncertainty and assumptions Inventory Yara has significant carrying amounts related to inventory recognized in the consolidated statement of financial position. As some of Yara\u2019s products are traded in markets where there are limited observable market references available, estimates and assumptions are required in determining net realizable value. Management has used its best estimates in determining net realizable value for inventory. The carrying amount of inventory at 31 December 2022 is USD 4,365 million and write-down at year-end is USD 140 million. See note 3.1 Inventories for more information. Impairment of assets Property, plant and equipment Yara has significant carrying amounts related to property, plant and equipment recognized in the consolidated statement of financial position. The value in use of some of these assets could be influenced by changes in market conditions in the regions where Yara carries out its business. Significant and prolonged adverse market conditions related for example to increases in natural gas cost and/or lower market prices for products sold could lead to temporary or permanent closures of production facilities. Such closures will be considered as an impairment indicator and an impairment test will be carried out. The outcome of such impairment tests may be that significant impairment losses are recognized in the statement of income. A reduction in the expected useful life and/or residual value of the assets can also lead to periods with higher depreciation expense going forward. Yara has carried out impairment tests for certain production facilities during 2022, mainly due to uncertain or adverse economic conditions in local markets. No facilities have been closed during 2022. On the other hand, Yara adapted to market conditions by curtailing the Group\u2019s European production capacity of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. Total impairment recognized on property, plant and equipment in 2022 is USD 35 million. Impairments recognized in prior periods have been evaluated for reversals. No reversals have been recognized in 2022. The carrying amount of property, plant and equipment at 31 December 2022 is USD 6,970 million. See note 4.1 Property, plant and equipment and 4.7 Impairment of non-current assets for further details. Goodwill and other intangible assets Determining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash- generating units to which goodwill and other intangible assets have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying value of goodwill and other intangible assets at 31 December 2022 is USD 754 million and USD 112 million, respectively. Yara has not been recognized any impairment of goodwill or other intangible assets in 2022. Details of recognized goodwill are provided in note 4.2 and the impairment information, including sensitivity disclosures, is disclosed in note 4.7. Other intangible assets mainly comprise of software, customer relationships and patent and trademarks either identified as part of the purchase price allocation of new business combinations or internally developed. See note 4.2 Intangible assets and 4.7 Impairment of non-current assets for further details. Tax assets and liabilities Yara recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether these assets should be recognized, taking into consideration that stronger evidence for utilization is required for entities with a history of recent tax losses. The carrying amounts of deferred tax assets and deferred tax liabilities at 31 December 2022 are USD 449 million and USD 473 million, respectively. The amount of unrecognized deferred tax assets is USD 392 million, of which USD 213 million is related to unused tax losses in Brazil. Further information about deferred tax is provided in note 2.8. Yara\u2019s operations in Brazil also generate tax credits. Recognition of these assets is based on Management assumptions related to future operating results and timing of utilization. Yara has recognized USD 99 million of such tax credits which are classified as non-current assets. Unrecognized amounts of the same credits is USD 4 million which reflects the challenges of utilizing all credits through ordinary operations. Further information is provided in note 4.6. Yara is engaged in a number of legal and administrative proceedings related to disputed tax matters with uncertain outcome. Management is required to estimate the probability of cash outflow on a case-by-case basis. The estimated maximum exposure on tax contingencies is approximately USD 176 million of which USD 77 million is related to tax cases in Brazil. The estimated maximum exposure of USD 176 million excludes a separately disclosed case with the Dutch tax authorities. Further information is provided in note 5.6. Yara has operations in multiple countries, each with its own taxation regime. Management is required to make judgments, estimates and assumptions in relation to tax treatments. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets and liabilities. When assessing whether uncertainty over tax treatments exists, Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities. In case of uncertain tax treatments, Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty. Pension liabilities The fair value of pension liabilities is calculated based on several actuarial and economic assumptions. Any changes in the assumptions used would affect the estimated pension obligation. Changes in the discount rate have the most significant impact. The discount rate and other key assumptions are determined locally for each individual pension plan, based on the economic environment in which the plan is established. Assumptions are normally reviewed annually when the actuarial calculation is carried out, unless there are significant changes during the year. The carrying amount of the net pension and other long-term employee benefits liabilities at 31 December 2022 is USD 79 million. The gross pension and other long-term employee benefits liabilities have a carrying value of USD 1,632 million at the same date. Detailed information, including sensitivity disclosures, is provided in note 5.4 . 1.3 Critical judgments in applying accounting policies Classifications of joint arrangements Management has used judgment in relation to the classification of Yara Freeport LLC DBA Texas Ammonia and classified it as a joint operation. The unit constructed an ammonia plant in the US which opened in April 2018. The company is owned 68 percent by Yara but controlled jointly with the other owner. The company has been classified as a joint operation because the partners have equal number of board representatives and because relevant activities that significantly affect the return on the investment requires approval of representatives from both partners. The same judgment has been made for the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also on the basis of required consensus when making relevant decisions. See note 4.4 Joint operations for further details on joint operations. 1.4 Other key factors Climate change Yara faces significant risks and opportunities linked to of climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy development processes, and embedded in Yara\u2019s governance structure including the mandate of the Board Audit and Sustainability Committee. In December 2020 Yara announced a strategic shift towards climate-neutral solutions together with the Group\u2019s climate targets with an intensity KPI of 10 percent reduction in CO 2 e per tonne N within 2025, a KPI on reduction of absolute emissions (scope 1 and 2) by 30 percent within 2030, and an ambition to be climate-neutral within 2050. Yara is fully committed to reaching these goals and is working to embed climate risks and opportunities into all relevant key business processes such as business planning, business performance reviews and capital value processes. All targets are refined for annual periods, following the annual cycle of business planning and execution. In the short-term incentives structure for the Group Executive Board, planet-related indicators weigh 25 percent. Yara\u2019s core industrial processes are production of nitrogen fertilizers and industrial chemicals. Natural gas is the main energy source and feedstock to the processes. The two main emission sources are CO 2 from both the feedstock and energy parts of natural gas in the ammonia process, and N 2 O emissions from nitric acid production. To reduce GHG emissions Yara systematically assesses opportunities for improvements of these operations. The Group has set GHG reduction targets up to 2025 and 2030, and GHG reduction projects are expected to deliver decreases in future emissions. Other potential implications to Yara linked to climate change mainly relate to the following: \u2022 Current regulation Climate related policies and regulations develop unequally between markets which may impact the competitiveness of Yara\u2019s fertilizer production. \u2022 Emerging regulation, new technology, changing markets Climate change leads to societal processes which may present both risks and opportunities within market preferences, legislation and technology. \u2022 Reputation Yara\u2019s ability, real or perceived, to respond to national and regional climate policies and regulations can impact Yara\u2019s brand, reputation and relationship with current and future business partners, customers and consumers. \u2022 Physical effects of climate change (acute and chronic) Yara\u2019s industrial setup includes a flexible structure of own-produced and third-party sourced ammonia for production of fertilizer. Significant capacity is therefore located in coastal areas which can be subject to acute and chronic weather-related risks including extreme weather conditions and natura l disasters. This may lead to disturbances in operations and the supply chain. Extreme weather conditions may also lead to changes in farming patterns. Through 2021 and 2022, Yara analyzed risks and opportunities under different climate scenarios. The foundation for the exercise was three Representation Concentration Pathways (RCP\u2019s) from the Intergovernmental Panel on Climate Change (IPCC) fifth assessment: 1) the stringent mitigation scenario (RCP2.6), 2) an intermediate scenario (RCP4.5), and 3) the very high emissions scenario (RCP8.5). The scope of the analysis covered the whole value chain of Yara, including suppliers, logistics, own operations, and the agricultural and industrial markets. The outcomes were focused on impacts in 2030 and 2050, respectively. The TCFD categories of risks and opportunities were applied through the process. Transitional risks were defined as risks to Yara that arise from the transition to low-carbon and climate- resilient economies. Physical risks were defined as risks to the Group that arise from the physical effects of climate change. Yara considers the intermediate scenario to be most likely, followed by the stringent mitigation scenario, with the very high emissions scenario to be the least likely one. On this basis, the Group\u2019s current understanding of the main climate risks which may impact Yara\u2019s financial performance are the following: \u2022 Emerging European regulation This refers mainly to the implementation of carbon pricing mechanisms and regulations to reduce emissions from fertilizer, as well as responses to emerging climate regula- tion globally. \u2022 New competitors on ammonia This refers to a global risk of competition from new players establishing green ammonia production based on renewable energy. \u2022 Physical effects of climate change This mainly refers to physical climate risk as result of extreme weather, flooding and water scarcity for production. In a stringent mitigation scenario, transitional risk is considered to be higher, especially in terms of reputation and litigations. Physical effects of climate changes in this scenario are considered to be lower. By 2030, Yara\u2019s operations, suppliers and farmer customers will almost certainly be significantly impacted by climate change in terms of more extreme weather. In a high emissions scenario, this impact will be even higher and more frequent. Consequences will be more severe. Transitional risk in this scenario is, however, considered to be lower. As of year-end 2022, any current and future financial impact to Yara of climate risks and opportunities is highly uncertain. However, Yara will through 2023 work to further develop the Group\u2019s understanding of how risk exposure can develop under the different climate scenarios to confirm, quantify, and mitigate the identified risks. Among other things, Yara closely monitors the development of existing and emerging regulation and markets on a global basis. Yara has also initiated a second phase, in depth physical and transitional climate risk analysis which is expected to provide an even more granular and quantifiable understanding. The impact of climate change to these consolidated financial statements is based on Yara\u2019s current understanding based on the status of work done so far, and refers to the following: \u2022 Impairment of non-current assets and estimation of useful life The intermediate scenario (RCP4.5) is applied as basis for impairment-testing of non-current assets. However, specific risks in the other scenarios are considered if they are particularly relevant for the asset being tested. Emission reduction projects that have passed the final investment decision and reached the execution phase are included in future cash flow projections. Other, uncommitted projects are not included, but the terminal value is adjusted for higher capex if investments are likely to meet emission targets and/or new regulatory requirements. Due to emerging regulation in Europe, forecasted emission cost is one of the key assumptions in value- in-use calculation for plants in Europe. Yara has as of year-end 2022 not identified stranded assets or changes to useful life of significant assets. However, the initiated second phase of transitional and physical climate risk assessments of production assets may uncover conditions that are currently unknown. Yara may also make future, climate related, strategic decisions that potentially can change useful lives or trigger assets to become stranded. The Inflation Reduction Act (IRA) in the US, which was approved in 2022, is expected to create a decarbonization momentum and to make the US a highly attractive location for clean ammonia investments. The cost of producing blue ammonia in the US after the introduction of IRA will be significantly lower than in Europe, especially if Europe does not introduce additional incentives for its own industry. Given expected increased demand for blue ammonia in new seg- ments like shipping, power generation and as energy carrier, combined with low visibility of future incentive schemes in Europe, it is too early to predict how poten- tial new ammonia supply from the US may impact production assets in Europe. This recent development has therefore not been considered a separate indicator of impair- ment at year-end 2022. However, Yara will closely monitor the supply/demand balance and government incentives in Europe going forward. Yara\u2019s ammonia plants in Europe are mainly integrated with production of fertilizer and industrial products. Depending on the market fundamentals for ammonia in the future, it cannot be ruled out that a more liquid ammonia market with compet- itive supply from the US to Europe could lead to reduced useful life and/or impair- ments of production assets in Europe, in particular ammonia production assets. Importing ammonia to integrated produc- tion sites in Europe is technically possible and is already used as an optimization tool for some sites. However, the technical and business feasibility of increasing ammonia imports in future will vary from site to site. As of 31 December 2022, the carrying amount of Yara\u2019s ammonia production assets in Europe is USD 0.5 billion . See note 4.7 Impairment of non-current assets and note 4.1 Property, plant and equipment for more information. \u2022 Government grants Yara was in 2021 awarded two grants by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. Yara has received a limited number of other less significant, climate related government grants. See note 4.1 Property, plant and equipment for more information. \u2022 Intangible assets - Emission rights in Europe Yara\u2019s European nitric acid and ammonia plants are covered by the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. EU ETS follows a \u201ccap- and-trade\u201d approach. This means that EU sets a cap on GHG emission each year, and companies need to hold an European Union Allowance (EUA) for every tonne of CO 2 they emit. Companies receive and/or buy these permits \u2013 and they can trade them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing plants. Future reduction of free allocations is expected as part of implementation of new, emerging European regulation. Yara receives free EUAs based on the Group\u2019s production of ammonia and nitric acid. These are used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. This has also been the situation historically. The surplus balance as of 31 December 2022 is significant and is currently held to cover an expected deficit in future years. EUAs received are initially recognized as intangible assets at nil value (nominal value) and Yara has not been engaged in external trading activities. As a result, Yara\u2019s emission rights under EU ETS have had no impact on the consolidated statement of income and financial position of the periods presented. A provision will be recognized once the level of emissions exceeds the level of allowances granted. \u2022 Environmental and decommissioning obligations See note 5.6 Provisions and contingencies for information on provisions as a result of environmental and decommissioning obligations. \u2022 Financial instruments In 2019, Yara signed a USD 1,100 million five-year multicurrency revolving credit facility (\u201cRCF\u201d) with a link to the Group\u2019s Carbon Intensity Target. The margin under the Facility will be adjusted based on Yara\u2019s progress to achieve a 10 percent reduction of GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by 2025, refer to Yara\u2019s climate targets. The credit facility is undrawn and has consequently had no material financial effect in 2022. In July 2022 the \u201cYara Green Financing Framework\u201d was launched. Yara has established this Framework as an overarching platform under which the Group intends to issue Green Financing Instruments where the proceeds will be exclusively allocated to finance and/or refinance Eligible Green Projects as defined in this Framework. It is aligned with market best practices outlined by the International Capital Market Association (\u201cICMA\u201d) 2021 Green Bond Principles and the Loan Market Association (\u201cLMA\u201d) 2021 Green Loan Principles. It includes components as use of proceeds, process for project evaluation and selection, management of proceeds, and reporting. The Framework is available at Yara\u2019s website. In November 2022, Yara announced an offering of USD 600 million 7.378 percent Green Notes due 2032. In accordance with Yara Green Financing Framework, an amount equivalent to the net proceeds from this offering is intended to be allo- cated to finance, or refinance, in whole or in part, new or existing green investments or assets. See note 5.3 Interest-bearing debt for more information on interest-bearing debt. Price volatility and the war in Ukraine Import restrictions, as well as several rounds of new sanctions, have been presented by the EU, UK, US and other countries following Russia\u2019s invasion of Ukraine. This has restricted, and will likely continue to restrict, trade with Russian and Belarusian counterparties, both due to sanctions imposed on entities and individuals, and due to banking and logistical challenges. Yara has historically sourced phosphate, potash and ammonia from Russia, in addition to significant volumes of natural gas for its production in Europe. Yara has stopped all sourcing from suppliers which are prohibited by sanctions in certain jurisdictions, and is utilizing its global sourcing, production and distribution capabilities with the objective to keep supplying customers and secure continuity in food supply chains. To cater for the reduced volumes of ammonia from Russian producers, Yara has replaced these volumes by sourcing ammonia from other producers, including producers in the Middle East, North Africa, North America and the Caribbean. In 2022 Yara adapted to market conditions by curtailing the Group\u2019s European production of ammonia and finished fertilizer. The curtailments were frequently adjusted during the year according to market conditions. For phosphates and potash Yara has increased sourcing from existing suppliers outside Russia/Belarus and entered into contracts with new suppliers, which has secured supplies to our production system for 2022. There has been no material impact on Yara\u2019s production volumes so far due to lack of raw materials. There can be no assurance, however, that Yara will be able to continue to do so in the future, and as a result there could be a reduction in volumes sourced by Yara. Accounts payables to companies linked to Russian sanctioned individuals amount to USD 221 million as of 31 December 2022. 150 Yara Integrated Report 2022 0 1 The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the statement of financial position. All were overdue as of 31 December 2022. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain. Yara, together with its advisors, are constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulation and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is some uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may differ from Yara\u2019s conclusions, and Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals, see note 5.6 Provisions and contingencies. While raw material price increases in isolation are negative for Yara, higher end-product prices create offsetting positive effects, as higher grain prices improve farmers\u2019 profitability and demand incentives for agricultural input. Covid-19 Yara has not experienced any major disruptions to its operations or experienced significant financial effects due to Covid-19",
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"value": "1 Key sources of estimation uncertainty, judgments and assumptions 1.4 Other key factors Climate change Yara faces significant risks and opportunities linked to of climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy development processes, and embedded in Yara\u2019s governance structure including the mandate of the Board Audit and Sustainability Committee. In December 2020 Yara announced a strategic shift towards climate-neutral solutions together with the Group\u2019s climate targets with an intensity KPI of 10 percent reduction in CO 2 e per tonne N within 2025, a KPI on reduction of absolute emissions (scope 1 and 2) by 30 percent within 2030, and an ambition to be climate-neutral within 2050. Yara is fully committed to reaching these goals and is working to embed climate risks and opportunities into all relevant key business processes such as business planning, business performance reviews and capital value processes. All targets are refined for annual periods, following the annual cycle of business planning and execution. In the short-term incentives structure for the Group Executive Board, planet-related indicators weigh 25 percent. Yara\u2019s core industrial processes are production of nitrogen fertilizers and industrial chemicals. Natural gas is the main energy source and feedstock to the processes. The two main emission sources are CO 2 from both the feedstock and energy parts of natural gas in the ammonia process, and N 2 O emissions from nitric acid production. To reduce GHG emissions Yara systematically assesses opportunities for improvements of these operations. The Group has set GHG reduction targets up to 2025 and 2030, and GHG reduction projects are expected to deliver decreases in future emissions. Other potential implications to Yara linked to climate change mainly relate to the following: \u2022 Current regulation Climate related policies and regulations develop unequally between markets which may impact the competitiveness of Yara\u2019s fertilizer production. \u2022 Emerging regulation, new technology, changing markets Climate change leads to societal processes which may present both risks and opportunities within market preferences, legislation and technology. \u2022 Reputation Yara\u2019s ability, real or perceived, to respond to national and regional climate policies and regulations can impact Yara\u2019s brand, reputation and relationship with current and future business partners, customers and consumers. \u2022 Physical effects of climate change (acute and chronic) Yara\u2019s industrial setup includes a flexible structure of own-produced and third-party sourced ammonia for production of fertilizer. Significant capacity is therefore located in coastal areas which can be subject to acute and chronic weather-related risks including extreme weather conditions and natura l disasters. This may lead to disturbances in operations and the supply chain. Extreme weather conditions may also lead to changes in farming patterns. Through 2021 and 2022, Yara analyzed risks and opportunities under different climate scenarios. The foundation for the exercise was three Representation Concentration Pathways (RCP\u2019s) from the Intergovernmental Panel on Climate Change (IPCC) fifth assessment: 1) the stringent mitigation scenario (RCP2.6), 2) an intermediate scenario (RCP4.5), and 3) the very high emissions scenario (RCP8.5). The scope of the analysis covered the whole value chain of Yara, including suppliers, logistics, own operations, and the agricultural and industrial markets. The outcomes were focused on impacts in 2030 and 2050, respectively. The TCFD categories of risks and opportunities were applied through the process. Transitional risks were defined as risks to Yara that arise from the transition to low-carbon and climate- resilient economies. Physical risks were defined as risks to the Group that arise from the physical effects of climate change. Yara considers the intermediate scenario to be most likely, followed by the stringent mitigation scenario, with the very high emissions scenario to be the least likely one. On this basis, the Group\u2019s current understanding of the main climate risks which may impact Yara\u2019s financial performance are the following: \u2022 Emerging European regulation This refers mainly to the implementation of carbon pricing mechanisms and regulations to reduce emissions from fertilizer, as well as responses to emerging climate regula- tion globally. \u2022 New competitors on ammonia This refers to a global risk of competition from new players establishing green ammonia production based on renewable energy. \u2022 Physical effects of climate change This mainly refers to physical climate risk as result of extreme weather, flooding and water scarcity for production. In a stringent mitigation scenario, transitional risk is considered to be higher, especially in terms of reputation and litigations. Physical effects of climate changes in this scenario are considered to be lower. By 2030, Yara\u2019s operations, suppliers and farmer customers will almost certainly be significantly impacted by climate change in terms of more extreme weather. In a high emissions scenario, this impact will be even higher and more frequent. Consequences will be more severe. Transitional risk in this scenario is, however, considered to be lower. As of year-end 2022, any current and future financial impact to Yara of climate risks and opportunities is highly uncertain. However, Yara will through 2023 work to further develop the Group\u2019s understanding of how risk exposure can develop under the different climate scenarios to confirm, quantify, and mitigate the identified risks. Among other things, Yara closely monitors the development of existing and emerging regulation and markets on a global basis. Yara has also initiated a second phase, in depth physical and transitional climate risk analysis which is expected to provide an even more granular and quantifiable understanding. The impact of climate change to these consolidated financial statements is based on Yara\u2019s current understanding based on the status of work done so far, and refers to the following: \u2022 Impairment of non-current assets and estimation of useful life The intermediate scenario (RCP4.5) is applied as basis for impairment-testing of non-current assets. However, specific risks in the other scenarios are considered if they are particularly relevant for the asset being tested. Emission reduction projects that have passed the final investment decision and reached the execution phase are included in future cash flow projections. Other, uncommitted projects are not included, but the terminal value is adjusted for higher capex if investments are likely to meet emission targets and/or new regulatory requirements. Due to emerging regulation in Europe, forecasted emission cost is one of the key assumptions in value- in-use calculation for plants in Europe. Yara has as of year-end 2022 not identified stranded assets or changes to useful life of significant assets. However, the initiated second phase of transitional and physical climate risk assessments of production assets may uncover conditions that are currently unknown. Yara may also make future, climate related, strategic decisions that potentially can change useful lives or trigger assets to become stranded. The Inflation Reduction Act (IRA) in the US, which was approved in 2022, is expected to create a decarbonization momentum and to make the US a highly attractive location for clean ammonia investments. The cost of producing blue ammonia in the US after the introduction of IRA will be significantly lower than in Europe, especially if Europe does not introduce additional incentives for its own industry. Given expected increased demand for blue ammonia in new seg- ments like shipping, power generation and as energy carrier, combined with low visibility of future incentive schemes in Europe, it is too early to predict how poten- tial new ammonia supply from the US may impact production assets in Europe. This recent development has therefore not been considered a separate indicator of impair- ment at year-end 2022. However, Yara will closely monitor the supply/demand balance and government incentives in Europe going forward. Yara\u2019s ammonia plants in Europe are mainly integrated with production of fertilizer and industrial products. Depending on the market fundamentals for ammonia in the future, it cannot be ruled out that a more liquid ammonia market with compet- itive supply from the US to Europe could lead to reduced useful life and/or impair- ments of production assets in Europe, in particular ammonia production assets. Importing ammonia to integrated produc- tion sites in Europe is technically possible and is already used as an optimization tool for some sites. However, the technical and business feasibility of increasing ammonia imports in future will vary from site to site. As of 31 December 2022, the carrying amount of Yara\u2019s ammonia production assets in Europe is USD 0.5 billion See note 4.7 Impairment of non-current assets and note 4.1 Property, plant and equipment for more information. \u2022 Government grants Yara was in 2021 awarded two grants by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. Yara has received a limited number of other less significant, climate related government grants. See note 4.1 Property, plant and equipment for more information. \u2022 Intangible assets - Emission rights in Europe Yara\u2019s European nitric acid and ammonia plants are covered by the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. EU ETS follows a \u201ccap- and-trade\u201d approach. This means that EU sets a cap on GHG emission each year, and companies need to hold an European Union Allowance (EUA) for every tonne of CO 2 they emit. Companies receive and/or buy these permits \u2013 and they can trade them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing plants. Future reduction of free allocations is expected as part of implementation of new, emerging European regulation. Yara receives free EUAs based on the Group\u2019s production of ammonia and nitric acid. These are used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. This has also been the situation historically. The surplus balance as of 31 December 2022 is significant and is currently held to cover an expected deficit in future years. EUAs received are initially recognized as intangible assets at nil value (nominal value) and Yara has not been engaged in external trading activities. As a result, Yara\u2019s emission rights under EU ETS have had no impact on the consolidated statement of income and financial position of the periods presented. A provision will be recognized once the level of emissions exceeds the level of allowances granted. \u2022 Environmental and decommissioning obligations See note 5.6 Provisions and contingencies for information on provisions as a result of environmental and decommissioning obligations. \u2022 Financial instruments In 2019, Yara signed a USD 1,100 million five-year multicurrency revolving credit facility (\u201cRCF\u201d) with a link to the Group\u2019s Carbon Intensity Target. The margin under the Facility will be adjusted based on Yara\u2019s progress to achieve a 10 percent reduction of GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by 2025, refer to Yara\u2019s climate targets. The credit facility is undrawn and has consequently had no material financial effect in 2022. In July 2022 the \u201cYara Green Financing Framework\u201d was launched. Yara has established this Framework as an overarching platform under which the Group intends to issue Green Financing Instruments where the proceeds will be exclusively allocated to finance and/or refinance Eligible Green Projects as defined in this Framework. It is aligned with market best practices outlined by the International Capital Market Association (\u201cICMA\u201d) 2021 Green Bond Principles and the Loan Market Association (\u201cLMA\u201d) 2021 Green Loan Principles. It includes components as use of proceeds, process for project evaluation and selection, management of proceeds, and reporting. The Framework is available at Yara\u2019s website. In November 2022, Yara announced an offering of USD 600 million 7.378 percent Green Notes due 2032. In accordance with Yara Green Financing Framework, an amount equivalent to the net proceeds from this offering is intended to be allo- cated to finance, or refinance, in whole or in part, new or existing green investments or assets. See note 5.3 Interest-bearing debt for more information on interest-bearing debt. ",
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"value": "2.1 Revenue from contracts with customers Contracts with larger customers often include sales incentives leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have pro- spective or retrospective effect. Volume discounts with retrospective effect are systematically accrued and recognized as reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations",
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"fact-555": {
"value": "2.1 Revenue from contracts with customers Overview and accounting policies A description of the nature of external rev- enues in the Yara Group can be found in note 2.3 Segment information. Under IFRS 15, Yara recognizes as revenue the agreed transaction price in a contract with a customer at the time when the Group transfers the control of a distinct product or service to the customer. The nature of Yara\u2019s revenue recognition is categorized as follows: \u2022 Sale of fertilizer and chemical products Yara sells fertilizer and chemical products to customers worldwide. Ordinary purchase orders are normally the contracts with the customer which create enforceable rights and obligations. Revenue is recognized when control of the products is transferred to the customer. This is normally determined by the incoterm used in the sales transac- tions. The use of incoterms varies between regions, markets and customers, but prod- ucts are typically sold ex-warehouse. Contracts with larger customers often include sales incentives leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have pro- spective or retrospective effect. Volume discounts with retrospective effect are systematically accrued and recognized as reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations. Products are normally sold with standard warranties which provide protection to the customers that the product have the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds. The majority of sales in the Group have credit terms of less than 90 days. Normally customer contracts do not include a signifi- cant financing component. Yara does not have significant incremental costs of obtaining or fulfilling contracts with customers which the Group expects to recover. \u2022 Freight/insurance services Yara arranges delivery to the customer\u2019s location using different incoterms. When the Group uses incoterms which transfer the responsibility for the goods to the cus- tomer before the freight/insurance service i s delivered (C-incoterms), Yara normally considers the freight/insurance service to be a distinct service which shall be accounted for as a separate performance obligation. This means that Yara allocates consideration to these freight/insurance services based on known or estimated standalone selling prices, and recognizes the corresponding revenue over time to the extent the freight/insurance service is performed. However, the timing effects are limited since the majority of deliveries to the customer\u2019s location are done within days. Shipping and handling activities that occur before customers take control of the goods are considered to be part of fulfilling the sale of the goods. \u2022 Other products and services Other products and services include a number of different offerings including equipment and services to store or handle product, and technology offerings, such as environmental solutions. Revenues from sale of equipment are recognized upon delivery to the customer. Revenues from sale of services are recognized over time as the service is performed. Revenues from environmental solutions technology offer- ings are recognized over time using the percentage of completion method if they meet the criteria for over time recognition in IFRS 15. The percentage of completion method is an input method (based on costs incurred) and provides a faithful depiction of the transfer of these offerings since it is reasonably possible to estimate the stages of project completion on an ongoing basis. Offerings which represent multiple element arrangements are analyzed to identify distinct goods or services that shall be accounted for as separate performance obligations. \u2022 Urea sales in India Yara\u2019s India business manufactures and sells urea to dealers who sell to retailers who in turn sell to farmers. Yara sells urea under a pricing scheme policy (as applicable from time to time) issued by the Government of India (GoI). This policy aims to promote balanced nutrient appli- cation and sustained agricultural growth by making urea available to farmers across India at affordable prices on a timely basis. The price at which Yara can sell urea to registered dealers under the pricing scheme policy (as applicable from time to time) is regulated, verified and determined by GoI. The price is generally less than the cost of production. GoI provides a compensation based on a predefined method considering the sales price set by GoI to be charged to registered dealers, the cost for natural gas, other variable cost (including cost of bags and freight) and fixed cost. Control of goods transfers at the time the registered dealer receives the goods. The consideration received is based on the dealer\u2019s receipt of goods and constitutes of the fixed sales price to be paid by the registered dealer and the estimated com- pensation to be paid by GoI. As Yara has the inventory risk and controls the goods until they are delivered to the registered dealers, the compensation from GoI is presented as revenue in the consolidated statement of income",
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"fact-544": {
"value": "2.1 Revenue from contracts with customers Disaggregation of external revenues by nature USD millions Fertilizer and chemical products Freight/ insurance services Other products and services Total 2022 Europe 5,547 122 60 5,729 Americas 8,292 171 28 8,492 Africa & Asia 3,126 57 5 3,188 Global Plants & Operational Excellence 28 \u2013 49 77 Clean Ammonia 1,875 64 7 1,946 Industrial Solutions 4,167 189 59 4,415 Other and Eliminations 4 \u2013 51 55 Total 23,039 604 258 23,902 2021 Restated 1) Europe 3,732 103 50 3,885 Americas 6,410 168 9 6,587 Africa & Asia 2,330 49 5 2,384 Global Plants & Operational Excellence 16 \u2013 35 51 Clean Ammonia 1,093 62 7 1,162 Industrial Solutions 2,290 144 47 2,481 Other and Eliminations 4 \u2013 62 67 Total 15,876 526 215 16,617 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and EliminationDisaggregation of external revenues by product group
USD millions 2022 2021
Ammonia 2,756 1,618
Urea 5,434 3,794
Nitrate 4,200 2,500
NPK 7,010 5,210
CN 1,037 704
UAN 630 392
SSP 117 101
DAP/MAP 272 284
MOP/SOP 753 590
Other fertilizer and chemical products 1,436 1,206
Other products and services 258 215
Total revenues 23,902 16,617
Yara serves a large number of customers. No revenues from transactions with any single customer
amount to ten percent or more of Yara\u2019s total revenues.
Disaggregation of external revenues by geographical area
1)
USD millions Europe Brazil
Latin
America
ex. Brazil
North
America Asia Africa Total
2022
Europe 5,589 5 22 16 16 81 5,729
Americas 2 4,910 1,607 1,972 \u2013 \u2013 8,492
Africa & Asia \u2013 \u2013 \u2013 \u2013 2,155 1,033 3,188
Global Plants &
Operational Excellence 76 \u2013 \u2013 \u2013 \u2013 \u2013 77
Clean Ammonia \u2013 391 42 818 696 \u2013 1,946
Industrial Solutions 2,732 815 253 164 122 329 4,415
Other and Eliminations 30 \u2013 \u2013 3 21 \u2013 55
Total 8,431 6,120 1,924 2,974 3,009 1,443 23,902
2021 Restated
2)
Europe 3,755 \u2013 16 1 61 52 3,885
Americas \u2013 3,821 1,262 1,504 \u2013 \u2013 6,587
Africa & Asia \u2013 \u2013 \u2013 \u2013 1,651 733 2,384
Global Plants &
Operational Excellence 47 \u2013 4 \u2013 \u2013 \u2013 51
Clean Ammonia 6 186 44 453 472 \u2013 1,162
Industrial Solutions 1,397 546 141 121 87 188 2,481
Other and Eliminations 41 \u2013 \u2013 1 24 \u2013 67
Total 5,247 4,553 1,467 2,080 2,295 973 16,617
1)
Figures are based on customer location.
2)
The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change
impacts Yara Industrial Solutions and Other and Eliminations.
Revenues from external customers of an amount of USD 457 million (2021: USD 291 million)
are attributed to Norway (Yara\u2019s country of domicile) .
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"value": "2.1 Revenue from contracts with customers Contracts with larger customers often include sales incentives leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have pro- spective or retrospective effect. Volume discounts with retrospective effect are systematically accrued and recognized as reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations. ",
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"value": "2.1 Revenue from contracts with customers Products are normally sold with standard warranties which provide protection to the customers that the product have the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds",
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"fact-529": {
"value": "2.1 Revenue from contracts with customers Disaggregation of external revenues by nature USD millions Fertilizer and chemical products Freight/ insurance services Other products and services Total 2022 Europe 5,547 122 60 5,729 Americas 8,292 171 28 8,492 Africa & Asia 3,126 57 5 3,188 Global Plants & Operational Excellence 28 \u2013 49 77 Clean Ammonia 1,875 64 7 1,946 Industrial Solutions 4,167 189 59 4,415 Other and Eliminations 4 \u2013 51 55 Total 23,039 604 258 23,902 2021 Restated 1) Europe 3,732 103 50 3,885 Americas 6,410 168 9 6,587 Africa & Asia 2,330 49 5 2,384 Global Plants & Operational Excellence 16 \u2013 35 51 Clean Ammonia 1,093 62 7 1,162 Industrial Solutions 2,290 144 47 2,481 Other and Eliminations 4 \u2013 62 67 Total 15,876 526 215 16,617 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations . Disaggregation of external revenues by product group USD millions 2022 2021 Ammonia 2,756 1,618 Urea 5,434 3,794 Nitrate 4,200 2,500 NPK 7,010 5,210 CN 1,037 704 UAN 630 392 SSP 117 101 DAP/MAP 272 284 MOP/SOP 753 590 Other fertilizer and chemical products 1,436 1,206 Other products and services 258 215 Total revenues 23,902 16,617 Yara serves a large number of customers. No revenues from transactions with any single customer amount to ten percent or more of Yara\u2019s total revenues. Disaggregation of external revenues by geographical area 1) USD millions Europe Brazil Latin America ex. Brazil North America Asia Africa Total 2022 Europe 5,589 5 22 16 16 81 5,729 Americas 2 4,910 1,607 1,972 \u2013 \u2013 8,492 Africa & Asia \u2013 \u2013 \u2013 \u2013 2,155 1,033 3,188 Global Plants & Operational Excellence 76 \u2013 \u2013 \u2013 \u2013 \u2013 77 Clean Ammonia \u2013 391 42 818 696 \u2013 1,946 Industrial Solutions 2,732 815 253 164 122 329 4,415 Other and Eliminations 30 \u2013 \u2013 3 21 \u2013 55 Total 8,431 6,120 1,924 2,974 3,009 1,443 23,902 2021 Restated 2) Europe 3,755 \u2013 16 1 61 52 3,885 Americas \u2013 3,821 1,262 1,504 \u2013 \u2013 6,587 Africa & Asia \u2013 \u2013 \u2013 \u2013 1,651 733 2,384 Global Plants & Operational Excellence 47 \u2013 4 \u2013 \u2013 \u2013 51 Clean Ammonia 6 186 44 453 472 \u2013 1,162 Industrial Solutions 1,397 546 141 121 87 188 2,481 Other and Eliminations 41 \u2013 \u2013 1 24 \u2013 67 Total 5,247 4,553 1,467 2,080 2,295 973 16,617 1) Figures are based on customer location. 2) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations. Revenues from external customers of an amount of USD 457 million (2021: USD 291 million) are attributed to Norway (Yara\u2019s country of domicile) Customer contract balances and unsatisfied performance obligations The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and prepayments and deposits from customers (contract liabilities). Information on billed trade receivables can be found in note 3.2 Trade receivables. Unbilled receivables (contract assets) are limited and refer mainly to environmental solutions technology offerings with revenue recognition over time in accordance with the percentage of completion method. For such offerings, billing generally occurs upon achievement of contractual milestones subsequent to revenue recognition. Contract assets are transferred to receivables when Yara has an unconditional right to consideration. Prepayments and deposits from customers (contract liabilities) mainly refer to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods. To a limited extent contract liabilities also refer to up-front payments on environmental solutions technology offerings. Unsatisfied performance obligations refer mainly to environmental solutions deliveries. For other deliveries, unsatisfied performance obligations which are part of contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied performance obligations are not disclosed when Yara\u2019s right to consideration corresponds directly with the value to the customer of Yara\u2019s performance completed to date. USD millions 2022 2021 Contract assets Balance at 1 January 4 26 Transferred to receivables in the period (2) (22) Increase due to measure of progress in the period 4 1 Currency translation effect \u2013 (1) Balance at 31 December 5 4 Contract liabilities Balance at 1 January 634 372 Share of opening balance recognized as revenue in the period (619) (354) Cash received not recognized as revenue in the period 1) 606 616 Currency translation effect (2) (1) Balance at 31 December 620 634 Unsatisfied performance obligations Initial contract price on signed contracts 169 149 Aggregate contract revenue incurred to date 2) (115) (106) Transaction price allocated to unsatisfied performance obligations 53 44 Unsatisfied performance obligations to be recognized within 1 year 48 9 2-3 years 5 34 Transaction price allocated to unsatisfied performance obligations 53 44 1) Presented net of amounts created and released within the same reporting period. 2) Based on the percentage of completion method ",
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"fact-466": {
"value": "Prepayments and deposits from customers (contract liabilities) mainly refer to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods. To a limited extent contract liabilities also refer to up-front payments on environmental solutions technology offerings. Contract liabilities Balance at 1 January 634 372 Share of opening balance recognized as revenue in the period (619) (354) Cash received not recognized as revenue in the period 1) 606 616 Currency translation effect (2) (1) Balance at 31 December 620 634 ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-19": {
"value": "Prepayments and deposits from customers (contract liabilities) mainly refer to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods. To a limited extent contract liabilities also refer to up-front payments on environmental solutions technology offerings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "2.2 Other income and commodity derivative gain/(loss) Specification USD millions Notes 2022 2021 Other income and commodity derivative gain/(loss) Sale of white certificates 5 13 Insurance and other compensations 33 14 Supplier settlement \u2013 37 Commodity-based derivatives gain/(loss) 6.3 94 (90) Gain on sale of non-current assets 4 \u2013 Other 14 16 Total 150 (9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-20": {
"value": "2.2 Other income and commodity derivative gain/(loss) Specification USD millions Notes 2022 2021 Other income and commodity derivative gain/(loss) Sale of white certificates 5 13 Insurance and other compensations 33 14 Supplier settlement \u2013 37 Commodity-based derivatives gain/(loss) 6.3 94 (90) Gain on sale of non-current assets 4 \u2013 Other 14 16 Total 150 (9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "2.2 Other income and commodity derivative gain/(loss) Commodity-based derivatives gain/(loss) relates to changes in fair value of embedded derivatives in commodity contracts linked to gas and ammonia prices. Refer to note 6.3 Financial instruments for more information",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-530": {
"value": "2.2 Other income and commodity derivative gain/(loss) Compensation from insurance companies is recognized in profit and loss when it becomes a receivable. The compensation is considered a receivable when it is \u201cvirtually certain\u201d that it will be received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "2.3 Segment information
Operating income
2)
Europe 953 394
Americas 1,486 303
Africa & Asia 550 92
Global Plants & Operational Excellence 206 125
Clean Ammonia 197 93
Industrial Solutions 509 170
Other and Eliminations (74) (109)
Total 3,827 1,068
",
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"fact-21": {
"value": "2.3 Segment information Yara\u2019s operations comprise of the following operating segments as of year-end 2022: Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions The regional segments operate in a fully integrated setup, comprising production, supply chain and commercial operations, producing and delivering existing Yara solutions in addition to commercializing and selling new offerings. The operating segments presented are the key components of Yara\u2019s business as of year-end 2022 which have been assessed, monitored and managed on a regular basis by Yara\u2019s Chief Executive Officer (CEO) as the Chief Operating Decision Maker. Europe Yara Europe comprises sales, marketing and production within Europe. Yara Europe markets crop nutrition solutions to farmers and collaborates with the food value chain, offering crop nutrition products, advice and climate smart services and solutions. The product portfolio is comprehensive, ranging from standard nitrogen-based fertilizer to specialty products and organic fertilizers. The largest product categories sold within nitrogen-based fertilizer are nitrates and compound fertilizer (NPK). Product sales are today mainly made spot to distributors based on ordinary purchase orders and underlying frame agreements. Products are sold to a variety of customers covering wholesale, co-operatives, retail and, to a lesser extent, direct to farmers. The types of customers and products sold differ between regional markets and the off take of product varies throughout the fertilizer seasons in the different markets. Yara Europe also exports some products to other regions within the Group, based on arm\u2019s length transfer pricing. Yara Europe has nine fertilizer plants, two high value product plants and two organic fertilizer plants, a phosphate mine and a potassium sulfate/feed phosphate plant across Europe. The plants have different product portfolios and are located to serve both domestic and export markets. In addition, the region supplies customers through more than 100 terminals and warehouses (owned and leased) and has a presence in around 30 European countries. The majority of products sold are produced at own sites in the region. Operating results are driven by integrated business value creation from plant to market. The margin between realized finished fertilizer prices and raw material input prices is partly driven by Yara\u2019s ability to differentiate its offerings and partly by the price developments for commodity fertilizer (urea, UAN), natural gas and ammonia. Yara also creates value through operational efficiency at its production plants, competitive sourcing of raw materials for production and optimal resource allocation across its business model. Operating results are also impacted by currency movements as margins are typically US dollar exposed while fixed costs have a significant local currency component (mainly Euro). Americas Yara Americas comprises sales, marketing and production within the regional business units of North America, Latin America and Brazil. The segment markets a comprehensive offering of crop nutrition solutions and services including a broad product portfolio comprising nitrogen- based fertilizer and compound fertilizer (NPK). The region also sells phosphate and potash- based fertilizers which, to a large extent, are sourced from third parties. Product sales are today mainly made spot to distributors based on ordinary purchase orders and underlying frame agreements, but to an increasing extent the products are also sold directly to farmers and co-operatives. The composition of customer groups and products sold differs between local and regional markets, and the off take of product varies with the fertilizer seasons in the different markets. Product sales are mainly sourced from the operating segment Global Plants & Operational Excellence based on arm\u2019s length transfer pricing and from the segment\u2019s own production facilities in Canada, the US, Trinidad, Colombia and Brazil. The North America business unit operates a fully owned plant in Belle Plaine, Canada and also participates in the joint operations Trinidad Nitrogen Company Ltd. in Trinidad and Yara Freeport LLC DBA Texas Ammonia in the US (Yara consolidates its share of assets, liabilities, revenues and costs for joint operations). A smaller portion of the urea and urea ammonium nitrate (UAN) sales are sourced from third-party producers. In addition to crop nutrition solutions, North America markets industrial application solutions such as wastewater treatment and additives for the construction industry and oil field services. The Latin America business unit covers all Spanish-speaking markets in the Americas, from Mexico in the North to Argentina in the South. In Colombia Yara owns a production facility in Cartagena which mainly serves the local Colombian market with compound fertilizer (NPK) and calcium nitrate (CN) products. The Cartagena facility also produces soluble ammonium nitrate to supply local customers and from time to time also exports some smaller ammonia volumes. The Brazil business unit operates more than 20 blending units and distribution sites with a geographic spread to supply Brazil\u2019s main agricultural markets. It also includes the fully owned production plants at Rio Grande, Ponta Grossa, Cubat\u00e3o and Sumar\u00e9. Operating results in Yara Americas are largely driven by Yara\u2019s ability to commercialize crop nutrition solutions based on European produced premium fertilizers at value- added margins, as well as the marketing of own-produced products in the region. Other key value drivers are reliability and operational efficiency at the production plants, competitive sourcing of raw materials for production (including natural gas), and efficient blending of third-party sourced raw materials. Operating results are also impacted by currency movements, as margins are typically US dollar exposed while fixed costs have a significant local currency component. Africa & Asia Yara Africa & Asia comprises sales, marketing, distribution and production of fertilizers and industrial products across the Asia-Pacific, Africa and Oceania regions. The segment markets a comprehensive offering of crop nutrition solutions and services including a broad product portfolio comprising nitrogen-based fertilizer and compound fertilizers (NPK) designed for soil application. This portfolio is complemented by foliar and soluble products, serving a different range of crop application. A significant part of the products marketed are sourced from Yara production plants, both inside and outside the Africa & Asia region. Most of the customers in the region are smallholder farmers. Yara reaches these customers through distributors, retailers and co-operatives based on different commercial agreements. The region also includes more mature agricultural markets such as South Africa, Australia and New Zealand where Yara often sells directly to professional large-scale crop farmers. The type of customers and product portfolio sold differs greatly between the different markets. The region has offices and operational units in more than 20 countries, with most significant business operations in China, India, Thailand, South Africa and Australia. As a complementary part to the crop nutrition distribution business, the fertilizer production comprises of one production facility in Australia producing Ammonia and Technical Ammonium Nitrate (TAN) and one production facility at Babrala in India producing ammonia and urea. The ammonia produced in Australia is commercialized by Yara\u2019s ammonia sales and logistics activity within the operating segment Clean Ammonia, while the technical ammonium nitrate (TAN) is commercialized by the operating segment Industrial Solutions in the Australian mining market. The production facility producing technical ammonium nitrate (TAN) is a joint operation (Yara Pilbara Nitrates Pty Ltd.) in which Yara consolidates its ownership share of 50 percent of assets, liabilities, revenues and costs. The ammonia produced at Babrala is used for the production of urea at the same plant. The urea produced at the plant is sold under a subsidized government scheme in India, for more information see note 2.1 Revenue from contracts with customers. Operating results are highly influenced by Yara\u2019s ability to commercialize the differentiated nitrate-based fertilizer portfolio and the upgrading margins in the production facilities driven by the price levels of ammonia/urea and competitive gas supply. Operating results can also be influenced by movements in currency rates. Global Plants & Operational Excellence The Global Plants & Operational Excellence segment operates Yara\u2019s largest, and export oriented, production plants in Porsgrunn (Norway) and in Sluiskil (the Netherlands) and has a key role in driving operational improvements, competence development and technical project execution across Yara\u2019s production system. In addition, the segment includes the global planning and optimization function, the product management function, the direct procurement functions, and the corporate Health, Environment, Safety and Quality (HESQ) function The majority of sales in the segment are group internal sales of finished fertilizers transferred at internal prices based on the arm\u2019s length principle. The Global Plants & Operational Excellence segment\u2019s operating results are highly influenced by volume output and margin development for fertilizer commodities. The margins are primarily driven by the difference in price levels for urea, diammonium phosphate fertilizer (DAP) and potash-based fertilizer, and the price level of the key input factors energy, phosphate rock and potash. Operating results can also be influenced by movements in currency rates. Clean Ammonia The Clean Ammonia segment contains Yara\u2019s ammonia sales and logistics activity that plays a vital role in Yara\u2019s production system as it allocates excess volume from producer plants and delivers to consumer plants in a timely manner in order to ensure high production capacity utilization. Besides significant intra-group purchases and sales, Yara Clean Ammonia purchases ammonia from third parties predominantly to supply its European production region. It also generates significant external sales by selling ammonia to large customers in the fertilizer and chemical industries, mainly in the Americas and Asia regions. It also provides optimized shipping solutions that fit Yara\u2019s storage and port capacity, which includes a fleet of owned and time-chartered vessels. The segment was established to capture growth opportunities within carbon-free food solutions, shipping fuel, power and other clean ammonia applications, leveraging Yara\u2019s unique existing position within ammonia production, trade and shipping. The segment is currently evaluating several new green and blue ammonia projects with the aim to serve growing markets for clean ammonia and add scale to the existing business. Industrial Solutions Yara Industrial Solutions mainly provides nitrogen-based solutions and services across a wide range of industries including automotive, construction, waste handling and circular economy, shipping, chemicals, mining and animal feed. There is a strong environmental focus to Yara Industrial Solutions and a large portion of revenue is derived from AdBlue, a urea-based reagent used by diesel vehicles to reduce nitrogen oxide emissions. The segment also offers NO X abatement solutions for industrial plants and transport at both land and sea. In addition, Yara Industrial Solutions is continuously working to develop product and service offerings in high growth markets as well as additional green and sustainable opportunities globally. Yara Industrial Solutions performs its activities through four commercial units: Transport Reagents, Mining Applications, Base Chemicals and Industrial Nitrates. These commercial units are backed by six dedicated production plants across Europe, Latin America, Asia and Africa. In addition, the segment has arm\u2019s length commercial agreements with the rest of Yara\u2019s global production plant network and external suppliers. Through direct sales and distributors, Yara Industrial Solutions is able to provide its customers with high quality, reliable products and services backed by deep local knowledge combined with global best practice expertise. The customer contracts are to a large extent medium to long-term contracts; however, products are also sold spot based on ordinary purchase orders. In some markets the segment delivers equipment and services to store or handle products. Operating results are exposed to fluctuations in commodity prices and general economic activity. However, Yara Industrial Solutions\u2019 integrated position coupled with its diversified exposure in terms of product, underlying industry and global location has allowed Yara Industrial Solutions to mitigate these effects to a great extent. Other and Eliminations Other and eliminations comprises of cross- segment eliminations which to a large extent refer to elimination of internal profit on inventory. In addition, it comprises corporate costs which are not allocated to operating segments. Fluctuations in EBITDA refer to volumes in stock and internal margins on these volumes based on the arms length\u2019s principle. Increase in EBITDA in Other and eliminations refers to lower volumes in stock and vice versa. An increase in EBITDA may also be explained by lower internal margins on volumes in stock. In both situations the internal eliminations will be less significant. Yara Marine Technology activities have been moved from Industrial Solutions to Other and Eliminations from 2022. The comparative segment figures for 2021 have been restated accordingly. The Yara Group figures are unchanged. Consolidated statement of income USD millions, except percentages 2022 2021 Restated 1) External revenue from contract with customers Europe 5,729 3,885 Americas 8,492 6,587 Africa & Asia 3,188 2,384 Global Plants & Operational Excellence 77 51 Clean Ammonia 1,946 1,162 Industrial Solutions 4,415 2,481 Other and Eliminations 55 67 Total 23,902 16,617 Internal revenue Europe 1,390 936 Americas 1,240 628 Africa & Asia 976 847 Global Plants & Operational Excellence 4,277 2,771 Clean Ammonia 2,481 1,155 Industrial Solutions 517 270 Other and Eliminations (10,883) (6,607) Total \u2013 \u2013 USD millions, except percentages 2022 2021 Restated 1) Total revenue Europe 7,119 4,822 Americas 9,732 7,215 Africa & Asia 4,165 3,231 Global Plants & Operational Excellence 4,354 2,822 Clean Ammonia 4,428 2,317 Industrial Solutions 4,932 2,751 Other and Eliminations (10,828) (6,540) Total 23,902 16,617 Operating income 2) Europe 953 394 Americas 1,486 303 Africa & Asia 550 92 Global Plants & Operational Excellence 206 125 Clean Ammonia 197 93 Industrial Solutions 509 170 Other and Eliminations (74) (109) Total 3,827 1,068 USD millions, except percentages 2022 2021 Restated 1) EBITDA 2) Europe 1,226 664 Americas 1,852 991 Africa & Asia 659 248 Global Plants & Operational Excellence 396 570 Clean Ammonia 249 131 Industrial Solutions 642 288 Other and Eliminations (65) (88) Total 4,959 2,804 ROIC (12-month rolling average) 2) Yara 3) 25.7% 7.9% Europe 24.7% 12.2% Americas 28.1% 7.3% Africa & Asia 20.5% 3.9% Global Plants & Operational Excellence 14.3% 5.8% Clean Ammonia 33.1% 18.8% Industrial Solutions 28.6% 12.0% USD millions, except percentages 2022 2021 Restated 1) Net operating profit after tax (NOPAT) 2) Europe 722 302 Americas 1,185 288 Africa & Asia 419 74 Global Plants & Operational Excellence 155 94 Clean Ammonia 148 70 Industrial Solutions 396 136 Other and Eliminations (43) (62) Yara 3) 2,981 903 Invested capital 2) Yara 3) 11,602 11,363 Europe 2,923 2,486 Americas 4,214 3,954 Africa & Asia 2,040 1,910 Global Plants & Operational Excellence 1,081 1,623 Clean Ammonia 446 370 Industrial Solutions 1,385 1,136 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations. 2) See \u201cAlternative performance measures\u201d section for reconciliation of alternative performance measures in the Yara Group. ROIC, NOPAT and Invested Capital are calculated on a 12-month rolling average basis. 3) A normalized operating cash requirement is employed in the ROIC calculation for Yara, but not for the segments. This effect explains the variance in ROIC between Yara and the segments. See \u201cAlternative performance measures\u201d section for more information Reconciliation of operating income to EBITDA USD millions Operating Income Equity-accounted investees Interest income and other financial income Depreciation and amortization Impairment loss EBITDA 2022 Europe 953 5 4 251 13 1,226 Americas 1,486 9 91 251 15 1,852 Africa & Asia 550 \u2013 3 104 2 659 Global Plants & Operational Excellence 206 \u2013 \u2013 186 4 396 Clean Ammonia 197 \u2013 \u2013 51 2 249 Industrial Solutions 509 10 3 119 \u2013 642 Other and Eliminations (74) \u2013 6 2 \u2013 (65) Total 3,827 25 108 964 35 4,959 2021 Restated 1) Europe 394 5 1 270 (6) 664 Americas 303 15 54 237 381 991 Africa & Asia 92 \u2013 3 110 44 248 Global Plants & Operational Excellence 125 \u2013 \u2013 203 242 570 Clean Ammonia 93 \u2013 \u2013 38 \u2013 131 Industrial Solutions 170 3 2 110 3 288 Other and Eliminations (109) \u2013 4 16 2 (88) Total 1,068 23 64 984 666 2,804 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations Consolidated statement of financial position USD millions 2022 2021 Restated 1) Total assets 2) Europe 4,383 3,713 Americas 5,401 6,108 Africa & Asia 2,730 2,653 Global Plants & Operational Excellence 2,145 2,147 Clean Ammonia 881 742 Industrial Solutions 2,024 1,830 Other and Eliminations 418 80 Total 17,982 17,272 Current assets 2) Europe 2,335 1,722 Americas 2,748 3,373 Africa & Asia 1,464 1,220 Global Plants & Operational Excellence 610 616 Clean Ammonia 555 434 Industrial Solutions 1,101 935 Other and Eliminations (193) (601) Total 8,620 7,698 Non-current assets 2) Europe 2,048 1,990 Americas 2,653 2,735 Africa & Asia 1,266 1,433 Global Plants & Operational Excellence 1,535 1,531 Clean Ammonia 326 308 Industrial Solutions 923 895 Other and Eliminations 3) 612 681 Total 9,363 9,574 USD millions 2022 2021 Restated 1) Associated companies and joint ventures Europe 21 20 Americas 77 62 Global Plants & Operational Excellence 2 2 Industrial Solutions 52 41 Other and Eliminations (5) (5) Total 147 120 Investments 4) Europe 352 302 Americas 238 174 Africa & Asia 15 (1) Global Plants & Operational Excellence 225 191 Clean Ammonia 22 9 Industrial Solutions 164 153 Other and Eliminations 26 26 Total 1,042 854 1) The comparative segment figures for 2021 have been restated due to a change in the structure of Yara\u2019s internal organization. The change impacts Yara Industrial Solutions and Other and Eliminations. 2) Assets exclude internal cash accounts and accounts receivable related to group relief. 3) Figure includes deferred tax asset balance for whole of Yara. 4) Investments comprise property, plant and equipment, intangible assets, equity-accounted investees and other equity investments. The figures presented are capitalized amounts and may deviate from cash flow from investing activities due to timing of cash outflows Non-current assets for all segments by geographical location USD millions 2022 2021 Non-current assets 1) Europe 4,402 4,533 Brazil 1,009 871 Latin America ex. Brazil 289 306 Asia 1,250 1,402 North America 1,501 1,614 Africa 50 56 Total 8,501 8,782 1) The identification of non-current assets and investments is based on location of operation. Excluded from non-current assets are financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts. Non-current assets of an amount of USD 1,023 million (2021: USD 1,127 million) are attributed to Norway (Yara\u2019s country of domicile). Information related to disaggregation of external revenues by geographical area, nature and product group can be found in note 2.1 Revenue from contracts with customers. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-503": {
"value": "2.3 Segment information Yara\u2019s operations comprise of the following operating segments as of year-end 2022: Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions The regional segments operate in a fully integrated setup, comprising production, supply chain and commercial operations, producing and delivering existing Yara solutions in addition to commercializing and selling new offerings. The operating segments presented are the key components of Yara\u2019s business as of year-end 2022 which have been assessed, monitored and managed on a regular basis by Yara\u2019s Chief Executive Officer (CEO) as the Chief Operating Decision Maker",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "2.4 Raw materials, energy costs and freight expenses USD millions 2022 2021 Raw materials, energy costs and freight expenses Raw material and energy costs (14,926) (9,937) Freight expense (1,013) (1,124) Other production related costs (2,138) (1,742) Total (18,078) (12,803) ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-22": {
"value": "2.4 Raw materials, energy costs and freight expenses USD millions 2022 2021 Raw materials, energy costs and freight expenses Raw material and energy costs (14,926) (9,937) Freight expense (1,013) (1,124) Other production related costs (2,138) (1,742) Total (18,078) (12,803) 2.5 Payroll and related costs USD millions Notes 2022 2021 Payroll and related costs Salaries 8.2 (1,031) (1,020) Social security costs 8.2 (157) (157) Social benefits 8.2 (7) (8) Net periodic pension cost 5.4, 8.2 (88) (86) Total (1,284) (1,270) 2.6 Other operating expenses USD millions Notes 2022 2021 Other operating expenses Selling and administrative expense (307) (273) Advertising expense (34) (33) Travel expense (41) (17) Fees auditors, lawyers, consultants 8.3 (112) (108) Other expenses (81) (47) Total (575) (479) Research costs 4.2 (95) (94 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-504": {
"value": "2.6 Other operating expenses USD millions Notes 2022 2021 Other operating expenses Selling and administrative expense (307) (273) Advertising expense (34) (33) Travel expense (41) (17) Fees auditors, lawyers, consultants 8.3 (112) (108) Other expenses (81) (47) Total (575) (479) Research costs 4.2 (95) (94 )",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-531": {
"value": "2.6 Other operating expenses USD millions Notes 2022 2021 Other operating expenses Selling and administrative expense (307) (273) Advertising expense (34) (33) Travel expense (41) (17) Fees auditors, lawyers, consultants 8.3 (112) (108) Other expenses (81) (47) Total (575) (479) Research costs 4.2 (95) (94 )",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-471": {
"value": "2.7 Financial income and expenses Dividends from investments are recognized in the statement of income when the Group has a right to receive the dividends",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-578": {
"value": "2.7 Financial income and expenses Accounting policies Interest income and expenses are recognized in the statement of income as they are accrued, based on the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-533": {
"value": "2.7 Financial income and expenses Accounting policies Interest income and expenses are recognized in the statement of income as they are accrued, based on the effective interest method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "2.7 Financial income and expenses Accounting policies Interest income and expenses are recognized in the statement of income as they are accrued, based on the effective interest method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-23": {
"value": "2.7 Financial income and expenses Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ) ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-505": {
"value": "2.7 Financial income and expenses Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-545": {
"value": "2.7 Financial income and expenses Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "2.7 Financial income and expenses Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "2.7 Financial income and expenses Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-532": {
"value": "Specification USD millions Notes 2022 2021 Net interest income on customer credits 78 54 Interest income, other 33 10 Dividends and net gain/(loss) on securities (3) \u2013 Interest income and other financial income 108 64 Foreign currency exchange gain/(loss) 6.1 (61) (251) Interest expense (214) (132) Interest expense on lease liabilities 4.5 (16) (14) Capitalized interest 4.1 2 8 Net interest on net long-term employee benefit obligations 5.4 (3) (5) Other financial expense (30) (21) Interest expense and other financial items (260) (164) Net financial income/(expense) (214) (351 ) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-546": {
"value": "2.8 Income taxes Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for by using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, carry forward of unused tax credits, and any unused tax losses. However, deferred tax assets are recognized only to the extent these can be utilized against probable taxable profits. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests, are recognized only to the extent it is probable that sufficient taxable profits are expected to reverse in the foreseeable future to utilize the benefits of the temporary differences. Current and deferred taxes are recognized as expense or income in the statement of income, except when they relate to items recognized directly in equity or in other comprehensive income. If the tax relates to items recognized in other comprehensive income or directly in equity, the tax is also recognized as other comprehensive income or directly in equity. Taxable income differs from net income before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in future years (temporary differences). It also excludes items that are never taxable or deductible (permanent differences). The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substan- tively enacted by the balance sheet date Yara\u2019s recognized tax loss carry forwards primarily relate to the business in Norway, where tax losses are without expiration. The tax losses are mainly related to incurred currency losses, non-recurring transactions and loss from operations. The recognized tax assets for all units are all supported by estimated future profit level . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "2.8 Income taxes Accounting policies Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for by using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, carry forward of unused tax credits, and any unused tax losses. However, deferred tax assets are recognized only to the extent these can be utilized against probable taxable profits. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests, are recognized only to the extent it is probable that sufficient taxable profits are expected to reverse in the foreseeable future to utilize the benefits of the temporary differences. Current and deferred taxes are recognized as expense or income in the statement of income, except when they relate to items recognized directly in equity or in other comprehensive income. If the tax relates to items recognized in other comprehensive income or directly in equity, the tax is also recognized as other comprehensive income or directly in equity. Uncertain tax positions, for example from unresolved disputes with tax authorities, are provided for if there are probable cash outflows. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets or liabilities. When assessing whether uncertainty over tax treatments exists Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities as well as tax memorandum prepared by internal or external experts. In case of uncertain tax treatments Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty Taxable income differs from net income before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in future years (temporary differences). It also excludes items that are never taxable or deductible (permanent differences). The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substan- tively enacted by the balance sheet date Specification of deferred tax assets/(liabilities) The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities Yara\u2019s recognized tax loss carry forwards primarily relate to the business in Norway, where tax losses are without expiration. The tax losses are mainly related to incurred currency losses, non-recurring transactions and loss from operations. The recognized tax assets for all units are all supported by estimated future profit level ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-24": {
"value": "2.8 Income taxes Reconciliation of Norwegian nominal statutory tax rate to effective tax rate USD millions, except percentages 2022 2022 2021 2021 Income before tax 3,639 739 Expected income taxes at statutory tax rate 1) 22.0% (800) 22.0% (163) Tax law changes 0.2% (6) 1.2% (9) Foreign tax rate differences 2.1% (76) 2.3% (17) Unused tax losses and tax offsets not recognized as deferred tax assets 0.5% (20) 19.9% (147) Previously unrecognized and unused tax losses and deductible temporary differences now recognized as deferred tax assets (1.7%) 61 (1.9%) 14 Non-deductible expenses 0.4% (16) 2.1% (15) Share of net income equity-accounted investees (0.1%) 4 (0.1%) 1 Tax free income miscellaneous (0.6%) 21 (3.7%) 27 Prior year adjustment 0.1% (5) 1.2% (9) Withholding tax 0.6% (22) 1.6% (12) Other, net (0.1%) 4 3.5% (26) Total income tax income/(expense) (857) (355) Effective tax rate 23.5% 48.0% 1) Calculated as Norwegian nominal statutory tax rate of 22 percent (2021: 22 percent) applied to income before tax The major components of income tax expense for the year ended 31 December: USD millions 2022 2021 Consolidated statement of income Current taxes Current year (696) (328) Prior year adjustment (5) (9) Total (701) (337) Deferred taxes Deferred tax income/(expense) recognized in the current year (248) 185 Adjustments to deferred tax attributable to changes in tax rates and laws (6) (14) (Write-downs)/reversal of previous write-downs of deferred tax assets 98 (190) Total (156) (18) Total tax income/(expense) recognized in statement of consolidated income (857) (355) Other comprehensive income Current tax Hedge of net investment 18 6 Total current tax 18 6 Deferred tax Pensions (42) (55) Available-for-sale financial assets 2 \u2013 Total (41) (55) Total tax income/(expense) recognized directly in other comprehensive income (22) (48) Total tax income/(expense) recognized in comprehensive income (879) (404) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "Specification of deferred tax assets/(liabilities) The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities . 2022 USD millions Opening balance Charged to income Changes in tax rate Recognized in other comprehensive income Acquisitions/disposals Foreign currency translation Closing balance Non-current items Intangible assets 6 3 \u2013 \u2013 \u2013 (3) 6 Property, plant and equipment (233) (103) 2 \u2013 \u2013 31 (303) Pensions 58 5 \u2013 (42) \u2013 (5) 16 Equity securities available-for-sale \u2013 \u2013 \u2013 2 \u2013 \u2013 2 Other non-current assets (114) (82) 1 \u2013 \u2013 18 (175) Other non-current liabilities and accruals 115 63 \u2013 \u2013 \u2013 (9) 169 Total (168) (114) 2 (41) \u2013 34 (286) Current items Inventory valuation 71 \u2013 (5) \u2013 \u2013 1 67 Accrued expenses 58 41 (1) \u2013 \u2013 (2) 96 Assets classified as held for sale 2 (2) \u2013 \u2013 \u2013 \u2013 \u2013 Total 132 39 (6) \u2013 \u2013 (1) 163 Tax loss carry forwards 573 (170) (4) \u2013 \u2013 91 491 Unused tax credits 4 (4) \u2013 \u2013 \u2013 \u2013 \u2013 Unrecognized tax assets for tax losses and temporary differences (480) 98 1 \u2013 \u2013 (9) (392) Net deferred tax asset/(liability) 61 (150) (6) (41) \u2013 113 (23 2021 USD millions Opening balance Charged to income Changes in tax rate Recognized in other comprehensive income Acquisitions/disposals Foreign currency translation Closing balance Non-current items Intangible assets (6) 13 (1) \u2013 (1) \u2013 6 Property, plant and equipment (411) 177 (10) \u2013 \u2013 10 (233) Pensions 115 (1) (7) (55) \u2013 5 58 Other non-current assets (140) 30 \u2013 \u2013 \u2013 (4) (114) Other non-current liabilities and accruals 68 49 2 \u2013 \u2013 (4) 115 Total (373) 269 (16) (55) (1) 8 (168) Current items Inventory valuation 39 35 (3) \u2013 \u2013 \u2013 71 Accrued expenses 73 (13) 1 \u2013 \u2013 (3) 58 Assets classified as held for sale \u2013 2 \u2013 \u2013 \u2013 \u2013 2 Total 111 25 (2) \u2013 \u2013 (3) 132 Tax loss carry forwards 646 (89) 2 \u2013 \u2013 13 573 Unused tax credits 25 (20) 1 \u2013 \u2013 (1) 4 Unrecognized tax assets for tax losses and temporary differences (312) (190) \u2013 \u2013 \u2013 21 (480) Net deferred tax asset/(liability) 97 (4) (14) (55) (1) 38 61 Unrecognized deferred tax assets USD millions 2022 2021 Unrecognized deferred tax assets are attributable to the following Tax losses 304 314 Deductible temporary differences 88 167 Total 392 480 Unrecognized tax losses in Brazil amount to USD 213 million in 2022 (2021: USD 160 million). Utilization of the tax loss carry forwards in Brazil is without time limitation and restricted to 30 percent of taxable income each year. Specification of expiration of tax loss carry forwards USD millions 2022 2023 12 2024 4 2025 6 2026 4 2027 7 After 2027 24 Without expiration 1,680 Total tax loss carry forwards 1,736 Deferred tax effect of tax loss carry forwards 491 Unrecognized deferred tax assets for tax losses (304) Recognized in the statement of financial position 188 Yara\u2019s recognized tax loss carry forwards primarily relate to the business in Norway, where tax losses are without expiration. The tax losses are mainly related to incurred currency losses, non-recurring transactions and loss from operations. The recognized tax assets for all units are all supported by estimated future profit level . Deferred tax presented in the statement of financial position USD millions 2022 2021 Deferred tax assets 449 504 Deferred tax liabilities (473) (443) Net deferred tax asset/(liability) (23) 61 Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements is amounting to approximately USD 9 billion that for the main part can be distributed as tax-free div- idends. For the expected part of dividend that cannot be distributed as tax-free income, a deferred tax liability of USD 10 million is recognized. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "3.1 Inventories Accounting policies Inventories are stated at the lower of cost, using weighted average, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and other selling costs. All amounts presented are net of write-downs. A write-down is recognized for the amount by which the carrying amount exceeds its net realizable value. The cost of inventories comprises all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. This includes direct materials, direct labor, and an appropriate portion of production overhead, or the purchase price of the inven- tory. Yara is using the standard costing method for cost measurement which consider normal levels of materials and supplies, labor, efficiency and capacity utilization. Spare parts held as inventories are spare parts which do not meet the criteria for being classified as property, plant and equipment. Yara has internal sales between the different segments. These sales create internal margins which are eliminated and presented as \u201cOther and eliminations\u201d",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-25": {
"value": "3.1 Inventories Overview Inventories comprise finished goods, work in progress, raw materials and spare parts. Finished goods refer to own produced products and goods purchased for resale. Work in progress is partly processed, unfinished products. Raw materials include own produced raw materials, mainly ammonia and nitric acids, as well as raw materials purchased from external parties such as phosphate potassium and other input factors used in the production. Spare parts include packing, operating and maintenance supplies. Inventory stock 2022 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 989 769 503 123 \u2013 197 (168) 2,413 Work in progress 59 2 8 44 \u2013 50 \u2013 164 Raw materials 223 827 15 184 146 112 (14) 1,494 Spare parts 93 56 29 70 \u2013 46 \u2013 294 Total at 31 December 2022 1,365 1,654 555 421 146 405 (181) 4,365 Inventory stock 2021 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 606 622 473 165 \u2013 165 (174) 1,857 Work in progress 54 1 1 35 \u2013 39 \u2013 130 Raw materials 133 1,272 24 78 121 102 (9) 1,722 Spare parts 92 57 28 72 \u2013 44 2 294 Total at 31 December 2021 885 1,952 526 350 121 350 (181) 4,003 Write-down 2022 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Balance at 1 January (11) (48) (7) (4) \u2013 (5) 35 (42) New write-downs recognized during the year (59) (124) (39) (81) (25) (36) 109 (255) Write-downs reversed due to product sold 25 85 4 51 22 21 (113) 94 Write-downs reversed, other 8 29 23 1 \u2013 3 \u2013 63 Foreign currency translation gain/(loss) \u2013 (2) 1 1 \u2013 \u2013 \u2013 \u2013 Balance at 31 December (37) (61) (19) (33) (4) (18) 30 (140) Write-down 2021 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Balance at 1 January (12) (6) (3) (1) \u2013 (7) 2 (28) New write-downs recognized during the year (14) (105) (12) (6) \u2013 (7) 66 (78) Write-downs reversed due to product sold 8 7 4 1 \u2013 8 (34) (6) Write-downs reversed, other 6 54 3 2 \u2013 1 \u2013 66 Foreign currency translation gain/(loss) 1 3 \u2013 \u2013 \u2013 \u2013 \u2013 4 Balance at 31 December (11) (48) (7) (4) \u2013 (5) 35 (42) No inventories were pledged as security at end of 2022 or 2021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "3.2 Trade receivables
Specification USD millions Notes 2022 2021 Trade receivables 1) 2,407 2,229 Allowance for expected credit loss (102) (92) Total 6.3 2,305 2,138 1) Of the total balance of USD 2,407 million, about USD 1,125 million (2021: USD 1,069 million) refers to credit insured receivables. Movement in allowance for expected credit loss USD millions Notes 2022 2021 Balance at 1 January (92) (94) Lifetime expected credit losses recognized for existing business (28) (11) Amounts written off as uncollectible 3 3 Lifetime expected credit losses reversed 14 6 Foreign currency translation \u2013 4 Balance at 31 December (102) (92 ) Ageing analysis of trade receivables at 31 December
Gross trade receivables
Past due gross trade receivables
USD millions Total
Not past due gross
trade receivables < 30 days 30\u201390 days 91\u2013180 days > 180 days
2022 2,407 2,029 169 69 25 115
2021 2,229 1,922 141 42 13 111
Impairment of trade receivables
Impairment on past due receivables
USD millions Total
Impairment on not
past due receivables < 30 days 30\u201390 days 91\u2013180 days > 180 days
2022 (102) (5) (4) (5) (3) (86)
2021 (92) (5) (3) (2) (2) (80)
Net trade receivables
Past due but not impaired
USD millions Total
Neither past
due nor impaired < 30 days 30\u201390 days 91\u2013180 days > 180 days
2022 2,305 2,023 165 64 22 30
2021 2,138 1,917 138 41 12 31
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "3.2 Trade receivables Accounting policies Trade receivables are initially recognized at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortized costs using the effective interest method. Short-term receivables are normally not discounted. In accordance with the expected loss model, Yara records lifetime expected credit losses on all trade and lease receivables (the simplified approach). The calculation of expected credit loss (ECL) is based on both historical and forward-looking information, and it is done on a geographical level. When calculating ECL for trade receivables not yet due and trade receivables less than 90 days overdue, the last five years historical loss percentage is used as base amount for allowance. Forward-looking information is taken into account by assessing available information on local unit level which could indicate an expected future loss that is higher or lower than the experience, including regional macroeconomic information. Calculation of ECL for trade receivables more than 90 days overdue is based on a separate, individual assessment of each receivable. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-26": {
"value": "In accordance with the expected loss model, Yara records lifetime expected credit losses on all trade and lease receivables (the simplified approach). The calculation of expected credit loss (ECL) is based on both historical and forward-looking information, and it is done on a geographical level. When calculating ECL for trade receivables not yet due and trade receivables less than 90 days overdue, the last five years historical loss percentage is used as base amount for allowance. Forward-looking information is taken into account by assessing available information on local unit level which could indicate an expected future loss that is higher or lower than the experience, including regional macroeconomic information. Calculation of ECL for trade receivables more than 90 days overdue is based on a separate, individual assessment of each receivable. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. Specification USD millions Notes 2022 2021 Trade receivables 1) 2,407 2,229 Allowance for expected credit loss (102) (92) Total 6.3 2,305 2,138 1) Of the total balance of USD 2,407 million, about USD 1,125 million (2021: USD 1,069 million) refers to credit insured receivables. Movement in allowance for expected credit loss USD millions Notes 2022 2021 Balance at 1 January (92) (94) Lifetime expected credit losses recognized for existing business (28) (11) Amounts written off as uncollectible 3 3 Lifetime expected credit losses reversed 14 6 Foreign currency translation \u2013 4 Balance at 31 December (102) (92 ) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "3.3 Prepaid expenses and other current assets Specification USD millions Notes 2022 2021 Financial assets: Foreign exchange contracts 6.1 6 6 Receivables and deposits 6.3 265 215 Contracts assets 2.1 5 4 Expected credit loss on other current assets 6.3 (1) (1) Total financial instruments 274 225 Non-financial assets: VAT and sales-related taxes 4.6 288 222 Prepaid income taxes 92 84 Prepaid expenses 277 177 Total non-financial assets 657 483 Total 6.3 932 708 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-534": {
"value": "3.3 Prepaid expenses and other current assets Accounting policies Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted. On other receivables, loans and deposits, Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). Please see note 4.6 Other non-current assets for more information",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-28": {
"value": "3.3 Prepaid expenses and other current assets Specification USD millions Notes 2022 2021 Financial assets: Foreign exchange contracts 6.1 6 6 Receivables and deposits 6.3 265 215 Contracts assets 2.1 5 4 Expected credit loss on other current assets 6.3 (1) (1) Total financial instruments 274 225 Non-financial assets: VAT and sales-related taxes 4.6 288 222 Prepaid income taxes 92 84 Prepaid expenses 277 177 Total non-financial assets 657 483 Total 6.3 932 708 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "3.3 Prepaid expenses and other current assets Specification USD millions Notes 2022 2021 Financial assets: Foreign exchange contracts 6.1 6 6 Receivables and deposits 6.3 265 215 Contracts assets 2.1 5 4 Expected credit loss on other current assets 6.3 (1) (1) Total financial instruments 274 225 Non-financial assets: VAT and sales-related taxes 4.6 288 222 Prepaid income taxes 92 84 Prepaid expenses 277 177 Total non-financial assets 657 483 Total 6.3 932 708 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "3.4 Cash and cash equivalents External bank deposits that are not available for use by the group at 31 December 2022 have a carrying value of USD 102 million (2021: USD 44 million), mainly related to cash held by joint operations",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "3.4 Cash and cash equivalents Accounting policies Cash and cash equivalents include bank deposits and monetary items which are due in less than three months. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, they are normally not discounted as they are short-term items. On deposits, Yara records a 12-month\u2019s expected credit loss if there has not been any significant increase in credit risk since initial recognition (the general approach)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-547": {
"value": "3.4 Cash and cash equivalents Accounting policies Cash and cash equivalents include bank deposits and monetary items which are due in less than three months. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, they are normally not discounted as they are short-term items. On deposits, Yara records a 12-month\u2019s expected credit loss if there has not been any significant increase in credit risk since initial recognition (the general approach)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-27": {
"value": "Specification USD millions Notes 2022 2021 Cash and cash equivalents 6.3 1,010 394 Expected credit loss provision on bank deposits is USD 1 million (2021: USD 3 million). External bank deposits that are not available for use by the group at 31 December 2022 have a carrying value of USD 102 million (2021: USD 44 million), mainly related to cash held by joint operations. More information about bank deposits and dividend resolutions in subsidiaries with significant non-controlling interests is provided in note 5.2 Non-controlling interests. The average interest rate for liquid assets is approximately 3.2 percent as of 31 December 2022 (2021: 1.2 percent). Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and inter- national banks with established limits for exposure towards each institution. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "Expected credit loss provision on bank deposits is USD 1 million (2021: USD 3 million). External bank deposits that are not available for use by the group at 31 December 2022 have a carrying value of USD 102 million (2021: USD 44 million), mainly related to cash held by joint operations. More information about bank deposits and dividend resolutions in subsidiaries with significant non-controlling interests is provided in note 5.2 Non-controlling interests. The average interest rate for liquid assets is approximately 3.2 percent as of 31 December 2022 (2021: 1.2 percent). Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and inter- national banks with established limits for exposure towards each institution",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "4.1 Property, plant and equipment
Borrowing costs are added to the cost of assets that take a substantial period of time to get ready for their intended use or sale (\u201cqualifying assets\u201d) if they are directly attributable to the acquisition, construction or production of such assets Decommissioning obligations and borrowing costs added to the carrying amount of PP&E are depreciated over the useful life of the respective PP&E ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-582": {
"value": "4.1 Property, plant and equipment Overview Property, plant and equipment (PP&E) mainly refers to Yara\u2019s fertilizer production plants across the world, and which hold assets such as land, buildings, machinery, equipment and periodic maintenance. In addition, they hold investments in self-constructed assets not yet in use and which are categorized as assets under construction. The remaining PP&E refers to assets for distribution of fertilizer products, which mainly consists of buildings, machinery and equipment for bagging and blending of products, as well as terminals and warehouses. 2022 USD millions, except percentages and year Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Other Total Cost Balance at 1 January 256 2,682 10,590 551 831 284 89 15,284 Addition at cost 1) 5 30 456 103 391 \u2013 10 995 Derecognition \u2013 (17) (130) (67) (25) \u2013 \u2013 (239) Transfers to asset held for sale (1) (15) (17) \u2013 \u2013 \u2013 \u2013 (34) Other transfers 2) \u2013 97 169 23 (369) 23 57 \u2013 Foreign currency translation (5) (88) (578) (26) (27) (2) (4) (731) Balance at 31 December 254 2,689 10,491 584 801 305 152 15,277 Depreciation and impairment Balance at 1 January (21) (1,130) (6,323) (308) (256) (72) (47) (8,151) Depreciation (16) (103) (543) (96) \u2013 (15) \u2013 (777) Impairment loss 3) \u2013 (12) (19) (2) (2) \u2013 \u2013 (35) Derecognition \u2013 12 116 67 \u2013 \u2013 \u2013 195 Transfers to asset held for sale \u2013 21 15 \u2013 \u2013 \u2013 \u2013 37 Other transfers \u2013 (2) 11 (10) \u2013 \u2013 \u2013 \u2013 Foreign currency translation \u2013 48 356 15 3 \u2013 2 425 Balance at 31 December (35) (1,164) (6,386) (335) (255) (87) (45) (8,307) Carrying value Balance at 1 January 235 1,552 4,267 243 576 212 48 7,133 Balance at 31 December 219 1,525 4,106 249 546 219 107 6,970 Useful life in years Indefinite 10\u201360 2\u201340 2\u20135 20 5\u201325 Depreciation rate 2\u20136% 3\u201350% 15\u201350% 5% 5\u201320% 1) The amount in \u201cBuilding\u201d includes USD 45 million reduction to decommissioning assets, mainly due to increase in discount rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 3) Please see note 4.7 Impairment of non-current assets . Main changes in 2022 The largest additions to PP&E include projects related to nitric acid production in Sluiskil, sulfuric acid production in the Siilinj\u00e4rvi plant and turnaround activities in Belle Plaine, Tertre, and plants in Finland and Brazil. The largest transfer from assets under construction to other categories of PP&E refer to construc- tion projects related to modernization of Cubat\u00e3o plant in Brazil and the Yara Birkeland, an electric container ship. Assets used as security PP&E pledged as security was USD 17 million in 2022 (2021: USD 26 million). Government grants Government grants related to assets have been recognized as deduction to the carrying value by reducing \u201cAddition at cost\u201d with USD 8 million in 2022 (2021: USD 8 million). In 2021, Yara was awarded two grants amounting to USD 0.9 million and USD 32.1 million by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. The USD 0.9 million received for the feasibility studies have been recognized as a reduction of other operating expenses in the statement of income in 2021. The additional USD 32.1 million for the actual demonstration project is conditional on approval by the EFTA Surveillance Authority (ESA) which is expected in 2023. Borrowing costs The amount of borrowing cost capitalized amounted to USD 2 million in 2022 (2021: USD 8 million). The average rate for the borrowing cost capitalized was 3.4 percent in 2022 (2021: 3.2 percent). Contractual commitments Please find information on contractual obligations on PP&E in note 4.8 Committed future investments . 2021 USD millions, except percentages Land Buildings Machinery and equipment Capitalized maintenance Asset under construction Vessels Other Total Cost Balance at 1 January 280 2,680 10,863 540 1,600 280 97 16,340 Additions at cost 1) 2 19 313 107 343 7 \u2013 791 Derecognition (5) (35) (221) (64) (4) (3) \u2013 (333) Transfers to asset held for sale (6) (229) (91) \u2013 (372) \u2013 (18) (717) Other transfers 2) 3 391 268 5 (693) \u2013 19 (7) Foreign currency translation (18) (144) (541) (36) (42) \u2013 (8) (790) Balance at 31 December 256 2,682 10,590 551 831 284 89 15,284 Depreciation and impairment \u2013 Balance at 1 January (11) (1,070) (6,266) (301) (12) (61) (40) (7,760) Depreciation \u2013 (107) (580) (93) \u2013 (13) (6) (800) Impairment loss 3) (14) (129) (50) (1) (473) \u2013 (1) (669) Reversed impairment \u2013 9 21 \u2013 10 \u2013 \u2013 41 Derecognition \u2013 31 188 64 \u2013 3 \u2013 287 Transfers to asset held for sale 3 96 45 \u2013 174 \u2013 1 318 Other transfers 1 (17) (31) 2 45 \u2013 \u2013 \u2013 Foreign currency translation 1 58 349 21 \u2013 \u2013 3 433 Balance at 31 December (21) (1,130) (6,323) (308) (256) (72) (42) (8,151) Carrying value Balance at 1 January 269 1,609 4,597 238 1,588 219 57 8,579 Balance at 31 December 235 1,552 4,267 243 576 212 48 7,133 Useful life in years Indefinite 10\u201360 2\u201340 2\u20135 20 5\u201325 Depreciation rate 2\u20136% 3\u201350% 15\u201350% 5% 5\u201320% 1) The amount for \u201cBuildings\u201d includes USD 50 million reduction to decommissioning assets, due to increase in discount rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects, which is netted off to 0 at total. 3) Please see note 4.7 Impairment of non-current assets. Main changes in 2021 The carrying value is reduced by USD 1,446 million in 2021, which is mainly driven by the impairment and the subsequent reclassification of the Salitre phosphate mining project in Brazil to held-for-sale disposal group and the USD 232 million impairment of the Dallol potash mining project in Ethiopia. Yara recognized an impairment loss of USD 337 million related to Salitre, and subsequently reclassified USD 375 million of PP&E to disposal group held-for-sale. The largest transfer from assets under construction to other categories of PP&E refer to construction projects related to completed assets in modernization of the Rio Grande plant in Brazil",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "4.1 Property, plant and equipment Overview Property, plant and equipment (PP&E) mainly refers to Yara\u2019s fertilizer production plants across the world, and which hold assets such as land, buildings, machinery, equipment and periodic maintenance. In addition, they hold investments in self-constructed assets not yet in use and which are categorized as assets under construction. The remaining PP&E refers to assets for distribution of fertilizer products, which mainly consists of buildings, machinery and equipment for bagging and blending of products, as well as terminals and warehouses. Accounting polices An item of property, plant and equipment is recognized at cost if it is probable that the item will generate future economic benefits for Yara and the cost can be measured reliably. The carrying value of PP&E is comprised of the historical cost less accumulated depreciation and any impair- ment loss. If a legal or constructive obligation exists to decommission PP&E, the carrying value of the assets is increased with the discounted value of such obligations. Borrowing costs are added to the cost of assets that take a substantial period of time to get ready for their intended use or sale (\u201cqualifying assets\u201d) if they are directly attributable to the acquisition, construction or production of such assets . Depreciation of an asset begins when it is available for use. An asset is available for use when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Decommissioning obligations and borrowing costs added to the carrying amount of PP&E are depreciated over the useful life of the respective PP&E . PP&E are depreciated on a straight-line basis over their expected useful life. Individual parts of PP&E with different useful lives are accounted for and depreciated separately. Expected useful lives and residual values are, unless immaterial, re-assessed annually. Gain or loss due to sale or retirement of PP&E is calculated as the difference between sales proceeds and the carrying value and is recognized in the statement of income. An impairment is recognized if an asset\u2019s carrying value is higher than the recoverable amount. Non-current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Please see note 4.7 Impairment of non-current assets. Costs related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred . Removal of mine waste materials (\u201cstripping costs\u201d) in the production phase of existing mines are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets . Capitalization of investments as self-constructed PP&E start when defined decision gates are met. These investments are then categorized as assets under construction until they are ready for use as intended by management. Once they are ready for use, they are transferred to the applicable classes of PP&E and depreciation starts. Government grants are recognized in the financial statements when Yara has reasonable assur- ance that it will comply with conditions attached to them and the grants will be received. A government grant that compensates Yara for the cost of an asset is deducted from the carrying value of the asset, and is recognized in the statement of income on a systematic basis over the useful life of the asset as a reduction of depreciation expense. If the government grant refers to assets under construction, it is recognized as a reduction of depreciation expense once the asset is ready for use as intended by management and depreciations starts. If a government grant refers to research and development (R&D) which do not meet the criteria for capitalization, or it refers to self-constructed property, plant and equipment (PPE) which do not meet Yara\u2019s internal decision gates for capitalization, the government grant is recognized in the statement of income as reduc- tion of the costs for which the grant is intended to compensate. Any portion of government grants received not yet earned is provided for and recognized as a liability ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-29": {
"value": "4.1 Property, plant and equipment 2022 USD millions, except percentages and year Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Other Total Cost Balance at 1 January 256 2,682 10,590 551 831 284 89 15,284 Addition at cost 1) 5 30 456 103 391 \u2013 10 995 Derecognition \u2013 (17) (130) (67) (25) \u2013 \u2013 (239) Transfers to asset held for sale (1) (15) (17) \u2013 \u2013 \u2013 \u2013 (34) Other transfers 2) \u2013 97 169 23 (369) 23 57 \u2013 Foreign currency translation (5) (88) (578) (26) (27) (2) (4) (731) Balance at 31 December 254 2,689 10,491 584 801 305 152 15,277 Depreciation and impairment Balance at 1 January (21) (1,130) (6,323) (308) (256) (72) (47) (8,151) Depreciation (16) (103) (543) (96) \u2013 (15) \u2013 (777) Impairment loss 3) \u2013 (12) (19) (2) (2) \u2013 \u2013 (35) Derecognition \u2013 12 116 67 \u2013 \u2013 \u2013 195 Transfers to asset held for sale \u2013 21 15 \u2013 \u2013 \u2013 \u2013 37 Other transfers \u2013 (2) 11 (10) \u2013 \u2013 \u2013 \u2013 Foreign currency translation \u2013 48 356 15 3 \u2013 2 425 Balance at 31 December (35) (1,164) (6,386) (335) (255) (87) (45) (8,307) Carrying value Balance at 1 January 235 1,552 4,267 243 576 212 48 7,133 Balance at 31 December 219 1,525 4,106 249 546 219 107 6,970 Useful life in years Indefinite 10\u201360 2\u201340 2\u20135 20 5\u201325 Depreciation rate 2\u20136% 3\u201350% 15\u201350% 5% 5\u201320% 1) The amount in \u201cBuilding\u201d includes USD 45 million reduction to decommissioning assets, mainly due to increase in discount rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 3) Please see note 4.7 Impairment of non-current assets 2021 USD millions, except percentages Land Buildings Machinery and equipment Capitalized maintenance Asset under construction Vessels Other Total Cost Balance at 1 January 280 2,680 10,863 540 1,600 280 97 16,340 Additions at cost 1) 2 19 313 107 343 7 \u2013 791 Derecognition (5) (35) (221) (64) (4) (3) \u2013 (333) Transfers to asset held for sale (6) (229) (91) \u2013 (372) \u2013 (18) (717) Other transfers 2) 3 391 268 5 (693) \u2013 19 (7) Foreign currency translation (18) (144) (541) (36) (42) \u2013 (8) (790) Balance at 31 December 256 2,682 10,590 551 831 284 89 15,284 Depreciation and impairment \u2013 Balance at 1 January (11) (1,070) (6,266) (301) (12) (61) (40) (7,760) Depreciation \u2013 (107) (580) (93) \u2013 (13) (6) (800) Impairment loss 3) (14) (129) (50) (1) (473) \u2013 (1) (669) Reversed impairment \u2013 9 21 \u2013 10 \u2013 \u2013 41 Derecognition \u2013 31 188 64 \u2013 3 \u2013 287 Transfers to asset held for sale 3 96 45 \u2013 174 \u2013 1 318 Other transfers 1 (17) (31) 2 45 \u2013 \u2013 \u2013 Foreign currency translation 1 58 349 21 \u2013 \u2013 3 433 Balance at 31 December (21) (1,130) (6,323) (308) (256) (72) (42) (8,151) Carrying value Balance at 1 January 269 1,609 4,597 238 1,588 219 57 8,579 Balance at 31 December 235 1,552 4,267 243 576 212 48 7,133 Useful life in years Indefinite 10\u201360 2\u201340 2\u20135 20 5\u201325 Depreciation rate 2\u20136% 3\u201350% 15\u201350% 5% 5\u201320% 1) The amount for \u201cBuildings\u201d includes USD 50 million reduction to decommissioning assets, due to increase in discount rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects, which is netted off to 0 at total. 3) Please see note 4.7 Impairment of non-current assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "4.1 Property, plant and equipment Costs related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-535": {
"value": "4.1 Property, plant and equipment Depreciation of an asset begins when it is available for use. An asset is available for use when
the asset is in the location and condition necessary for it to be capable of operating in the manner
intended by management. Decommissioning obligations and borrowing costs added to the carrying
amount of PP&E are depreciated over the useful life of the respective PP&E .
PP&E are depreciated on a straight-line basis over their expected useful life. Individual parts of
PP&E with different useful lives are accounted for and depreciated separately. Expected useful
lives and residual values are, unless immaterial, re-assessed annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-548": {
"value": "4.1 Property, plant and equipment Government grants are recognized in the financial statements when Yara has reasonable assur- ance that it will comply with conditions attached to them and the grants will be received. A government grant that compensates Yara for the cost of an asset is deducted from the carrying value of the asset, and is recognized in the statement of income on a systematic basis over the useful life of the asset as a reduction of depreciation expense. If the government grant refers to assets under construction, it is recognized as a reduction of depreciation expense once the asset is ready for use as intended by management and depreciations starts. If a government grant refers to research and development (R&D) which do not meet the criteria for capitalization, or it refers to self-constructed property, plant and equipment (PPE) which do not meet Yara\u2019s internal decision gates for capitalization, the government grant is recognized in the statement of income as reduc- tion of the costs for which the grant is intended to compensate. Any portion of government grants received not yet earned is provided for and recognized as a liability ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-558": {
"value": "4.1 Property, plant and equipment Removal of mine waste materials (\u201cstripping costs\u201d) in the production phase of existing mines are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "4.1 Property, plant and equipment Costs related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-579": {
"value": "4.1 Property, plant and equipment Removal of mine waste materials (\u201cstripping costs\u201d) in the production phase of existing mines are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-30": {
"value": "Government grants Government grants related to assets have been recognized as deduction to the carrying value by reducing \u201cAddition at cost\u201d with USD 8 million in 2022 (2021: USD 8 million). In 2021, Yara was awarded two grants amounting to USD 0.9 million and USD 32.1 million by Enova SF, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. The grants are awarded for feasibility studies and a demonstration project for production of ammonia and fertilizers based on renewable energy and hydrogen produced by water electrolysis. The USD 0.9 million received for the feasibility studies have been recognized as a reduction of other operating expenses in the statement of income in 2021. The additional USD 32.1 million for the actual demonstration project is conditional on approval by the EFTA Surveillance Authority (ESA) which is expected in 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-31": {
"value": "Main changes in 2021 The carrying value is reduced by USD 1,446 million in 2021, which is mainly driven by the impairment and the subsequent reclassification of the Salitre phosphate mining project in Brazil to held-for-sale disposal group and the USD 232 million impairment of the Dallol potash mining project in Ethiopia. Yara recognized an impairment loss of USD 337 million related to Salitre, and subsequently reclassified USD 375 million of PP&E to disposal group held-for-sale. The largest transfer from assets under construction to other categories of PP&E refer to construction projects related to completed assets in modernization of the Rio Grande plant in Brazil",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "4.2 Intangible assets 2022 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 862 182 376 1,420 Addition at cost \u2013 7 14 21 Derecognition (33) \u2013 (1) (34) Other transfers \u2013 9 (9) \u2013 Foreign currency translation (34) (14) (17) (65) Balance at 31 December 795 184 364 1,343 Amortization and impairment Balance at 1 January (73) (136) (289) (499) Amortization \u2013 (20) (14) (34) Derecognition 33 \u2013 - 34 Foreign currency translation (1) 11 12 22 Balance at 31 December (41) (145) (291) (477) Carrying value Balance at 1 January 789 45 87 921 Balance at 31 December 754 39 73 867 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2021 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 890 222 390 1,502 Addition at cost \u2013 8 25 33 Derecognition \u2013 (49) (5) (55) Acquisition new companies 7 \u2013 7 14 Transfer to asset held for sale (13) (1) (12) (26) Other transfers \u2013 12 (12) 1 Foreign currency translation (22) (10) (17) (49) Balance at 31 December 862 182 376 1,420 Amortization and impairment Balance at 1 January (58) (159) (297) (514) Amortization \u2013 (26) (16) (42) Impairment loss 2) (31) (2) (4) (37) Derecognition \u2013 42 5 46 Transfer to asset held for sale 13 \u2013 11 24 Foreign currency translation 4 9 11 24 Balance at 31 December (73) (136) (289) (499) Carrying value Balance at 1 January 831 64 93 988 Balance at 31 December 789 45 87 921 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2) For further information, see note 4.7 Impairment of non-current assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "4.2 Intangible assets Accounting Policies Intangible assets with finite useful lives, and that are acquired separately, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period. The effect of any changes in estimate is accounted for on a prospective basis. Intangible assets with indefinite useful lives, and that are acquired separately, are carried at cost less accumulated impairment losses. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Useful lives are set as indefinite with no amortization as there is no foreseeable limit to the cash flows generated by goodwill. Instead of amortization, goodwill is tested for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to cash-generating units (CGUs) or group of CGUs that are expected to benefit from the combination. For more information on impairment, please see note 4.7 Impairment of non-current assets. The Group\u2019s accounting policy for goodwill arising on the acquisition of an associate or joint ventures is described in note 4.3 Associated companies and joint ventures. Intangible assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Intangible assets not ready for its intended use are also tested for impairment annually. Please see note 4.7 Impairment of non-current assets. Expenditures on research activities are expensed in the period in which they incur. An internally generated intangible asset arising from development is recognized if, an only if, all of the following have been demonstrated; \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 The intention to complete the intangible asset and use or sell it \u2022 The ability to use or sell the intangible asset \u2022 How the intangible asset will generate probable future economic benefits \u2022 The availability of adequate technical, financial and other resources to complete the develop- ment and to use or sell the intangible asset \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during its development Where no internally-generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they incur . Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. They are normally not subject to recognition of configuration or customization costs as intangible assets because Yara does not control the software being configured. Further, related configuration or customizations activities often would not create a resource controlled by the customer that is separate from the software and consequently is normally expensed. Consequently, costs incurred to configure or customize, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognized as operating expenses when the services are received. Licensed software hosted on-premise or in third-party data centers as well as software acquired in a business combination and internally developed software are recognized as intangible assets if they meet the recognition criteria in IAS 38. Yara receives free European Union Allowances (EUA) under the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. The EUA received are initially recognized as intangible assets at nil value (nominal value) and is used to settle the Group\u2019s liabilities arising from GHG emissions of this production of ammonia and nitric acid in Europe. Yara is currently in a net positive situation. This has also been the situation historically. A provision will be recognized once the level of emissions exceeds the level of allowances granted. Yara has not engaged in trading activities",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "4.2 Intangible assets 2022 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 862 182 376 1,420 Addition at cost \u2013 7 14 21 Derecognition (33) \u2013 (1) (34) Other transfers \u2013 9 (9) \u2013 Foreign currency translation (34) (14) (17) (65) Balance at 31 December 795 184 364 1,343 Amortization and impairment Balance at 1 January (73) (136) (289) (499) Amortization \u2013 (20) (14) (34) Derecognition 33 \u2013 - 34 Foreign currency translation (1) 11 12 22 Balance at 31 December (41) (145) (291) (477) Carrying value Balance at 1 January 789 45 87 921 Balance at 31 December 754 39 73 867 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2021 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 890 222 390 1,502 Addition at cost \u2013 8 25 33 Derecognition \u2013 (49) (5) (55) Acquisition new companies 7 \u2013 7 14 Transfer to asset held for sale (13) (1) (12) (26) Other transfers \u2013 12 (12) 1 Foreign currency translation (22) (10) (17) (49) Balance at 31 December 862 182 376 1,420 Amortization and impairment Balance at 1 January (58) (159) (297) (514) Amortization \u2013 (26) (16) (42) Impairment loss 2) (31) (2) (4) (37) Derecognition \u2013 42 5 46 Transfer to asset held for sale 13 \u2013 11 24 Foreign currency translation 4 9 11 24 Balance at 31 December (73) (136) (289) (499) Carrying value Balance at 1 January 831 64 93 988 Balance at 31 December 789 45 87 921 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2) For further information, see note 4.7 Impairment of non-current assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-536": {
"value": "4.2 Intangible assets Expenditures on research and development activities Expenditures on research and development activities are expensed in the period of the amount of USD 95 million (USD 94 million in 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-559": {
"value": "4.2 Intangible assets Expenditures on research activities are expensed in the period in which they incur. An internally generated intangible asset arising from development is recognized if, an only if, all of the following have been demonstrated; \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 The intention to complete the intangible asset and use or sell it \u2022 The ability to use or sell the intangible asset \u2022 How the intangible asset will generate probable future economic benefits \u2022 The availability of adequate technical, financial and other resources to complete the develop- ment and to use or sell the intangible asset \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during its development Where no internally-generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they incur . Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. They are normally not subject to recognition of configuration or customization costs as intangible assets because Yara does not control the software being configured. Further, related configuration or customizations activities often would not create a resource controlled by the customer that is separate from the software and consequently is normally expensed. Consequently, costs incurred to configure or customize, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognized as operating expenses when the services are received. Licensed software hosted on-premise or in third-party data centers as well as software acquired in a business combination and internally developed software are recognized as intangible assets if they meet the recognition criteria in IAS 38. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-549": {
"value": "4.2 Intangible assets Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Useful lives are set as indefinite with no amortization as there is no foreseeable limit to the cash flows generated by goodwill. Instead of amortization, goodwill is tested for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to cash-generating units (CGUs) or group of CGUs that are expected to benefit from the combination. For more information on impairment, please see note 4.7 Impairment of non-current assets. The Group\u2019s accounting policy for goodwill arising on the acquisition of an associate or joint ventures is described in note 4.3 Associated companies and joint ventures",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "4.2 Intangible assets Intangible assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Intangible assets not ready for its intended use are also tested for impairment annually. Please see note 4.7 Impairment of non-current assets. Expenditures on research activities are expensed in the period in which they incur. An internally generated intangible asset arising from development is recognized if, an only if, all of the following have been demonstrated; \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 The intention to complete the intangible asset and use or sell it \u2022 The ability to use or sell the intangible asset \u2022 How the intangible asset will generate probable future economic benefits \u2022 The availability of adequate technical, financial and other resources to complete the develop- ment and to use or sell the intangible asset \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during its development Where no internally-generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they incur . Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. They are normally not subject to recognition of configuration or customization costs as intangible assets because Yara does not control the software being configured. Further, related configuration or customizations activities often would not create a resource controlled by the customer that is separate from the software and consequently is normally expensed. Consequently, costs incurred to configure or customize, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognized as operating expenses when the services are received. Licensed software hosted on-premise or in third-party data centers as well as software acquired in a business combination and internally developed software are recognized as intangible assets if they meet the recognition criteria in IAS 38. Yara receives free European Union Allowances (EUA) under the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO 2 a price and creates incentives to reduce emissions. The EUA received are initially recognized as intangible assets at nil value (nominal value) and is used to settle the Group\u2019s liabilities arising from GHG emissions of this production of ammonia and nitric acid in Europe. Yara is currently in a net positive situation. This has also been the situation historically. A provision will be recognized once the level of emissions exceeds the level of allowances granted. Yara has not engaged in trading activities",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "4.2 Intangible assets Expenditures on research activities are expensed in the period in which they incur. An internally generated intangible asset arising from development is recognized if, an only if, all of the following have been demonstrated; \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 The intention to complete the intangible asset and use or sell it \u2022 The ability to use or sell the intangible asset \u2022 How the intangible asset will generate probable future economic benefits \u2022 The availability of adequate technical, financial and other resources to complete the develop- ment and to use or sell the intangible asset \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during its development Where no internally-generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they incur ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-32": {
"value": "2022 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 862 182 376 1,420 Addition at cost \u2013 7 14 21 Derecognition (33) \u2013 (1) (34) Other transfers \u2013 9 (9) \u2013 Foreign currency translation (34) (14) (17) (65) Balance at 31 December 795 184 364 1,343 Amortization and impairment Balance at 1 January (73) (136) (289) (499) Amortization \u2013 (20) (14) (34) Derecognition 33 \u2013 - 34 Foreign currency translation (1) 11 12 22 Balance at 31 December (41) (145) (291) (477) Carrying value Balance at 1 January 789 45 87 921 Balance at 31 December 754 39 73 867 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2021 USD million, except percentages Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 890 222 390 1,502 Addition at cost \u2013 8 25 33 Derecognition \u2013 (49) (5) (55) Acquisition new companies 7 \u2013 7 14 Transfer to asset held for sale (13) (1) (12) (26) Other transfers \u2013 12 (12) 1 Foreign currency translation (22) (10) (17) (49) Balance at 31 December 862 182 376 1,420 Amortization and impairment Balance at 1 January (58) (159) (297) (514) Amortization \u2013 (26) (16) (42) Impairment loss 2) (31) (2) (4) (37) Derecognition \u2013 42 5 46 Transfer to asset held for sale 13 \u2013 11 24 Foreign currency translation 4 9 11 24 Balance at 31 December (73) (136) (289) (499) Carrying value Balance at 1 January 831 64 93 988 Balance at 31 December 789 45 87 921 Useful life in years Indefinite 3\u20135 5\u201340 \u2013 Amortization rate 20\u201335% 3\u201335% \u2013 1) Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development. 2) For further information, see note 4.7 Impairment of non-current assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "4.3 Associated companies and joint ventures 2022 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 33 18 6 \u2013 6 \u2013 (2) (3) 53 Joint ventures 87 \u2013 19 \u2013 19 \u2013 (6) (5) 94 Total 120 18 25 \u2013 25 \u2013 (8) (8) 147 2021 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 32 1 3 \u2013 3 \u2013 (2) (2) 33 Joint ventures 75 \u2013 20 \u2013 20 \u2013 (6) (2) 87 Total 107 1 23 \u2013 23 \u2013 (8) (4) 120 Due to it being impractical to obtain financial reports within the same reporting date as Yara, there is, for some of the associated companies and joint ventures, a lag of 1\u20133 months for the numbers included . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-560": {
"value": "4.3 Associated companies and joint ventures Overview Yara has a number of investments classified as associated companies and joint ventures, but none of these are individually significant. The investments are mainly in sales and marketing entities in the operating segments Americas and Industrial Solutions. Accounting policies Associated companies are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights . A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. The classification depends upon rights and obligations of the parties to the arrangement. In a joint operation the parties have rights to the assets and obligations for the liabilities of the arrangement. In a joint venture the parties have rights to the net assets of the arrangement. The share of results, assets and liabilities of associated companies and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Under the equity method of accounting, the investment is initially recognized at cost and the carrying value is subsequently increased or decreased to recognize Yara\u2019s share of profit or loss of the investee after the date of acquisition. Any excess of the cost of acquisition of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment. The equity-accounted investees are tested for impairment if indications of loss in value are identified. An impairment loss is recognized if the recoverable amount, estimated as the higher of fair value less costs to sell and value in use, is below the carrying value. Accounting policies of equity-accounted investees are changed where necessary to ensure consistency with the policies adopted by the Yara Group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-550": {
"value": "4.3 Associated companies and joint ventures Overview Yara has a number of investments classified as associated companies and joint ventures, but none of these are individually significant. The investments are mainly in sales and marketing entities in the operating segments Americas and Industrial Solutions. Accounting policies Associated companies are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights . A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. The classification depends upon rights and obligations of the parties to the arrangement. In a joint operation the parties have rights to the assets and obligations for the liabilities of the arrangement. In a joint venture the parties have rights to the net assets of the arrangement. The share of results, assets and liabilities of associated companies and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Under the equity method of accounting, the investment is initially recognized at cost and the carrying value is subsequently increased or decreased to recognize Yara\u2019s share of profit or loss of the investee after the date of acquisition. Any excess of the cost of acquisition of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment. The equity-accounted investees are tested for impairment if indications of loss in value are identified. An impairment loss is recognized if the recoverable amount, estimated as the higher of fair value less costs to sell and value in use, is below the carrying value. Accounting policies of equity-accounted investees are changed where necessary to ensure consistency with the policies adopted by the Yara Group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-33": {
"value": "4.3 Associated companies and joint ventures 2022 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 33 18 6 \u2013 6 \u2013 (2) (3) 53 Joint ventures 87 \u2013 19 \u2013 19 \u2013 (6) (5) 94 Total 120 18 25 \u2013 25 \u2013 (8) (8) 147 2021 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 32 1 3 \u2013 3 \u2013 (2) (2) 33 Joint ventures 75 \u2013 20 \u2013 20 \u2013 (6) (2) 87 Total 107 1 23 \u2013 23 \u2013 (8) (4) 120 Due to it being impractical to obtain financial reports within the same reporting date as Yara, there is, for some of the associated companies and joint ventures, a lag of 1\u20133 months for the numbers included ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-537": {
"value": "4.3 Associated companies and joint ventures Accounting policies Associated companies are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights The share of results, assets and liabilities of associated companies and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Under the equity method of accounting, the investment is initially recognized at cost and the carrying value is subsequently increased or decreased to recognize Yara\u2019s share of profit or loss of the investee after the date of acquisition. Any excess of the cost of acquisition of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment. The equity-accounted investees are tested for impairment if indications of loss in value are identified. An impairment loss is recognized if the recoverable amount, estimated as the higher of fair value less costs to sell and value in use, is below the carrying value. Accounting policies of equity-accounted investees are changed where necessary to ensure consistency with the policies adopted by the Yara Group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "2022 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 33 18 6 \u2013 6 \u2013 (2) (3) 53 Joint ventures 87 \u2013 19 \u2013 19 \u2013 (6) (5) 94 Total 120 18 25 \u2013 25 \u2013 (8) (8) 147 2021 Yara\u2019s share of USD millions Balance at 1 January Investments / (sale, and asset held- for-sale), net and long-term loans Net income/ (loss) Other comprehensive income/(loss) Total comprehensive income/(loss) in equity-accounted investees Amortization, depreciation and write-down Dividends/ repayment of capital Foreign currency translation and other Balance at 31 December Associates 32 1 3 \u2013 3 \u2013 (2) (2) 33 Joint ventures 75 \u2013 20 \u2013 20 \u2013 (6) (2) 87 Total 107 1 23 \u2013 23 \u2013 (8) (4) 120 Due to it being impractical to obtain financial reports within the same reporting date as Yara, there is, for some of the associated companies and joint ventures, a lag of 1\u20133 months for the numbers included ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-34": {
"value": "4.4 Joint operations Yara has three investments that are classified as joint operations: Yara Pilbara Nitrates Pty Ltd Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next to Yara\u2019s ammonia plant in the Pilbara region of Australia. The plant has an annual production capacity of about 330.000 metric tonnes of TAN and primarily supplies the mining operations in the region. The company is 50 percent owned by Yara and 50 percent by Orica. Trinidad Nitrogen Co. Ltd. (Tringen) Tringen owns an ammonia complex consisting of two separate ammonia plants which are managed and operated by Yara under a management and operating agreement. In addition, Yara provides marketing support. The two plants have an annual production capacity of about 1 million metric tonnes of ammonia which is mainly exported to other markets. Yara has a 49 percent ownership stake in Tringen, the remaining 51 percent of Tringen is owned by National Enterprises Limited, which is a publicly listed Company, in which the Government of the Republic of Trinidad and Tobago has majority shareholding. Yara Freeport LLC DBA Texas Ammonia Yara and the BASF Group have constructed an ammonia plant at BASF\u2019s site in Freeport, Texas, US. Commercial operations commenced in 2018. BASF manages and operates the plant. The plant has an annual nameplate production capacity of about 750.000 metric tonnes of ammonia and each party off-takes ammonia from the plant in accordance with their ownership share. The company is 68 percent owned by Yara and 32 percent by BASF The following table shows the effect of consolidating joint operations on Yara\u2019s financial statements. The table is based on unaudited financial information of Yara\u2019s joint operations based on their IFRS financial statements. Financial position 31 December 2022 31 December 2021 USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport LLC DBA Texas Ammonia Yara\u2019s share of consolidated Joint operations Yara Pilbara Nitrates Tringen Yara Freeport LLC DBA Texas Ammonia Yara\u2019s share of consolidated Joint operations Assets Deferred tax assets 48 \u2013 \u2013 48 40 \u2013 \u2013 40 Property, plant and equipment 307 71 235 612 330 68 251 649 Right-of-use asset 7 \u2013 4 11 6 \u2013 4 10 Other non-current assets \u2013 3 1 4 \u2013 7 1 8 Total non-current assets 362 74 240 676 376 75 256 707 Inventories 7 29 2 38 5 20 3 28 External trade receivables 16 \u2013 \u2013 16 8 \u2013 \u2013 8 Internal trade receivables \u2013 26 14 41 \u2013 30 17 47 Prepaid expenses and other current assets 1 13 2 16 9 11 1 21 Cash and cash equivalents 2 60 25 87 \u2013 28 11 40 Total current assets 26 129 43 198 23 89 32 144 Total assets 388 203 283 874 399 164 288 851 Total equity 219 156 266 642 132 115 268 514 Liabilities Employee benefits \u2013 10 \u2013 10 \u2013 8 \u2013 8 Deferred tax liabilities \u2013 7 \u2013 7 \u2013 6 \u2013 6 Long-term provisions 17 \u2013 \u2013 17 31 \u2013 \u2013 31 External long-term interest-bearing debt 6 \u2013 3 10 6 \u2013 3 9 Internal long-term interest-bearing debt 129 \u2013 \u2013 129 188 \u2013 \u2013 188 Total non-current liabilities 152 16 3 172 225 14 3 242 External trade and other payables 3 24 11 37 6 26 14 46 Internal trade and other payables 12 \u2013 \u2013 12 9 \u2013 \u2013 9 Current tax liabilities \u2013 5 \u2013 5 \u2013 1 \u2013 1 Short-term provisions 1 \u2013 \u2013 1 1 \u2013 \u2013 1 Other short-term liabilities \u2013 2 3 5 26 1 3 30 Bank loans and other short-term interest-bearing debt \u2013 \u2013 \u2013 \u2013 \u2013 7 \u2013 7 Total current liabilities 16 30 13 59 42 36 17 94 Total equity and liabilities 388 203 283 874 399 164 288 851 Income statement 2022 2021 USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport LLC DBA Texas Ammonia Yara\u2019s share of consolidated Joint operations Yara Pilbara Nitrates Tringen Yara Freeport LLC DBA Texas Ammonia Yara\u2019s share of consolidated Joint operations Revenue and other income 95 379 230 703 67 241 181 489 Operating costs and expenses (92) (216) (221) (529) (120) 1) (142) (169) (432) Operating income/(loss) 3 162 9 174 (53) 100 12 58 Income before tax (6) 165 9 168 (57) 98 11 53 Income tax expense 1 (59) \u2013 (58) 14 (30) \u2013 (17) Net income (5) 106 9 110 (44) 68 11 36 1) Includes an impairment loss of USD 44 million. Refer to note 4.7 Impairment of non-current assets for further details ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointOperationsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-561": {
"value": "4.5 Leases Accounting policies IFRS 16 defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For each contract that meets this definition, IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability in the balance sheet, with certain exemptions for short-term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets\u2019 useful life. The portion of lease payments representing payments of lease liabilities shall be classified as cash flows used in financing activities in the statement of cash flows. Payments for short-term leases, low value assets and variable amounts not included in the measurement of the lease liability shall be classified within operating activities. Yara also classifies payment of interest within operating activities. Yara has taken advantage of the accounting policy choice in IFRS 16 to not apply the standard to leases of intangible assets. This means that leases of intangible assets are accounted for by applying IAS 38 Intangible assets. Significant lease liabilities for the Group comprise of leases of land, vessels, product storage assets (warehouses, terminals etc.), office buildings and other buildings. Other, less significant leases in Yara comprise of transportation and logistics assets, machinery and equipment, utilities supply, employee cars, IT infrastructure and office equipment. Yara has applied different accounting policies to different assets as follows: \u2022 Yara expenses services and other non-lease components embedded in lease contracts for land, vessels, product storage assets, utilities supply, IT infrastructure, office buildings and other buildings. For leases of other assets, Yara capitalizes non-lease components subject to fixed payments as part of the lease. \u2022 Yara expenses short-term leases of machinery, office equipment and other equipment in accordance with the general short-term exemption in IFRS 16. \u2022 Yara expenses low value leases in accordance with the general low value exemption in IFRS 16. Lease terms are determined by including extension and termination options which are reasonably certain to be exercised. Yara strives to consider all relevant facts and circumstances that create an economic incentive for Yara to exercise such options. However, use of significant judgement may be needed. Yara discounts the lease liability by using incremental borrowing rates. However, the interest rate implicit in the lease may be used for selected lease arrangements which are material on Group level and if the rate can be readily determined. The incremental borrowing rates are updated on a quarterly basis and are determined for all relevant currencies and lease terms taking into account the risk-free rate, Yara\u2019s credit risk premium, local unit risk premium above Yara country risk premium and asset risk premium. Updated incremental borrowing rates are applied to new lease arrangements recognized during that quarter, as well as for modifications of existing leases ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "Right-of-use assets
USD millions Land Vessels Buildings Product storage
Transportation &
logistics Other assets Total
Carrying value
Balance ROU assets at 1 January 2021 125 28 96 72 55 54 430
Additions and lease modifications 5 31 15 52 15 35 153
Transfers to assets held-for-sale \u2013 \u2013 (1) \u2013 \u2013 \u2013 (1)
Depreciation (8) (26) (23) (35) (24) (24) (141)
Foreign currency translation gain/(loss) (5) \u2013 (4) (3) (3) (4) (20)
Balance at 31 December 2021 117 32 82 86 42 61 421
Additions and lease modifications 10 46 19 34 23 24 156
Depreciation (8) (38) (22) (39) (23) (22) (153)
Foreign currency translation gain/(loss) (6) \u2013 (5) (4) (2) (3) (21)
Balance at 31 December 2022 112 40 73 78 41 60 403
Lease liabilities
USD millions Long-term Short-term Total
Carrying value
Balance lease obligations at 1 January 2021 335 111 446
Additions and lease modifications 146 (1) 145
Transfers to liabilities held-for-sale (1) \u2013 (1)
Reclassification to short-term (142) 142 \u2013
Lease payments \u2013 (142) (142)
Foreign currency translation gain/(loss) (16) (7) (23)
Balance at 31 December 2021 321 104 425
Additions and lease modifications 157 (2) 155
Reclassification to short-term (170) 169 \u2013
Lease payments \u2013 (149) (149)
Foreign currency translation gain/(loss) (16) (4) (21)
Balance at 31 December 2022 292 118 410
Interest expense on lease liabilities in the period amounts to USD 16 million (2021: USD 14 million).
Leases not yet commenced to which Yara was committed as of 31 December 2022, amounted to
a discounted value of USD 59 million (2021: USD 39 million). The amount includes an estimated
commitment of USD 16 million for a facility under construction, for which the fees payable will be
variable but Yara will be committed to offtake the entire output of the facility.
There are no material restrictions or covenants imposed by leases.
Maturity analysis of contractual undiscounted cash flows
USD millions 2022
2023 134
2024 78
2025 49
2026 35
2027 24
Thereafter 247
Total undiscounted lease liabilities at 31 December 2022 568
Leases expensed in the period
USD millions 2022 2021
Expenses relating to variable fee leases not included in the
measurement of lease liabilities 26 25
Expenses relating to short-term leases 30 29
Expenses relating to leased assets of low value, excluding short-
term leases 1 3
Total leases expensed 57 57
Cash outflows in the period
USD millions 2022 2021
Principal payments on recognized lease liabilities 149 142
Interest payments on recognized lease liabilities 15 15
Payments on leases expensed in the period 57 57
Total cash outflows for leases 221 214
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "4.6 Other non-current assets Specifications USD millions Notes 2022 2021 Financial assets Equity instruments 6.1, 6.3 54 34 Embedded derivatives in commodity contracts 6.3 7 6 Cross currency and interest rate swaps 6.3 11 \u2013 Receivables and deposits 6.3 22 31 Expected credit loss on long-term loans and receivables 6.3 (1) (1) Total financial assets 93 70 Non-financial assets Surplus on funded defined benefit plans 5.4 215 127 Prepayment for property, plant and equipment 33 29 Other non-financial assets 19 77 Tax and VAT receivables 168 173 Total non-financial assets 434 405 Total 526 476 Long-term VAT receivables in Brazil At year-end 2022, Yara has recognized USD 99 million of tax credits related to value added taxes in Brazil (2021: USD 84 million). This is included in the line \u201cTax and VAT receivables\u201d in the table above. The Brazilian tax system is highly complex. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. PIS/ COFINS are charged over gross revenues, with a rate of 1.65 percent and 7.6 percent. However, fertilizer sales have a PIS/COFINS tax rate of zero. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freights). These accumulated credits can be used to offset other federal taxes in many circum- stances and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years, without any need of accounting adjustments. The general rates for ICMS are 18 percent, 17 percent, 12 percent, 7 percent and 4 percent, but a benefit that has been granted for fertilizers and other industries reduces these rates to 1 percent on internal operations within most of the States and to 4.68 percent or 7.3 percent on interstate operations for 2022. The Brazilian State Treasury Offices decided that for 2025 onwards there will be an isonomic rate of 4 percent (importation, interstate, internal) with gradual changes from January 2022 to December 2024. The current legislation results in accumulation of ICMS tax credits in a number of States. Yara maintains a provision for expected discounts/losses where these credits are not expected to be realized in full through normal operations. The provision is USD 4 million at year-end 2022 (2021: USD 4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "4.6 Other non-current assets Accounting policies Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted. On other receivables, loans and deposits, Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses is recorded. The 12-months expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the Probability of Default based on the credit rating of different counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. Yara\u2019s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due to materiality .",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-35": {
"value": "4.6 Other non-current assets Specifications USD millions Notes 2022 2021 Financial assets Equity instruments 6.1, 6.3 54 34 Embedded derivatives in commodity contracts 6.3 7 6 Cross currency and interest rate swaps 6.3 11 \u2013 Receivables and deposits 6.3 22 31 Expected credit loss on long-term loans and receivables 6.3 (1) (1) Total financial assets 93 70 Non-financial assets Surplus on funded defined benefit plans 5.4 215 127 Prepayment for property, plant and equipment 33 29 Other non-financial assets 19 77 Tax and VAT receivables 168 173 Total non-financial assets 434 405 Total 526 476 Long-term VAT receivables in Brazil At year-end 2022, Yara has recognized USD 99 million of tax credits related to value added taxes in Brazil (2021: USD 84 million). This is included in the line \u201cTax and VAT receivables\u201d in the table above. The Brazilian tax system is highly complex. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. PIS/ COFINS are charged over gross revenues, with a rate of 1.65 percent and 7.6 percent. However, fertilizer sales have a PIS/COFINS tax rate of zero. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freights). These accumulated credits can be used to offset other federal taxes in many circum- stances and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years, without any need of accounting adjustments. The general rates for ICMS are 18 percent, 17 percent, 12 percent, 7 percent and 4 percent, but a benefit that has been granted for fertilizers and other industries reduces these rates to 1 percent on internal operations within most of the States and to 4.68 percent or 7.3 percent on interstate operations for 2022. The Brazilian State Treasury Offices decided that for 2025 onwards there will be an isonomic rate of 4 percent (importation, interstate, internal) with gradual changes from January 2022 to December 2024. The current legislation results in accumulation of ICMS tax credits in a number of States. Yara maintains a provision for expected discounts/losses where these credits are not expected to be realized in full through normal operations. The provision is USD 4 million at year-end 2022 (2021: USD 4 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "4.6 Other non-current assets On other receivables, loans and deposits, Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses is recorded. The 12-months expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the Probability of Default based on the credit rating of different counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-551": {
"value": "4.6 Other non-current assets Long-term VAT receivables in Brazil At year-end 2022, Yara has recognized USD 99 million of tax credits related to value added taxes in Brazil (2021: USD 84 million). This is included in the line \u201cTax and VAT receivables\u201d in the table above. The Brazilian tax system is highly complex. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. PIS/ COFINS are charged over gross revenues, with a rate of 1.65 percent and 7.6 percent. However, fertilizer sales have a PIS/COFINS tax rate of zero. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freights). These accumulated credits can be used to offset other federal taxes in many circum- stances and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years, without any need of accounting adjustments. The general rates for ICMS are 18 percent, 17 percent, 12 percent, 7 percent and 4 percent, but a benefit that has been granted for fertilizers and other industries reduces these rates to 1 percent on internal operations within most of the States and to 4.68 percent or 7.3 percent on interstate operations for 2022. The Brazilian State Treasury Offices decided that for 2025 onwards there will be an isonomic rate of 4 percent (importation, interstate, internal) with gradual changes from January 2022 to December 2024. The current legislation results in accumulation of ICMS tax credits in a number of States. Yara maintains a provision for expected discounts/losses where these credits are not expected to be realized in full through normal operations. The provision is USD 4 million at year-end 2022 (2021: USD 4 million). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-515": {
"value": "4.7 Impairment of non-current assets Accounting policies Cash-generating units (CGUs) or group of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. Any impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU or group of CGUs, and then to the CGU\u2019s or group of CGUs\u2019 other assets on a pro rata basis of the carrying amounts. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. Non-current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Indications that could trigger an impairment test include: \u2022 Significant underperformance relative to historical or projected future results \u2022 Significant changes in the Group\u2019s use of the assets or the strategy for the overall business \u2022 Significant negative industry or economic trends An impairment loss is recognized to the extent that the assets\u2019 carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Previously recognized impairment losses, except for impaired goodwill, are reversed if the assumptions for impairment are no longer present. Impairment losses are only reversed to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation, if no impairment had been recognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "4.7 Impairment of non-current assets Accounting policies Cash-generating units (CGUs) or group of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. Any impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU or group of CGUs, and then to the CGU\u2019s or group of CGUs\u2019 other assets on a pro rata basis of the carrying amounts. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. Non-current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Indications that could trigger an impairment test include: \u2022 Significant underperformance relative to historical or projected future results \u2022 Significant changes in the Group\u2019s use of the assets or the strategy for the overall business \u2022 Significant negative industry or economic trends An impairment loss is recognized to the extent that the assets\u2019 carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Previously recognized impairment losses, except for impaired goodwill, are reversed if the assumptions for impairment are no longer present. Impairment losses are only reversed to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation, if no impairment had been recognized",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-36": {
"value": "4.7 Impairment of non-current assets Recognized impairment loss USD millions 2022 2021 Asset class Goodwill \u2013 (31) Other intangible assets \u2013 (6) Property, plant and equipment (35) (669) Right-of-use assets \u2013 \u2013 Total impairment of non-current assets (35) (706) Reversal of impairment of non-current assets \u2013 41 Net impairment loss (35) (666) USD millions 2022 2021 Segment split Europe (13) 6 Americas (15) (381) Africa & Asia (2) (44) Global Plants & Operational Excellence (4) (242) Clean Ammonia (2) \u2013 Industrial Solutions \u2013 (3) Other and Eliminations \u2013 (2) Net impairment loss (35) (666) Impairment charges in 2022 Impairment of property, plant and equipment is mainly related to a USD 15 million additional impairment of the Salitre mining project, which was disposed in 2022, and a USD 13 million impairment of the Montoir plant in France. Impairment charges and reversals in 2021 Asset/CGU Segment Recoverable value method 1) (Impairment)/ reversal, net Salitre mining project Americas FVLCD (337) Dallol mining project Global Plants & Operational Excellence FVLCD (232) Yara Pilbara Nitrates plant Africa & Asia VIU (44) Paulinia fertilizer plants Americas FVLCD (32) Italy Europe VIU 23 Other (44) Total (666) 1) FVLCD \u2013 Fair value less cost of disposal VIU \u2013 Value in use The table above presents a split of impairment charges and reversals in 2021, and the main impairments are explained in the following text section. Salitre mining project (Brazil) The Salitre phosphate mining project was classified as a disposal group held-for-sale at the end of 2021, as Yara had entered a contract to sell the project. The recoverable value of the Salitre assets, measured based on the agreed selling price, was determined to be lower than their carrying amount. The sale of Yara\u2019s Salitre phosphate mining project was completed in February 2022. Dallol mining project (Ethiopia) The project was on hold while working on a structural solution for the next stage of the project. It was concluded that the fair value less cost of disposal was close to zero in the current environ- ment, and an impairment charge of USD 232 million was recognized in 2021. Yara announced on 4 July 2022 that it had signed a contract to sell its ownership stake in the project. The sale was completed on 27 January 2023. Yara Pilbara Nitrates plant Yara owns 50 percent of the joint operation Yara Pilbara Nitrates. This company owns and controls a TAN plant in Australia. The cash generating unit has been disclosed as sensitive for impairment over time. Reduced margin forecasts (TAN margin above ammonia cost) caused the impairment of USD 44 million. Sensitivities for this CGU are presented in the section \u201cOther assets and CGUs with no allocated goodwill\u201d, below. Paulinia fertilizer plants The USD 32 million impairment of fertilizer assets at Yara\u2019s Paulina site was triggered by the decision to close its fertilizer production, which was announced in December 2021. Impairment testing The mandatory impairment testing of CGUs, groups of CGUs with allocated goodwill or assets with indefinite useful life are carried out during third quarter each year. Yara has also performed testing of other CGUs or individual assets with various impairment indicators. The recoverable amounts for units with allocated goodwill have been determined based on \u201cvalue-in-use\u201d. Main assumptions Discount rate Discount rates used in the calculation of value-in-use reflect the current market assessment of the risks specific to each cash generating unit. The discount rates were estimated based on the weighted average cost of capital for the industry. This rate was further adjusted to reflect the cur- rency in which the CGU operates and market assessments of any risk specific to the CGU for which future estimates of cash flows have not been adjusted. Currency rates and inflation The value-in-use calculation is performed in the most relevant currency for the CGU. When converting foreign currency cash flows to the testing currency, Yara uses the forecasted annual average rates estimated by IHS based on the \u201cpurchasing power parity\u201d (PPP) principle. The projections include long-term inflation (CPI) in which each CGU is located. Assumptions relevant for production assets The valuations of production assets are based on Yara\u2019s long-term commodity and energy price forecasts. Due to the cyclicality of the fertilizer industry, Yara includes cash flow projections for a longer period than five years. Despite a relatively steady growth in market demand, history shows that there are periods with oversupply. Yara\u2019s internal commodity forecasts reflect its assessment of the supply/demand balance in the short to medium term. After a period of maximum eight years, all the main commodity sales price assumptions reflect an annual nominal growth that does not exceed the relevant inflation rates. The main assumptions for the impairment testing are: \u2022 Fertilizer prices The urea price is the most important assumption when testing nitrogen fertilizer plants for impairment, as urea is the global price setter for commodity nitrogen. Yara\u2019s nitrate and NPK prices are estimated using urea as the base, adding estimated premiums on top of the com- modity value of the nutrient. These premiums reflect an agronomic value-add of the products, and the estimated premiums for each plant are based on historically achieved premiums above the Yara average premium in main markets. For both NPK and nitrates, internally developed forecasts are used since there are no active forward markets for these products. External market intelligence reports are used as one of many input factors. For Europe, the market dynamics following Carbon Border Adjustment Mechanism (CBAM) have been considered for regional fertilizer price assumptions. With Europe being a net importer of fertilizer, it is expected that increased emission taxes will lead to higher prices of fertilizers in Europe than in regions with lower emission taxes. As higher fertilizer prices may lead to lower demand, a net negative impact on the margins has been reflected in the cash flow forecasts. \u2022 Ammonia prices For several of Yara\u2019s plants, the ammonia price is a key assumption for calculating the value-in- use. Some plants are net buyers of ammonia, in which case increased ammonia prices have a negative impact on earnings while other plants are net sellers of ammonia, and these plants will benefit from higher ammonia prices. Internally developed price forecasts are used since there is no active forward market for ammonia. External market intelligence reports are used as one of many input factors. \u2022 Natural gas purchase prices Natural gas is the most important cost factor for several of Yara\u2019s production plants. Yara maxi- mizes the use of observable gas market input for the purpose of impairment testing. For certain regions, where no liquid market for natural gas exists, Yara prepares internal forecasts based on the expected supply/demand balance. \u2022 Production reliability Production reliability is important for the plants\u2019 profitability as it impacts both the production volume and the energy consumption factor (energy per ton produced). The reliability assumption is plant specific, taking into consideration the historical experienced reliability and implemented improvement initiatives. \u2022 Capital expenditures Ammonia and finished fertilizer plants require significant maintenance investments. The esti- mated amounts reflect previous experience and plant specific knowledge. Estimated capital expenditures do not include capital expenditures that enhance the current performance. Physical climate risks are considered when estimating future capex, in particular when setting the longer- term cash flow forecasts. \u2022 Carbon emission tax Forecasted carbon emission tax is one of the key assumptions when testing Yara\u2019s plants that produce ammonia, in particular in Europe where such taxes are expected to increase in the years to come. External market reports have been used as input factors when developing Yara\u2019s own forecast for the price of EU allowance (EUA). Yara has projected gradual reduction of free allowances based on proposals presented by the European Union. Emission reduction projects are only considered when they are committed. Assumptions relevant for sales units Sales units within each regional segment market and distribute a complete range of crop nutrition products, technologies and knowledge. Industrial Solutions develops and market environmental solutions and essential products for industrial applications. These units are able to create value over and above the commodity value of the product. Management forecasts for market premiums are not exceeding five years with the first year derived from the CGU\u2019s business plan. After a period of five years, Yara uses a steady growth rate that is not exceeding the growth for the prod- uct\u2019s industry or countries in which the CGUs operate. Although the risk and opportunity related to stricter fertilizer regulations to reduce emissions may be more balanced at Yara level, with Yara\u2019s focus on new products and services, it may have negative impact on single assets and cash generating units. The cash flow forecasts, in particular the terminal growth rate assumption, are adjusted when considered necessary to reflect this risk Cash generating units or groups of cash generating units with goodwill, including sensitivities: The sensitivities presented in the table below show the change in each parameter that would result in the recoverable amount being equal to the carrying amount of the CGU, while keeping all other parameters unchanged. Sensitivities are not presented if the recoverable amount is more than 200 percent of the carrying amount, as no reasonable changes in discount rate, annual cash flows or termi- nal growth rate are considered to trigger impairments. USD millions, except percentages Belle Plaine (Americas) Europe Pilbara Ammonia (Africa & Asia) Ammonia Sales and Logistics (Clean Ammonia) Americas Brazil (Americas) India (Africa & Asia) Other CGUs Total Allocated goodwill amount, 2022 275 154 111 55 47 31 29 52 754 Allocated goodwill amount, 2021 292 161 111 55 47 30 32 61 789 Carrying amount 1) , 2022 1,088 2,524 709 471 3,527 1,044 277 Recoverable amount in percent of carrying amount, 2022 > 200% > 200% > 200% > 200% > 200% 143% 184% Assumptions: Discount rate, pre-tax, 2022 8.7% 8.5% 8.3% 7.5% 9.1% 11.2% 10.2% Discount rate, pre-tax, 2021 7.5% 8.0% 6.4% 6.2% 8.7% 11.6% 9.3% Terminal growth rate (nominal), 2022 0.0% 0.5% 0.5% 0.0% 2.0% 2.0% 1.9% Change leading to recoverable amount being the same as carrying amount, 2022 Increase in discount rate 5% points 6% points Reduction in annual cash flow 30% 45% Reduction in terminal growth rate 6% points 6% points 1) Carrying amount includes goodwill, other non-current assets and working capital. Descriptions for main CGUs or group of CGUs with allocated goodwill Belle Plaine (Canada) The CGU Belle Plaine comprises fertilizer production and sales and distribution activity. The production site has an ammonia plant, a nitric acid plant and a urea granulation plant, with an annual production capacity of 0.7 million tonnes ammonia, 0.1 million tonnes nitric acid, 1.1 million tonnes urea and 0.2 million tonnes UAN. Most of the ammonia and nitric acid produced is used in the production of UAN and granular urea, but some of the ammonia is sold for agricultural purposes during peak ammonia seasons. Europe The operating segment covers all operations including production, sales and distribution in the Europe region. More information about the segment is provided in note 2.3 Segment information. Pilbara Ammonia (Australia) This is an ammonia plant located in Western Australia with an annual production capacity of approximately 0.8 million tonnes. Ammonia Sales and Logistics The global ammonia sales and logistics segment sources and sells ammonia and provides logistical services to consuming plants in Yara and to third-party customers in the fertilizer and chemical industries. Americas The operating segment covers all operations such as production, sales and distribution in Americas region. More information about the segment is provided in note 2.3 Segment information Brazil The CGU Business unit Brazil covers several aspects of fertilizer production and distribution, including production of Single Super Phosphate (SSP) as well as blending and distribution of fertilizers, delivering approximately 9 million tonnes of fertilizers and covering approximately one fourth of the Brazilian market demand. The main production and blending asset in the CGU is the Rio Grande plant. Currently, the Rio Grande plant has an annual production capacity of 0.8 million tonnes of finished fertilizer (NPK and SSP depending on market demand), in addition to a blending capacity of approximately 2.2 million tonnes. India The CGU comprises a urea plant with related urea distribution business and premium product sales. The plant produces 0.7 million tonnes ammonia and 1.3 million tonnes urea annually. Other CGUs with allocated goodwill Goodwill presented in the column \u201cOther CGUs\u201d comprise five CGUs that have also been tested for impairment. None of these are determined to be sensitive for impairment. Other assets and CGUs with no allocated goodwill Yara has performed testing of several CGUs with impairment indicators during 2022. This includes certain plants in Europe that lately have been curtailed, fully or partly, due to the market situation. Some of the CGUs that were tested based on impairment indicators presented low headroom between the recoverable amount, calculated based on value-in-use, and their carrying values. The main CGUs that are considered sensitive are described below: Yara Pilbara Nitrates The joint operation Yara Pilbara Nitrates owns a TAN plant in Australia. The carrying value of the CGU is USD 307 million, representing Yara\u2019s 50 percent ownership stake. The value-in-use is 5 percent higher. The key assumptions are the TAN margin above ammonia cost, which is estimated for the TAN market in Western Australia, and the discount rate (9 percent on pre-tax basis). An isolated reduction to the annual cash flow of 10 percent would trigger an impairment of USD 18 million. An increase in the pre-tax discount rate of 1 percent point would trigger an impairment of USD 24 million. Yara Sweden K\u00f6ping Yara\u2019s production site in K\u00f6ping, Sweden, comprises one nitric acid plant and one nitrate plant, with an annual production capacity of 0.3 million tonnes nitric acid and 0.4 million tonnes nitrates. The CGU has a carrying amount of USD 215 million and a value-in-use that is 12 percent higher. The key assumptions for the testing are the margin above ammonia cost and the discount rate (11 percent on pre-tax basis). An isolated reduction to the annual cash flow of 10 percent would reduce the headroom to nil. An increase in the pre-tax discount rate of 4 percent points would reduce the headroom to nil. Future potential reversals of impairment Yara has recognized impairment losses on several CGUs over time. These impairments will be reversed, fully or partly, when and if the situation improves and the recoverable value is determined to be higher than the carrying amount. The increased carrying amount cannot exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized in prior periods. A large portion of the historical impairments is related to the plant in Montoir (France). Upon improvement on the key conditions for reversals such as increases in fertilizer prices, the maximum amount of potential reversal at year-end 2022 is USD 90 million (2021: USD 94 million)",
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"fact-37": {
"value": "4.8 Committed future investments USD millions Investments 2023 Investments Thereafter Investments Total Contract commitments for investments in property, plant and equipment 342 80 422 Contract commitments for acquisition or own generated intangible assets 4 \u2013 4 Contract commitments for other future investments 8 \u2013 8 Total 354 80 434 Yara has publicly communicated a total capital expenditure of USD 1.7 billion in 2023, which includes investments that commits fund but for which external contracts are not necessarily signed. The amounts presented in the table above represent contract commitments 5.7 Contractual obligations Take-or-pay and Long-term contracts Yara has entered into take-or-pay and long-term contracts providing for future payments to raw materials, energy, and transportation capacity. Yara has marketing and off-take agreements with some of its joint operations, see note 4.4 Joint operations. The noncancellable future obligations at 31 December 2022 (undiscounted amounts) USD millions Total 2023 698 2024 405 2025 202 2026 197 2027 183 Thereafter 654 Total 2,340 Future \u201ctake-or-pay\u201d obligations are included in the table above only if they are non-cancellable and the contractually agreed pricing is fixed or may otherwise deviate from observable market prices at the time of delivery. Yara did not need to pay any significant amount to fulfill take-or-pay clauses in 2022. For further information regarding future obligations, see note 5.4 for future obligations related to pensions, note 5.6 for provisions and contingencies and 4.5 for future commitments related to lease arrangements .",
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"value": "5.1 Share information Yara has one class of shares, all with equal voting rights and equal rights to receive dividends",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-38": {
"value": "5.1 Share information In 2022 Yara has distributed total dividends of NOK 10,189 million (NOK 40.00 per share) to its shareholders, as follows: \u2022 The Extraordinary General Meeting on 6 December 2022 approved an additional dividend of NOK 2,547 million (NOK 10.00 per share), which was paid out during fourth quarter 2022 (USD 258 million). \u2022 The Annual General Meeting on 10 May 2022 approved a dividend for 2021 of NOK 7,642 million (NOK 30.00 per share), which was paid out during second quarter 2022 (USD 796 million). ",
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"fact-516": {
"value": "5.1 Share information Yara has one class of shares, all with equal voting rights and equal rights to receive dividends. USD millions Ordinary shares Own shares Number of shares outstanding Total at 31 December 2020 268,132,237 (5,131,128) 263,001,109 Treasury shares - share buy-back program 1) \u2013 (3,420,752) (3,420,752) Redeemed shares Norwegian State 2) (4,854,730) \u2013 (4,854,730) Shares cancelled 2) (8,551,880) 8,551,880 \u2013 Total at 31 December 2021 254,725,627 \u2013 254,725,627 Total at 31 December 2022 254,725,627 \u2013 254,725,627 1) As approved by the General Meeting 7 May 2020. 2) As approved by the General Meeting 6 May 202 1.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-538": {
"value": "5.1 Share information When own shares are repurchased, the amount of consideration paid, including directly attributable costs, is recognized as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from total equity. Gain/loss from the sale of own shares is recog- nized as a change in equity",
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"fact-483": {
"value": "40",
"decimals": 2,
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"fact-517": {
"value": "5.2 Non-controlling interests Summarized financial information in respect of each of the Group\u2019s subsidiaries that has material non-controlling interests is set out below. The sale of Yara Dallol B.V. was completed in early 2023. Refer to note 8.5 Post balance sheet date events for more information. 2022 USD millions Total at 1 January Share of profit Dividend distributed Foreign currency translation Total at 31 December Yara Dallol B.V. \u2013 \u2013 \u2013 \u2013 \u2013 Other 13 5 (1) (3) 13 Total 13 5 (1) (3) 13 2021 USD millions Total at 1 January Share of profit Dividend distributed Foreign currency translation Total at 31 December Yara Dallol B.V. 67 (67) \u2013 \u2013 \u2013 Other 12 2 (1) \u2013 13 Total 79 (65) (1) \u2013 13 Place of incorporation and percentage of non-controlling interests Company name Place of incorporation Percentage non-controlling interests 1) 2022 Percentage non-controlling interests 1) 2021 Yara Dallol B.V. The Netherlands 2) 40.77% 40.84% 1) Equals voting rights. 2) Place of operations is Ethiopia. Restrictions and other information related to significant non-controlling interests The shareholders in Yara Dallol have agreed that no dividends shall be distributed from the company before the start of production. After that, the company shall pay out as much as permitted by applicable law and possible restrictions in future financing agreements. As of 31 December 2022, Yara Dallol held USD 0.4 million in cash and cash equivalents (2021: USD 0.3 million). Financial position for companies with significant non-controlling interests 2022 2021 USD millions Yara Dallol Yara Dallol Current Assets \u2013 1 Non-current assets 1 1 Current liabilities (2) (3) Non-current liabilities (1) \u2013 Equity attributable to owners of the company 1 2 Income statement for companies with significant non-controlling interests 2022 2021 USD millions Yara Dallol Yara Dallol Expenses 1) \u2013 (203) Net income/(loss) \u2013 (203) Net income attributable to shareholders of the parent \u2013 (136) Net income attributable to non-controlling interests \u2013 (67) Net income/(loss) \u2013 (203) Total comprehensive income attributable to shareholders of the parent \u2013 (136) Total comprehensive income attributable to non-controlling interests \u2013 (67) Total comprehensive income/(loss) for the year \u2013 (203) Net cash inflow/(outflow) from operating activities \u2013 (4) Net cash inflow/(outflow) from investing activities (1) (1) Net cash inflow/(outflow) from financing activities \u2013 3 Net cash inflow/(outflow) \u2013 (1) 1) Yara recognized a USD 232 million asset impairment in 2021. Refer to note 4.7 Impairment of non-current assets for more information",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-484": {
"value": "5.3 Interest-bearing debt Specification Long-term interest-bearing debt Denominated amounts 2022 Carrying Values USD millions, except percentages and denominated amounts Notes Maturity Weighted average interest rates Currency Millions USD Millions 2022 2021 NOK (Coupon NIBOR + 0.750%) 6.1 2022 \u2013 \u2013 \u2013 \u2013 142 SEK (Coupon STIBOR + 1.000%) 6.1 2022 \u2013 \u2013 \u2013 \u2013 50 SEK (Coupon 1.100%) 6.1 2022 \u2013 \u2013 \u2013 \u2013 89 NOK (Coupon 3.000%) 6.1 2024 3.0% 600 61 59 68 NOK (Coupon 2.450%) 6.1 2024 2.5% 1,000 102 98 113 USD (Coupon 3.800%) 6.1 2026 3.9% 500 500 499 499 NOK (Coupon 2.410%) 6.1 2026 2.5% 1,000 102 96 113 NOK (Coupon NIBOR + 0.640%) 6.1 2026 4.1% 1,150 117 117 130 NOK (Coupon 2.900%) 6.1 2027 2.9% 1,000 102 94 112 USD (Coupon 4.750%) 6.1 2028 4.8% 1,000 1,000 998 997 USD (Coupon 3.150%) 6.1 2030 3.2% 750 750 747 746 USD (Coupon 7.378%) 6.1 2032 7.5% 600 600 594 \u2013 Total unsecured debenture bonds 3,302 3,059 USD 5.6% 287 287 287 482 Total unsecured bank loans 287 482 Mortgage loans 9 21 Other long-term debt 52 2 Total 61 23 Outstanding long-term debt 3,651 3,565 Less: Current portion (54) (476) Total 3,597 3,089 The carrying values include issuance discount, capitalized issuance costs and fair value hedge accounting adjustments (see note 6.3 Financial Instrumentsfor further information about fair value of financial instruments). At 31 December 2022, the fair value of the long-term debt, including the current portion, is USD 3,381 million and the carrying value is USD 3,651 million. Yara builds its funding on a negative pledge structure with the basic funding ranking pari-passu. Substantially all unsecured debenture bonds and unsecured bank loan agreements therefore contain provisions restricting the pledging of assets to secure future borrowings. Of the long-term debt at the end of 2022, USD 2,850 million in bond debt originates from Yara\u2019s November 2022, June 2020, June 2018, and June 2016 bond issues in the US market accord- ing to 144A/Regulation S. A further NOK 4,750 million originate from Yara\u2019s December 2014, December 2017, and November 2021 bond issues in the Norwegian market. The entire NOK denominated bond debt is converted to USD exposure through cross-currency swaps. Yara\u2019s additional long-term funding is based on bank loans. Yara\u2019s term loan from the Nordic Investment Bank has been reduced to USD 15 million through scheduled down payments and linear instalments will continue until December 2023. Likewise, the loan facility established in January 2018 with partial support by a guarantee from Export Finance Norway, has been reduced to USD 122 million through scheduled down payments and semi-annual instalments will continue until August 2026. The USD 150 million term loan due 2024 from Svensk Exportkredit AB remains fully drawn at year-end. A further minor portion of the long-term bank loans is borrowed in emerging markets. Yara has undrawn long-term revolving credit facilities totaling USD 1,350 million, whereof USD 250 million falls due in 2024, USD 50 million in 2025, and the rest in 2026. Contractual payments on long-term debt USD millions Debentures 1) Bank Loans Other Total 2) 2023 \u2013 45 8 54 2024 157 181 8 346 2025 \u2013 31 17 48 2026 712 31 8 750 2027 94 \u2013 8 102 Thereafter 2,340 \u2013 12 2,352 Total 3,302 287 61 3,651 1) Yara International ASA is responsible for the entire amount. 2) Including current portion. Short-term interest-bearing debt USD millions, except percentages Notes 2022 2021 Credit facilities 61 264 Overdraft facilities 24 39 Other 71 34 Total 6.3 157 337 Weighted Average Interest Rates 1) Credit facilities 4.50% 3.60% Overdraft facilities 7.70% 4.20% Other 3.90% 0.20% 1) Repricing minimum annually. Yara has access to short-term credit and overdraft facilities with various banks both centrally and in local markets. At 31 December 2022, the unused frame of such facilities totals approximately USD 820 million . Reconciliation of liabilities arising from financing activities Non-cash changes USD millions 31 Dec 2021 Cash flows Foreign exchange movement Amortization 1) Other Reclassification 31 Dec 2022 Long-term interest-bearing debt 3,089 543 (33) (2) 36 2) (35) 3,597 Bank loans and other interest-bearing short-term debt 337 (153) (27) \u2013 \u2013 \u2013 157 Current portion of long-term debt 476 (409) (47) \u2013 \u2013 35 54 Total 3,901 (20) (107) (2) 36 \u2013 3,808 1) Amortization of transaction cost. 2) Other non-cash changes include USD 57 million increase related to financing of machinery acquired by a contractor which in substance is controlled by Yara. It also includes value changes on interest rate swaps designated as hedging instruments. See note 4.5 Leases for reconciliation of liabilities arising from leasing activities ",
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"value": "5.3 Interest-bearing debt Accounting policies Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the effective interest method",
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"fact-39": {
"value": "5.3 Interest-bearing debt The carrying values include issuance discount, capitalized issuance costs and fair value hedge accounting adjustments (see note 6.3 Financial Instrumentsfor further information about fair value of financial instruments). At 31 December 2022, the fair value of the long-term debt, including the current portion, is USD 3,381 million and the carrying value is USD 3,651 million. Yara builds its funding on a negative pledge structure with the basic funding ranking pari-passu. Substantially all unsecured debenture bonds and unsecured bank loan agreements therefore contain provisions restricting the pledging of assets to secure future borrowings. Of the long-term debt at the end of 2022, USD 2,850 million in bond debt originates from Yara\u2019s November 2022, June 2020, June 2018, and June 2016 bond issues in the US market accord- ing to 144A/Regulation S. A further NOK 4,750 million originate from Yara\u2019s December 2014, December 2017, and November 2021 bond issues in the Norwegian market. The entire NOK denominated bond debt is converted to USD exposure through cross-currency swaps. Yara\u2019s additional long-term funding is based on bank loans. Yara\u2019s term loan from the Nordic Investment Bank has been reduced to USD 15 million through scheduled down payments and linear instalments will continue until December 2023. Likewise, the loan facility established in January 2018 with partial support by a guarantee from Export Finance Norway, has been reduced to USD 122 million through scheduled down payments and semi-annual instalments will continue until August 2026. The USD 150 million term loan due 2024 from Svensk Exportkredit AB remains fully drawn at year-end. A further minor portion of the long-term bank loans is borrowed in emerging markets. Yara has undrawn long-term revolving credit facilities totaling USD 1,350 million, whereof USD 250 million falls due in 2024, USD 50 million in 2025, and the rest in 2026. Contractual payments on long-term debt USD millions Debentures 1) Bank Loans Other Total 2) 2023 \u2013 45 8 54 2024 157 181 8 346 2025 \u2013 31 17 48 2026 712 31 8 750 2027 94 \u2013 8 102 Thereafter 2,340 \u2013 12 2,352 Total 3,302 287 61 3,651 1) Yara International ASA is responsible for the entire amount. 2) Including current portion. Short-term interest-bearing debt USD millions, except percentages Notes 2022 2021 Credit facilities 61 264 Overdraft facilities 24 39 Other 71 34 Total 6.3 157 337 Weighted Average Interest Rates 1) Credit facilities 4.50% 3.60% Overdraft facilities 7.70% 4.20% Other 3.90% 0.20% 1) Repricing minimum annually. Yara has access to short-term credit and overdraft facilities with various banks both centrally and in local markets. At 31 December 2022, the unused frame of such facilities totals approximately USD 820 million Reconciliation of liabilities arising from financing activities Non-cash changes USD millions 31 Dec 2021 Cash flows Foreign exchange movement Amortization 1) Other Reclassification 31 Dec 2022 Long-term interest-bearing debt 3,089 543 (33) (2) 36 2) (35) 3,597 Bank loans and other interest-bearing short-term debt 337 (153) (27) \u2013 \u2013 \u2013 157 Current portion of long-term debt 476 (409) (47) \u2013 \u2013 35 54 Total 3,901 (20) (107) (2) 36 \u2013 3,808 1) Amortization of transaction cost. 2) Other non-cash changes include USD 57 million increase related to financing of machinery acquired by a contractor which in substance is controlled by Yara. It also includes value changes on interest rate swaps designated as hedging instruments. ",
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"fact-485": {
"value": "5.4 Pensions and other long-term employee benefit obligations Accounting policies Defined benefit plans The Group\u2019s net obligation in respect of defined benefit plans is calculated separately for each plan. The amount is an estimation of future benefits that the employees have earned in return for their service in current and prior periods. The benefit is discounted to determine its present value, and the fair value of plan assets is deducted. The discount rate is the yield at the balance sheet date on high quality corporate bonds or government bonds where no market for high quality corporate bonds exists. If the bond has a different maturity from the obligation, the discount rate is adjusted. Qualified actuaries using the projected credit unit method perform the calculations. Past service costs arising from the amendment of plan benefits are recognized immediately in profit or loss. Remeasurement gains and losses are recognized as retained earnings through other comprehensive income in the period they occur and will not be reclassified to profit or loss in subsequent periods. Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the statement of income when employees have rendered services entitling them to the contributions. Prepaid contributions are recognized as an asset to the extent that a cash refund or deduction in future payments is available. Other long-term benefits The Group\u2019s obligation in respect of other long-term benefits is the amount of future benefits that the employees have earned in return for their service in current and prior periods. The obligation is discounted based on the same principles as defined benefit plans",
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"fact-40": {
"value": "5.4 Pensions and other long-term employee benefit obligations Defined benefit plans Yara International ASA and Norwegian subsidiaries have incurred obligations under a funded defined benefit plan. The pension plan was closed to new entrants in 2006 and employees below the age of 55 at that time received a paid-up policy for previously earned benefit entitlements. The defined benefit plan was replaced by a defined contribution plan from the same date. Further pension obligations in Norway include certain unfunded pension arrangements as well as early retirement schemes. Retirement age is flexible from age 62 to age 67. A majority of Yara\u2019s obligations under defined benefit plans are related to subsidiaries within the Eurozone: Employees of Yara\u2019s Dutch subsidiaries hired before 1 August 2014 are members of a funded Defined Benefit pension plan. Employees born before 1950 and who were in service before 2006 are entitled to a pension scheme based on final salary at the age of retirement. The other employ- ees are members of an Average Pay scheme. Retirement age is 68. The funded Defined Benefit pension plan has been closed for new members from 1 August 2014. New hires are enrolled in a Defined Contribution pension plan from the same date. Obligations in Finland include the statutory TyEL pension scheme, as well as a voluntary defined benefit plan which is closed to new entrants. Both schemes are covered by pension funds. The TyEL pension scheme provides for a flexible retirement age from 63 to 68 based on the employ- ee\u2019s salary each year and with accelerated earning of retirement benefits beyond the age of 63. A reform of the Employees Pensions Act was agreed in 2017, which will gradually increase the minimum retirement age from 63 to 65 while also gradually increase the maximum retirement age from 68 to 70. Further, accrual rates will change and retirement age will be linked to life expectancy (from year 2027). The voluntary pension plan regulations have also been amended in order to adapt to the revised pension legislation. Subsidiaries of Yara are also liable to retirement benefits in France, Germany, Belgium and Italy within the Eurozone. Yara sponsors a funded defined benefit pension plan for qualifying UK employees. Under the fund, employees are entitled to annual pensions on retirement at age 62 of 1/57 th of final pensionable salary for each year of service (some members have a retirement age of 65 and accrue at a rate of 1/60). Benefits are also payable on death and following other events such as withdrawing from active service. The plan was closed for new members from 2001. Broadly, about 9 percent of the liabilities are attributable to current employees, 19 percent to deferred pensioners and 72 percent to current pensioners. Other defined benefit plan obligations include employees of subsidiaries in Switzerland, Sweden, Trinidad and South Africa Most defined benefit plans include benefits in case of disability, death in service and death after retirement, which are included in the valuation of liabilities. The provision for defined benefit plans also includes liabilities for medical plans in Great Britain, Trinidad, and South Africa with a total of USD 8 million (2021: USD 7 million). Pension cost recognized in statement of income The assumptions used to value the defined benefit obligations at 31 December are used in the following year to determine the net pension cost. The discount rate is used to calculate the interest income from plan assets. The following items have been recognized in the Statement of income USD millions 2022 2021 Current service cost (37) (46) Contribution by employees 2 3 Administration cost (2) (2) Past service cost \u2013 6 Other 1) (3) \u2013 Social security cost (2) (2) Payroll and related costs (40) (40) Interest expense on obligation (31) (25) Interest income from plan assets 27 21 Net interest expense on the net obligation (3) (5) Net pension cost recognized in Statement of income (44) (45) 1) Other defined benefit costs includes the initial recognition as a defined benefit liability for a pension plan in Switzerland (USD 3 million). The pension plan was previously recognized as a defined contribution plan. Pension cost recognized in the Statement of income, by origin USD millions 2022 2021 Payroll and related costs Finland (7) (8) The Netherlands (15) (20) Great Britain (2) (2) Norway (4) (5) Other (12) (5) Total (40) (40) USD millions 2022 2021 Net interest income / (expense) on the net obligation / asset Finland \u2013 (1) The Netherlands \u2013 (1) Great Britain \u2013 \u2013 Norway (1) (1) Other (2) (3) Total (3) (5 Remeasurement gains / (losses) recognized in other comprehensive income USD millions 2022 2021 Remeasurement gains / (losses) on obligation for defined benefit plans 424 105 Remeasurement gains / (losses) on plan assets for defined benefit plans (261) 117 (Increase)/decrease in recognized net liability due to minimum funding requirement and asset ceiling limit 1) 22 (8) Net remeasurement gains / (losses) for defined benefit plans 183 214 Change in deferred tax related to remeasurement gains / (losses) for defined benefit plans 2) (44) (44) Total remeasurement gains / (losses) recognized in other comprehensive income 140 170 1) Yara (UK) Ltd does not have an unconditional right to recoup any surplus arising in the Fund. The value of plan assets is reduced to restrict the funded status to zero (asset ceiling limit). 2) Includes impact from change in tax percentage on remeasurement gains and losses recognized in prior years. Remeasurement gains and losses include experience adjustments, reflecting the difference between estimated and actual changes in obligations and plan assets during the year, as well as the impact of change in demographic and financial assumptions when measuring the present value of pension liabilities at year-end with revised assumptions. Remeasurement gains and losses are permanently recognized directly in retained earnings in the period in which they occur. Actuarial valuations provided the following results USD millions 2022 2021 Present value of fully or partially funded liabilities for defined benefit plans (1,414) (1,974) Present value of unfunded liabilities for defined benefit plans (200) (232) Present value of liabilities for defined benefit plans (1,614) (2,206) Fair value of plan assets 1,635 2,064 Unrecognized asset due to asset ceiling limitation 1) (66) (96) Social security tax liability on defined benefit plans (17) (19) Net liability recognized for defined benefit plans (63) (257) 1) As of 31 December 2022 there is no liability for deficit contributions recognized for the UK pension plan. The surplus of plan assets is reduced to restrict the funded status to zero (asset ceiling limit). Defined benefit obligations and plan assets by origin 2022 2021 USD millions Obligations Assets Obligations Assets Finland (281) 319 (375) 326 The Netherlands (482) 604 (751) 791 Other Eurozone (199) 90 (275) 122 Great Britain 1) (255) 254 (406) 406 Norway 2) (304) 219 (322) 255 Other (111) 82 (96) 69 Total (1,632) 1,569 (2,225) 1,968 1) Including asset ceiling adjustment 2) Including social security tax liability Development of defined benefit obligations USD millions 2022 2021 Defined benefit obligation at 1 January (2,206) (2,476) Current service cost (37) (46) Interest cost (31) (25) Experience adjustments (34) 15 Effect of changes in financial assumptions 469 86 Effect of changes in demographic assumptions (12) 4 Past service cost \u2013 6 Benefits paid 91 89 Transfer of obligation (in)/out (6) (1) Foreign currency translation on foreign plans 166 139 Other 1) (16) 4 Defined benefit obligation at 31 December (1,614) (2,206) 1) Other changes includes the initial recognition of a defined benefit liability of USD 18 million following a revised assessment for a pension plan in Switzerland, which has previously been accounted for as a defined contribution plan. 2021: There was a change in valuation method for attributing benefits to periods of service, for one of the pension plans in France. There was also an impact from reversal of the minimum funding liability for the UK pension plan . 201 Yara Integrated Report 2022 01 THIS IS Development of plan assets USD millions 2022 2021 Fair value of plan assets at 1 January 2,064 2,048 Interest income from plan assets 27 21 Administration cost on plan assets (2) (2) Return on plan assets (excluding the calculated interest income) (261) 117 Employer contributions 21 69 Employees' contributions 2 3 Benefits paid (79) (76) Transfer of plan assets in/(out) 6 1 Other 1) 15 \u2013 Foreign currency translation on foreign plans (159) (117) Fair value of plan assets at 31 December 1,635 2,064 Depending on local regulations, Yara may be required to ensure a certain funding level of the pension plans. UK legislation requires that pension schemes are funded prudently. Currently, Yara\u2019s pension plan for UK employees is sufficiently funded. Next funding valuation is due no later than 5 April 2024, at which progress will be reviewed. In The Netherlands, an agreement is in place in which Yara will need to ensure a minimum level of funding by making additional contribution to the fund. On the other hand, Yara will be able to recover parts of the contribution which has been paid to the fund, in case the funding ratio reaches a certain level. In Norway, Yara may be required to increase the capital buffer of the pension fund. The pension funds have the legal form of foundations, independently governed by their Board of Directors or Board of Trustees. It is the responsibility of the Board to determine the investment strategy, and to review the administration of plan assets and the funding level of the pension plans. Yara\u2019s defined benefit plan obligations are inherently exposed to inflation risk, interest rate risk, disability risk and longevity risk. The investment strategies of the pension funds ensure diversification of investments in order to keep market volatility risk at a desired level. An exception is the pension fund of Yara in Finland, which has invested almost 1/2 of the fair value of plan assets into shares of non-listed Pohjolan Voima Oy, a company producing electricity and heat for its shareholders on an at cost-basis. The Boards of the pension funds are targeting a satisfactory level of risk and return corresponding to the maturity profile of future pension benefit payments. At the end of the year, the plan assets were invested as follows USD millions, except percentages 2022 2022 2021 2021 Cash and cash equivalents 16 1% 20 1% Shares 320 20% 553 27% Other equity instruments 51 3% 48 2% High yield debt instruments 94 6% 90 4% Investment grade debt instruments 577 35% 794 38% Properties 61 4% 104 5% Other quoted plan assets 1) 331 20% 302 15% Total investments quoted in active markets 1,450 89% 1,913 93% Shares and other equity instruments 150 9% 109 5% Other plan assets 2) 34 2% 41 2% Total unquoted investments 184 11% 151 7% Total plan assets 1,635 2,064 1) Other quoted plan assets include insurance policies, hybrid funds and other fund investments. 2) Other unquoted plan assets is mainly a loan to Yara Suomi Oy. Contributions expected to be paid to the defined benefit plans for 2023 are USD 30 million (including benefits to be paid for unfunded plans). The contributions paid in 2022 were USD 33 million. Duration of liabilities at the end of the year: Duration of liabilities (in years) 2022 Finland 14 The Netherlands 15 Great Britain 12 Norway 11 Total 1) 13 Valuation of defined benefit obligations The defined benefit plans are valued at 31 December using updated financial and demographical assumptions and taking into account the relevant economic environment of each pension plan. The discount rate is a weighted average of the yields at the balance sheet date on high quality corporate bonds, or government bonds where no deep market exists for high quality corporate bonds. The discount rate is adjusted by extrapolation if necessary, to take into account differences in maturities. The following financial assumptions have been applied for the valuation of liabilities Discount rate (in %) 2022 2021 Finland 3.8 0.8 The Netherlands 3.7 1.0 Great Britain 4.8 2.0 Norway 3.2 1.9 Total 1) 3.9 1.4 1) Weighted average. Expected salary increase (in %) 2022 2021 Finland 2.6 2.2 The Netherlands 2.9 2.5 Great Britain 3.2 3.3 Norway 3.4 2.4 Total 1) 3.0 2.6 1) Weighted average. Expected pension indexation (in %) 2022 2021 Finland 2.4 1.6 The Netherlands 2.1 1.8 Great Britain 2.8 2.9 Norway 3.3 1.0 Total 1) 2.3 1.8 1) Weighted average. The following table presents indicators of life expectancy of the mortality tables applied for valuation of the obligations, by showing expected longevity of a current employee aged 45 today from the date he or she reaches age 65, and the expected longevity of a current retiree aged 65. Expected longevity (in years) Current employee Current retiree Finland 25.9 23.4 The Netherlands 24.8 22.8 Great Britain 23.9 22.9 Norway 25.4 23.6 Sensitivity of assumptions Measurement of defined benefit obligations and pension costs requires the use of a number of assumptions and estimates. The table below indicates the sensitivity of the most significant assumptions applied to the defined benefit obligation, by showing the estimated result from a reasonable increase or decrease in any one of the key assumptions applied. Holding all other assumptions constant represents a limitation of the analysis, as some of the assumptions may be correlated. The methods used in preparing the analysis are consistent with previous years. USD millions 2022 2021 Actual valuation (1,614) (2,206) Discount rate +0.5% (1,522) (2,050) Discount rate -0.5% (1,717) (2,383) Expected rate of salary increase +0.5% (1,624) (2,224) Expected rate of salary increase -0.5% (1,605) (2,189) Expected rate of pension increase +0.5% (1,694) (2,337) Expected rate of pension increase -0.5% (1,543) (2,091) Expected longevity +1 year (1,669) (2,291) Expected longevity -1 year (1,560) (2,123) ",
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"value": "5.5 Trade and other payables Specifications USD millions Notes 2022 2021 Trade payables 6.3 2,334 3,024 Payroll and value-added taxes 214 164 Total 2,549 3,188 Trade payables are non-interest bearing and have an average term of 60 days. Payroll and value- added taxes are mainly settled bimonthly or on a quarterly basis. ",
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"value": "5.5 Trade and other payables Accounting policies Trade payables are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term payables are normally not discounted",
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"value": "5.5 Trade and other payables Specifications USD millions Notes 2022 2021 Trade payables 6.3 2,334 3,024 Payroll and value-added taxes 214 164 Total 2,549 3,188 Trade payables are non-interest bearing and have an average term of 60 days. Payroll and value- added taxes are mainly settled bimonthly or on a quarterly basis. ",
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"value": " Payroll and value- added taxes are mainly settled bimonthly or on a quarterly basis. ",
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"value": "5.6 Provisions and contingencies When a legal or constructive environmental obligation arises as a result of a past event, and the cost can be reliably measured, a provision is recognized. 2022 USD millions Environmental Restructuring Legal claims Decommission Other Total Balance at 1 January 2022 78 19 33 176 52 357 Additional provision in the year 10 6 14 \u2013 53 83 Interest expense on liability and effect of change in discount rate \u2013 \u2013 2 (43) \u2013 (41) Unused provision (1) (3) (4) (1) (14) (41) Utilization of provision (6) (5) (3) (6) (23) (25) Companies purchased/sold (1) \u2013 \u2013 \u2013 \u2013 (1) Currency translation effects (2) (1) 1 (4) (3) (9) Balance at 31 December 2022 78 16 43 121 65 323 2021 USD millions Environmental Restructuring Legal claims Decommission Other Total Balance at 1 January 2021 76 34 35 243 48 435 Additional provision in the year 20 6 7 8 28 70 Interest expense on liability and effect of change in discount rate \u2013 \u2013 2 (49) \u2013 (48) Unused provision (1) (9) (3) \u2013 (17) (29) Utilization of provision (11) (10) (6) (8) (6) (42) Companies purchased/sold \u2013 \u2013 \u2013 (6) \u2013 (6) Currency translation effects (6) (1) (2) (11) (2) (22) Balance at 31 December 2021 78 19 33 176 52 357 Provisions presented in the consolidated statement of financial position USD millions 2022 2021 Current liabilities 92 74 Non-current liabilities 231 283 Total 323 357 Provisions Environmental provisions Yara\u2019s future cost for environmental remediation depends on a number of uncertain factors, such as changes in regulations or authorities\u2019 approval for the extent of actions. Estimates are followed up frequently. Due to the uncertain nature of defining the exact levels of pollution and precise needs for cleanup, it is possible that they could be revised in the near term. In addition, conditions which could require future expenditures may be determined to exist for various sites, including Yara\u2019s major production facilities and warehouses . Provisions for environmental cleanup and asset retirement obligations relate to production facilities currently in operation and facilities that are closed. The obligations relate to such actions as restoration or rehabilitation of industrial or mining sites, disposal of contaminated material and related activities. Restructuring provisions Restructuring mainly relates to closure or significant reorganization of business locations in a country or region. The provision is a best estimate based on the detailed formal plan for the business and location affected. Legal claims Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in the aggregate, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity. Decommission provisions Yara has obligations to decommission and remove installations at the end of the production period. Establishing the appropriate provisions for such obligations involve the application of considerable judgement and involve an inherent risk of significant adjustments. The costs of these decommissioning and removal activities require revisions due to changes in current regulations and technology while considering relevant risks and uncertainties. Most of the removal activities are many years into the future, and the removal technology and costs are constantly changing. The estimates include assumptions of the time required and can vary considerably depending on the assumed removal complexity. Moreover, changes in the discount rate and currency exchange rates may impact the estimates significantly. As a result, the initial recognition of the liability and the capitalized cost associated with decommissioning and removal obligations, and the subsequent adjustment of these balance sheet items, involve the application of judgement. Most significant decommissioning provisions relate to contractual obligations for operations on leased land, the main ones being plants in Australia and France. The decrease in decommission provisions during 2022 is mainly due to increased discount rates in Australia and changes in AUD/USD currency rates. Other provisions Other include onerous contracts, warranties and various other provisions",
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"fact-487": {
"value": "5.6 Provisions and contingencies Accounting policies A provision is recognized when the Group has a present obligation (legal or constructive) following a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obli- gation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertain- ties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows. A restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The restructuring provision includes only the direct expenditures arising from the restructuring. These expenditures are those that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist where the Group has a contract where the unavoidable costs of meeting the obligations under it exceeds the economic benefits expected to be received from the contract. Decommissioning refers to the process of dismantling and removing equipment and site restora- tion when a site is closed down. A liability is recognized as soon as a decommissioning obligation arises. The obligation can be legal or constructive and is accounted for based on a best estimate discounted to the present value. The discounted provision is progressively unwound, with the unwinding charge presented as a finance cost. The unwinding charge takes the provision from its current net present value to its future end value. If an obligation exits to decommission PP&E, the carrying value of the assets is increased with the discounted value of the obligation. This is also the case if an obligation arises during construction or due to new legal requirements. The decommissioning asset is depreciated over the useful life of the asset. If an obligation arises as a result of day-to-day operations where the asset has been used to produce inventory, the cost is expensed as incurred. Decommissioning provisions are updated when new information becomes available. Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising in the conduct of its business. Legal claims are assessed on an individual basis and provisions are recognized if the specific claims give rise to present, probable obligations and the costs can be reliably measured",
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"value": "5.6 Provisions and contingencies Decommissioning refers to the process of dismantling and removing equipment and site restora- tion when a site is closed down. A liability is recognized as soon as a decommissioning obligation arises. The obligation can be legal or constructive and is accounted for based on a best estimate discounted to the present value. The discounted provision is progressively unwound, with the unwinding charge presented as a finance cost. The unwinding charge takes the provision from its current net present value to its future end value. If an obligation exits to decommission PP&E, the carrying value of the assets is increased with the discounted value of the obligation. This is also the case if an obligation arises during construction or due to new legal requirements. The decommissioning asset is depreciated over the useful life of the asset. If an obligation arises as a result of day-to-day operations where the asset has been used to produce inventory, the cost is expensed as incurred. Decommissioning provisions are updated when new information becomes available",
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"fact-563": {
"value": "5.6 Provisions and contingencies When a legal or constructive environmental obligation arises as a result of a past event, and the cost can be reliably measured, a provision is recognized",
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"fact-488": {
"value": "2022 USD millions Environmental Restructuring Legal claims Decommission Other Total Balance at 1 January 2022 78 19 33 176 52 357 Additional provision in the year 10 6 14 \u2013 53 83 Interest expense on liability and effect of change in discount rate \u2013 \u2013 2 (43) \u2013 (41) Unused provision (1) (3) (4) (1) (14) (41) Utilization of provision (6) (5) (3) (6) (23) (25) Companies purchased/sold (1) \u2013 \u2013 \u2013 \u2013 (1) Currency translation effects (2) (1) 1 (4) (3) (9) Balance at 31 December 2022 78 16 43 121 65 323 2021 USD millions Environmental Restructuring Legal claims Decommission Other Total Balance at 1 January 2021 76 34 35 243 48 435 Additional provision in the year 20 6 7 8 28 70 Interest expense on liability and effect of change in discount rate \u2013 \u2013 2 (49) \u2013 (48) Unused provision (1) (9) (3) \u2013 (17) (29) Utilization of provision (11) (10) (6) (8) (6) (42) Companies purchased/sold \u2013 \u2013 \u2013 (6) \u2013 (6) Currency translation effects (6) (1) (2) (11) (2) (22) Balance at 31 December 2021 78 19 33 176 52 357 Provisions presented in the consolidated statement of financial position USD millions 2022 2021 Current liabilities 92 74 Non-current liabilities 231 283 Total 323 357 Provisions Environmental provisions Yara\u2019s future cost for environmental remediation depends on a number of uncertain factors, such as changes in regulations or authorities\u2019 approval for the extent of actions. Estimates are followed up frequently. Due to the uncertain nature of defining the exact levels of pollution and precise needs for cleanup, it is possible that they could be revised in the near term. In addition, conditions which could require future expenditures may be determined to exist for various sites, including Yara\u2019s major production facilities and warehouses . Provisions for environmental cleanup and asset retirement obligations relate to production facilities currently in operation and facilities that are closed. The obligations relate to such actions as restoration or rehabilitation of industrial or mining sites, disposal of contaminated material and related activities. Restructuring provisions Restructuring mainly relates to closure or significant reorganization of business locations in a country or region. The provision is a best estimate based on the detailed formal plan for the business and location affected. Legal claims Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in the aggregate, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity. Decommission provisions Yara has obligations to decommission and remove installations at the end of the production period. Establishing the appropriate provisions for such obligations involve the application of considerable judgement and involve an inherent risk of significant adjustments. The costs of these decommissioning and removal activities require revisions due to changes in current regulations and technology while considering relevant risks and uncertainties. Most of the removal activities are many years into the future, and the removal technology and costs are constantly changing. The estimates include assumptions of the time required and can vary considerably depending on the assumed removal complexity. Moreover, changes in the discount rate and currency exchange rates may impact the estimates significantly. As a result, the initial recognition of the liability and the capitalized cost associated with decommissioning and removal obligations, and the subsequent adjustment of these balance sheet items, involve the application of judgement. Most significant decommissioning provisions relate to contractual obligations for operations on leased land, the main ones being plants in Australia and France. The decrease in decommission provisions during 2022 is mainly due to increased discount rates in Australia and changes in AUD/USD currency rates. Other provisions Other include onerous contracts, warranties and various other provisions",
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"value": "Legal claims Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in the aggregate, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity. ",
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"fact-489": {
"value": "Contingencies Sanctions Yara has certain long-term supply agreements where sourcing has, to date, been stopped or terminated as a result of the political and economic import restrictions and sanctions that have been imposed against Russia and certain Russian entities and individuals. Yara, together with its advisors, is constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulation and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may therefore differ from Yara\u2019s conclusions, which could subject Yara to potential claims. Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals. For each of these demands, Yara has considered if it is probable that they will require outflow of resources. Based on available information and legal advice, Yara has not made material provisions for these demands. It is not possible to provide a reliable estimate of the potential exposure as these demands are not detailed with amounts and have not been sufficiently stipulated. Legal contingencies Following Yara Fertiliser India Pvt Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, stamp duty is payable on the lease of the Babrala plant site. Yara\u2019s position is that the stamp duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp duty payable, Yara sought adjudication of the amount by the local tax authorities. The authority has assessed stamp duty on the lease at approximately USD 31 million (based on exchange rates as of December 2022). Yara is of the view that the authority\u2019s decision is incorrect, and remains of the view that the correct amount of stamp duty is less than USD 1 million. In March 2019, Yara Fertiliser India Pvt Ltd filed a written petition in the high court of Uttar Pradesh to seek the court\u2019s decision and affirmation of our position. The State of Uttar Pradesh has filed its response to the Petition filed by Yara Fertiliser India Pvt Ltd. No date has yet been scheduled for substantial hearing of the petition. It may take five years or more to receive a decision from the Uttar Pradesh State Court. In addition to the stamp duty on the lease, Yara has also sought adjudication of stamp duty in the same state on the court order for the acquisition. Yara\u2019s position is that the stamp duty payable is less than USD 6 million. As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state corresponds to Yara\u2019s assessment. Further information related to an ongoing environmental case in Brazil, where Yara is a party due to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below since it is not possible to provide a reliable estimate of the maximum potential exposure: \u2022 Yara has together with other companies related to the Trevisa Group been sued by an association representing approximately 1,300 potential victims in two separate lawsuits. The lawsuits are related to mine and lead industry activities performed by the company Plumbum Com\u00e9rcio e Representa\u00e7\u00f5es de Produtos Mineirais e Industriais (Plumbum) in the cities Santo Amaro da Purifica\u00e7\u00e3o and Boquira in Bahia state in Brazil. Plumbum was formerly part of the Trevisa Group. Adubos Trevo has not been involved in any of the activities included in the lawsuits. The lawsuits include claims for various personal losses, damage to properties, institution of relief funds, environmental restoration and cleanup activities. The lawsuits were filed in 2011 and 2012 but are still in the initial phase. Yara denies liability for any potential damage caused by the activities of Plumbum and has not made any provision for the claimsIn addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business. Several of these cases have been ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion that based on the information currently available, these matters will be solved without material adverse effect. The total estimate of the financial effect in the unlikely event that all should have a negative outcome, is USD 80 million, mainly related to cases in Brazil. On 21 and 22 January 2020 the Spanish competition authority (CNMC) visited the premises of Yara Iberian S.A.U. (Spain). Yara Iberian cooperated with the officials during the site visit. The CNMC is conducting a preliminary inquiry into possible infringements of the Spanish Competition Act. As such, Yara is not under any formal investigation and no employees are formally suspected in the case which is still being preliminary assessed by the CNMC. Tax contingencies In relation to an ongoing tax dispute and to safeguard their taxation rights, the Dutch tax authorities issued in 2018 a new tax assessment for business restructuring (\u201cexit tax assessment\u201d). The tax assessment would increase the tax cost with USD 500 million, plus USD 200 million in accumulated interest. It is Yara\u2019s position that the tax assessment is unreasonable and unfounded, and no provision has been made for the exit tax claim. The tax authorities\u2019 principal claim is significantly lower and Yara has considered that claim separately from the exit tax assessment. Yara expects that the exit tax assessment will not trigger any immediate payment and that tax payments will be deferred until the case has been fully resolved or the tax assessment has been withdrawn. Several subsidiaries are engaged in legal and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable. A majority of these contingencies are related to taxes in Brazil, with an estimated maximum exposure of approximately USD 77 million. Tax contingencies outside Brazil and excluding the above- mentioned exit tax assessment in the Netherlands have an estimated maximum exposure of approximately USD 99 million. A subsidiary received in 2022 a notification of potential changes to historic tax assessments combined with a request for more information. Yara disagrees with the basis for the notification which has a potential tax exposure of approximately USD 50 million. In 2019, Yara International ASA received a notification and request for information from the Norwegian Tax Authorities related to a transfer price audit. In the notification and request for information, the Tax Authorities have stated that they consider changing the company\u2019s tax assessment for the years 2015, 2016 and 2017. The Tax Authorities have neither disclosed any potential amount nor provided guidance on how a potential change will impact the tax assessment for these years. Uncertain tax treatments In 2020, Yara realized taxable losses due to disposal of shares and when restructuring the corpo- rate holding structure. Due to uncertainty of the tax treatment related to the losses, tax assets of USD 84 million are not recognized in the financial statements. At year-end 2022, Yara has an income tax provision of USD 45 million related to an ongoing tax case. The majority of the provision was recognized in 2019 due to a court ruling against one of Yara\u2019s subsidiaries, and the provision is considered to cover the full exposure. In addition to the income tax provision, Yara has recognized a provision for related interest charges of USD 6 million. Yara has appealed the ruling. ",
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"fact-43": {
"value": "Legal contingencies Following Yara Fertiliser India Pvt Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, stamp duty is payable on the lease of the Babrala plant site. Yara\u2019s position is that the stamp duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp duty payable, Yara sought adjudication of the amount by the local tax authorities. The authority has assessed stamp duty on the lease at approximately USD 31 million (based on exchange rates as of December 2022). Yara is of the view that the authority\u2019s decision is incorrect, and remains of the view that the correct amount of stamp duty is less than USD 1 million. In March 2019, Yara Fertiliser India Pvt Ltd filed a written petition in the high court of Uttar Pradesh to seek the court\u2019s decision and affirmation of our position. The State of Uttar Pradesh has filed its response to the Petition filed by Yara Fertiliser India Pvt Ltd. No date has yet been scheduled for substantial hearing of the petition. It may take five years or more to receive a decision from the Uttar Pradesh State Court. In addition to the stamp duty on the lease, Yara has also sought adjudication of stamp duty in the same state on the court order for the acquisition. Yara\u2019s position is that the stamp duty payable is less than USD 6 million. As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state corresponds to Yara\u2019s assessment. Further information related to an ongoing environmental case in Brazil, where Yara is a party due to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below since it is not possible to provide a reliable estimate of the maximum potential exposure: \u2022 Yara has together with other companies related to the Trevisa Group been sued by an association representing approximately 1,300 potential victims in two separate lawsuits. The lawsuits are related to mine and lead industry activities performed by the company Plumbum Com\u00e9rcio e Representa\u00e7\u00f5es de Produtos Mineirais e Industriais (Plumbum) in the cities Santo Amaro da Purifica\u00e7\u00e3o and Boquira in Bahia state in Brazil. Plumbum was formerly part of the Trevisa Group. Adubos Trevo has not been involved in any of the activities included in the lawsuits. The lawsuits include claims for various personal losses, damage to properties, institution of relief funds, environmental restoration and cleanup activities. The lawsuits were filed in 2011 and 2012 but are still in the initial phase. Yara denies liability for any potential damage caused by the activities of Plumbum and has not made any provision for the claims. In addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business. Several of these cases have been ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion that based on the information currently available, these matters will be solved without material adverse effect. The total estimate of the financial effect in the unlikely event that all should have a negative outcome, is USD 80 million, mainly related to cases in Brazil. On 21 and 22 January 2020 the Spanish competition authority (CNMC) visited the premises of Yara Iberian S.A.U. (Spain). Yara Iberian cooperated with the officials during the site visit. The CNMC is conducting a preliminary inquiry into possible infringements of the Spanish Competition Act. As such, Yara is not under any formal investigation and no employees are formally suspected in the case which is still being preliminary assessed by the CNMC. Tax contingencies In relation to an ongoing tax dispute and to safeguard their taxation rights, the Dutch tax authorities issued in 2018 a new tax assessment for business restructuring (\u201cexit tax assessment\u201d). The tax assessment would increase the tax cost with USD 500 million, plus USD 200 million in accumulated interest. It is Yara\u2019s position that the tax assessment is unreasonable and unfounded, and no provision has been made for the exit tax claim. The tax authorities\u2019 principal claim is significantly lower and Yara has considered that claim separately from the exit tax assessment. Yara expects that the exit tax assessment will not trigger any immediate payment and that tax payments will be deferred until the case has been fully resolved or the tax assessment has been withdrawn. Several subsidiaries are engaged in legal and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable. A majority of these contingencies are related to taxes in Brazil, with an estimated maximum exposure of approximately USD 77 million. Tax contingencies outside Brazil and excluding the above- mentioned exit tax assessment in the Netherlands have an estimated maximum exposure of approximately USD 99 million. A subsidiary received in 2022 a notification of potential changes to historic tax assessments combined with a request for more information. Yara disagrees with the basis for the notification which has a potential tax exposure of approximately USD 50 million. In 2019, Yara International ASA received a notification and request for information from the Norwegian Tax Authorities related to a transfer price audit. In the notification and request for information, the Tax Authorities have stated that they consider changing the company\u2019s tax assessment for the years 2015, 2016 and 2017. The Tax Authorities have neither disclosed any potential amount nor provided guidance on how a potential change will impact the tax assessment for these years. Uncertain tax treatments In 2020, Yara realized taxable losses due to disposal of shares and when restructuring the corpo- rate holding structure. Due to uncertainty of the tax treatment related to the losses, tax assets of USD 84 million are not recognized in the financial statements. At year-end 2022, Yara has an income tax provision of USD 45 million related to an ongoing tax case. The majority of the provision was recognized in 2019 due to a court ruling against one of Yara\u2019s subsidiaries, and the provision is considered to cover the full exposure. In addition to the income tax provision, Yara has recognized a provision for related interest charges of USD 6 million. Yara has appealed the ruling",
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"fact-540": {
"value": "5.8 Secured debt and guarantees Off-balance sheet exposures consist mainly of guarantees related to commercial contract obli- gations (bid bonds, performance guarantees), payment guarantees related to environmental obligations, and mandatory public guarantees related to receivable VAT. These guarantees are issued on behalf of Yara International ASA and its subsidiaries. The guarantor could be required to perform in the event of a default of a commercial contract or non-compliance with public authority regulations. Guarantees related to pension liabilities are included to the extent such guarantees exceed the gross liability included in the consolidated statement of financial position. Further, Yara is contingently liable to third parties for credits granted under various government and finance schemes where the original receivables have been derecognized from the financial statements in accordance with the terms of the schemes and requirements in IFRS 9. Guarantees of debt issued on behalf of consolidated companies are not included since the draw- ings under such credit lines are included in the consolidated statement of financial position. The guarantee obligation under such guarantees is at any time limited to the amount drawn under the credit facility. Guarantees issued to public authorities covering tax and VAT liabilities are also not included as these obligations are already included in the consolidated statement of financial position",
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"fact-521": {
"value": "6.1 Financial risks Liquidity risk Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and by continuously monitoring forecasted and actual cash flows. Yara aims at an even debt repayment schedule and has secured committed undrawn credit facilities to provide sufficient reserves to meet unforeseen liquidity needs",
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"fact-564": {
"value": "6.1 Financial risks Risk management policies Risk management in Yara is based on the principle that risk evaluation is an integral part of all business activities. Yara\u2019s strategic approach is to determine appropriate risk levels or limits for the main risks and to constantly maintain and develop tools and procedures for monitoring the asso- ciated exposures. The Group\u2019s policies, approved by the Board of Directors, thus provide written principles on funding risk, currency risk, interest rate risk, credit risk, and the investment of excess liquidity. In general, risks arising from operational activities may either be accepted or reduced. The policies restrict transactions that will increase the Group\u2019s exposure beyond the level stemming from operations. Yara\u2019s Executive Management is responsible for reviewing and operationalizing the Board defined policies, while the operating regions and expert organizations act as risk owners. The financial risks related to the operations of the Group are thus monitored and managed by Yara\u2019s Finance, Treasury & Insurance function through internal risk reports that analyze each exposure by degree and magnitude of risk. The Finance, Treasury & Insurance function reports regularly to the Group\u2019s Executive Management. Based on the overall evaluation of risk, Yara may seek to reduce its inherent exposures by using insurance policies, trade finance contracts, guarantees or derivative instruments such as forward contracts, options and swaps. The use of such instruments is also governed by the Board approved policies. Yara may designate and document the use of certain derivatives and other financial assets or liabilities as hedging instruments against changes in fair value of recognized assets and liabilities (fair value hedges), highly probable forecast transactions (cash flow hedges) and net investments in foreign operations (net investment hedges). The prospective effectiveness of any such hedge is assessed at inception and verified on a quarterly basis. Derivatives not designated in a hedging relationship are classified as undesignated derivatives and acquired and managed within the framework and policies defined by the Board also when hedge accounting is not applied. There were no principal changes in the Group\u2019s approach to capital management during the years ending 31 December 2022 and 31 December 2021. Yara\u2019s liquidity surplus, kept as short-term bank deposits, increased during 2022 as higher selling prices more than offset increased production costs and lower deliveries. Funding risk The capital structure of the Group consists of interest-bearing debt as disclosed in note 5.3 Interest-bearing debt, cash and cash equivalents as disclosed in note 3.4 Cash and cash equiv- alents plus equity attributable to equity holders of the parent, comprising paid-in capital and retained earnings as disclosed in note 5.1 Share information and statement of changes in equity. To secure access to capital markets at attractive terms and remain financially solid, Yara aims to maintain a mid-investment grade credit rating from the leading agencies, Standard & Poor\u2019s (current rating BBB) and Moody\u2019s (current rating Baa2). Yara does not have specific debt ratio targets and the only financial covenant refers to the debt- to-equity ratio, calculated as net interest-bearing debt divided by shareholders\u2019 equity plus non-controlling interests. In most restrictive agreements, the ratio is below 1.4. At the end of 2022, the ratio was 0.37 compared with 0.55 at the end of 2021. The Group is not subject to any externally imposed capital requirements. Through its financial structure, Yara has the necessary flexibility to capture the right industrial opportunities when they arise. As such opportunities typically materialize in periods characterized by industry margins and earnings below peak levels, Yara will seek to maintain adequate financial capacity throughout the business cycle. 209 Yara Integrated Report 2022 01 THIS IS YARA 02 YEAR IN REVIEW 03 FROM THE BOARDROOM 04 FINANCIAL STATEMENTS Consolidated financial statements Fin Currency risk Prices of Yara\u2019s most important products are either directly denominated or determined in US dollars. In markets outside the US, local prices will generally adjust to fluctuations in the US dollar exchange rate, however with a certain time lag. Yara\u2019s raw materials costs, such as natural gas used in the production of ammonia, are either denominated in US dollars or highly correlated to changes in the US dollar exchange rate. In order to hedge Yara\u2019s long-term exposure to fluctua- tions in the US dollar exchange rate, Yara incurs most of its debt in US dollars. The part of Yara\u2019s US dollar debt that constitutes a hedge of future earnings was gradually reduced from around USD 2,700 million at the start of the year to around USD 2,100 million at the end of the year (2021: Increased gradually from around USD 1,900 million to around USD 3,000 million during the first three quarters, but reduced thereafter to around USD 2,700 million at the end of the year). A certain portion of the total debt is kept in various local currencies in order to finance local currency exposed business positions. Yara thus primarily manages currency risks by adjusting the composition of the debt or liquidity portfolios to changes in Yara\u2019s overall risk exposure. Derivative instruments may also be used to manage currency risk related to forecast purchases and sales or to offset short-term liquidity need in one currency with surplus liquidity in another currency. Such forward contracts are not designated as hedging instruments for accounting purposes. Changes in fair value are therefore recognized in the income statement. Sensitivity \u2013 net income USD millions 2022 2021 A 10% weakening 1) of the US dollar at the reporting date would have increased/(decreased) net income by 132 185 A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) net income by (229) (215) 1) Against functional currencies. All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on the value of financial instruments in the balance sheet as at year-end. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2021. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above. Sensitivity \u2013 Other comprehensive income USD millions 2022 2021 A 10% weakening 1) of the Norwegian krone at the reporting date would have increased/(decreased) other comprehensive income by (69) (143) A 10% weakening 1) of the Canadian dollar at the reporting date would have increased/(decreased) other comprehensive income by (107) (111) A 10% weakening 1) of the Brazilian real at the reporting date would have increased/(decreased) other comprehensive income by (79) (6) A 10% weakening 1) of the euro at the reporting date would have increased/(decreased) other comprehensive income by (187) (115) 1) Against US dollar (presentation currency of the Group). All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on equity in foreign operations as at year-end. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same basis for 2021 Interest rate risk
Yara\u2019s exposure to changes in interest rates is mainly linked to fair value risk and cash flow risk from its debt portfolio as disclosed in note 5.3 Interest-bearing debt.
Yara has a defined framework for fair value risk arising from exposure towards fixed interest rates. In accordance with that framework, all bank loans have been borrowed at floating rates. A portion of the
bond debt has been retained at fixed interest rates, while the remaining part of the bond debt has been converted to floating rates through interest rate swaps and cross-currency swaps. Consequently,
the interest expense related to the converted (hedged) part of the bond debt will fluctuate in line with market changes. At the reporting date, the interest rate exposure arising from the bonds issued is
summarized in the table below.
Conversion to floating rates Carrying amounts 2022 Carrying amounts 2021
USD millions, except percentages Notes Maturity
Denominated
amounts
2022
Fixed
interest rate
Basis for
exposure
hedged
Receive
fixed interest
payments
Pay floating
interest rates
1)
2)
Fixed
interest rate
Floating
interest rate
Fixed
interest rate
Floating
interest rate
Floating interest rate bonds
NOK (Coupon NIBOR + 0.75%) 5.3 2022 \u2013 \u2013 \u2013 \u2013 142
SEK (Coupon STIBOR + 1.00%) 5.3 2022 \u2013 \u2013 \u2013 \u2013 50
NOK (Coupon NIBOR + 0.64%) 5.3 2026 130 \u2013 117 \u2013 130
Fixed interest rate bonds
SEK (Coupon 1.10%) 5.3 2022 \u2013 1.10% \u2013 1.10% USD LIBOR 3M + margin \u2013 \u2013 \u2013 89
NOK (Coupon 3.00%) 5.3, 6.2 2024 68 3.00% 68 3.00% USD LIBOR 3M + margin \u2013 59 \u2013 68
NOK (Coupon 2.45%) 5.3, 6.2 2024 113 2.45% 113 2.45% USD LIBOR 3M + margin \u2013 98 \u2013 113
USD (Coupon 3.80%) 5.3, 6.2 2026 500 3.80% \u2013 499 \u2013 499 \u2013
NOK (Coupon 2.41%) 5.3 2026 113 2.41% 113 2.41% USD LIBOR 3M + margin \u2013 96 \u2013 113
NOK (Coupon 2.90%) 5.3, 6.2 2027 113 2.90% 113 2.90% USD LIBOR 3M + margin \u2013 94 \u2013 112
USD (Coupon 4.75%) 5.3, 6.2 2028 1,000 4.75% \u2013 998 \u2013 997 \u2013
USD (Coupon 3.15%) 5.3 2030 750 3.15% \u2013 747 \u2013 746 \u2013
USD (Coupon 7.38%) 5.3 2032 600 7.38% \u2013 4.13% SOFR + margin \u2013 594 \u2013 \u2013
Total unsecured debenture bonds 3,389 409 2,245 1,058 2,243 817
Interest rate profile of the Group\u2019s interest-bearing financial instruments USD millions Notes 2022 2021 Outstanding long-term interest-bearing debt (including current portion) 5.3 3,651 3,565 Portion of bonds with fixed interest rate 5.3 2,245 2,243 Outstanding long-term interest-bearing debt (including current portion) less portion of bonds with fixed interest rate 1,406 1,322 Sensitivity USD millions 2022 2021 An increase of 100 basis points in USD interest rates at the reporting date would have increased/(decreased) net income by (1) (5) An increase of 100 basis points in NOK interest rates at the reporting date would have increased/(decreased) net income by 1 1 All other variables remain constant. This analysis is done for illustrative purposes only, taking into consideration only the effect on financial instruments in the balance sheet as at year-end. The analysis was performed on the same basis for 2021. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above Specific risks associated with the upcoming interest rate benchmark reform The Group is exposed to NIBOR and USD LIBOR (collectively \u2018IBOR\u2019) interest rate benchmarks subject to the ongoing interest rate benchmark reform. For NIBOR rates there are thus far no indicated cessation dates, but the USD LIBOR tenors will cease to be published by the end of June 2023. The process to include fallback language in the applicable agreements is ongoing and will be completed during the first half of 2023. Yara will also continue to monitor the transition to new benchmark rates carefully, in particular the emergence and adoption of alternative term rates. As at year-end, Yara\u2019s exposure to IBOR interest rate benchmarks was as shown in the table below. Financial contracts with an IBOR benchmark reference as at 31 December 2022 Denominated amounts USD millions Notes USD LIBOR NOK NIBOR Bonds Pay interest 5.3 \u2013 (117) Receive interest \u2013 \u2013 Bank loans Pay interest 5.3 (287) \u2013 Receive interest \u2013 \u2013 Interest rate swaps Pay interest 6.2, 6.3 \u2013 (366) Receive interest \u2013 \u2013 Cross-currency swaps Pay interest 6.3 (484) \u2013 Receive interest 6.3 \u2013 484 Total exposure to IBOR rates (771) \u2013 In order to ensure compliance, Yara\u2019s Finance, Treasury & Insurance function has completed various actions as part of their IBOR transition program, hereunder a treasury system upgrade to enable processing of transactions with alternative benchmark rates and a revision of benchmark references for undrawn facilities. A review also confirmed that none of Yara\u2019s existing hedging relations (see note 6.2 Hedge accounting) are affected by the reform. Credit risk Yara has a well-established system for credit management with established limits at both customer and country level. Yara\u2019s geographically diversified portfolio reduces the overall credit risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara\u2019s financial instruments is generally limited to amounts, if any, by which the counterparty\u2019s obligations exceed Yara\u2019s obligations. The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the statement of financial position and as disclosed in note 6.3 Financial instruments. Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. At the end of the reporting period, Yara had deposited USD 81.3 million (2021: USD 67.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as \u201cOther current financial assets\u201d in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month. Due to Yara\u2019s geographical spread and significant number of customers there are no significant concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its customer portfolio. Yara may undertake a number of measures to reduce credit risk of particular receivables. Such measures include letters of credit, bank guarantees and credit insurance agreements. The effect of credit risk reduction from these measures is not considered to be material for the Group. Liquidity risk Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and by continuously monitoring forecasted and actual cash flows. Yara aims at an even debt repayment schedule and has secured committed undrawn credit facilities to provide sufficient reserves to meet unforeseen liquidity needs. Undrawn facilities that the Group has at its disposal are presented in note 5.3 Interest-bearing debt Contractual maturities of financial liabilities, including estimated interest payments 31 December 2022 USD millions Carrying amount Contractual cash flows On demand 6 months or less 6\u201312 months 1\u20132 years 2\u20135 years More than 5 years Non-derivative financial liabilities Short-term interest-bearing debt (157) (171) (154) (13) (5) \u2013 \u2013 \u2013 Long-term interest-bearing debt 1) (3,651) (4,707) \u2013 (87) (116) (526) (1,310) (2,668) Accrued interest expense (13) (13) \u2013 (13) \u2013 \u2013 \u2013 \u2013 Trade payables (2,334) (2,334) (10) (2,313) (12) \u2013 \u2013 \u2013 Payroll and value added taxes (189) (189) (1) (166) (21) \u2013 \u2013 \u2013 Other short-term liabilities (53) (53) \u2013 (42) (11) \u2013 \u2013 \u2013 Other long-term liabilities (12) (12) \u2013 \u2013 \u2013 (8) (1) (4) Derivative financial instruments Freestanding financial derivatives (113) Outflow (1,903) \u2013 (922) (74) (281) (484) (145) Inflow 1,764 \u2013 906 71 238 420 132 Commodity derivatives 4 Outflow (3) \u2013 (2) (1) \u2013 \u2013 \u2013 Inflow 7 \u2013 \u2013 \u2013 7 \u2013 \u2013 Hedge designated derivatives (22) Outflow (300) \u2013 (23) (28) (43) (91) (116) Inflow 281 \u2013 12 22 35 88 124 Total (6,539) (7,632) (165) (2,662) (175) (577) (1,377) (2,677 31 December 2021 USD millions Carrying amount Contractual cash flows On demand 6 months or less 6\u201312 months 1\u20132 years 2\u20135 years More than 5 years Non-derivative financial liabilities Short-term interest-bearing debt (337) (337) (35) (293) (8) \u2013 \u2013 \u2013 Long-term interest-bearing debt 1) (3,565) (4,262) \u2013 (66) (517) (159) (1,474) (2,046) Accrued interest expense (8) (8) \u2013 (8) \u2013 \u2013 \u2013 \u2013 Trade payables (3,024) (3,024) (6) (2,969) (49) \u2013 \u2013 \u2013 Payroll and value added taxes (354) (354) (2) (336) (16) \u2013 \u2013 \u2013 Other short-term liabilities (71) (71) \u2013 (40) (31) \u2013 \u2013 \u2013 Other long-term liabilities (24) (24) \u2013 \u2013 \u2013 (22) \u2013 (2) Derivative financial instruments Freestanding financial derivatives (60) Outflow (1,039) \u2013 (84) (333) (15) (484) (123) Inflow 985 \u2013 82 311 17 459 116 Commodity derivatives (92) Outflow (98) \u2013 (63) (35) \u2013 \u2013 \u2013 Inflow 1 \u2013 1 \u2013 \u2013 \u2013 \u2013 Hedge designated derivatives (2) Outflow (51) \u2013 (4) (5) (12) (26) (4) Inflow 49 \u2013 \u2013 12 11 23 3 Total (7,536) (8,232) (43) (3,779) (671) (181) (1,503) (2,054 Derivative instruments USD millions Notes 2022 2021 Total fair value of derivatives Forward foreign exchange contracts 6.3 (19) (9) Cross-currency swaps 6.3 (104) (52) Interest rate swaps designated for hedging 6.3 (22) (2) Other interest rate swaps 6.3 2 \u2013 Embedded commodity derivatives 6.3 12 (92) Balance 31 December (132) (154) Derivatives presented in the statement of financial position Other non-current financial assets 4.6 18 6 Other current financial assets 3.3 6 7 Other non-current financial liabilities 6.3 (127) (36) Other current financial liabilities 6.3 (28) (132) Balance 31 December (132) (154) Outstanding committed forward foreign exchange contracts at 31 December USD millions 2022 2021 Forward foreign exchange contracts, notional amount 1,521 971 All outstanding forward foreign exchange contracts at 31 December 2022 have maturity in 2023, except non-deliverable forward contracts totaling USD 35 million that mature in 2024. Buy positions are mainly in US dollars against Norwegian kroner or Brazilian reals. Sell positions are in various operating currencies towards Norwegian kroner",
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"fact-490": {
"value": "Credit risk Yara has a well-established system for credit management with established limits at both customer and country level. Yara\u2019s geographically diversified portfolio reduces the overall credit risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara\u2019s financial instruments is generally limited to amounts, if any, by which the counterparty\u2019s obligations exceed Yara\u2019s obligations. The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the statement of financial position and as disclosed in note 6.3 Financial instruments. Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. At the end of the reporting period, Yara had deposited USD 81.3 million (2021: USD 67.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as \u201cOther current financial assets\u201d in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month. Due to Yara\u2019s geographical spread and significant number of customers there are no significant concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its customer portfolio. Yara may undertake a number of measures to reduce credit risk of particular receivables. Such measures include letters of credit, bank guarantees and credit insurance agreements. The effect of credit risk reduction from these measures is not considered to be material for the Group. ",
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"fact-44": {
"value": "Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. At the end of the reporting period, Yara had deposited USD 81.3 million (2021: USD 67.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as \u201cOther current financial assets\u201d in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month",
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},
"fact-491": {
"value": "6.2 Hedge accounting Fair value hedges In December 2014, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The remaining hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 600 million fixed rate bond debt from 2014. A hedging relation for NOK 700 million of the bond debt was discontinued upon maturity in 2021. In December 2017, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The remaining hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million and NOK 1,000 million fixed rate bond debt from 2017. A hedging relation for SEK 800 million of the bond debt was discontin- ued upon maturity in 2022 In November 2021, Yara designated a long-term NOK fixed-to-floating interest rate swap as hedging instrument. The hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million fixed rate bond debt from 2021. In November 2022, Yara designated a long-term USD fixed-to-floating interest rate swap as hedging instrument. The hedged risk is the change in fair value due to changes in risk-free interest rates (SOFR) of the USD 600 million fixed rate bond debt from 2022. Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation of interest rate swaps as hedging instruments and use of hedge account- ing enables Yara to include the fair value of changes in interest rates in the carrying value of the bonds. The corresponding adjustment in the Consolidated statement of income offsets the effects of the recognized interest rate swaps, leading to less volatility in net income. As the key parameters of the hedging instruments (interest basis, inception dates and maturity dates) are identical to the respective hedged items, no ineffectiveness has been identified. Cash flow hedges Yara had no cash flow hedges in 2022 or 2021. However, Yara has used derivative instruments to hedge cash flows of planned transactions in the past and may do so also in the future. Net investment hedges At 31 December 2022, Yara has designated in total USD 815 million (2021: USD 815 million) of its USD denominated interest-bearing debt as hedges of net investments in foreign (USD based) entities. The hedging instruments comprise USD denominated bonds and the currency component of a portion of the Group\u2019s cross-currency swap portfolio. The designation of interest-bearing debt as hedges of net investments leads to changes of foreign currency translation (gain/loss) being recognized in the Consolidated statement of comprehensive income instead of in the Consolidated statement of income. As both the hedged net investments and the hedging instruments are sensitive only to fluctuations in the USDNOK spot rate, no ineffectiveness has been identified. Effect on financial position and performance in 2022 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 4) Line item in the consolidated statement of financial position in which the hedged item is included Line item in the consolidated statement of financial position in which the hedging instrument is included Change in value of the hedged item used for calculating hedge ineffectiveness This year\u2019s change in value of the hedging instrument Hedge ineffectiveness recognized in consolidated statement of incomeAmounts in USD millions Currency Hedge rates Assets LiabilitiesAssets LiabilitiesFair value hedges Interest rate risk - Fixed interest, NOK bonds (2014) NOK 3M NIBOR 59 2 \u2013 Long-term interest-bearing debt Other long-term liabilities 2 (2) \u2013 - Fixed interest, NOK bonds (2017) NOK 3M NIBOR 192 12 \u2013 Long-term interest-bearing debt Other long-term liabilities 10 (10) \u2013 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR 96 6 \u2013 Long-term interest-bearing debt Other long-term liabilities 6 (6) \u2013 - Fixed interest, USD bonds (2022) USD SOFR 594 2 \u2013 Long-term interest-bearing debt Other long-term liabilities 2 (2) \u2013 Net investment hedges Foreign exchange risk - Net equity in subsidiaries 2) USD Spot USDNOK 815 \u2013 \u2013 279 Retained earnings Long-term interest-bearing debt 3) (70) 70 \u2013 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Amounts are after tax. See note 2.8 Income tax expense for the tax effect. 3) Includes USD (8) million related to the part of the hedging instrument (cross-currency swap) which refers to the line-item Other long-term liabilities. 4) Included in the carrying amount of the hedged item on fair value hedges. For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied . Effect on financial position and performance in 2021 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 4) Line item in the consolidated statement of financial position in which the hedged item is included Line item in the consolidated statement of financial position in which the hedging instrument is included Change in value of the hedged item used for calculating hedge ineffectiveness This year\u2019s change in value of the hedging instrument Hedge ineffectiveness recognized in consolidated statement of incomeAmounts in USD millions Currency Hedge rates Assets LiabilitiesAssets LiabilitiesFair value hedges Interest rate risk - Fixed interest, NOK bonds (2014) NOK 3M NIBOR \u2013 68 \u2013 \u2013 Long-term interest-bearing debt Other long-term liabilities 3 (3) \u2013 - Fixed interest, NOK bonds (2017) NOK 3M NIBOR \u2013 242 2 \u2013 Long-term interest-bearing debt Other long-term liabilities 10 (10) \u2013 - Fixed interest, SEK bonds (2017) SEK 3M STIBOR \u2013 99 \u2013 \u2013 Long-term interest-bearing debt Other long-term liabilities \u2013 \u2013 \u2013 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR \u2013 242 \u2013 \u2013 Long-term interest-bearing debt Other long-term liabilities \u2013 \u2013 \u2013 Net investment hedges Foreign exchange risk - Net equity in subsidiaries 2) USD Spot USDNOK 815 \u2013 \u2013 208 Retained earnings Long-term interest-bearing debt 3) (21) 21 \u2013 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Amounts are after tax. See note 2.8 Income tax expense for the tax effect. 3) Includes USD (2) million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other long-term liabilities. 4) Included in the carrying amount of the hedged item on fair value hedges. 5) The change in value columns include the effect from a USD 115 million hedging relation discontinued in August 2020. For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-45": {
"value": "6.2 Hedge accounting A description of the Group\u2019s general risk management policies and principles can be found in note 6.1 Financial risks. Accounting policies Yara applies hedge accounting according to IFRS 9 and designates certain derivatives as either hedges of the fair value of recognized assets or liabilities (fair value hedges), hedges of foreign currency risk of recognized assets or liabilities (cash flow hedges), or hedges of net investments in foreign operations. Changes in fair value of financial instruments designated as fair value hedges are recognized in the Consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in the fair value attributable to the hedged risk. Changes in fair value of financial instruments used as hedging instruments in cash flow hedges are recognized in equity until the hedged transactions are recognized. Any ineffective part of a hedge is recognized in the Consolidated statement of income. Changes in fair value of financial instruments used as hedges of net investment in foreign operations are recognized as other comprehensive income. Any ineffective part of a hedge is recognized in the Consolidated statement of income. Hedge accounting ceases when the hedging instrument expires, is sold, terminated or exercised. Hedge accounting also ceases if the hedge relationship for some reason no longer fulfills the requirements for hedge accounting",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-492": {
"value": "6.3 Financial instruments Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories are amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "6.3 Financial instruments Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a finan- cial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Group becomes party to the contractual obligations of the instrument. Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories are amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) Financial instruments at fair value Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L), equity instruments at FV through P&L, equity instruments at FV through other comprehensive income (OCI) and financial liabilities at FV through P&L. They are valued according to different levels in the fair value hierarchy in IFRS. The different levels are defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-553": {
"value": "6.3 Financial instruments Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a finan- cial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Group becomes party to the contractual obligations of the instrument. Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories are amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) . Derivatives The Group uses derivative financial instruments to hedge exposure against currency risk, interest rate risk and commodity price risk arising in operating, financing and investment activities. These derivatives are initially recognized at fair value and subsequently measured at fair value through profit or loss at each balance sheet date. Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value with changes in fair value recognized in the consolidated statement of income. Embedded derivatives may refer to financial transactions and sale and purchase transactions for gas, ammonia and other commodities. Fair value on derivatives is measured based on quoted market prices when these are available. When quoted prices from active markets are not available, the Group estimates fair value by using valuation models that make maximum use of observable market data. The resulting change in fair value is recognized immediately in the statement of income. If the derivative is designated and effective as a hedging instrument, the timing of the recognition in the consolidated statement of income depends on the nature of the hedge relationship. A derivative is classified as non-current if the remaining maturity of the derivative is more than 12 months, and as current if the remaining maturity of the derivative is less than 12 months. All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for which there are no active markets. Fair value of all items in this category, is therefore calculated using valuation techniques with maximum use of market inputs and assumptions that reasonably reflect factors that market participants would consider in setting a price, relying as little as possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to changes in forward commodity prices. None of the derivatives in this category are designated in hedge relationships. Receivables and deposits See note 3.2 for information on trade receivables and note 3.4 for cash and cash equivalents. Other short-term and long-term receivables and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted. The carrying amounts of receivables and deposits are adjusted for expected credit losses and are considered to represent reasonable estimates on fair value. Interest-free receivables are dis- counted if it has a material impact on fair value. Yara records 12-months expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit loss is recorded. The 12-months expected credit loss reflect loss from default events that are possible within the next 12 months. They are calculated as the Probability of Default based on the credit rating of different counterparts multiplied with the Loss Given Default based on listed corporate bonds. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable or deposit will be recognized based on an individual assess- ment. The credit risk has normally increased significantly when a receivable is defaulted. A receivable is considered to be in default when it is overdue and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit-impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable. Yara\u2019s expected credit loss on receivables and deposits are limited. As a result, disclosures are reduced due to materiality. Equity instruments Yara Growth Ventures (YGV) is the corporate venture capital organization for Yara International ASA. YGV invests in start-ups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry. Yara initially accounts for all YGV\u2019s invest- ments at Fair Value. Subsequently they are measured at Fair Value through Profit or Loss in accordance with IFRS 9. YGV\u2019s portfolio currently consists of 13 investments, of which 10 are equity positions and 3 are fund positions. These investments are all direct investments where YGV does not have control or significant influence. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. The funding round in which YGV participated in is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate of fair value unless there have been any significant developments or events prior to the balance sheet date. For investments held for 12 months or longer, Yara International ASA applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance
and further drawdowns.
If an YGV investment leads to control or de facto control over the investee, Yara consolidates the
investee. If Yara achieves significant influence or joint control over an investee, Yara takes advan-
tage of the accounting policy choice in IAS 28 to not apply the equity method to these venture
investments. Strategic investments in associates and joint ventures are accounted for by applying
the equity method, refer to note 4.3 Associated companies and joint ventures.
Equity instruments other than venture investments are also measured at Fair Value and subse-
quently measured at Fair Value through Profit or Loss. However, Yara has made an irrevocable
election at initial recognition of a limited number of long-term strategic investments in equity
shares not held for trading to present subsequent changes in fair value in OCI.
Equity instruments that are not traded in active markets are measured based on recent market
transactions and valuation techniques.
Financial liabilities
See note 5.5 Trade and other payables for information on trade and other payables. Short-term
payables are normally not discounted. However, short-term payables and other short-term debt
are discounted if it has material impact on fair value. Fair value of these liabilities is assumed to be
equal to their carrying amounts.
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs.
Subsequently they are measured at amortized cost using the effective interest method. Fair
value on long-term interest-bearing debt and other long-term liabilities differs from the carrying
amounts since the USD debenture bonds are held with fixed interest rates and are not subject to
hedge accounting. For these USD debenture bonds with fixed interest rates and for other non-cur-
rent financial liabilities, no active market is available and fair value is calculated based on the
present value of future principal and interest cash flows. Cash flows are estimated by using LIBOR
with different maturities as a benchmark and adding a credit margin derived from recent transac-
tions or other information available.
See note 4.5 Leases for information on lease liabilities.
Contingent consideration is initially recognized at fair value and subsequently measured at fair
value through profit or loss. Fair value of contingent consideration is calculated considering the
present value of expected payments, discounted using a risk-adjusted discount rate. The expected
payment is determined by considering the possible scenarios of financial performance, the amount
to be paid under each scenario and the probability of each scenario.
Financial instruments at fair value
Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L),
equity instruments at FV through P&L, equity instruments at FV through other comprehensive
income (OCI) and financial liabilities at FV through P&L. They are valued according to different
levels in the fair value hierarchy in IFRS. The different levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active
markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-46": {
"value": "6.3 Financial instruments Carrying amounts and fair value per category 31 December 2022 Derivatives Receivables and deposits Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Amortized cost Fair value through P&L FV through OCI (no recycling) Amortized cost FV through P&L Total Non-current assets Other non-current financial assets 4.6 18 \u2013 20 26 28 \u2013 \u2013 93 Current assets Trade receivables 3.2 \u2013 \u2013 2,305 \u2013 \u2013 \u2013 \u2013 2,305 Other current financial assets 3.3 6 \u2013 269 \u2013 \u2013 \u2013 \u2013 274 Cash and cash equivalents 3.4 \u2013 \u2013 1,010 \u2013 \u2013 \u2013 \u2013 1,010 Sum financial assets 24 \u2013 3,603 26 28 \u2013 \u2013 3,682 Non-current liabilities Other non-current financial liabilities (87) (40) \u2013 \u2013 \u2013 (15) (9) (151) Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,597) \u2013 (3,597) Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (292) \u2013 (292) Current liabilities Trade and other payables 1) 5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (2,334) \u2013 (2,334) Other current financial liabilities (28) \u2013 \u2013 \u2013 \u2013 (374) (6) (407) Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (157) \u2013 (157) Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (54) \u2013 (54) Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (118) \u2013 (118) Sum financial liabilities (115) (40) \u2013 \u2013 \u2013 (6,941) (15) (7,110) Total net balance (91) (40) 3,603 26 28 (6,941) (15) (3,429) Fair value (91) (40) 3,603 26 28 (6,671) (15) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 270 \u2013 270 1) Excluding non-financial liabilities. Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 Interest-bearing debt for details. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. Equity instruments at FV through P&L as of year-end 2022 refer to venture investments in addition to shares in fund investments. Carrying amounts and fair value per category 31 December 2021 Derivatives Receivables and deposits Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Amortized cost Fair value through P&L FV through OCI (no recycling) Amortized cost FV through P&L Total Non-current assets Other non-current financial assets 4.6 6 \u2013 31 17 17 \u2013 \u2013 70 Current assets Trade receivables 3.2 \u2013 \u2013 2,138 \u2013 \u2013 \u2013 \u2013 2,138 Other current financial assets 3.3 7 \u2013 217 \u2013 \u2013 \u2013 \u2013 225 Cash and cash equivalents 3.4 \u2013 \u2013 394 \u2013 \u2013 \u2013 \u2013 394 Sum financial assets 13 \u2013 2,780 17 17 \u2013 \u2013 2,827 Non-current liabilities Other non-current financial liabilities (23) (13) \u2013 \u2013 \u2013 (20) (15) (72) Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,089) \u2013 (3,089) Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (321) \u2013 (321) Current liabilities Trade and other payables 1) 5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (3,024) \u2013 (3,024) Other current financial liabilities (132) \u2013 \u2013 \u2013 \u2013 (377) (12) (521) Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (337) \u2013 (337) Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (476) \u2013 (476) Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (104) \u2013 (104) Sum financial liabilities (154) (13) \u2013 \u2013 \u2013 (7,748) (27) (7,942) Total net balance (142) (12) 2,780 17 17 (7,748) (27) (5,115) Fair value (141) (13) 2,780 17 17 (7,946) (27) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 (198) \u2013 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 Interest-bearing debt for details. Equity instruments at FV through P&L as of year-end 2021 refer to venture investments, in addition to shares in fund investments. Equity instruments at FV through OCI as of year-end 2021 refer mainly to shares in Pohhjolan Voima Oyj. No dividend was received in 2021 from any of the mentioned investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-522": {
"value": "6.3 Financial instruments Contingent consideration is initially recognized at fair value and subsequently measured at fair value through profit or loss. Fair value of contingent consideration is calculated considering the present value of expected payments, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the possible scenarios of financial performance, the amount to be paid under each scenario and the probability of each scenario",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-541": {
"value": "6.3 Financial instruments Financial instruments at fair value Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L), equity instruments at FV through P&L, equity instruments at FV through other comprehensive income (OCI) and financial liabilities at FV through P&L. They are valued according to different levels in the fair value hierarchy in IFRS. The different levels are defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-565": {
"value": "6.3 Financial instruments Financial liabilities See note 5.5 Trade and other payables for information on trade and other payables. Short-term payables are normally not discounted. However, short-term payables and other short-term debt are discounted if it has material impact on fair value. Fair value of these liabilities is assumed to be equal to their carrying amounts. Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently they are measured at amortized cost using the effective interest method. Fair value on long-term interest-bearing debt and other long-term liabilities differs from the carrying amounts since the USD debenture bonds are held with fixed interest rates and are not subject to hedge accounting. For these USD debenture bonds with fixed interest rates and for other non-cur- rent financial liabilities, no active market is available and fair value is calculated based on the present value of future principal and interest cash flows. Cash flows are estimated by using LIBOR with different maturities as a benchmark and adding a credit margin derived from recent transac- tions or other information available. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "6.3 Financial instruments Carrying amounts and fair value per category
31 December 2022 Derivatives
Receivables and
deposits Equity instruments Financial liabilities
USD millions Notes
Fair value
through P&L
Designated for
hedging Amortized cost
Fair value
through P&L
FV through OCI
(no recycling) Amortized cost FV through P&L Total
Non-current assets
Other non-current financial assets 4.6 18 \u2013 20 26 28 \u2013 \u2013 93
Current assets
Trade receivables 3.2 \u2013 \u2013 2,305 \u2013 \u2013 \u2013 \u2013 2,305
Other current financial assets 3.3 6 \u2013 269 \u2013 \u2013 \u2013 \u2013 274
Cash and cash equivalents 3.4 \u2013 \u2013 1,010 \u2013 \u2013 \u2013 \u2013 1,010
Sum financial assets 24 \u2013 3,603 26 28 \u2013 \u2013 3,682
Non-current liabilities
Other non-current financial liabilities (87) (40) \u2013 \u2013 \u2013 (15) (9) (151)
Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,597) \u2013 (3,597)
Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (292) \u2013 (292)
Current liabilities
Trade and other payables
1)
5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (2,334) \u2013 (2,334)
Other current financial liabilities (28) \u2013 \u2013 \u2013 \u2013 (374) (6) (407)
Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (157) \u2013 (157)
Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (54) \u2013 (54)
Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (118) \u2013 (118)
Sum financial liabilities (115) (40) \u2013 \u2013 \u2013 (6,941) (15) (7,110)
Total net balance (91) (40) 3,603 26 28 (6,941) (15) (3,429)
Fair value (91) (40) 3,603 26 28 (6,671) (15)
Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 270 \u2013 270
Carrying amounts and fair value per category
31 December 2021 Derivatives
Receivables and
deposits Equity instruments Financial liabilities
USD millions Notes
Fair value
through P&L
Designated for
hedging Amortized cost
Fair value
through P&L
FV through OCI
(no recycling) Amortized cost FV through P&L Total
Non-current assets
Other non-current financial assets 4.6 6 \u2013 31 17 17 \u2013 \u2013 70
Current assets
Trade receivables 3.2 \u2013 \u2013 2,138 \u2013 \u2013 \u2013 \u2013 2,138
Other current financial assets 3.3 7 \u2013 217 \u2013 \u2013 \u2013 \u2013 225
Cash and cash equivalents 3.4 \u2013 \u2013 394 \u2013 \u2013 \u2013 \u2013 394
Sum financial assets 13 \u2013 2,780 17 17 \u2013 \u2013 2,827
Non-current liabilities
Other non-current financial liabilities (23) (13) \u2013 \u2013 \u2013 (20) (15) (72)
Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,089) \u2013 (3,089)
Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (321) \u2013 (321)
Current liabilities
Trade and other payables
1)
5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (3,024) \u2013 (3,024)
Other current financial liabilities (132) \u2013 \u2013 \u2013 \u2013 (377) (12) (521)
Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (337) \u2013 (337)
Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (476) \u2013 (476)
Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (104) \u2013 (104)
Sum financial liabilities (154) (13) \u2013 \u2013 \u2013 (7,748) (27) (7,942)
Total net balance (142) (12) 2,780 17 17 (7,748) (27) (5,115)
Fair value (141) (13) 2,780 17 17 (7,946) (27)
Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 (198) \u2013
Unrecognized gain on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 Interest-bearing debt for details. Equity instruments
at FV through P&L as of year-end 2021 refer to venture investments, in addition to shares in fund investments. Equity instruments at FV through OCI as of year-end 2021 refer mainly to shares in
Pohhjolan Voima Oyj. No dividend was received in 2021 from any of the mentioned investments.
Financial instruments at fair value 31 December 2022 USD millions Level 1 Level 2 Level 3 Total Equity instruments \u2013 \u2013 54 54 Derivatives, net \u2013 (132) \u2013 (132) Financial liabilities \u2013 (15) \u2013 (15) Net total balance \u2013 (146) 54 (92) There were no transfers between Level 1 and Level 2 in the period. 31 December 2021 USD millions Level 1 Level 2 Level 3 Total Equity instruments \u2013 \u2013 34 34 Derivatives, net \u2013 (56) (98) (154) Financial liabilities \u2013 (7) (20) (27) Net total balance \u2013 (63) (84) (147) Reconciliation of fair value instruments at Level 3 from opening to closing balance USD millions 2022 2021 Balance at 1 January (84) (28) Total gains or (losses): in income statement 116 (106) in other comprehensive income 12 4 Payments made \u2013 33 Disposals/additions 12 15 Foreign currency translation (1) (1) Balance at 31 December 54 (84) Sensitivity of fair value measurement of financial instruments at Level 3 at 31 December 2022 Effect on P&L Effect on OCI USD millions Favorable (Unfavorable) Favorable (Unfavorable) Equity instruments (20% increase/(decrease) in electricity price) \u2013 \u2013 8 (8) Total \u2013 \u2013 8 (8) The favorable and unfavorable effects on equity instruments at FVOCI refer to fair value of a limited number of long-term strategic investments in equity shares of which Yara has med an election at initial recognition to present subsequent changes in fair value in OCI. The effects are calculated based on a valuation model for estimation of fair value, increasing/decreasing the forward electricity prices used in the model by 20 percent. All other variables remain constant. As of 31 December 2022, YGV\u2019s portfolio consists of ten equity instruments, of which eight are valued at cost as the proxy for their fair value, and two investments have been held for more than 12 months and are subject to updated valuation assessment in accordance with Yara\u2019s policy. For one of these investments, Yara recognized a loss of USD 3 million in the consolidated statement of income, and the second investment is expected to be revalued at a new funding round primo 2023. Accordingly, sensitivities with favorable and unfavorable effects are not presented for these equity instruments Gains and losses from financial instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2022 Derivatives Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Fair value through P&L FV through OCI (no recycling) Amortized cost Fair value through P&L Total Consolidated statement of income 6.1, 6.2 6 (20) (2) \u2013 \u2013 2 (15) Consolidated statement of comprehensive income 1) 6.2 \u2013 (8) \u2013 13 (81) \u2013 (76) Total 39 (28) (2) 13 (81) 2 (91) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes. 2021 Derivatives Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Fair value through P&L FV through OCI (no recycling) Amortized cost Fair value through P&L Total Consolidated statement of income 6.1, 6.2 (45) (13) (3) \u2013 \u2013 (5) (66) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 4 (27) \u2013 (26) Total (45) (16) (3) 4 (27) (5) (92",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-581": {
"value": "6.3 Financial instruments Derivatives The Group uses derivative financial instruments to hedge exposure against currency risk, interest rate risk and commodity price risk arising in operating, financing and investment activities. These derivatives are initially recognized at fair value and subsequently measured at fair value through profit or loss at each balance sheet date. Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value with changes in fair value recognized in the consolidated statement of income. Embedded derivatives may refer to financial transactions and sale and purchase transactions for gas, ammonia and other commodities. Fair value on derivatives is measured based on quoted market prices when these are available. When quoted prices from active markets are not available, the Group estimates fair value by using valuation models that make maximum use of observable market data. The resulting change in fair value is recognized immediately in the statement of income. If the derivative is designated and effective as a hedging instrument, the timing of the recognition in the consolidated statement of income depends on the nature of the hedge relationship. A derivative is classified as non-current if the remaining maturity of the derivative is more than 12 months, and as current if the remaining maturity of the derivative is less than 12 months. All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for which there are no active markets. Fair value of all items in this category, is therefore calculated using valuation techniques with maximum use of market inputs and assumptions that reasonably reflect factors that market participants would consider in setting a price, relying as little as possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to changes in forward commodity prices. None of the derivatives in this category are designated in hedge relationships",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-583": {
"value": "6.3 Financial instruments Equity instruments
Yara Growth Ventures (YGV) is the corporate venture capital organization for Yara International
ASA. YGV invests in start-ups and in venture capital funds which sit at the intersection of science
and technology in the food and agriculture industry. Yara initially accounts for all YGV\u2019s invest-
ments at Fair Value. Subsequently they are measured at Fair Value through Profit or Loss in
accordance with IFRS 9. YGV\u2019s portfolio currently consists of 13 investments, of which 10 are
equity positions and 3 are fund positions. These investments are all direct investments where
YGV does not have control or significant influence. Equity instruments that are not traded in active
markets are measured based on recent market transactions and valuation techniques. The funding
round in which YGV participated in is taken as the starting point. For investments held less than 12
months, these funding rounds are considered to be the approximate of fair value unless there have
been any significant developments or events prior to the balance sheet date. For investments held
for 12 months or longer, Yara International ASA applies valuation techniques considering both
observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns. If an YGV investment leads to control or de facto control over the investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over an investee, Yara takes advan- tage of the accounting policy choice in IAS 28 to not apply the equity method to these venture investments. Strategic investments in associates and joint ventures are accounted for by applying the equity method, refer to note 4.3 Associated companies and joint ventures. Equity instruments other than venture investments are also measured at Fair Value and subse- quently measured at Fair Value through Profit or Loss. However, Yara has made an irrevocable election at initial recognition of a limited number of long-term strategic investments in equity shares not held for trading to present subsequent changes in fair value in OCI. Financial instruments at fair value Financial instruments at fair value (FV) refer to derivatives at FV through profit and loss (P&L), equity instruments at FV through P&L, equity instruments at FV through other comprehensive income (OCI) and financial liabilities at FV through P&L. They are valued according to different levels in the fair value hierarchy in IFRS. The different levels are defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-584": {
"value": "6.3 Financial instruments Equity instruments Yara Growth Ventures (YGV) is the corporate venture capital organization for Yara International ASA. YGV invests in start-ups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry. Yara initially accounts for all YGV\u2019s invest- ments at Fair Value. Subsequently they are measured at Fair Value through Profit or Loss in accordance with IFRS 9. YGV\u2019s portfolio currently consists of 13 investments, of which 10 are equity positions and 3 are fund positions. These investments are all direct investments where YGV does not have control or significant influence. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. The funding round in which YGV participated in is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate of fair value unless there have been any significant developments or events prior to the balance sheet date. For investments held for 12 months or longer, Yara International ASA applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns. If an YGV investment leads to control or de facto control over the investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over an investee, Yara takes advan- tage of the accounting policy choice in IAS 28 to not apply the equity method to these venture investments. Strategic investments in associates and joint ventures are accounted for by applying the equity method, refer to note 4.3 Associated companies and joint ventures. Equity instruments other than venture investments are also measured at Fair Value and subse- quently measured at Fair Value through Profit or Loss. However, Yara has made an irrevocable election at initial recognition of a limited number of long-term strategic investments in equity shares not held for trading to present subsequent changes in fair value in OCI. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-542": {
"value": "Carrying amounts and fair value per category 31 December 2022 Derivatives Receivables and deposits Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Amortized cost Fair value through P&L FV through OCI (no recycling) Amortized cost FV through P&L Total Non-current assets Other non-current financial assets 4.6 18 \u2013 20 26 28 \u2013 \u2013 93 Current assets Trade receivables 3.2 \u2013 \u2013 2,305 \u2013 \u2013 \u2013 \u2013 2,305 Other current financial assets 3.3 6 \u2013 269 \u2013 \u2013 \u2013 \u2013 274 Cash and cash equivalents 3.4 \u2013 \u2013 1,010 \u2013 \u2013 \u2013 \u2013 1,010 Sum financial assets 24 \u2013 3,603 26 28 \u2013 \u2013 3,682 Non-current liabilities Other non-current financial liabilities (87) (40) \u2013 \u2013 \u2013 (15) (9) (151) Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,597) \u2013 (3,597) Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (292) \u2013 (292) Current liabilities Trade and other payables 1) 5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (2,334) \u2013 (2,334) Other current financial liabilities (28) \u2013 \u2013 \u2013 \u2013 (374) (6) (407) Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (157) \u2013 (157) Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (54) \u2013 (54) Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (118) \u2013 (118) Sum financial liabilities (115) (40) \u2013 \u2013 \u2013 (6,941) (15) (7,110) Total net balance (91) (40) 3,603 26 28 (6,941) (15) (3,429) Fair value (91) (40) 3,603 26 28 (6,671) (15) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 270 \u2013 270 1) Excluding non-financial liabilities. Unrecognized loss on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 Interest-bearing debt for details. Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques. Equity instruments at FV through P&L as of year-end 2022 refer to venture investments in addition to shares in fund investments. Carrying amounts and fair value per category 31 December 2021 Derivatives Receivables and deposits Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Amortized cost Fair value through P&L FV through OCI (no recycling) Amortized cost FV through P&L Total Non-current assets Other non-current financial assets 4.6 6 \u2013 31 17 17 \u2013 \u2013 70 Current assets Trade receivables 3.2 \u2013 \u2013 2,138 \u2013 \u2013 \u2013 \u2013 2,138 Other current financial assets 3.3 7 \u2013 217 \u2013 \u2013 \u2013 \u2013 225 Cash and cash equivalents 3.4 \u2013 \u2013 394 \u2013 \u2013 \u2013 \u2013 394 Sum financial assets 13 \u2013 2,780 17 17 \u2013 \u2013 2,827 Non-current liabilities Other non-current financial liabilities (23) (13) \u2013 \u2013 \u2013 (20) (15) (72) Long-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (3,089) \u2013 (3,089) Long-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (321) \u2013 (321) Current liabilities Trade and other payables 1) 5.5 \u2013 \u2013 \u2013 \u2013 \u2013 (3,024) \u2013 (3,024) Other current financial liabilities (132) \u2013 \u2013 \u2013 \u2013 (377) (12) (521) Short-term interest-bearing debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (337) \u2013 (337) Current portion of long-term debt 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 (476) \u2013 (476) Short-term lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (104) \u2013 (104) Sum financial liabilities (154) (13) \u2013 \u2013 \u2013 (7,748) (27) (7,942) Total net balance (142) (12) 2,780 17 17 (7,748) (27) (5,115) Fair value (141) (13) 2,780 17 17 (7,946) (27) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 (198) \u2013 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to long-term interest-bearing debt with fixed interest rate. See note 5.3 Interest-bearing debt for details. Equity instruments at FV through P&L as of year-end 2021 refer to venture investments, in addition to shares in fund investments. Equity instruments at FV through OCI as of year-end 2021 refer mainly to shares in Pohhjolan Voima Oyj. No dividend was received in 2021 from any of the mentioned investments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "Financial instruments at fair value 31 December 2022 USD millions Level 1 Level 2 Level 3 Total Equity instruments \u2013 \u2013 54 54 Derivatives, net \u2013 (132) \u2013 (132) Financial liabilities \u2013 (15) \u2013 (15) Net total balance \u2013 (146) 54 (92) There were no transfers between Level 1 and Level 2 in the period. 31 December 2021 USD millions Level 1 Level 2 Level 3 Total Equity instruments \u2013 \u2013 34 34 Derivatives, net \u2013 (56) (98) (154) Financial liabilities \u2013 (7) (20) (27) Net total balance \u2013 (63) (84) (147) Reconciliation of fair value instruments at Level 3 from opening to closing balance USD millions 2022 2021 Balance at 1 January (84) (28) Total gains or (losses): in income statement 116 (106) in other comprehensive income 12 4 Payments made \u2013 33 Disposals/additions 12 15 Foreign currency translation (1) (1) Balance at 31 December 54 (84) Sensitivity of fair value measurement of financial instruments at Level 3 at 31 December 2022 Effect on P&L Effect on OCI USD millions Favorable (Unfavorable) Favorable (Unfavorable) Equity instruments (20% increase/(decrease) in electricity price) \u2013 \u2013 8 (8) Total \u2013 \u2013 8 (8) The favorable and unfavorable effects on equity instruments at FVOCI refer to fair value of a limited number of long-term strategic investments in equity shares of which Yara has med an election at initial recognition to present subsequent changes in fair value in OCI. The effects are calculated based on a valuation model for estimation of fair value, increasing/decreasing the forward electricity prices used in the model by 20 percent. All other variables remain constant. As of 31 December 2022, YGV\u2019s portfolio consists of ten equity instruments, of which eight are valued at cost as the proxy for their fair value, and two investments have been held for more than 12 months and are subject to updated valuation assessment in accordance with Yara\u2019s policy. For one of these investments, Yara recognized a loss of USD 3 million in the consolidated statement of income, and the second investment is expected to be revalued at a new funding round primo 2023. Gains and losses from financial instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2022 Derivatives Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Fair value through P&L FV through OCI (no recycling) Amortized cost Fair value through P&L Total Consolidated statement of income 6.1, 6.2 6 (20) (2) \u2013 \u2013 2 (15) Consolidated statement of comprehensive income 1) 6.2 \u2013 (8) \u2013 13 (81) \u2013 (76) Total 39 (28) (2) 13 (81) 2 (91) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes. 2021 Derivatives Equity instruments Financial liabilities USD millions Notes Fair value through P&L Designated for hedging Fair value through P&L FV through OCI (no recycling) Amortized cost Fair value through P&L Total Consolidated statement of income 6.1, 6.2 (45) (13) (3) \u2013 \u2013 (5) (66) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 4 (27) \u2013 (26) Total (45) (16) (3) 4 (27) (5) (92) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-523": {
"value": "7.2 Disposal of investments Disposal of Salitre The sale of Yara\u2019s Salitre phosphate mining project in Brazil to Eurochem was completed on 22 February 2022. The assets and liabilities of the Salitre mining project were classified as a disposal group held- for-sale and presented on separate lines within Current assets and Current Liabilities in the consolidated statement of financial position for 2021 . Upon signing of the agreement, the recoverable value of the Salitre assets was determined to be lower than their carrying amount, and the total impairment charge in 2021 was USD 337 million. The charge continued to be sensitive to USD/BRL currency development up until close of the transaction on 22 February 2022. The impairment in 2022 was USD 10 million, recognized on the line Impairment loss in the Statement of Income. The settlement of the transaction led to a loss of USD 10 million. The amount is presented in the Statement of Income as Other operating expenses. At completion, Yara received a cash consideration of USD 452 million. Net cash proceeds after deducting for cash in the business that is disposed is USD 440 million and is presented on the line Cash flows from losing control of subsidiaries or other businesses in the consolidated statement of cash flows in 2022. All amounts are included in the Americas segment. The major classes of assets and liabilities held-for-sale at 31 December 2021 were as follows: USD millions Salitre Other Total Intangible assets other than goodwill 2 \u2013 2 Property, plant and equipment 375 22 397 Inventories 19 \u2013 19 Prepaid expenses and other current assets 37 \u2013 37 Non-current assets and disposal group held-for-sale 433 22 454 Non-current provisions 7 \u2013 7 Trade and other current payables 2 8 10 Liabilities directly associated with disposal group held-for-sale 9 8 17 As of 31 December 2022, the amount recognized as held-for-sale is immaterial and is related to investments in Americas and Global Plants & Operational Excellence segments ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "7.2 Disposal of investments Disposal of Salitre The sale of Yara\u2019s Salitre phosphate mining project in Brazil to Eurochem was completed on 22 February 2022. The assets and liabilities of the Salitre mining project were classified as a disposal group held- for-sale and presented on separate lines within Current assets and Current Liabilities in the consolidated statement of financial position for 2021 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "7.2 Disposal of investments Disposal of Salitre The sale of Yara\u2019s Salitre phosphate mining project in Brazil to Eurochem was completed on 22 February 2022. The assets and liabilities of the Salitre mining project were classified as a disposal group held- for-sale and presented on separate lines within Current assets and Current Liabilities in the consolidated statement of financial position for 2021 . Upon signing of the agreement, the recoverable value of the Salitre assets was determined to be lower than their carrying amount, and the total impairment charge in 2021 was USD 337 million. The charge continued to be sensitive to USD/BRL currency development up until close of the transaction on 22 February 2022. The impairment in 2022 was USD 10 million, recognized on the line Impairment loss in the Statement of Income. The settlement of the transaction led to a loss of USD 10 million. The amount is presented in the Statement of Income as Other operating expenses. At completion, Yara received a cash consideration of USD 452 million. Net cash proceeds after deducting for cash in the business that is disposed is USD 440 million and is presented on the line Cash flows from losing control of subsidiaries or other businesses in the consolidated statement of cash flows in 2022. All amounts are included in the Americas segment. The major classes of assets and liabilities held-for-sale at 31 December 2021 were as follows: USD millions Salitre Other Total Intangible assets other than goodwill 2 \u2013 2 Property, plant and equipment 375 22 397 Inventories 19 \u2013 19 Prepaid expenses and other current assets 37 \u2013 37 Non-current assets and disposal group held-for-sale 433 22 454 Non-current provisions 7 \u2013 7 Trade and other current payables 2 8 10 Liabilities directly associated with disposal group held-for-sale 9 8 17 As of 31 December 2022, the amount recognized as held-for-sale is immaterial and is related to investments in Americas and Global Plants & Operational Excellence segments ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "8.1 Related parties The Norwegian State At 31 December 2022, the Norwegian State owned 92,239,891 shares, representing 36.21 percent of the total number of shares issued. On the same date, The Government Pension Fund Norway owned 15,643,152 shares, representing 6.14 percent of the total number of shares issued. Yara Pension fund One of Yara International ASA\u2019s pension plans is arranged through Yara\u2019s pension fund in Norway \u201cYara Pensjonskasse\u201d. This plan has been closed for new members since July 2006. During 2022, Yara has contributed to the pension fund through deductions from premium fund and premium paid by the sponsoring companies Yara International ASA and Yara Norge AS. Equity-accounted investees Transactions with equity-accounted investees are described in note 4.3. Board of Directors Members of the Board of Directors are elected for two-year terms. Their rights and obligations as board members are solely and specifically provided for the company\u2019s articles of association and Norwegian law. The company has no significant contracts in which a Board Member has a material interest. Executive Management Executive Management remuneration is disclosed in the following table. The full \u201cYara Executive Remuneration Report 2022\u201d can be found at www.yara.com, Annual report sectio ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-524": {
"value": "8.1 Related parties The Norwegian State At 31 December 2022, the Norwegian State owned 92,239,891 shares, representing 36.21 percent of the total number of shares issued. On the same date, The Government Pension Fund Norway owned 15,643,152 shares, representing 6.14 percent of the total number of shares issued. Yara Pension fund One of Yara International ASA\u2019s pension plans is arranged through Yara\u2019s pension fund in Norway \u201cYara Pensjonskasse\u201d. This plan has been closed for new members since July 2006. During 2022, Yara has contributed to the pension fund through deductions from premium fund and premium paid by the sponsoring companies Yara International ASA and Yara Norge AS. Equity-accounted investees Transactions with equity-accounted investees are described in note 4.3. Board of Directors Members of the Board of Directors are elected for two-year terms. Their rights and obligations as board members are solely and specifically provided for the company\u2019s articles of association and Norwegian law. The company has no significant contracts in which a Board Member has a material interest. Executive Management Executive Management remuneration is disclosed in the following table. The full \u201cYara Executive Remuneration Report 2022\u201d can be found at www.yara.com, Annual report sectio n. Executive Management remuneration and Board of Directors compensation USD thousands Compensation earned in 2022 Compensation earned in 2021 Salary and short-term incentive 5,136 5,653 Pension 278 694 Benefits 512 387 Share Based Remuneration 1) 877 986 Total Executive Management 6,802 7,721 Fee to Board of Directors 506 545 Total 2) 7,308 8,266 1) See note 8.2 Share Based Remuneration for further information 2) See \u201cYara Executive Remuneration Report 2022\u201d for further detail ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-525": {
"value": "8.2 Share based remuneration To support the alignment between executives and shareholder interests and to ensure retention of key talents in the company, an amount equal to 30 percent of the Base Salary may be awarded by the Board on an annual basis. The net after tax amount must be invested in Yara shares within a period of one month after the grant and the shares must be retained for minimum 3 years. Executives who resign from Yara must reimburse to the company at the time of resignation the net proceeds of the selling of the shares that are still within the lock-in period. The grant of SBR is conditional on Yara\u2019s Net Result excluding special items and currency gain/ loss being positive in sum over the last three years. Yara\u2019s CEO can on a discretionary basis decide that SBR shall not be granted for a given year and Yara\u2019s Board of Directors can decide that SBR shall not be granted to the CEO for a given year. Such an assessment will amongst other factors be evaluated against Yara\u2019s performance towards its strategic targets of sustainable value creation, hereunder Performance Indicators linked to People, Planet and Prosperity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800WKOUWXWFJ5Z514",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-496": {
"value": "8.2 Share based remuneration To support the alignment between executives and shareholder interests and to ensure retention of key talents in the company, an amount equal to 30 percent of the Base Salary may be awarded by the Board on an annual basis. The net after tax amount must be invested in Yara shares within a period of one month after the grant and the shares must be retained for minimum 3 years. Executives who resign from Yara must reimburse to the company at the time of resignation the net proceeds of the selling of the shares that are still within the lock-in period. The grant of SBR is conditional on Yara\u2019s Net Result excluding special items and currency gain/ loss being positive in sum over the last three years. Yara\u2019s CEO can on a discretionary basis decide that SBR shall not be granted for a given year and Yara\u2019s Board of Directors can decide that SBR shall not be granted to the CEO for a given year. Such an assessment will amongst other factors be evaluated against Yara\u2019s performance towards its strategic targets of sustainable value creation, hereunder Performance Indicators linked to People, Planet and Prosperity",
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"fact-47": {
"value": "8.3 External audit remuneration Deloitte AS (Deloitte) is Yara\u2019s auditor. A few subsidiaries of Yara International ASA have appointed other audit firms. The following table shows total audit and other services delivered to the group by the appointed auditor. USD thousands Audit fee Assurance services Tax services Other non-audit services Total 2022 Deloitte Norway 846 590 24 \u2013 1,460 Deloitte abroad 3,086 360 551 11 4,008 Total Deloitte 3,932 950 575 11 5,468 Others 492 8 60 45 605 Total 4,424 958 635 56 6,073 2021 Deloitte Norway 871 227 8 2 1,109 Deloitte abroad 3,053 36 315 5 3,410 Total Deloitte 3,925 263 324 7 4,519 Others 294 1 179 36 509 Total 4,218 264 503 43 5,02 ",
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"fact-497": {
"value": "8.4 Composition of the group The consolidated financial statement of Yara comprises 143 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). This list also includes major holding companies. Subsidiaries Ownership Registered office Main parent(s) Yara Argentina S.A. 100.0% Argentina Yara Iberian S.A.U. Yara Australia Pty Ltd. 100.0% Australia Yara Technology B.V. Yara Pilbara Fertilisers Pty Ltd. 100.0% Australia Chemical Holdings Pty Ltd. Chemical Holdings Pty Ltd. 100.0% Australia Yara Australia Pty Ltd. Yara Environmental Technologies GmbH 100.0% Austria Yara Investment GmbH Yara Belgium S.A./N.V. 100.0% Belgium Yara Nederland B.V. Yara Tertre S.A. 100.0% Belgium Yara Belgium S.A./N.V. Yara Trinidad Ltd. 100.0% Bermuda Yara Caribbean (20002) Ltd. Yara Brasil Fertilizantes S.A. 100.0% Brazil Yara South America Investments B.V. Yara Belle Plaine Inc. 100.0% Canada Yara Canada Holding Inc. Yara Canada Holding Inc. 100.0% Canada Fertilizer Holdings AS Yara Canada Inc. 100.0% Canada Fertilizer Holdings AS Yara Chile Fertilizantes Ltda. 100.0% Chile Yara Phosyn Ltd. Yara Trading (Shanghai) Co. Ltd. 100.0% China Yara Asia Pte Ltd. Yara Colombia S.A. 99.4% Colombia Yara International ASA (70.1%) and OFD Holding S. de R.L. (29.3%) Yara Industrial Colombia S.A.S. 99.4% Colombia Yara Colombia S.A. Yara Costa Rica S. de R.L. 87.6% Costa Rica Yara Iberian S.A.U. Yara Danmark A/S 100.0% Denmark Fertilizer Holdings AS Yarecuador Cia. Ltda. 99.4% Ecuador Yara Colombia S.A. Yara Agri Trade Misr 51.0% Egypt Yara Trade Misr Ltd. Yara Dallol B.V. 59.2% Ethiopia Yara Nederland B.V. Yara Phosphates Oy 100.0% Finland Yara Suomi Oy Yara Suomi Oy 100.0% Finland Yara Nederland B.V. Yara France SAS 100.0% France Yara Nederland B.V. Yara Besitz GmbH 100.0% Germany Yara GmbH & Co. KG Yara Brunsb\u00fcttel GmbH 100.0% Germany Yara GmbH & Co. KG Yara Industrial Solutions Germany GmbH 100.0% Germany Yara GmbH & Co. K Subsidiaries Ownership Registered office Main parent(s) Yara GmbH & Co. KG 100.0% Germany Yara Investments Germany SE Yara Investment GmbH 100.0% Germany Yara GmbH & Co. KG Yara Investments Germany SE 100.0% Germany Yara Nederland B.V. Yara Ghana Ltd. 100.0% Ghana Yara Nederland B.V. Yara Hellas S.A. 100.0% Greece Yara Nederland B.V. Yara Guatemala S.A. 100.0% Guatemala Yara International ASA Yara Fertilisers India Pvt. Ltd. 100.0% India Yara Asia Pte Ltd. P.T. Yara Indonesia 100.0% Indonesia Yara Asia Pte Ltd. Yara Insurance DAC 100.0% Ireland Fertilizer Holdings AS Yara Italia S.p.A. 100.0% Italy Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%) Yara C\u00f4te d'Ivoire S.A. 100.0% Ivory Coast Fertilizer Holdings AS Yara East Africa Ltd. 100.0% Kenya Yara Overseas Ltd. Yara International (M) Sdn. Bhd. 70.0% Malaysia Yara Asia Pte Ltd. Yara M\u00e9xico S. de R.L. de C.V. 100.0% Mexico OFD Holding S. de R.L. (71.9%) and Yara Nederland B.V. (28.1%) Fertilizer Holdings AS 100.0% Norway Yara International ASA Yara Clean Ammonia Norge AS 100.0% Norway Yara Clean Ammonia AS Yara Clean Ammonia AS 100.0% Norway Yara International ASA Yara Growth Ventures AS 100.0% Norway Fertilizer Holdings AS Her\u00f8ya Nett AS 100.0% Norway Yara Norge AS Yara Marine Technologies AS 100.0% Norway Fertilizer Holdings AS OFD Holding S. de R.L. 100.0% Norway Fertilizer Holdings AS Yara AS 100.0% Norway Fertilizer Holdings AS Yara Birkeland AS 100.0% Norway Fertilizer Holdings AS Yara Norge AS 100.0% Norway Yara International ASA Yara LPG Shipping AS 100.0% Norway Yara Clean Ammonia Norge AS Yara Fertilizers Philippines Inc. 100.0% Philippines Yara Asia Pte Ltd. Yara Poland Sp. z o.o. 100.0% Poland Yara Nederland B.V. Yara Rwanda Ltd. 100.0% Rwanda Yara Tanzania Ltd. Yara Asia Pte Ltd. 100.0% Singapore Yara International ASA Yara Animal Nutrition South Africa (Pty) Ltd. 100.0% South Africa Yara Phosphates Oy Yara Africa Fertilizers (Pty) Ltd. 100.0% South Africa Yara Nederland B.V. Yara Iberian S.A.U. 100.0% Spain Yara Nederland B.V Subsidiaries Ownership Registered office Main parent(s) Yara Marine Technologies AB 100.0% Sweden Yara Marine Technologies AS Yara AB 100.0% Sweden Fertilizer Holdings AS Yara Switzerland Ltd. 100.0% Switzerland Yara Nederland B.V. Yara Clean Ammonia Switzerland SA 100.0% Switzerland Yara Clean Ammonia Norge AS Yara Tanzania Ltd. 100.0% Tanzania Fertilizer Holdings AS Yara (Thailand) Ltd. 100.0% Thailand Yara Asia Pte Ltd. Yara Holding Netherlands B.V. 100.0% The Netherlands Fertilizer Holdings AS Yara Nederland B.V. 100.0% The Netherlands Yara Holding Netherlands B.V. Yara Sluiskil B.V. 100.0% The Netherlands Yara Nederland B.V. Yara South America Investments B.V. 100.0% The Netherlands Yara Nederland B.V. Yara Technology B.V. 100.0% The Netherlands Yara Nederland B.V. Yara Vlaardingen B.V. 100.0% The Netherlands Yara Nederland B.V. Yara Caribbean (2002) Ltd. 100.0% Trinidad and Tobago Fertilizer Holdings AS Yara UK Ltd. 100.0% United Kingdom Fertilizer Holdings AS Agoro Carbon Alliance US, Inc. 100.0% United States Agronomic Technology Corp. (57.5%) and Yara North America Inc. (42.5%) Agronomic Technology Corp. 100.0% United States Yara North America Inc. Yara Clean Ammonia US Inc. 100.0% United States Yara Clean Ammonia Norge AS Yara North America Inc. 100.0% United States Yara International ASA Freeport Ammonia LLC 100.0% United States Yara North America Inc. Yara West Sacramento Terminal LLC 100.0% United States Yara North America Inc. Yara Vietnam Co. Ltd. 100.0% Vietnam Yara Asia Pte Ltd. Yara Fertilizer Zambia Ltd. 100.0% Zambia Yara Nederland B.V",
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"fact-48": {
"value": "8.4 Composition of the group The consolidated financial statement of Yara comprises 143 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). This list also includes major holding companies. Subsidiaries Ownership Registered office Main parent(s) Yara Argentina S.A. 100.0% Argentina Yara Iberian S.A.U. Yara Australia Pty Ltd. 100.0% Australia Yara Technology B.V. Yara Pilbara Fertilisers Pty Ltd. 100.0% Australia Chemical Holdings Pty Ltd. Chemical Holdings Pty Ltd. 100.0% Australia Yara Australia Pty Ltd. Yara Environmental Technologies GmbH 100.0% Austria Yara Investment GmbH Yara Belgium S.A./N.V. 100.0% Belgium Yara Nederland B.V. Yara Tertre S.A. 100.0% Belgium Yara Belgium S.A./N.V. Yara Trinidad Ltd. 100.0% Bermuda Yara Caribbean (20002) Ltd. Yara Brasil Fertilizantes S.A. 100.0% Brazil Yara South America Investments B.V. Yara Belle Plaine Inc. 100.0% Canada Yara Canada Holding Inc. Yara Canada Holding Inc. 100.0% Canada Fertilizer Holdings AS Yara Canada Inc. 100.0% Canada Fertilizer Holdings AS Yara Chile Fertilizantes Ltda. 100.0% Chile Yara Phosyn Ltd. Yara Trading (Shanghai) Co. Ltd. 100.0% China Yara Asia Pte Ltd. Yara Colombia S.A. 99.4% Colombia Yara International ASA (70.1%) and OFD Holding S. de R.L. (29.3%) Yara Industrial Colombia S.A.S. 99.4% Colombia Yara Colombia S.A. Yara Costa Rica S. de R.L. 87.6% Costa Rica Yara Iberian S.A.U. Yara Danmark A/S 100.0% Denmark Fertilizer Holdings AS Yarecuador Cia. Ltda. 99.4% Ecuador Yara Colombia S.A. Yara Agri Trade Misr 51.0% Egypt Yara Trade Misr Ltd. Yara Dallol B.V. 59.2% Ethiopia Yara Nederland B.V. Yara Phosphates Oy 100.0% Finland Yara Suomi Oy Yara Suomi Oy 100.0% Finland Yara Nederland B.V. Yara France SAS 100.0% France Yara Nederland B.V. Yara Besitz GmbH 100.0% Germany Yara GmbH & Co. KG Yara Brunsb\u00fcttel GmbH 100.0% Germany Yara GmbH & Co. KG Yara Industrial Solutions Germany GmbH 100.0% Germany Yara GmbH & Co. K Subsidiaries Ownership Registered office Main parent(s) Yara GmbH & Co. KG 100.0% Germany Yara Investments Germany SE Yara Investment GmbH 100.0% Germany Yara GmbH & Co. KG Yara Investments Germany SE 100.0% Germany Yara Nederland B.V. Yara Ghana Ltd. 100.0% Ghana Yara Nederland B.V. Yara Hellas S.A. 100.0% Greece Yara Nederland B.V. Yara Guatemala S.A. 100.0% Guatemala Yara International ASA Yara Fertilisers India Pvt. Ltd. 100.0% India Yara Asia Pte Ltd. P.T. Yara Indonesia 100.0% Indonesia Yara Asia Pte Ltd. Yara Insurance DAC 100.0% Ireland Fertilizer Holdings AS Yara Italia S.p.A. 100.0% Italy Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%) Yara C\u00f4te d'Ivoire S.A. 100.0% Ivory Coast Fertilizer Holdings AS Yara East Africa Ltd. 100.0% Kenya Yara Overseas Ltd. Yara International (M) Sdn. Bhd. 70.0% Malaysia Yara Asia Pte Ltd. Yara M\u00e9xico S. de R.L. de C.V. 100.0% Mexico OFD Holding S. de R.L. (71.9%) and Yara Nederland B.V. (28.1%) Fertilizer Holdings AS 100.0% Norway Yara International ASA Yara Clean Ammonia Norge AS 100.0% Norway Yara Clean Ammonia AS Yara Clean Ammonia AS 100.0% Norway Yara International ASA Yara Growth Ventures AS 100.0% Norway Fertilizer Holdings AS Her\u00f8ya Nett AS 100.0% Norway Yara Norge AS Yara Marine Technologies AS 100.0% Norway Fertilizer Holdings AS OFD Holding S. de R.L. 100.0% Norway Fertilizer Holdings AS Yara AS 100.0% Norway Fertilizer Holdings AS Yara Birkeland AS 100.0% Norway Fertilizer Holdings AS Yara Norge AS 100.0% Norway Yara International ASA Yara LPG Shipping AS 100.0% Norway Yara Clean Ammonia Norge AS Yara Fertilizers Philippines Inc. 100.0% Philippines Yara Asia Pte Ltd. Yara Poland Sp. z o.o. 100.0% Poland Yara Nederland B.V. Yara Rwanda Ltd. 100.0% Rwanda Yara Tanzania Ltd. Yara Asia Pte Ltd. 100.0% Singapore Yara International ASA Yara Animal Nutrition South Africa (Pty) Ltd. 100.0% South Africa Yara Phosphates Oy Yara Africa Fertilizers (Pty) Ltd. 100.0% South Africa Yara Nederland B.V. Yara Iberian S.A.U. 100.0% Spain Yara Nederland B.V Subsidiaries Ownership Registered office Main parent(s) Yara Marine Technologies AB 100.0% Sweden Yara Marine Technologies AS Yara AB 100.0% Sweden Fertilizer Holdings AS Yara Switzerland Ltd. 100.0% Switzerland Yara Nederland B.V. Yara Clean Ammonia Switzerland SA 100.0% Switzerland Yara Clean Ammonia Norge AS Yara Tanzania Ltd. 100.0% Tanzania Fertilizer Holdings AS Yara (Thailand) Ltd. 100.0% Thailand Yara Asia Pte Ltd. Yara Holding Netherlands B.V. 100.0% The Netherlands Fertilizer Holdings AS Yara Nederland B.V. 100.0% The Netherlands Yara Holding Netherlands B.V. Yara Sluiskil B.V. 100.0% The Netherlands Yara Nederland B.V. Yara South America Investments B.V. 100.0% The Netherlands Yara Nederland B.V. Yara Technology B.V. 100.0% The Netherlands Yara Nederland B.V. Yara Vlaardingen B.V. 100.0% The Netherlands Yara Nederland B.V. Yara Caribbean (2002) Ltd. 100.0% Trinidad and Tobago Fertilizer Holdings AS Yara UK Ltd. 100.0% United Kingdom Fertilizer Holdings AS Agoro Carbon Alliance US, Inc. 100.0% United States Agronomic Technology Corp. (57.5%) and Yara North America Inc. (42.5%) Agronomic Technology Corp. 100.0% United States Yara North America Inc. Yara Clean Ammonia US Inc. 100.0% United States Yara Clean Ammonia Norge AS Yara North America Inc. 100.0% United States Yara International ASA Freeport Ammonia LLC 100.0% United States Yara North America Inc. Yara West Sacramento Terminal LLC 100.0% United States Yara North America Inc. Yara Vietnam Co. Ltd. 100.0% Vietnam Yara Asia Pte Ltd. Yara Fertilizer Zambia Ltd. 100.0% Zambia Yara Nederland B.V",
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"fact-49": {
"value": "8.5 Post balance sheet date events Disposal of Yara Dallol B.V. The Share Purchase Agreement with X LR Enterprises Limited to sell its ownership interest in the Dallol Mining project in Ethiopia as announced on 4 July 2022 was completed on 27 January 2023. Yara\u2019s full legal ownership interest in the project, together with all economic rights and all obligations and liabilities attaching or relating thereto, were transferred to X LR Enterprises at closing date. The accounting effect of the closing is immaterial. Dividends Yara\u2019s Board is proposing to the Annual General Meeting a dividend of NOK 55 per share for 2022",
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"value": "55",
"decimals": 0,
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"unit": "iso4217:NOK/xbrli:shares"
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"value": "Auditor\u2019s report To the General Meeting of Yara International ASA INDEPENDENT AUDITOR\u2019S REPORT Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Yara International ASA, which comprise: \u2022 The financial statements of the parent company Yara International ASA (the Company), which comprise the balance sheet as at 31 December 2022, the income statement and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and \u2022 The consolidated financial statements of Yara International ASA and its subsidiaries (the Group), which comprise the statement of financial position as at 31 December 2022, the statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion: \u2022 the financial statements comply with applicable statutory requirements, \u2022 the financial statements give a true and fair view of the financial position of the Company as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices gener- ally accepted in Norway, and \u2022 the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion those standards are further described in the Auditor\u2019s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants\u2019 International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 19 years from the incorporation of the Company on 12 November 2003 for the accounting year 2004 following the demerger from Norsk Hydro ASA. We were auditors in Norsk Hydro ASA at the time for the demerger, and have been auditors for Yara International ASA and Norsk Hydro ASA in total for more than 20 years. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The key audit matters identified in our audit are: \u2022 Tax assets and liabilities \u2022 Impairment of goodwill and property, plant and equipmen Tax assets and liabilities Key audit matter As detailed in note 1.2 and 2.8, the Group has recognized deferred tax assets of USD 449 million. Total unrecognized deferred tax assets are USD 392 million, of which USD 213 million represent unused tax losses in Brazil. Recognition of these assets are based on management assumptions related to future operating results and timing of utilization. As detailed in note 1.2, and 2.8, management applies judgment to determine to what extent these deferred tax assets qualify for recognition in the statement of financial position. This involves judgment as to the likelihood of the realization of deferred tax assets. The expectation that the benefit of these deferred tax assets will be realized is dependent on sufficient taxable profits in future periods. As detailed in note 1.2 and 5.6, the Group is engaged in a number of juridical and administrative proceedings related to disputed tax matters with uncertain outcome. Management is required to make certain judgments and estimates to recognize and measure the effect of uncertain tax positions. Due to the significant management judgment involved in estimation and recognition of deferred tax assets, uncertain tax positions, we have assessed this to be a Key Audit Matter. How the matter was addressed in the audit Our audit procedures included the following, among others: \u2022 We evaluated relevant controls associated with accounting for tax balances, including deferred tax assets and uncertain tax positions. \u2022 We involved our tax specialists in evaluating management\u2019s judgments and conclusions. \u2022 We challenged the appropriateness of management\u2019s assumptions and estimates in relation to the likelihood of generating future taxable profits to support the recognition of deferred tax assets. We evaluated the forecasted taxable profits and consistency of these forecasts with historical performance. \u2022 We evaluated management\u2019s assessment of the probable outcome related to uncertain tax positions. \u2022 We reviewed applicable third-party evidence and correspondence with tax authorities. \u2022 We considered the adequacy of the Group\u2019s disclosures related to uncertain tax positions and deferred tax assets Impairment of goodwill, property, plant and equipment Key audit matter As disclosed in note 1.2, 4.1 and 4.2, the Group has recognized goodwill of USD 754 million and property, plant and equipment (PP&E) of USD 6.970 million. The Company\u2019s goodwill is tested for impairment on an annual basis while PP&E is tested for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Determining whether goodwill and PP&E are impaired requires estimation of the value in use. As disclosed in note 4.7, the value in use calculation requires management to make significant estimates and assumptions related to future commodity prices, gas prices as well as assumptions related to discount rates, future production levels, capital expenditures and impact from climate changes. Changes in these assumptions could have a significant impact on the value of goodwill and PP&E. Net impairment losses of USD 35 million were recognized in the year ended 31 December 2022. Due to the significant judgment involved in determining the assumptions used in the testing for impairment of good-will, property, plant and equipment we have assessed this to be a Key Audit Matter. How the matter was addressed in the audit Our audit procedures included the following, among others: \u2022 We evaluated relevant controls associated with the impairment review process. \u2022 We challenged management\u2019s key assumptions used in the cash flow forecasts included within the impairment models. \u2022 We challenged specifically the urea- and ammonia prices, gas prices, assumed production levels, capital expenditure, impact from climate changes and discount rate assumptions, includ- ing consideration of the risk of management bias. \u2022 We compared urea- and ammonia and gas prices to third party publications. \u2022 We used internal valuation specialists in assessing discount rate assumptions used and testing the models. \u2022 We validated the mathematical accuracy of cash flow models and agreed relevant data to the latest production plans and approved budgets. \u2022 We considered the adequacy of the disclosures provided by the Group in relation to its impair- ment reviews Other information The Board of Directors and the President and CEO (management) are responsible for the infor- mation in the Board of Directors\u2019 report and the other information accompanying the financial statements. The other information comprises information in the integrated report, but does not include the financial statements and our auditor\u2019s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors\u2019 report nor the other informa- tion accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors\u2019 report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors\u2019 report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors\u2019 report and the other information accom- panying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors\u2019 report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the other information \u2022 is consistent with the financial statements and \u2022 contains the information required by applicable legal requirements regarding the Board of Directors\u2019 report. \u2022 contains the information required by applicable legal requirements regarding the statements on Corporate Governance and Corporate Social Responsibility, and to the report on payments to governments. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation and true and fair view of the consolidated financial statements of the Group in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company\u2019s and the Group\u2019s ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. The consolidated financial state- ments of the Group use the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor\u2019s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor\u2019s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstate- ment when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: \u2022 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. \u2022 obtain an understanding of internal control relevant to the audit in order to design audit proce- dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company\u2019s and the Group\u2019s internal control. \u2022 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. \u2022 conclude on the appropriateness of management\u2019s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company and the Group\u2019s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor\u2019s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor\u2019s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. \u2022 evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. \u2022 obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial state- ments. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor\u2019s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse conse- quences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on compliance with Regulation on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Yara International ASA, we have performed an assur- ance engagement to obtain reasonable assurance about whether the financial statements included in the integrated report, with the file name 213800WKOUWXWFJ5Z514-2022-12-31-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the integrated report in XHTML format, and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the integrated report, have been prepared, in all material respects, in compliance with the ESEF regulation. Management\u2019s Responsibilities Management is responsible for the preparation of the integrated report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor\u2019s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the integrated report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 \u2013 \u201cAssurance engagements other than audits or reviews of historical financial information\u201d. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the integrated report have been prepared in compliance with the ESEF Regulation. As part of our work, we have performed procedures to obtain an understanding of the Company\u2019s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the com- pleteness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management\u2019s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Oslo, 23 March 2023 Deloitte AS Espen Johansen State Authorised Public Accountant (This document is signed electronically",
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"value": "Basic earnings per share excluding currency and special items Basic earnings per share (EPS) excluding currency and special items is an adjusted EPS measure which reflects the underlying performance in the reported period by adjusting for currency effects and items which are not primarily related to the period in which they are recognized. This APM represents net income after non-controlling interests, excluding foreign currency translation gain/ loss and special items after tax, divided by average number of shares outstanding in the period. The tax effect on foreign currency and special items is calculated based on relevant statutory tax rate for simplicity",
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"value": "As approved by General Meeting 7 May 2020. 3) As approved by General Meeting 6 May 2021. ",
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"fid-c5f50a40-60f1-4b9a-b60a-6c3c2f6bacf8": {
"value": "Excluded expected credit loss provisions on bank deposits, which amounts to USD 1 million (2021: USD 2.8 million). See note 3.4 Cash and cash equivalents for more informatio n",
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"value": "Weighted average number of shares outstanding was reduced in the first quarter 2021 due to the share buyback program",
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"fid-3203e5f8-0e71-42e5-af8e-81cba4fcccce": {
"value": ") See note 6.3 Financial instruments .",
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"fid-d036875b-c2c5-4a4b-9f9c-bd64df7c89b4": {
"value": ") Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net. ",
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"fid-0a1f0789-6c9c-49cf-93dd-edaf114c6b31": {
"value": "Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as \u201cforeign operations\u201d to Yara International ASA",
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"value": "Including interest expenses on lease liabilities. ",
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"value": "1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share",
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