{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance", "yarainternationalasa": "http://yarainternationalasa.com/xbrl/2024" }, "linkTypes": { "ftTyp_fact-footnote": "http://www.xbrl.org/2003/arcrole/fact-footnote" }, "linkGroups": { "ftGrp_default": "http://www.xbrl.org/2003/role/link" }, "taxonomy": [ "http://yarainternationalasa.com/xbrl/2024/yarainternationalasa-2024-12-31.xsd" ] }, "facts": { "fact-1": { "value": "About Yara Yara's mission is to responsibly feed the world and protect the planet. We pursue a strategy of sustainable value growth through reducing emissions from crop nutrition production and developing low-emission energy solutions. Yara\u2019s ambition is focused on growing a nature- positive food future that creates value for our customers, shareholders and society at large and delivers a more sustainable food value chain Yara is the industry\u2019s most global player. We combine the production and marketing of crop nutrition products and solutions with a farmer- centric approach, turning a century of agronomic knowledge into value for millions of farmers around the globe.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "
People
Our employees and their knowledge are Yara\u2019s greatest asset. We continue to invest in their growth,
engagement and safety, and to support diversity, equity, and inclusion in our operations.
TRI
Total recordable injuries
1)
per million hours worked
2025
Target
2024 2023 2022 2021 2020
1.3
1.0
1.1 1.1
0.9
<1.0
2025
Target
2024 2023 2022 2021 2020
74
77
75 75 75
Top quartile
(78 in 2024)
2025
Target
2024 2023 2022 2021 2020
79 79
78
77
76
Top quartile
(82in 2024)
2025
Target
2024 2023 2022 2021 2020
24
29 29
32 32
40
Diversity and inclusion index
Index (%)
Engagement index
Index (%)
Female senior managers
Share %
In 2024, we saw excellent safety performance
throughout our operations, with an all-time low
injury rate below our 2025 target. Since we first
launched our Safe by Choice program in 2012,
we have succeeded in decreasing the TRI rate
and severe injuries by about 80 percent and are
now recognized as an industry leader in in safety
performance.
1)
Sum of lost-time injuries, restricted work cases and medical treatment cases for
employees and contractors combined, ref. OSHA classification definition.
In 2024, we achieved a score of 75 percent in
the diversity and inclusion index, the same as in
2023. This was below our target of being in the
top quartile of international benchmarks, which set
the threshold at 78 percent in 2024. We remain
committed to achieving this target in 2025 by
embedding diversity, equity and inclusion in all our
activities.
We consistently score well against industry
benchmark on questions related to employee
engagement and generally see that most
employees are proud to work at Yara. Yet, we saw
a slight decline in our engagement index score in
2024 and came short of meeting our target of
scoring in the top quartile of the benchmark.
The proportion of female senior managers
remained stable from 2023 to 2024 and
below our target for 2025. We closely monitor
representation and retention rates and continue
to run and implement new initiatives to make
Yara more attractive to women. Examples of such
initiatives include specific mentoring programs,
the gender equity employee resource groups and
efforts to close the gender pay gap.
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3. Equity and dividends
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 percent of net income. Interim cash returns may be distributed,
subject to proposal from the Board and approval in the General
Meeting. Shareholder returns are distributed primarily as cash, with
share buybacks as a supplemental lever.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Yara International ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "
Group Executive Board
Svein Tore Holsether (1972)
POSITION: President and Chief Executive Officer
YEAR OF APPOINTMENT: 2015
EMPLOYED: 2015
EDUCATION: Bachelor\u2019s degree, specializing in finance
and management from the University of Utah, USA
EXPERIENCE: Mr. Holsether is passionate about
promoting the Sustainable Development Goals as an
enabler of growth rather than a constraint. He was the
former Chair of the Food & Nature program for the
World Business Council for Sustainable Development
(WBCSD) and has for several years been a nature
champion and member of the Alliance of CEO Climate
Leaders at the World Economic Forum (WEF). He
was a Commissioner of the Business and Sustainable
Development Commission (BSDC) and became a
member of the Board of the European Chemical Industry
Council (CEFIC) in November 2024. He is also President
of NHO, the Norwegian Confederation of Business and
Industry, and on the board of Skandinaviska Enskilda
Banken AB (SEB). Previously, Mr. Holsether has held a
range of executive and senior positions in large industrial
companies.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 60,465
Thor Gi\u00e6ver (1972)
POSITION: EVP & Chief Financial Officer
YEAR OF APPOINTMENT: 2021
EMPLOYED: 2004
EDUCATION: Bachelor\u2019s (Honors) 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\u20132015) and Head of Controlling &
Risk Management (2009\u20132011). He also has earlier
experience from a number of finance positions at Ford
Motor Company (1996\u20132004). Gi\u00e6ver is a certified
Diversity Manager in line with the requirements from
Norsk Sertifisering AS.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 14,078
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 positions in the company,
among them VP Farming Solutions Europe (2020\u2013
2021), Project Manager for Yara Europe Strategy,
and SVP BU South Europe (2019\u20132020), SVP BU
Asia (2017\u20132019), and Country Manager for Spain
and Portugal (2013\u20132016). Ms. Andr\u00e9s Enr\u00edquez was
employed by Hydro in 1998 as a field agronomist.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 13,330
Solveig Hellebust (1967)
POSITION: EVP, People, Process, and Digitalization
YEAR OF APPOINTMENT: 2022
EMPLOYED: 2020
EDUCATION: Ph.D. 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\u20132019), 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\u20132009) and Telenor
(2001\u20132004). 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:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 7,815
Magnus Krogh Ankarstrand (1979)
POSITION: EVP, Corporate Development
YEAR OF APPOINTMENT: 2023
EMPLOYED: 2013
EDUCATION: Master of Management and Economics
(\u201cSivil\u00f8konom\u201d) from The Norwegian School of
Economics (NHH). Bachelor in Nautical Engineering from
the Royal Norwegian Naval Academy
EXPERIENCE: Mr. Ankarstrand has served as Executive
Vice President Corporate Development since August
2023. He was CEO of Yara Clean Ammonia from 2021
to 2024, and previously held positions as SVP Yara
North America, CFO of the Industrial segment, and
Director of Strategy & Business Development. He also
has previous experience from Boston Consulting Group
and the Royal Norwegian Navy. Mr. Ankarstrand serves
at the Council of Det Norske Veritas.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 8,199
Johan Labby (1978)
POSITION: EVP, Global Plants & Operational Excellence
YEAR OF APPOINTMENT: 2023
EMPLOYED: 2003
EDUCATION: Master\u2019s degree in mechanical engineering
from the University of Mons, Belgium.
EXPERIENCE: Mr. Labby has served as Executive Vice
President Global Plants & Operational Excellence since
July 2023. Mr. Labby has been a Yara employee since
2003 and has held several positions at Yara. He has
extensive leadership experience from Yara production
sites, including Plant Manager in Le Havre, France,
and the position as Maintenance, Engineering, and
Turnaround Manager at different sites, including Belle
Plaine, Canada, Le Havre, France, and Uusikaupunki,
Finland.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 3,098
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. Master of
Business Administration from IESE Business School,
Spain. 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\u20132020). Prior to joining Yara,
Mrs. Lopes Larsen held manufacturing and procurement
positions in the consumer goods and pharmaceutical
companies Procter & Gamble and GlaxoSmithKline. Mrs.
Lopes Larsen was a Board member and non-Executive
Director of Kemira from March 2023 to August 2024,
and became a member of the Board of Equinor ASA in
July 2024.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
16 (11 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 13,915
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\u20132020),
Value Chain Director (2013\u20132018), and Managing
Director of Yara Vietnam (2007\u20132013). 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:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 15,630
Jorge Noval (1968)
POSITION: EVP & CEO, Yara Industrial Solutions
YEAR OF APPOINTMENT: 2023
EMPLOYED: 1998
EDUCATION: Degree in chemical engineering from the
University of Oviedo, Spain, and post graduate education
from IE Business School, Spain.
EXPERIENCE: Mr. Noval has served as CEO of Yara
Industrial Solutions since February 2020. He previously
held the Senior Vice President Mining Applications
position and the VP Strategy and Business Development
position, both in Yara Industrial. Mr. Noval has more than
25 years\u2019 experience in senior positions in the chemical
industry.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 11,006
Kristine Ryssdal (1960)
POSITION: EVP & 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 has served as Executive
Vice President & General Counsel since July 2021.
She previously held the position of EVP HR & General
Counsel (2020\u20132021) and EVP General Counsel
(2016\u20132020). Before joining Yara, Ms. Ryssdal held the
position of Vice President Legal at Statoil (2012\u20132016).
Prior to this, Ryssdal was Senior Vice President and
Chief Legal Officer of Renewable Energy Corporation
ASA 2008\u20132012, Senior Advisor Commercial & Legal
Affairs at Norsk Hydro / Statoil Hydro 2006\u20132008,
Legal Counsel at Norsk Hydro 1998\u20132006, and
Attorney at the Attorney General\u2019s office 1987\u20131998.
Sustainability is an integrated part of her leadership
agenda as responsible for Ethics & Compliance in the
Group Executive Board. Ms. Ryssdal is also a member
of the Executive Board of the Central Bank of Norway,
supervising amongst other matters, responsible
investments of the Norwegian Oil Fund. Ms. Ryssdal is
also admitted to the bar of the Supreme Court of Norway.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 20,342
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"decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-312": { "value": "2049000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-313": { "value": "419000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:PrepaymentsFromCustomers", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-314": { "value": "368000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:PrepaymentsFromCustomers", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-315": { "value": "99000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-316": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-317": { "value": "84000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-318": { "value": "50000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-319": { "value": "295000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-320": { "value": "381000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-321": { "value": "34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-322": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-323": { "value": "170000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-324": { "value": "517000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-325": { "value": "138000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-326": { "value": "123000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-327": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-328": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-329": { "value": "3117000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-330": { "value": "3714000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-331": { "value": "14994000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-332": { "value": "16027000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-333": { "value": "254725627.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesOutstanding", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "fact-334": { "value": "254725627.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesOutstanding", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "fact-6": { "value": "The Board of Directors Yara International ASA, Oslo, 20 March 2025 Trond Berger Chair Jannicke Hilland Vice Chair John Thuestad Member of the Board Rune A. Bratteberg Member of the Board Tove Feld Member of the Board Geir O. Sundb\u00f8 Member of the Board Eva S. Aspvik Member of the Board Ragnhild F. H\u00f8imyr Member of the Board Therese Log Bergjord Member of the Board Harald Thorstein Member of the Board Tina Lawton Member of the Board Svein Tore Holsether President and CEO Statement from the Board and CEO of Yara International ASA The Board of Directors and the CEO have today considered and approved the integrated report for Yara International ASA (\u201cCompany\u201d) and the Yara Group (\u201cGroup\u201d) for the 2024 calendar year and as of 31 December, 2024. We confirm to the best of our knowledge that: \u2022 the consolidated financial statements of the Group for 2024 have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by EU, as well as additional in formation requirements in accordance with the Norwegian Accounting Act, and that \u2022 the financial statements of the Company for 2024 have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting practice in Norway, and that \u2022 the information presented in the financial statements gives a true and fair view of the Company\u2019s and the Group\u2019s assets, liabilities, financial posi tion and result for the period. We also confirm to the best of our knowledge that: \u2022 the Integrated Report 2024 gives a true and fair view of the development, performance and financial position of the Company and Group, and includes a description of the principal risks and uncertainties that they face, and that \u2022 the Integrated Report meets the information requirements of the Norwegian accounting act with regard to the Board of Directors Report and statements on corporate governance for 2024, and that \u2022 the Country-by-Country report for 2024 has been prepared in accordance with the Norwegian Security Trading Act and the Norwegian Accounting Act, and that \u2022 the 2024 Sustainability statements have been prepared in accordance with and meets the information requirements of the Norwegian Accounting Act \u00a7 2-6 (European Sustainability Reporting Standards) and the EU taxonomy regulation (Article 8 of EU Regulation 2020/852). The Board of Directors Yara International ASA, Oslo, 20 March 2025 Trond Berger Chair Jannicke Hilland Vice Chair John Thuestad Member of the Board Rune A. Bratteberg Member of the Board Tove Feld Member of the Board Geir O. Sundb\u00f8 Member of the Board Eva S. Aspvik Member of the Board Ragnhild F. H\u00f8imyr Member of the Board Therese Log Bergjord Member of the Board Harald Thorstein Member of the Board Tina Lawton Member of the Board Svein Tore Holsether President and CEO 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 2024, the income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. \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 2024, 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 material accounting policy information. 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 2024, 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 generally 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 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Board Audit and Sustainability Committee Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under 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 20 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 2024. 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 Tax assets and liabilities Description of the Key Audit Matter As detailed in note 1.1 and 2.8,the Group has recognized deferred tax assets of USD 555 million. Total unrecognized deferred tax assets are USD 576 million, of which USD 330 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 1.1 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 1.1 and 5.5, 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 and 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 and property, plant and equipment Description of the Key Audit Matter As disclosed in note 1.1, 4.1 and 4.2, the Group has recognized goodwill of USD 712 million and property, plant and equipment (PP&E) of USD 6 817 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 82 million were recognized in the year ended 31 December 2024. Due to the significant judgment involved in determining the assumptions used in the testing for impairment of goodwill, 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, including 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 impairment reviews. Other information The Board of Directors and the President and CEO (management) are responsible for the information in the Board of Directors\u2019 report and the other information accompanying the financial statements. The other information comprises information in the annual 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 information 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 accompanying 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 Board of Directors\u2019 report \u2022 is consistent with the financial statements and \u2022 contains the information required by applicable statutory requirements. Our statement on the Board of Directors\u2019 report applies correspondingly to the statement on Corporate Governance and to the report on payments to governments. Our statement that the Board of Directors\u2019 report contains the information required by applicable law does not cover the sustainability report, for which a separate assurance report is issued. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements of the Company 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 of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible 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 financial statements 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 misstatement 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 procedures 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\u2019s 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 statements. 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 Board Audit and Sustainability 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 consequences 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 Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Yara International ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name YAR-2024-12-31-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 annual report in XHTML format and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual 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 annual 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 annual 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 annual 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 completeness 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, 20 March 2025 Deloitte AS Espen Johansen State Authorised Public Accountant (electronically signed)", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "
USD millions
Notes
2024
2023
Operating activities
Income/(loss) before tax
180
191
Adjustments to reconcile income/(loss) before tax to net
cash provided by/(used in) operating activities
Depreciation and amortization
4.1, 4.2, 4.5
1,047
1,018
Impairment loss
4.7
82
220
Write-down of inventory and trade receivables
(11)
(67)
(Gain)/loss on disposal of non-current assets
4.1, 4.2
(15)
(3)
Foreign currency exchange (gain)/loss
321
32
Finance income and expense
1)
203
169
Income taxes paid
(302)
(479)
Dividends
4.3
8
16
Interest paid
2)
(251)
(296)
Interest received
1)
54
94
Other
Working capital changes that provided/(used) cash
5.3
77
(36)
Trade receivables
23
687
Inventories
(201)
1,509
Prepaid expenses and other current assets
73
132
Trade and other payables
(87)
(452)
Prepaid from customers
121
(275)
Other interest-free liabilities
(35)
(171)
Net cash provided by/(used in) operating activities
1,286
2,288
USD millions
Notes
2024
2023
Investing activities
Purchase of property, plant and equipment
4.1
(1,038)
(1,139)
Proceeds from sales of property, plant and equipment
26
13
Disposal of subsidiaries, net of cash transferred
(7)
1
Acquisition of subsidiaries, net of cash acquired
(21)
(7)
Purchase of other non-current assets
4.2
(47)
(73)
Proceeds from sales of other non-current assets
4.3
8
7
Net cash provided by/(used in) investing activities
(1,080)
(1,197)
Financing activities
Loan proceeds
3)
5.2
284
62
Principal payments
3)
5.2
(404)
(93)
Payment of lease liabilities
4.5
(187)
(168)
Dividends paid
5.1
(120)
(1,319)
Other inflows/(outflows) of cash
25
(2)
Net cash provided by/(used in) financing activities
(401)
(1,520)
Foreign currency effects on cash and cash equivalents
(41)
(27)
Net increase/(decrease) in cash and cash equivalents
(236)
(456)
Cash and cash equivalents at 1 January
555
1,011
Cash and cash equivalents at 31 December
4)
3.4
318
555
Of which cash and cash equivalents in assets held for sale at 31 December
\u2013
15
Cash and cash equivalents in continuing operations at 31 December
318
540
Bank deposits not available for the use by the Group
3.4
85
92
1) Comparative figures have been restated, see \u201cBasis of preparation\u201d. 2) Including interest expenses on lease liabilities. 3) Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net. 4) Excluded expected credit loss provisions on bank deposits, which amount to USD 1 million (2023: USD 1 million). 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"yarainternationalasa:CashAndCashEquivalentsAt1January", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2023-01-02T00:00:00", "unit": "iso4217:USD" } }, "fact-405": { "value": "318000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:CashAndCashEquivalentsAt31December", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-406": { "value": "555000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:CashAndCashEquivalentsAt31December", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-407": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:OfWhichCashAndCashEquivalentsInAssetsHeldForSaleAt31December", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-408": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:OfWhichCashAndCashEquivalentsInAssetsHeldForSaleAt31December", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-409": { "value": "318000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:CashAndCashEquivalentsInContinuingOperationsAt31December", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-410": { "value": "540000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:CashAndCashEquivalentsInContinuingOperationsAt31December", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-411": { "value": "85000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:BankDepositsNotAvailableForTheUseByTheGroup", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-412": { "value": "92000000.0", "decimals": -6, "dimensions": { "concept": "yarainternationalasa:BankDepositsNotAvailableForTheUseByTheGroup", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-419": { "value": "
Basis of preparation
Voluntary change of accounting policy From 2024, Yara has changed the Group\u2019s presentation of interest income from financing components in contracts with customers and reports it as part of revenue and not as a financial item. It is part of the Group\u2019s ordinary activities, and a changed presentation will provide more relevant information. This change in presentation is applied retrospectively, and the effect constitutes a reclassification from interest income to revenue in the consolidated statement of income. The cash flow statement has been subject to a similar reclassification effect. Comparatives are restated where relevant. The change in presentation does not represent a change in accounting policy for recognition New and revised accounting standards and interpretations Adopted The Group has applied the following amendments to the IFRS Accounting Standards that are effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments clarify what is meant by a right to defer settlement, that a right to defer settlement must exist at the end of the reporting period, and that classification is unaffected by the likelihood that an entity will exercise its deferral right. In addition, they include a requirement to provide disclosure when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. Yara\u2019s only covenant refers to the net debt to equity ratio and is not linked to any deferral right. See note 6.1 Financial risk management for more information. \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a sale and leaseback The amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction. Yara has currently no significant sale and leaseback transactions. \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures on supplier finance arrangements The amendments specify disclosure requirements to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments have no impact on the consolidated financial statements in the periods presented. Not yet effective The below amendments to IFRS Accounting standards 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 2025. The impact of changes which are effective from 2026 and beyond are not yet assessed. \u2022 Amendments to IAS 21 \u2013 Lack of exchangeability The amendments are effective for annual periods beginning on or after 1 January 2025 and specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Classification and measurement of financial instruments The amendments are effective for annual periods beginning on or after 1 January 2026 and clarify the conditions for derecognizing a financial liability and how to assess financial assets that include ESG-linked features and other similar contingent features. \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity The amendments are effective for annual periods beginning on or after 1 January 2026 and include clarification of application of the \u201cown use\u201d requirements and guidance permitting hedge accounting, as well as new disclosure requirements. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1 Presentation of financial statements and is effective for annual periods beginning on or after 1 January 2027. It introduces new categories and subtotals in the statement of income. It also requires disclosure of management- defined performance measures (as defined) and includes new requirements for the location, aggregation and disaggregation of financial information. \u2022 IFRS 19 Subsidiaries without public accountability: Disclosures IFRS 19 allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "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 7.5 Composition of the Group. Information on other related party relationships of the Group is provided in note 7.2 Related parties. Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS(R) Accounting Standards as adopted by the EU (European Union) and effective as of 31 December 2024. 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 basis, 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 meets 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. Materiality judgments are reassessed at each reporting date and updated based on changed facts and Yara specific circumstances. Yara\u2019s Climate Roadmap In December 2020, Yara announced a strategic shift towards climate-neutral solutions along with the Group\u2019s climate targets. These targets include a 10 percent reduction in CO 2 e per tonne N by 2025, a 30 percent reduction in absolute emissions (scope 1 and 2) by 2030, and an ambition to be climate-neutral by 2050. See Yara\u2019s Planet KPIs on page 19 and the Yara\u2019s Executive Remuneration Report 2024 for more information and attainment of targets. Yara provides explicit information in the notes to these consolidated financial statements on how climate and environmental-related matters are reflected in the accounts. For more information, see note 1.2 Climate risk and opportunities, and note 1.3 Environmental impact and dependencies. 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 reassesses 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, or the monetary item is settled, 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 the divestment or liquidation of such a foreign operation. Any goodwill arising on the acquisition of a foreign operation, and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation, are translated using the closing rate at the date of that statement of financial position and recognized in other comprehensive income. Statement of cash flows Yara uses the indirect method to present cash flows from operating activities. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Interest and dividends received, as well as interest paid, are included in cash flows from operating activities. Dividends paid are included in cash flows from financing activities. Voluntary change of accounting policy From 2024, Yara has changed the Group\u2019s presentation of interest income from financing components in contracts with customers and reports it as part of revenue and not as a financial item. It is part of the Group\u2019s ordinary activities, and a changed presentation will provide more relevant information. This change in presentation is applied retrospectively, and the effect constitutes a reclassification from interest income to revenue in the consolidated statement of income. The cash flow statement has been subject to a similar reclassification effect. Comparatives are restated where relevant. The change in presentation does not represent a change in accounting policy for recognition . 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 Income taxes 2.8 Inventories 3.1 Trade receivables 3.2 Cash and cash equivalents 3.4 Property, plant and equipment 4.1 Goodwill 4.2 Intangible assets other than goodwill 4.2 Investments in associates and joint ventures 4.3 Investments in joint operations 4.4 Leases 4.5 Other non-current assets 4.6 Impairment of non-current assets 4.7 Government grants 4.9 Dividends paid 5.1 Interest-bearing debt 5.2 Pensions and other long-term employee benefit obligations 5.3 Trade and other current payables 5.4 Provisions and contingencies 5.5 Hedge accounting 6.2 Financial instruments 6.3 Fair value measurement 6.3 New and revised accounting standards and interpretations Adopted The Group has applied the following amendments to the IFRS Accounting Standards that are effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments clarify what is meant by a right to defer settlement, that a right to defer settlement must exist at the end of the reporting period, and that classification is unaffected by the likelihood that an entity will exercise its deferral right. In addition, they include a requirement to provide disclosure when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. Yara\u2019s only covenant refers to the net debt to equity ratio and is not linked to any deferral right. See note 6.1 Financial risk management for more information. \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a sale and leaseback The amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction. Yara has currently no significant sale and leaseback transactions. \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures on supplier finance arrangements The amendments specify disclosure requirements to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments have no impact on the consolidated financial statements in the periods presented. Not yet effective The below amendments to IFRS Accounting standards 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 2025. The impact of changes which are effective from 2026 and beyond are not yet assessed. \u2022 Amendments to IAS 21 \u2013 Lack of exchangeability The amendments are effective for annual periods beginning on or after 1 January 2025 and specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Classification and measurement of financial instruments The amendments are effective for annual periods beginning on or after 1 January 2026 and clarify the conditions for derecognizing a financial liability and how to assess financial assets that include ESG-linked features and other similar contingent features. \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity The amendments are effective for annual periods beginning on or after 1 January 2026 and include clarification of application of the \u201cown use\u201d requirements and guidance permitting hedge accounting, as well as new disclosure requirements. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1 Presentation of financial statements and is effective for annual periods beginning on or after 1 January 2027. It introduces new categories and subtotals in the statement of income. It also requires disclosure of management- defined performance measures (as defined) and includes new requirements for the location, aggregation and disaggregation of financial information. \u2022 IFRS 19 Subsidiaries without public accountability: Disclosures IFRS 19 allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "Basis of preparation Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS(R) Accounting Standards as adopted by the EU (European Union) and effective as of 31 December 2024.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "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 reassesses 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": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "Basis of preparation
Voluntary change of accounting policy
From 2024, Yara has changed the Group\u2019s presentation
of interest income from financing components in
contracts with customers and reports it as part of
revenue and not as a financial item. It is part of the
Group\u2019s ordinary activities, and a changed presentation
will provide more relevant information. This change in
presentation is applied retrospectively, and the effect
constitutes a reclassification from interest income
to revenue in the consolidated statement of income.
The cash flow statement has been subject to a similar
reclassification effect. Comparatives are restated where
relevant. The change in presentation does not represent
a change in accounting policy for recognition .
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "Basis of preparation Voluntary change of accounting policy From 2024, Yara has changed the Group\u2019s presentation of interest income from financing components in contracts with customers and reports it as part of revenue and not as a financial item. It is part of the Group\u2019s ordinary activities, and a changed presentation will provide more relevant information. This change in presentation is applied retrospectively, and the effect constitutes a reclassification from interest income to revenue in the consolidated statement of income. The cash flow statement has been subject to a similar reclassification effect. Comparatives are restated where relevant. The change in presentation does not represent a change in accounting policy for recognition . New and revised accounting standards and interpretations Adopted The Group has applied the following amendments to the IFRS Accounting Standards that are effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments clarify what is meant by a right to defer settlement, that a right to defer settlement must exist at the end of the reporting period, and that classification is unaffected by the likelihood that an entity will exercise its deferral right. In addition, they include a requirement to provide disclosure when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. Yara\u2019s only covenant refers to the net debt to equity ratio and is not linked to any deferral right. See note 6.1 Financial risk management for more information. \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a sale and leaseback The amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction. Yara has currently no significant sale and leaseback transactions. \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures on supplier finance arrangements The amendments specify disclosure requirements to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments have no impact on the consolidated financial statements in the periods presented. Not yet effective The below amendments to IFRS Accounting standards 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 2025. The impact of changes which are effective from 2026 and beyond are not yet assessed. \u2022 Amendments to IAS 21 \u2013 Lack of exchangeability The amendments are effective for annual periods beginning on or after 1 January 2025 and specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Classification and measurement of financial instruments The amendments are effective for annual periods beginning on or after 1 January 2026 and clarify the conditions for derecognizing a financial liability and how to assess financial assets that include ESG-linked features and other similar contingent features. \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity The amendments are effective for annual periods beginning on or after 1 January 2026 and include clarification of application of the \u201cown use\u201d requirements and guidance permitting hedge accounting, as well as new disclosure requirements. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1 Presentation of financial statements and is effective for annual periods beginning on or after 1 January 2027. It introduces new categories and subtotals in the statement of income. It also requires disclosure of management- defined performance measures (as defined) and includes new requirements for the location, aggregation and disaggregation of financial information. \u2022 IFRS 19 Subsidiaries without public accountability: Disclosures IFRS 19 allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "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 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, or the monetary item is settled, 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 the divestment or
liquidation of such a foreign operation.
Any goodwill arising on the acquisition of a foreign
operation, and any fair value adjustments to the
carrying amounts of assets and liabilities arising on the
acquisition of that foreign operation, are translated using
the closing rate at the date of that statement of financial
position and recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "Basis of preparation
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 7.5 Composition of the
Group. Information on other related party relationships of
the Group is provided in note 7.2 Related parties.
Statement of compliance
These consolidated financial statements have been
prepared in accordance with IFRS(R) Accounting
Standards as adopted by the EU (European Union) and
effective as of 31 December 2024. 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 basis, 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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "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
Income taxes
2.8
Inventories
3.1
Trade receivables
3.2
Cash and cash equivalents
3.4
Property, plant and equipment
4.1
Goodwill
4.2
Intangible assets other than goodwill
4.2
Investments in associates and joint
ventures
4.3
Investments in joint operations
4.4
Leases
4.5
Other non-current assets
4.6
Impairment of non-current assets
4.7
Government grants
4.9
Dividends paid
5.1
Interest-bearing debt
5.2
Pensions and other long-term employee
benefit obligations
5.3
Trade and other current payables
5.4
Provisions and contingencies
5.5
Hedge accounting
6.2
Financial instruments
6.3
Fair value measurement
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "Basis of preparation
Statement of cash flows
Yara uses the indirect method to present cash flows
from operating activities. Cash inflows and outflows are
shown separately for investing and financing activities,
while operating activities include both cash and non-cash
line items. Interest and dividends received, as well as
interest paid, are included in cash flows from operating
activities. Dividends paid are included in cash flows from
financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "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 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, or the monetary item is settled, 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 the divestment or liquidation of such a foreign operation. Any goodwill arising on the acquisition of a foreign operation, and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation, are translated using the closing rate at the date of that statement of financial position and recognized in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "Basis of preparation 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, or the monetary item is settled, they are recognized in the consolidated statement of income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "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 reassesses 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. 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 the divestment or liquidation of such a foreign operation. Any goodwill arising on the acquisition of a foreign operation, and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation, are translated using the closing rate at the date of that statement of financial position and recognized in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "Yara International ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Yara International ASA is a public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "Drammensveien 131, Oslo, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "Drammensveien 131, Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "
1 Key sources of estimation uncertainty, judgments and assumptions
1.1 Significant estimates
and judgments
The preparation of consolidated financial statements in
accordance with IFRS Accounting Standards requires
Yara\u2019s management to make judgments, estimates,
and assumptions that impact reported amounts.
These estimates and assumptions, based on historical
experience and other reasonable factors, are reviewed
regularly. Any revisions are recognized in the period of
the revision and future periods if applicable.
Key areas that involve significant uncertainty and
complexity, potentially leading to notable variations in
reported amounts, are:
\u2022 Useful life and impairment of non-current assets
IAS 36 requires Yara to identify indicators that
may lead to asset or cash-generating unit (CGU)
impairment. Assessing such indicators and defining
CGUs involves significant judgment, considering both
internal and external factors like market presence and
cash flow interdependence. Impairment is recognized
if an asset or CGU\u2019s carrying amount exceeds its
recoverable amount, determined by either fair value
less costs to sell or value-in-use. Market conditions
and management estimates heavily influence these
calculations.
Similarly, estimating the useful life and residual value
of assets requires considerable judgment, affected by
technological development, strategic priorities, and
climate-related issues.
In July 2024, Yara announced a series of initiatives to
enhance financial performance by focusing on high-
return core businesses and key strategic priorities.
These efforts include scaling down low-return
activities, stricter prioritization of capital expenditure on
high-return assets, and reviewing the asset portfolio.
As a result, these initiatives may serve as indicators of
potential impairments and may require adjustments
to the useful life and residual value of assets,
necessitating careful evaluation and monitoring.
For more information, see note 4.1 Property, plant
and equipment, 4.2 Intangible assets, and 4.7
Impairment of non-current assets.
\u2022 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 used significant judgment in considering future
taxable income when assessing whether these assets
should be recognized. Further information about
deferred tax is provided in note 2.8 Income taxes.
Yara\u2019s operations in Brazil generate tax credits.
Recognition of these assets is based on management
assumptions related to future operating results and
timing of utilization. Further information is provided in
note 4.6 Other non-current assets.
Yara is engaged in several judicial and administrative
proceedings related to disputed tax matters with
uncertain outcomes. Management is required to
estimate the probability of cash outflow on a case-
by-case basis and has used significant judgment and
assumptions when preparing these estimates. Further
information is provided in note 5.5 Provisions and
contingencies.
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 decides in the future.
When determining whether uncertainty exists
regarding tax treatments, Yara considers current
tax laws and regulations, general practices, court
decisions, and rulings by relevant authorities, as well
as tax memoranda prepared by internal or external
experts. In cases of uncertain tax treatments, Yara
evaluates the likelihood that a taxation authority will
accept an uncertain tax treatment. If it is concluded
that it is unlikely the taxation authority will accept
the uncertain tax treatment, Yara will account for
the effect of uncertainty by using the method that
provides the best resolution prediction. For more
details on uncertain tax positions, see note 5.5
Provisions and contingencies.
\u2022 Net realizable value of inventory
Some of Yara\u2019s products are traded in markets where
observable market references are limited. As such,
management estimates and assumptions are required
to determine the net realizable value. For more
information, see note 3.1 Inventories .
\u2022 Defined benefit pension plans Yara\u2019s net obligation for defined benefit plans is calculated individually for each plan. The fair value of pension liabilities depends on various actuarial and economic assumptions, with changes in the discount rate having the most significant impact. These assumptions, determined locally for each plan based on the relevant economic environment, are typically reviewed annually unless significant changes occur. Detailed information, including sensitivity disclosures, is available in note 5.3 Pensions and other long-term employee benefit obligations. \u2022 Classification 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. Despite Yara owning 68 percent, the plant is controlled jointly with the other owner, because the partners have equal number of board representatives and major decisions requiring consensus. Similar judgments apply to the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also based on required consensus when making relevant decisions. For details, see note 4.4 Joint operations . 1.2 Climate risks and opportunities Yara faces significant risks and opportunities linked to 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 into 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 along with the Group\u2019s climate targets. These targets include a 10 percent reduction in CO 2 e per tonne N by 2025, a 30 percent reduction in absolute emissions (scope 1 and 2) by 2030, and an ambition to be climate-neutral by 2050. Yara is fully committed to achieving these goals and has integrated climate risks and opportunities into all relevant key business processes such as business planning, performance reviews, and capital value processes. The short-term incentive structure for the Group Executive Board includes planet-related indicators that account for 25 percent of the evaluation criteria. Yara\u2019s core industrial processes are the production of nitrogen fertilizers and industrial chemicals. Natural gas serves as the main energy source and feedstock to the processes. The two primary emission sources are CO 2 from ammonia production and N 2 O from nitric acid production. To reduce GHG emissions, Yara systematically assesses opportunities for improvements of these operations. As society transitions away from fossil fuels, Yara faces challenges from changing market dynamics, regulatory changes like carbon pricing schemes and border adjustment mechanisms, as well as shifting consumer preferences. However, opportunities also arise from the growing demand for products with lower carbon footprints, evolving consumer behavior, and advances in GHG-reducing technologies. These transition risks and opportunities are central to Yara\u2019s long-term strategy, shaping how the company adapts and innovates to maintain resilience and relevance. The Group addresses these by evaluating investments under climate scenarios, promoting low-carbon solutions, reducing GHG emissions, sourcing renewable electricity, and advancing low-emission ammonia for the hydrogen economy. The main climate regulations impacting Yara are: \u2022 Carbon pricing mechanisms This includes the EU Emissions Trading System (EU ETS) and Carbon Border Adjustment Mechanism (CBAM). Carbon emission taxes in Europe, combined with the phase-out of free allowances, may increase production costs. The risk from carbon pricing may also materialize from greater uncertainty and lack of alignment between countries. The introduction of CBAM in Europe will, over time, increase costs for Yara\u2019s imports of ammonia to the European market, except where inwards processing for re-export can be applied, and when low-carbon ammonia can be sourced within Yara or from third parties. \u2022 Renewable Energy Directive (REDIII) The Directive, which entered into force on 20 November 2023, applies to EU member states that must transpose it into national law by 21 May 2025. So far, no member state has transposed the directive, so there is currently no legislation creating an obligation on companies. The Directive is considered mainly as a risk for Yara\u2019s European ammonia production due to its ambitious targets for industrial hydrogen consumption from renewable sources and the uncertainty surrounding transposition of these targets in different EU member states. Yara has conducted analyses based on a high-emissions scenario (SSP5-8.5 / RCP8.5) to assess the potential physical impacts of climate change on our operations. This scenario was chosen to model worst-case outcomes and ensure robust planning. The focus was on two critical time horizons: 2030 and 2050. The climate risk assessments targeted production sites with high exposure to physical risks, identified through a selection process based on asset value, geographic location, and future exposure towards climate change. The most significant physical climate risks identified for our operations include heatwaves, flooding (caused by heavy rains, tropical cyclones, or sea-level rise), and drought. While Yara\u2019s production system has demonstrated resilience overall, the findings show opportunities to further enhance adaptability and preparedness .
As of year-end 2024, the current and future financial
impact to Yara of climate risks and opportunities remain
uncertain. Explicit information is provided in the notes to
these consolidated financial statements on how climate
related matters are reflected in the accounts. This
mainly refers to:
\u2022 Impairment of non-current assets
See note 4.1 Property, plant and equipment and
note 4.7 Impairment of non-current assets.
\u2022 Useful life of non-current assets
See note 4.1 Property, plant and equipment.
\u2022 Subsidies
See note 4.9 Government grants.
\u2022 Emission rights in Europe
See note 4.2 Intangible assets and note 4.9
Government grants.
\u2022 Financial instruments
See note 5.2 Interest-bearing debt.
1.3 Environmental impacts
and dependencies
Yara\u2019s operations, as well as its upstream and
downstream value chain, are exposed to various
environmental and ecosystem-related risks. These risks
primarily involve the availability and environmental
condition of water, soil, and land, which can be
significantly impacted by industrial and agricultural
activities. Additionally, air pollution from both own
operations and the value chain poses further challenges.
Guided by Yara\u2019s mission to protect the planet and
its ambition to promote a nature-positive food future,
environmental impacts and risks are integrated into
the Group\u2019s governance structure, risk management,
and key decision-making processes. Identified impacts
and risks are assessed systematically and continuously
to monitor and manage performance. Potential and
actual incidents, along with non-conformities, are
investigated. Preventive and corrective actions are
initiated as necessary. Management systems, policies,
and processes are in place to identify forthcoming
stricter governmental regulations. New requirements are
assessed to determine and manage any future impact on
operations and products.
Several of the risks described also represent
opportunities for Yara, leveraging the company\u2019s
strategic focus to drive growth and value creation.
A significant aspect of this strategy includes Yara\u2019s
ongoing and substantial business in NO
x
abatement for
both transport and industry, and future opportunities
within low-carbon ammonia production and sales.
As of the end of 2024, the current and future
financial impact to Yara from environmental risks and
opportunities remain uncertain. Explicit information is
provided in the notes to these financial statements on
environmental and decommissioning obligations. For
more details, see note 5.5 Provisions and contingencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "1 Key sources of estimation uncertainty, judgments and assumptions 1.1 Significant estimates and judgments The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires Yara\u2019s management to make judgments, estimates, and assumptions that impact reported amounts. These estimates and assumptions, based on historical experience and other reasonable factors, are reviewed regularly. Any revisions are recognized in the period of the revision and future periods if applicable. Key areas that involve significant uncertainty and complexity, potentially leading to notable variations in reported amounts, are: \u2022 Useful life and impairment of non-current assets IAS 36 requires Yara to identify indicators that may lead to asset or cash-generating unit (CGU) impairment. Assessing such indicators and defining CGUs involves significant judgment, considering both internal and external factors like market presence and cash flow interdependence. Impairment is recognized if an asset or CGU\u2019s carrying amount exceeds its recoverable amount, determined by either fair value less costs to sell or value-in-use. Market conditions and management estimates heavily influence these calculations. Similarly, estimating the useful life and residual value of assets requires considerable judgment, affected by technological development, strategic priorities, and climate-related issues. In July 2024, Yara announced a series of initiatives to enhance financial performance by focusing on high- return core businesses and key strategic priorities. These efforts include scaling down low-return activities, stricter prioritization of capital expenditure on high-return assets, and reviewing the asset portfolio. As a result, these initiatives may serve as indicators of potential impairments and may require adjustments to the useful life and residual value of assets, necessitating careful evaluation and monitoring. For more information, see note 4.1 Property, plant and equipment, 4.2 Intangible assets, and 4.7 Impairment of non-current assets. \u2022 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 used significant judgment in considering future taxable income when assessing whether these assets should be recognized. Further information about deferred tax is provided in note 2.8 Income taxes. Yara\u2019s operations in Brazil generate tax credits. Recognition of these assets is based on management assumptions related to future operating results and timing of utilization. Further information is provided in note 4.6 Other non-current assets. Yara is engaged in several judicial and administrative proceedings related to disputed tax matters with uncertain outcomes. Management is required to estimate the probability of cash outflow on a case- by-case basis and has used significant judgment and assumptions when preparing these estimates. Further information is provided in note 5.5 Provisions and contingencies. 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 decides in the future. When determining whether uncertainty exists regarding tax treatments, Yara considers current tax laws and regulations, general practices, court decisions, and rulings by relevant authorities, as well as tax memoranda prepared by internal or external experts. In cases of uncertain tax treatments, Yara evaluates the likelihood that a taxation authority will accept an uncertain tax treatment. If it is concluded that it is unlikely the taxation authority will accept the uncertain tax treatment, Yara will account for the effect of uncertainty by using the method that provides the best resolution prediction. For more details on uncertain tax positions, see note 5.5 Provisions and contingencies. \u2022 Net realizable value of inventory Some of Yara\u2019s products are traded in markets where observable market references are limited. As such, management estimates and assumptions are required to determine the net realizable value. For more information, see note 3.1 Inventories \u2022 Defined benefit pension plans Yara\u2019s net obligation for defined benefit plans is calculated individually for each plan. The fair value of pension liabilities depends on various actuarial and economic assumptions, with changes in the discount rate having the most significant impact. These assumptions, determined locally for each plan based on the relevant economic environment, are typically reviewed annually unless significant changes occur. Detailed information, including sensitivity disclosures, is available in note 5.3 Pensions and other long-term employee benefit obligations. \u2022 Classification 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. Despite Yara owning 68 percent, the plant is controlled jointly with the other owner, because the partners have equal number of board representatives and major decisions requiring consensus. Similar judgments apply to the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also based on required consensus when making relevant decisions. For details, see note 4.4 Joint operations . 1.2 Climate risks and opportunities Yara faces significant risks and opportunities linked to 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 into 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 along with the Group\u2019s climate targets. These targets include a 10 percent reduction in CO 2 e per tonne N by 2025, a 30 percent reduction in absolute emissions (scope 1 and 2) by 2030, and an ambition to be climate-neutral by 2050. Yara is fully committed to achieving these goals and has integrated climate risks and opportunities into all relevant key business processes such as business planning, performance reviews, and capital value processes. The short-term incentive structure for the Group Executive Board includes planet-related indicators that account for 25 percent of the evaluation criteria. Yara\u2019s core industrial processes are the production of nitrogen fertilizers and industrial chemicals. Natural gas serves as the main energy source and feedstock to the processes. The two primary emission sources are CO 2 from ammonia production and N 2 O from nitric acid production. To reduce GHG emissions, Yara systematically assesses opportunities for improvements of these operations. As society transitions away from fossil fuels, Yara faces challenges from changing market dynamics, regulatory changes like carbon pricing schemes and border adjustment mechanisms, as well as shifting consumer preferences. However, opportunities also arise from the growing demand for products with lower carbon footprints, evolving consumer behavior, and advances in GHG-reducing technologies. These transition risks and opportunities are central to Yara\u2019s long-term strategy, shaping how the company adapts and innovates to maintain resilience and relevance. The Group addresses these by evaluating investments under climate scenarios, promoting low-carbon solutions, reducing GHG emissions, sourcing renewable electricity, and advancing low-emission ammonia for the hydrogen economy. The main climate regulations impacting Yara are: \u2022 Carbon pricing mechanisms This includes the EU Emissions Trading System (EU ETS) and Carbon Border Adjustment Mechanism (CBAM). Carbon emission taxes in Europe, combined with the phase-out of free allowances, may increase production costs. The risk from carbon pricing may also materialize from greater uncertainty and lack of alignment between countries. The introduction of CBAM in Europe will, over time, increase costs for Yara\u2019s imports of ammonia to the European market, except where inwards processing for re-export can be applied, and when low-carbon ammonia can be sourced within Yara or from third parties. \u2022 Renewable Energy Directive (REDIII) The Directive, which entered into force on 20 November 2023, applies to EU member states that must transpose it into national law by 21 May 2025. So far, no member state has transposed the directive, so there is currently no legislation creating an obligation on companies. The Directive is considered mainly as a risk for Yara\u2019s European ammonia production due to its ambitious targets for industrial hydrogen consumption from renewable sources and the uncertainty surrounding transposition of these targets in different EU member states. Yara has conducted analyses based on a high-emissions scenario (SSP5-8.5 / RCP8.5) to assess the potential physical impacts of climate change on our operations. This scenario was chosen to model worst-case outcomes and ensure robust planning. The focus was on two critical time horizons: 2030 and 2050. The climate risk assessments targeted production sites with high exposure to physical risks, identified through a selection process based on asset value, geographic location, and future exposure towards climate change. The most significant physical climate risks identified for our operations include heatwaves, flooding (caused by heavy rains, tropical cyclones, or sea-level rise), and drought. While Yara\u2019s production system has demonstrated resilience overall, the findings show opportunities to further enhance adaptability and preparedness As of year-end 2024, the current and future financial impact to Yara of climate risks and opportunities remain uncertain. Explicit information is provided in the notes to these consolidated financial statements on how climate related matters are reflected in the accounts. This mainly refers to: \u2022 Impairment of non-current assets See note 4.1 Property, plant and equipment and note 4.7 Impairment of non-current assets. \u2022 Useful life of non-current assets See note 4.1 Property, plant and equipment. \u2022 Subsidies See note 4.9 Government grants. \u2022 Emission rights in Europe See note 4.2 Intangible assets and note 4.9 Government grants. \u2022 Financial instruments See note 5.2 Interest-bearing debt. 1.3 Environmental impacts and dependencies Yara\u2019s operations, as well as its upstream and downstream value chain, are exposed to various environmental and ecosystem-related risks. These risks primarily involve the availability and environmental condition of water, soil, and land, which can be significantly impacted by industrial and agricultural activities. Additionally, air pollution from both own operations and the value chain poses further challenges. Guided by Yara\u2019s mission to protect the planet and its ambition to promote a nature-positive food future, environmental impacts and risks are integrated into the Group\u2019s governance structure, risk management, and key decision-making processes. Identified impacts and risks are assessed systematically and continuously to monitor and manage performance. Potential and actual incidents, along with non-conformities, are investigated. Preventive and corrective actions are initiated as necessary. Management systems, policies, and processes are in place to identify forthcoming stricter governmental regulations. New requirements are assessed to determine and manage any future impact on operations and products. Several of the risks described also represent opportunities for Yara, leveraging the company\u2019s strategic focus to drive growth and value creation. A significant aspect of this strategy includes Yara\u2019s ongoing and substantial business in NO x abatement for both transport and industry, and future opportunities within low-carbon ammonia production and sales. As of the end of 2024, the current and future financial impact to Yara from environmental risks and opportunities remain uncertain. Explicit information is provided in the notes to these financial statements on environmental and decommissioning obligations. For more details, see note 5.5 Provisions and contingencies", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "1.1 Significant estimates and judgments The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires Yara\u2019s management to make judgments, estimates, and assumptions that impact reported amounts. These estimates and assumptions, based on historical experience and other reasonable factors, are reviewed regularly. Any revisions are recognized in the period of the revision and future periods if applicable. Key areas that involve significant uncertainty and complexity, potentially leading to notable variations in reported amounts, are: \u2022 Useful life and impairment of non-current assets IAS 36 requires Yara to identify indicators that may lead to asset or cash-generating unit (CGU) impairment. Assessing such indicators and defining CGUs involves significant judgment, considering both internal and external factors like market presence and cash flow interdependence. Impairment is recognized if an asset or CGU\u2019s carrying amount exceeds its recoverable amount, determined by either fair value less costs to sell or value-in-use. Market conditions and management estimates heavily influence these calculations. Similarly, estimating the useful life and residual value of assets requires considerable judgment, affected by technological development, strategic priorities, and climate-related issues. In July 2024, Yara announced a series of initiatives to enhance financial performance by focusing on high- return core businesses and key strategic priorities. These efforts include scaling down low-return activities, stricter prioritization of capital expenditure on high-return assets, and reviewing the asset portfolio. As a result, these initiatives may serve as indicators of potential impairments and may require adjustments to the useful life and residual value of assets, necessitating careful evaluation and monitoring. For more information, see note 4.1 Property, plant and equipment, 4.2 Intangible assets, and 4.7 Impairment of non-current assets. \u2022 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 used significant judgment in considering future taxable income when assessing whether these assets should be recognized. Further information about deferred tax is provided in note 2.8 Income taxes. Yara\u2019s operations in Brazil generate tax credits. Recognition of these assets is based on management assumptions related to future operating results and timing of utilization. Further information is provided in note 4.6 Other non-current assets. Yara is engaged in several judicial and administrative proceedings related to disputed tax matters with uncertain outcomes. Management is required to estimate the probability of cash outflow on a case- by-case basis and has used significant judgment and assumptions when preparing these estimates. Further information is provided in note 5.5 Provisions and contingencies. 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 decides in the future. When determining whether uncertainty exists regarding tax treatments, Yara considers current tax laws and regulations, general practices, court decisions, and rulings by relevant authorities, as well as tax memoranda prepared by internal or external experts. In cases of uncertain tax treatments, Yara evaluates the likelihood that a taxation authority will accept an uncertain tax treatment. If it is concluded that it is unlikely the taxation authority will accept the uncertain tax treatment, Yara will account for the effect of uncertainty by using the method that provides the best resolution prediction. For more details on uncertain tax positions, see note 5.5 Provisions and contingencies. \u2022 Net realizable value of inventory Some of Yara\u2019s products are traded in markets where observable market references are limited. As such, management estimates and assumptions are required to determine the net realizable value. For more information, see note 3.1 Inventories . \u2022 Defined benefit pension plans Yara\u2019s net obligation for defined benefit plans is calculated individually for each plan. The fair value of pension liabilities depends on various actuarial and economic assumptions, with changes in the discount rate having the most significant impact. These assumptions, determined locally for each plan based on the relevant economic environment, are typically reviewed annually unless significant changes occur. Detailed information, including sensitivity disclosures, is available in note 5.3 Pensions and other long-term employee benefit obligations. \u2022 Classification 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. Despite Yara owning 68 percent, the plant is controlled jointly with the other owner, because the partners have equal number of board representatives and major decisions requiring consensus. Similar judgments apply to the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also based on required consensus when making relevant decisions. For details, see note 4.4 Joint operations ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "
2.1 Revenue
Prepayments and deposits from customers (contract liabilities) refer mainly 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "2.1 Revenue Prepayments and deposits from customers (contract liabilities) refer mainly 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. Contract liabilities Balance at 1 January 361 620 Share of opening balance recognized as revenue in the period (349) (618) Cash received not recognized as revenue in the period 1) 408 365 Transferred to held for sale \u2013 (7) Balance at 31 December 419 361", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "2.1 Revenue
Disaggregation of external revenues by nature
USD millions
Fertilizer
and chemical
products
Freight/
insurance
services
Other products
and services
Interest from
financing
components
in customer
contracts Total
2024
Europe 3,468 138 47 \u2013 3,653
Americas 4,515 156 10 54 4,736
Africa & Asia 2,389 36 5 2 2,431
Global Plants & Operational Excellence 13 \u2013 37 \u2013 51
Clean Ammonia 721 68 \u2013 \u2013 789
Industrial Solutions 1,984 152 47 5 2,188
Other and Eliminations 4 \u2013 16 \u2013 20
Total 13,095 551 161 61 13,868
Restated
1)
2023
Europe 3,634 121 51 \u2013 3,806
Americas 5,554 180 6 76 5,816
Africa & Asia 2,489 41 5 3 2,538
Global Plants & Operational Excellence 10 \u2013 40 \u2013 50
Clean Ammonia 720 58 2 \u2013 780
Industrial Solutions 2,220 173 38 1 2,432
Other and Eliminations 5 \u2013 83 \u2013 88
Total 14,632 573 226 80 15,511
1)
Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in
contracts with customers .
Disaggregation of external revenues by product group
USD millions 2024
Restated
1)
2023
Ammonia 1,148 1,149
Urea 3,116 3,203
Nitrate 2,323 2,541
NPK 4,431 5,196
CN 761 898
UAN 310 401
SSP 61 82
DAP/MAP 195 225
MOP/SOP 293 371
Other fertilizer and chemical products 1,008 1,140
Other products and services 161 226
Interest from financing components in customer contracts 61 80
Total revenues 13,868 15,511
1)
Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in
contracts with customers.
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 Africa Asia Total
2024
Europe 3,543 \u2013 18 1 68 23 3,653
Americas 1 2,336 1,113 1,287 \u2013 \u2013 4,736
Africa & Asia \u2013 \u2013 \u2013 \u2013 548 1,883 2,431
Global Plants & Operational
Excellence 45 \u2013 5 \u2013 \u2013 \u2013 51
Clean Ammonia 44 153 \u2013 259 \u2013 333 789
Industrial Solutions 1,184 497 123 119 197 68 2,188
Other and Eliminations 17 \u2013 \u2013 \u2013 \u2013 3 20
Total 4,835 2,985 1,259 1,665 813 2,310 13,868
Restated
2)
2023
Europe 3,663 12 27 9 80 15 3,806
Americas 1 3,148 1,236 1,432 \u2013 \u2013 5,816
Africa & Asia \u2013 \u2013 \u2013 \u2013 770 1,768 2,538
Global Plants & Operational
Excellence 46 \u2013 4 \u2013 \u2013 \u2013 50
Clean Ammonia 9 129 \u2013 259 \u2013 383 780
Industrial Solutions 1,380 490 178 108 175 101 2,432
Other and Eliminations 61 \u2013 \u2013 2 \u2013 25 88
Total 5,160 3,779 1,442 1,811 1,025 2,293 15,511
1)
Figures are based on customer location.
2)
Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in
contracts with customers.
Revenues from external costumers of an amount of USD 286 million (2023: USD 291 million) are attributed to Norway
(Yara\u2019s country of domicile).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "2.1 Revenue Disaggregation of external revenues by nature USD millions Fertilizer and chemical products Freight/ insurance services Other products and services Interest from financing components in customer contracts Total 2024 Europe 3,468 138 47 \u2013 3,653 Americas 4,515 156 10 54 4,736 Africa & Asia 2,389 36 5 2 2,431 Global Plants & Operational Excellence 13 \u2013 37 \u2013 51 Clean Ammonia 721 68 \u2013 \u2013 789 Industrial Solutions 1,984 152 47 5 2,188 Other and Eliminations 4 \u2013 16 \u2013 20 Total 13,095 551 161 61 13,868 Restated 1) 2023 Europe 3,634 121 51 \u2013 3,806 Americas 5,554 180 6 76 5,816 Africa & Asia 2,489 41 5 3 2,538 Global Plants & Operational Excellence 10 \u2013 40 \u2013 50 Clean Ammonia 720 58 2 \u2013 780 Industrial Solutions 2,220 173 38 1 2,432 Other and Eliminations 5 \u2013 83 \u2013 88 Total 14,632 573 226 80 15,511 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers Disaggregation of external revenues by product group USD millions 2024 Restated 1) 2023 Ammonia 1,148 1,149 Urea 3,116 3,203 Nitrate 2,323 2,541 NPK 4,431 5,196 CN 761 898 UAN 310 401 SSP 61 82 DAP/MAP 195 225 MOP/SOP 293 371 Other fertilizer and chemical products 1,008 1,140 Other products and services 161 226 Interest from financing components in customer contracts 61 80 Total revenues 13,868 15,511 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers. 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 Africa Asia Total 2024 Europe 3,543 \u2013 18 1 68 23 3,653 Americas 1 2,336 1,113 1,287 \u2013 \u2013 4,736 Africa & Asia \u2013 \u2013 \u2013 \u2013 548 1,883 2,431 Global Plants & Operational Excellence 45 \u2013 5 \u2013 \u2013 \u2013 51 Clean Ammonia 44 153 \u2013 259 \u2013 333 789 Industrial Solutions 1,184 497 123 119 197 68 2,188 Other and Eliminations 17 \u2013 \u2013 \u2013 \u2013 3 20 Total 4,835 2,985 1,259 1,665 813 2,310 13,868 Restated 2) 2023 Europe 3,663 12 27 9 80 15 3,806 Americas 1 3,148 1,236 1,432 \u2013 \u2013 5,816 Africa & Asia \u2013 \u2013 \u2013 \u2013 770 1,768 2,538 Global Plants & Operational Excellence 46 \u2013 4 \u2013 \u2013 \u2013 50 Clean Ammonia 9 129 \u2013 259 \u2013 383 780 Industrial Solutions 1,380 490 178 108 175 101 2,432 Other and Eliminations 61 \u2013 \u2013 2 \u2013 25 88 Total 5,160 3,779 1,442 1,811 1,025 2,293 15,511 1) Figures are based on customer location. 2) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers. Revenues from external costumers of an amount of USD 286 million (2023: 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 the achievement of contractual milestones subsequent to revenue recognition. Contract assets are
transferred to receivables when Yara has an unconditional right to consideration.
USD millions 2024 2023
Contract assets
Balance at 1 January 7 5
Transferred to receivables in the period (5) (2)
Increase due to measure of progress in the period 2 5
Transferred to held for sale \u2013 (2)
Balance at 31 December 3 7
Unsatisfied performance obligations
Initial contract price on signed contracts 82 95
Aggregate contract revenue incurred to date
2)
(68) (88)
Transaction price allocated to unsatisfied performance obligations 14 7
Unsatisfied performance obligations to be recognized within
1 year 10 1
2-3 years 4 6
Transaction price allocated to unsatisfied performance obligations 14 7
1)
Presented net of amounts created and released within the same reporting period.
2)
Based on the percentage of completion method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "2.1 Revenue
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 prospective
or retrospective effects. Volume discounts with
retrospective effect are systematically accrued and
recognized as a 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "2.1 Revenue 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 prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "2.1 Revenue 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 transactions. The use of incoterms varies between regions, markets and customers, but products 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 prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a 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 for the customers that the product has 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. Most sales in the Group have credit terms of less than 90 days. Yara has interest income from significant financing components in contracts with customers to a limited extent, mainly in the Brazilian and Latin-American markets. This interest income is accounted for as a separate performance obligation. It is presented as revenue as it is part of the Group\u2019s ordinary activities. 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 customer before the freight/insurance
service is 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 stand-alone 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 most
deliveries to the customer\u2019s location are made within
days. Shipping and handling activities that occur before
customers take control of the goods are considered
being part of fulfilling the sale of the goods.
\u2022 Other products and services
Other products and services include many different
offerings including equipment and services to store
or handle products, and technology offerings, such
as environmental solutions. Revenues from sales
of equipment are recognized upon delivery to the
customer. Revenues from sales of services are
recognized over time as the service is performed.
Revenues from environmental solutions technology
offerings 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 application 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 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
recognized as revenue 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
compensation to be paid by GoI. As Yara has
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "2.1 Revenue
Products are normally sold with standard warranties
which provide protection for the customers that the
product has 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "
2.2 Other income and commodity derivative gain/(loss)
USD millions Notes 2024 2023
Insurance and other compensations
1)
32 77
Gain on sale of non-current assets 16 10
Sale of white certificates
4.9 8 7
Gain on disposal of shares in subsidiary 5 \u2013
Other 6 19
Other income 66 114
Commodity-based derivatives gain/(loss)
6.3 \u2013 3
Other income and commodity derivative gain/(loss) 66 117
1)
The 2023 figure includes USD 40 million relating to government assistance in response to the 2022 energy crisis in Europe. See note 4.9 Government grants for further
information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "2.2 Other income and commodity derivative gain/(loss) USD millions Notes 2024 2023 Insurance and other compensations 1) 32 77 Gain on sale of non-current assets 16 10 Sale of white certificates 4.9 8 7 Gain on disposal of shares in subsidiary 5 \u2013 Other 6 19 Other income 66 114 Commodity-based derivatives gain/(loss) 6.3 \u2013 3 Other income and commodity derivative gain/(loss) 66 117 1) The 2023 figure includes USD 40 million relating to government assistance in response to the 2022 energy crisis in Europe. See note 4.9 Government grants for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "2.2 Other income and commodity derivative gain/(loss) USD millions Notes 2024 2023 Insurance and other compensations 1) 32 77 Gain on sale of non-current assets 16 10 Sale of white certificates 4.9 8 7 Gain on disposal of shares in subsidiary 5 \u2013 Other 6 19 Other income 66 114 Commodity-based derivatives gain/(loss) 6.3 \u2013 3 Other income and commodity derivative gain/(loss) 66 117 1) The 2023 figure includes USD 40 million relating to government assistance in response to the 2022 energy crisis in Europe. See note 4.9 Government grants for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "Accounting policies 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": "yarainternationalasa:Disclosureofinsurancecompensations", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "
2.3 Segment information
Overview
Yara\u2019s operations comprise the following operating
segments at the end of 2024:
\u2022 Europe
\u2022 Americas
\u2022 Africa & Asia
\u2022 Global Plants & Operational Excellence
\u2022 Clean Ammonia
\u2022 Industrial Solutions
The regional segments (Europe, Americas, and Africa
& Asia) 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.
Due to a change in the internal organization in 2024,
the joint operations of Tringen and Yara Freeport were
transferred from the Americas segment to the Global
Plants & Operational Excellence segment. These two
joint operations own ammonia production plants (see
note 4.4 Joint operations for further information).
Segment information for previous periods has been
restated accordingly. There have been no further
material changes to the basis of segmentation in 2024.
External revenue per segment changed in 2024 to
reflect the change in interest income from financing
components in contracts with customers\u2019 presentation
as revenue, which is explained further in the \u201cBasis of
preparation\u201d section. There have been no changes to the
measurement of segment profit or loss in 2024 .
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-based fertilizers. The largest product categories
sold within nitrogen-based fertilizer are nitrates and
compound fertilizers (NPK).
Product sales are 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 eight fertilizer plants, two high-value
product plants, three organic-based 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 customers 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 and urea ammonium nitrate
(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 NPKs
as well as biostimulants and organic-based products.
The region also sells phosphate and potash-based
fertilizers, which to a large extent are sourced from third
parties.
Product sales are 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,
Colombia and Brazil.
The North America business unit operates a fully owned
plant in Belle Plaine, Canada. A smaller portion of
the urea and 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 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 ten 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 (planned for hibernation during 2025)
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 NPKs designed for soil application. This portfolio is
complemented by foliar and soluble products, serving a
different range of crop applications. A significant part of
the products marketed are sourced from Yara production
plants, both inside and outside the Africa and 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 customer and product portfolio sold differs
greatly between the different markets.
The region has offices and operational units in 17
countries, with the 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 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
TAN is commercialized by the operating segment
Industrial Solutions in the Australian mining market.
The production facility producing 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 site. The urea produced at the site is sold under
a subsidized government scheme in India. For more
information, see note 2.1 Revenue.
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. It also participates in the joint operations
of Trinidad Nitrogen Company Ltd. in Trinidad & Tobago
and Yara Freeport LLC DBA Texas Ammonia in the US.
Global Plants & Operational Excellence 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 central
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 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 blue and green
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 (NO
x
) 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, Chemical Applications EMEA and
Chemical Applications Americas. 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 can
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 mainly comprise cross-segment
eliminations and corporate costs not allocated to
operating segments. A significant component of the
cross-segment eliminations performed is the elimination
of profit on inventory, which is driven by volumes in
stock and internal margins based on the arm-s length
principle. Due to this, Other and Eliminations will show
higher results when there are lower volumes in stock
and/or lower internal margins on volumes in stock, and
vice versa .
USD millions 2024 Restated 1) 2023 External revenue Europe 3,653 3,806 Americas 4,736 5,816 Africa & Asia 2,431 2,538 Global Plants & Operational Excellence 51 50 Clean Ammonia 789 780 Industrial Solutions 2,188 2,432 Other and Eliminations 20 88 Total 13,868 15,511 Internal revenue Europe 705 794 Americas 46 41 Africa & Asia 420 374 Global Plants & Operational Excellence 2,893 2,849 Clean Ammonia 1,019 1,124 Industrial Solutions 231 263 Other and Eliminations (5,314) (5,445) Total \u2013 \u2013 USD millions 2024 Restated 1) 2023 Total revenue Europe 4,358 4,600 Americas 4,781 5,857 Africa & Asia 2,851 2,912 Global Plants & Operational Excellence 2,943 2,900 Clean Ammonia 1,808 1,904 Industrial Solutions 2,420 2,695 Other and Eliminations (5,294) (5,356) Total 13,868 15,511 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers
Selected Alternative performance measures
2)
USD millions 2024
Restated
1)
2023
EBITDA
Europe 229 49
Americas 664 729
Africa & Asia 342 188
Global Plants & Operational Excellence 338 287
Clean Ammonia 117 101
Industrial Solutions 284 254
Other and Eliminations (86) 101
Total 1,889 1,709
Net operating profit after tax (NOPAT)
Yara 558 325
Europe (17) (293)
Americas 295 357
Africa & Asia 171 58
Global Plants & Operational Excellence 76 39
Clean Ammonia 40 30
Industrial Solutions 73 81
USD millions, except percentages 2024
Restated
1)
2023
Invested capital
Yara
3)
11,164 11,346
Europe 2,774 2,837
Americas 2,968 3,228
Africa & Asia 1,877 1,933
Global Plants & Operational Excellence 1,798 1,695
Clean Ammonia 360 337
Industrial Solutions 1,285 1,296
ROIC
Yara
3)
5.0% 2.9%
Europe (0.6%) (10.3%)
Americas 9.9% 11.0%
Africa & Asia 9.1% 3.0%
Global Plants & Operational Excellence 4.2% 2.3%
Clean Ammonia 11.0% 9.0%
Industrial Solutions 5.7% 6.3%
1)
Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
2)
Refer to the \u201cAlternative performance measures\u201d section for definitions and relevant reconciliations. NOPAT, Invested capital and ROIC are calculated on a 12-month rolling
average basis.
3)
A normalized operating cash level of USD 200 million is included in the Invested capital and ROIC calculations for Yara. This is not included in the Invested capital and ROIC
calculations at the operating segment level.
Reconciliation of Operating income/(loss) to EBITDA
2)
USD millions
Operating income/
(loss)
Share of net income/
(loss) in equity-
accounted investees
Interest income and
other financial income
Depreciation and
amortization Impairment loss EBITDA
2024
Europe (31) 4 1 248 7 229
Americas 381 1 14 233 35 664
Africa & Asia 226 \u2013 5 110 \u2013 342
Global Plants & Operational Excellence 100 \u2013 4 232 1 338
Clean Ammonia 51 \u2013 1 65 \u2013 117
Industrial Solutions 79 14 \u2013 154 38 284
Other and Eliminations (120) \u2013 30 4 \u2013 (86)
Total 686 19 55 1,047 82 1,889
Restated
1)
2023
Europe (400) 5 2 249 192 49
Americas 459 3 37 228 2 729
Africa & Asia 75 \u2013 8 104 \u2013 188
Global Plants & Operational Excellence 51 \u2013 5 227 5 287
Clean Ammonia 39 \u2013 \u2013 62 \u2013 101
Industrial Solutions 117 (7) \u2013 142 1 254
Other and Eliminations 51 \u2013 26 5 20 101
Total 392 1 79 1,018 220 1,709
1)
Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers.
2)
Refer to the \u201cAlternative performance measures\u201d section for a reconciliation of EBITDA to Net income/(loss).
Consolidated statement of financial position
USD millions 2024
Restated
1)
2023
Total assets
Europe 3,712 3,689
Americas 3,738 4,214
Africa & Asia 2,438 2,411
Global Plants & Operational Excellence 2,544 2,611
Clean Ammonia 568 637
Industrial Solutions 1,562 1,710
Other and Eliminations
2)
432 757
Total 14,994 16,027
Current assets
2)
Europe 1,478 1,569
Americas 1,844 1,930
Africa & Asia 1,187 1,079
Global Plants & Operational Excellence 693 646
Clean Ammonia 260 303
Industrial Solutions 655 691
Other and Eliminations (417) (5)
Total 5,700 6,213
Non-current assets
Europe 2,234 2,120
Americas 1,894 2,283
Africa & Asia 1,251 1,346
Global Plants & Operational Excellence 1,851 1,965
Clean Ammonia 308 334
Industrial Solutions 907 1,005
Other and Eliminations
3)
849 762
Total 9,294 9,814
USD millions 2024
Restated
1)
2023
Associated companies and joint ventures
Europe 21 24
Americas 62 70
Global Plants & Operational Excellence 9 9
Industrial Solutions 50 54
Other and Eliminations (4) (5)
Total 138 152
1)
Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
2)
Assets exclude internal cash accounts and accounts receivable related to group relief. Assets classified as held for sale are included as current.
3)
Figure includes deferred tax asset balance for the whole of Yara.
Non-current assets for all segments by geographic location
1)
USD millions 2024 2023
Non-current assets
Europe 4,749 4,568
Latin America 1,144 1,458
North America 1,305 1,453
Africa 42 42
Asia 1,248 1,326
Unallocated amounts
1)
806 967
Total 9,294 9,814
1)
The identification of non-current assets 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 987 million (2023: USD 1,056 million) are attributed to Norway (Yara\u2019s country
of domicile).
Segment information related to the disaggregation of external revenues by nature, product group and geographical area
can be found in note 2.1 Revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "2.3 Segment information Overview Yara\u2019s operations comprise the following operating segments at the end of 2024: \u2022 Europe \u2022 Americas \u2022 Africa & Asia \u2022 Global Plants & Operational Excellence \u2022 Clean Ammonia \u2022 Industrial Solutions The regional segments (Europe, Americas, and Africa & Asia) 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. Due to a change in the internal organization in 2024, the joint operations of Tringen and Yara Freeport were transferred from the Americas segment to the Global Plants & Operational Excellence segment. These two joint operations own ammonia production plants (see note 4.4 Joint operations for further information). Segment information for previous periods has been restated accordingly. There have been no further material changes to the basis of segmentation in 2024. External revenue per segment changed in 2024 to reflect the change in interest income from financing components in contracts with customers\u2019 presentation as revenue, which is explained further in the \u201cBasis of preparation\u201d section. There have been no changes to the measurement of segment profit or loss in 2024 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-based fertilizers. The largest product categories sold within nitrogen-based fertilizer are nitrates and compound fertilizers (NPK). Product sales are 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 eight fertilizer plants, two high-value product plants, three organic-based 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 customers 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 and urea ammonium nitrate (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 NPKs as well as biostimulants and organic-based products. The region also sells phosphate and potash-based fertilizers, which to a large extent are sourced from third parties. Product sales are 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, Colombia and Brazil. The North America business unit operates a fully owned plant in Belle Plaine, Canada. A smaller portion of the urea and 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 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 ten 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 (planned for hibernation during 2025) 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 NPKs designed for soil application. This portfolio is complemented by foliar and soluble products, serving a different range of crop applications. A significant part of the products marketed are sourced from Yara production plants, both inside and outside the Africa and 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 customer and product portfolio sold differs greatly between the different markets. The region has offices and operational units in 17 countries, with the 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 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 TAN is commercialized by the operating segment Industrial Solutions in the Australian mining market. The production facility producing 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 site. The urea produced at the site is sold under a subsidized government scheme in India. For more information, see note 2.1 Revenue. 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. It also participates in the joint operations of Trinidad Nitrogen Company Ltd. in Trinidad & Tobago and Yara Freeport LLC DBA Texas Ammonia in the US. Global Plants & Operational Excellence 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 central 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 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 blue and green 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 (NOx) emissions. The segment also offers NOx 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, Chemical Applications EMEA and Chemical Applications Americas. 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 can 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 mainly comprise cross-segment eliminations and corporate costs not allocated to operating segments. A significant component of the cross-segment eliminations performed is the elimination of profit on inventory, which is driven by volumes in stock and internal margins based on the arm-s length principle. Due to this, Other and Eliminations will show higher results when there are lower volumes in stock and/or lower internal margins on volumes in stock, and vice versa Consolidated statement of income USD millions 2024 Restated 1) 2023 External revenue Europe 3,653 3,806 Americas 4,736 5,816 Africa & Asia 2,431 2,538 Global Plants & Operational Excellence 51 50 Clean Ammonia 789 780 Industrial Solutions 2,188 2,432 Other and Eliminations 20 88 Total 13,868 15,511 Internal revenue Europe 705 794 Americas 46 41 Africa & Asia 420 374 Global Plants & Operational Excellence 2,893 2,849 Clean Ammonia 1,019 1,124 Industrial Solutions 231 263 Other and Eliminations (5,314) (5,445) Total \u2013 \u2013 USD millions 2024 Restated 1) 2023 Total revenue Europe 4,358 4,600 Americas 4,781 5,857 Africa & Asia 2,851 2,912 Global Plants & Operational Excellence 2,943 2,900 Clean Ammonia 1,808 1,904 Industrial Solutions 2,420 2,695 Other and Eliminations (5,294) (5,356) Total 13,868 15,511 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers Reconciliation of Operating income/(loss) to EBITDA 2) USD millions Operating income/ (loss) Share of net income/ (loss) in equity- accounted investees Interest income and other financial income Depreciation and amortization Impairment loss EBITDA 2024 Europe (31) 4 1 248 7 229 Americas 381 1 14 233 35 664 Africa & Asia 226 \u2013 5 110 \u2013 342 Global Plants & Operational Excellence 100 \u2013 4 232 1 338 Clean Ammonia 51 \u2013 1 65 \u2013 117 Industrial Solutions 79 14 \u2013 154 38 284 Other and Eliminations (120) \u2013 30 4 \u2013 (86) Total 686 19 55 1,047 82 1,889 Restated 1) 2023 Europe (400) 5 2 249 192 49 Americas 459 3 37 228 2 729 Africa & Asia 75 \u2013 8 104 \u2013 188 Global Plants & Operational Excellence 51 \u2013 5 227 5 287 Clean Ammonia 39 \u2013 \u2013 62 \u2013 101 Industrial Solutions 117 (7) \u2013 142 1 254 Other and Eliminations 51 \u2013 26 5 20 101 Total 392 1 79 1,018 220 1,709 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments and change in presentation of interest income from financing components in contracts with customers. 2) Refer to the \u201cAlternative performance measures\u201d section for a reconciliation of EBITDA to Net income/(loss). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "2.3 Segment information
Accounting policies
The operating segments presented are the key
components of Yara\u2019s business as of year-end 2024,
which have been regularly assessed, monitored, and
managed by Yara\u2019s Chief Executive Officer (CEO) as the
Chief Operating Decision Maker.
The accounting policies used for the segment reporting
are the same as for the consolidated financial
statements, with the following exceptions:
\u2022 Yara does not apply IFRS 9 for embedded derivatives
in inter-segment contracts.
\u2022 Yara does not apply IFRS 16 for lease arrangements
in inter-segment contracts.
\u2022 If actual emissions exceed the number of allocated
allowances received by the segment, additional
allowances are purchased, and the cost is included as
part of the production cost of inventory. Emission cost
may be part of the cost of inventory for a segment
even if Yara reports a net positive position for the
Group. See note 4.9 Government grants for more
information.
\u2022 Tax is not allocated to the segments.
Profit on inventory and other cross-segment eliminations
are eliminated in \u201cOther and eliminations\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "
2.4 Raw materials, energy costs and freight expenses
USD millions 2024 2023
Raw materials, energy costs and freight expenses
Raw material and energy costs (7,771) (8,908)
Freight expenses (862) (840)
Other production related costs (1,567) (1,697)
Total (10,200) (11,445)
2.5 Payroll and related costs USD millions Notes 2024 2023 Payroll and related costs Salaries 7.3 (1,116) (1,092) Social security costs 7.3 (182) (177) Social benefits 7.3 (7) (8) Net periodic pension cost 1) 5.3, 7.3 (179) (77) Termination benefits 2) 5.5 (59) (44) Total (1,543) (1,399) 1 Includes a USD 99 million settlement loss in 2024 related to reformation of the Dutch pension system. See note 5.3 Pensions and other long-term employee benefit obligations for more information. 2) Termination benefits recognized in 2024 is related to several restructuring initiatives, including a voluntary severance package scheme offered to office workers in Norway and an intention to transform Yara\u2019s Tertre plant in Belgium. Termination benefits in 2023 was mainly related to restructuring provision for the Montoir site in France. See note 5.5 Provisions and contingencies for more information
2.6 Other operating expenses
USD millions Notes 2024 2023
Other operating expenses
Selling and administrative expense (251) (260)
Advertising expense (28) (31)
Travel expense (38) (54)
Fees auditors, lawyers, consultants
7.4 (104) (119)
Other expenses (16) (31)
Total (437) (495 )
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "2.4 Raw materials, energy costs and freight expenses USD millions 2024 2023 Raw materials, energy costs and freight expenses Raw material and energy costs (7,771) (8,908) Freight expenses (862) (840) Other production related costs (1,567) (1,697) Total (10,200) (11,445) 2.5 Payroll and related costs USD millions Notes 2024 2023 Payroll and related costs Salaries 7.3 (1,116) (1,092) Social security costs 7.3 (182) (177) Social benefits 7.3 (7) (8) Net periodic pension cost 1) 5.3, 7.3 (179) (77) Termination benefits 2) 5.5 (59) (44) Total (1,543) (1,399) 1 Includes a USD 99 million settlement loss in 2024 related to reformation of the Dutch pension system. See note 5.3 Pensions and other long-term employee benefit obligations for more information. 2) Termination benefits recognized in 2024 is related to several restructuring initiatives, including a voluntary severance package scheme offered to office workers in Norway and an intention to transform Yara\u2019s Tertre plant in Belgium. Termination benefits in 2023 was mainly related to restructuring provision for the Montoir site in France. See note 5.5 Provisions and contingencies for more information. 2.6 Other operating expenses USD millions Notes 2024 2023 Other operating expenses Selling and administrative expense (251) (260) Advertising expense (28) (31) Travel expense (38) (54) Fees auditors, lawyers, consultants 7.4 (104) (119) Other expenses (16) (31) Total (437) (495 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 . See \u201cBasis of preparation\u201d on page 223 for accounting policies on foreign currency exchange gain/(loss). Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) . The foreign currency exchange loss this year of USD 321 million comprises a loss of USD 441 million on the US dollar denominated debt positions and a gain of USD 120 million on internal positions in other currencies than USD. In 2023, the US dollar denominated debt positions generated a loss of USD 146 million while the internal positions in other currencies than USD generated a gain of USD 114 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "
2.5 Payroll and related costs
USD millions Notes 2024 2023
Payroll and related costs
Salaries
7.3 (1,116) (1,092)
Social security costs
7.3 (182) (177)
Social benefits
7.3 (7) (8)
Net periodic pension cost
1)
5.3, 7.3 (179) (77)
Termination benefits
2)
5.5 (59) (44)
Total (1,543) (1,399)
1
Includes a USD 99 million settlement loss in 2024 related to reformation of the Dutch pension system. See note 5.3 Pensions and other long-term employee benefit
obligations for more information.
2)
Termination benefits recognized in 2024 is related to several restructuring initiatives, including a voluntary severance package scheme offered to office workers in Norway and
an intention to transform Yara\u2019s Tertre plant in Belgium. Termination benefits in 2023 was mainly related to restructuring provision for the Montoir site in France. See note 5.5
Provisions and contingencies for more information.
2.6 Other operating expenses USD millions Notes 2024 2023 Other operating expenses Selling and administrative expense (251) (260) Advertising expense (28) (31) Travel expense (38) (54) Fees auditors, lawyers, consultants 7.4 (104) (119) Other expenses (16) (31) Total (437) (495 )", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "2.5 Payroll and related costs USD millions Notes 2024 2023 Payroll and related costs Salaries 7.3 (1,116) (1,092) Social security costs 7.3 (182) (177) Social benefits 7.3 (7) (8) Net periodic pension cost 1) 5.3, 7.3 (179) (77) Termination benefits 2) 5.5 (59) (44) Total (1,543) (1,399) 1 Includes a USD 99 million settlement loss in 2024 related to reformation of the Dutch pension system. See note 5.3 Pensions and other long-term employee benefit obligations for more information. 2) Termination benefits recognized in 2024 is related to several restructuring initiatives, including a voluntary severance package scheme offered to office workers in Norway and an intention to transform Yara\u2019s Tertre plant in Belgium. Termination benefits in 2023 was mainly related to restructuring provision for the Montoir site in France. See note 5.5 Provisions and contingencies for more information. 5.5 Provisions and contingencies 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "2.6 Other operating expenses USD millions Notes 2024 2023 Other operating expenses Selling and administrative expense (251) (260) Advertising expense (28) (31) Travel expense (38) (54) Fees auditors, lawyers, consultants 7.4 (104) (119) Other expenses (16) (31) Total (437) (495 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "
2.7 Financial income and expenses
Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) .
The foreign currency exchange loss this year of USD 321 million comprises a loss of USD 441 million on the US dollar
denominated debt positions and a gain of USD 120 million on internal positions in other currencies than USD. In 2023,
the US dollar denominated debt positions generated a loss of USD 146 million while the internal positions in other
currencies than USD generated a gain of USD 114 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "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 . See \u201cBasis of preparation\u201d on page 223 for accounting policies on foreign currency exchange gain/(loss). Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "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 . Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "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 Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "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 . 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. 4.1 Property, plant and equipment Expenses 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.
\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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "2.7 Financial income and expenses Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "2.7 Financial income and expenses Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "2.7 Financial income and expenses Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "2.7 Financial income and expenses Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment. Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "2.7 Financial income and expenses Specification USD millions Notes 2024 Restated 1) 2023 Interest income 53 79 Dividends and net gain/(loss) on securities 2 \u2013 Interest income and other financial income 55 79 Foreign currency exchange gain/(loss) 6.1 (321) (32) Interest expense (225) (246) Interest expense on lease liabilities 4.5 (25) (19) Capitalized interest expense 2) 4.1 13 4 Net interest on net long-term employee benefit obligations 5.3 (59) (61) Other 37 72 Interest expense and other financial items (259) (249) Net financial income/(expense) (524) (202) 1) Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information. 2) The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "2.7 Financial income and expenses
Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see
note 4.1 Property, plant and equipment.
Specification
USD millions Notes 2024
Restated
1)
2023
Interest income 53 79
Dividends and net gain/(loss) on securities 2 \u2013
Interest income and other financial income 55 79
Foreign currency exchange gain/(loss)
6.1 (321) (32)
Interest expense (225) (246)
Interest expense on lease liabilities
4.5 (25) (19)
Capitalized interest expense
2)
4.1 13 4
Net interest on net long-term employee benefit obligations
5.3 (59) (61)
Other 37 72
Interest expense and other financial items (259) (249)
Net financial income/(expense) (524) (202)
1)
Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation
for more information.
2)
The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "2.7 Financial income and expenses Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of PP&E, see note 4.1 Property, plant and equipment.
4 Investments in non-current assets
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "
2.8 Income taxes
The major components of income tax expense for the year ended 31 December: USD millions 2024 2023 Consolidated statement of income Current taxes Current year (254) (223) Prior year adjustment 14 (9) Total (240) (232) Deferred taxes Deferred tax income/(expense) recognized in the current year 226 201 Adjustments to deferred tax attributable to changes in tax rates and laws 4 \u2013 (Write-downs)/reversal of previous write-downs of deferred tax assets (154) (106) Total 76 96 Total tax expense recognized in the consolidated statement of income (165) (136) Other comprehensive income Current tax Hedge of net investment 18 6 Total current tax 18 6 Deferred tax Pensions (3) 10 Available-for-sale financial assets \u2013 (2) Total (3) 8 Total tax expense recognized directly in other comprehensive income 15 14 Total tax expense recognized in comprehensive income (150) (122) Reconciliation of Norwegian nominal statutory tax rate to effective tax rate USD millions, except percentages 2024 2024 2023 2023 Income before tax 180 191 Expected income tax at statutory tax rate 1) 22.0% (40) 22.0% (42) Tax law changes (2.2%) 4 \u2013 \u2013 Foreign tax rate differences (3.9%) 7 (23.2%) 44 Unused tax losses and tax offsets not recognized as deferred tax assets 2) 81.1% (146) 72.9% (139) Previously unrecognized and unused tax losses and deductible temporary differences now recognized as deferred tax assets (26.1%) 47 (6.4%) 12 Previously unrecognized deductible loss \u2013 \u2013 (18.4%) 35 3) Non-deductible expenses 7.2% (13) 7.9% (15) Share of net income equity-accounted investees (2.2%) 4 \u2013 \u2013 Tax free income miscellaneous (5.0%) 9 (9.3%) 18 Prior year adjustment (7.8%) 14 4.6% (9) Withholding tax 11.1% (20) 12.4% (24) Pillar 2 top-up tax 7.8% (14) \u2013 \u2013 Other, net 9.4% (17) 9.4% (18) Total income tax expense (165) (136) Effective tax rate 91.7% 71.1% 1) Calculated as Norwegian nominal statutory tax rate of 22 percent (2023: 22 percent) applied to income before tax. 2) Of this amount, approximately 55 percent is related to Yara\u2019s operations in Brazil and 24 percent is related to Yara\u2019s operations in France. 3) In 2023, Yara recognized a tax deduction from a 2020 divestment, considering the amount probable after engaging with the tax authority and obtaining external legal advice
Specification of deferred tax assets/(liabilities)
2024
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 9 16 \u2013 \u2013 1 (1) 24
Property, plant and equipment (349) (28) \u2013 \u2013 \u2013 17 (360)
Pensions 26 12 \u2013 (3) \u2013 (2) 33
Equity securities available-for-sale \u2013 \u2013 \u2013 (1) \u2013 \u2013 (1)
Other non-current assets (259) (68) \u2013 \u2013 \u2013 29 (298)
Other non-current liabilities and accruals 212 110 \u2013 1 \u2013 (26) 297
Total (361) 43 \u2013 (3) 1 17 (305)
Current items
Inventory valuation 36 11 4 \u2013 \u2013 (1) 49
Accrued expenses 61 8 1 \u2013 \u2013 (8) 62
Total 96 19 4 \u2013 \u2013 (9) 111
Tax loss carry forwards 840 158 \u2013 18 \u2013 (113) 904
Unused tax credits 8 6 \u2013 \u2013 \u2013 (1) 13
Unrecognized tax assets for tax losses and temporary differences (518) (154) \u2013 \u2013 \u2013 95 (576)
Net deferred tax asset/(liability) 66 72 4 15 1 (10) 147
2023
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 5 \u2013 \u2013 \u2013 (2) 9
Property, plant and equipment (303) (42) \u2013 \u2013 \u2013 (4) (349)
Pensions 16 1 \u2013 10 \u2013 (1) 26
Equity securities available-for-sale 2 \u2013 \u2013 (2) \u2013 \u2013 \u2013
Other non-current assets (175) (84) \u2013 \u2013 \u2013 \u2013 (259)
Other non-current liabilities and accruals 169 45 \u2013 \u2013 \u2013 (1) 212
Total (286) (74) \u2013 8 \u2013 (8) (361)
Current items
Inventory valuation 67 (31) (2) \u2013 \u2013 (1) 36
Accrued expenses 96 (36) (2) \u2013 \u2013 2 61
Total 163 (68) (3) \u2013 \u2013 1 96
Tax loss carry forwards 491 336 (6) \u2013 \u2013 14 840
Unused tax credits \u2013 8 \u2013 \u2013 \u2013 \u2013 8
Unrecognized tax assets for tax losses and temporary differences (392) (106) 3 \u2013 \u2013 (21) (517)
Net deferred tax asset/(liability) (23) 96 (5) 8 \u2013 (14) 66
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "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. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. 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. 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. 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. In such cases, the corresponding tax is also recognized directly in equity or in other comprehensive income. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "2.8 Income taxes Accounting policies Income tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
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. In such cases, the corresponding
tax is also recognized directly in equity or in other
comprehensive income. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "2.8 Income taxes 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 9 16 \u2013 \u2013 1 (1) 24 Property, plant and equipment (349) (28) \u2013 \u2013 \u2013 17 (360) Pensions 26 12 \u2013 (3) \u2013 (2) 33 Equity securities available-for-sale \u2013 \u2013 \u2013 (1) \u2013 \u2013 (1) Other non-current assets (259) (68) \u2013 \u2013 \u2013 29 (298) Other non-current liabilities and accruals 212 110 \u2013 1 \u2013 (26) 297 Total (361) 43 \u2013 (3) 1 17 (305) Current items Inventory valuation 36 11 4 \u2013 \u2013 (1) 49 Accrued expenses 61 8 1 \u2013 \u2013 (8) 62 Total 96 19 4 \u2013 \u2013 (9) 111 Tax loss carry forwards 840 158 \u2013 18 \u2013 (113) 904 Unused tax credits 8 6 \u2013 \u2013 \u2013 (1) 13 Unrecognized tax assets for tax losses and temporary differences (518) (154) \u2013 \u2013 \u2013 95 (576) Net deferred tax asset/(liability) 66 72 4 15 1 (10) 147 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 5 \u2013 \u2013 \u2013 (2) 9 Property, plant and equipment (303) (42) \u2013 \u2013 \u2013 (4) (349) Pensions 16 1 \u2013 10 \u2013 (1) 26 Equity securities available-for-sale 2 \u2013 \u2013 (2) \u2013 \u2013 \u2013 Other non-current assets (175) (84) \u2013 \u2013 \u2013 \u2013 (259) Other non-current liabilities and accruals 169 45 \u2013 \u2013 \u2013 (1) 212 Total (286) (74) \u2013 8 \u2013 (8) (361) Current items Inventory valuation 67 (31) (2) \u2013 \u2013 (1) 36 Accrued expenses 96 (36) (2) \u2013 \u2013 2 61 Total 163 (68) (3) \u2013 \u2013 1 96 Tax loss carry forwards 491 336 (6) \u2013 \u2013 14 840 Unused tax credits \u2013 8 \u2013 \u2013 \u2013 \u2013 8 Unrecognized tax assets for tax losses and temporary differences (392) (106) 3 \u2013 \u2013 (21) (517) Net deferred tax asset/(liability) (23) 96 (5) 8 \u2013 (14) 66 Unrecognized deferred tax assets USD millions 2024 2023 Unrecognized deferred tax assets are attributable to the following Tax losses 502 485 Deductible temporary differences 74 31 Total 576 517 Unrecognized deferred tax assets related to tax losses in Brazil amount to USD 330 million in 2024 (2023: USD 309 million). Unrecognized deferred tax assets related to tax losses in Belgium amount to USD 69 million in 2024 (2023: USD 58 million). Utilization of the tax loss carry forwards in Brazil and Belgium are without time limitation but restricted to 30 and 70 percent of taxable income each year, respectively. Specification of expiration of tax loss carry forwards USD millions 2024 2025 8 2026 2 2027 2 2028 41 2029 4 After 2029 112 Without expiration 3,127 Total tax loss carry forwards 3,296 Deferred tax effect of tax loss carry forwards 904 Unrecognized deferred tax assets for tax losses (502) Recognized in the statement of financial position 401 Yara\u2019s recognized tax loss carry forwards primarily relate to businesses in Europe of which Norway constitutes the largest amount. Tax losses in Norway are without expiration and mainly relate to incurred currency losses, non-recurring transactions and loss from operations. The recognized tax assets for all units are supported by estimated future profit level. Deferred tax presented in the statement of financial position USD millions 2024 2023 Deferred tax assets 555 522 Deferred tax liabilities (408) (456) Net deferred tax asset/(liability) 147 66 Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements amount to approximately USD 6.6 billion that for the main part can be distributed as tax-free dividends. 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 5.5 Provisions and contingencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "2.8 Income taxes Pillar 2 The Yara Group is subject to the global minimum top-up tax under the Pillar 2 legislation. The Group has recognized a current tax expense of USD 14 million related to top-up tax for 2024. As required by the amendments to IAS 12 issued in May 2023, the Yara Group has applied a temporary mandatory relief from deferred accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. For 2024, the Group has elected to apply the Transitional Country-by-Country Report (CbCR) Safe Harbours, which have been implemented in the Pillar 2 legislation. These safe harbour rules simplify the compliance process for the Yara Group by excluding some qualifying countries from the pillar 2 computation on a transitional basis, i.e., for fiscal years 2024, 2025 and 2026. No top-up tax liability will arise from these qualifying countries during the transitory period. Based on the 2024 preliminary CbCR numbers, it is expected that the Yara entities incorporated in Hungary, Peru, Poland, Singapore and Tanzania will not qualify for any of the Transitional CbCR Safe Harbours in 2024. From these jurisdictions, the ones that have triggered a top-up tax liability are Singapore and Hungary. In addition, the Yara entities in Ireland have also triggered a top-up tax liability which is included in our current tax expense. The Pillar 2 legislation has been enacted with effect from the financial year 2024, both in Norway (which is the jurisdiction of the ultimate parent entity of the Yara Group, Yara International ASA) and in many countries where the Group has presence through subsidiaries or branches. The fact that not all the countries have implemented the rules is not expected to have a material impact for the Group", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "2.8 Income taxes As required by the amendments to IAS 12 issued in May 2023, the Yara Group has applied a temporary mandatory relief from deferred accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. ", "dimensions": { "concept": "ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "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 inventory. Yara is using the standard costing method for
cost measurement which considers normal levels of materials and supplies, labor, efficiency, and capacity utilization. If
standard cost deviates significantly from the actual cost, adjustments are done to reflect the correct cost of production for
the applicable period.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "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 phosphates, potassium and other input factors used in the production. Spare parts include packing, operating and maintenance supplies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "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 phosphates, potassium and other input factors used in the production. Spare parts include packing, operating and maintenance supplies. Inventory stock 2024 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 575 535 467 110 \u2013 112 (108) 1,690 Work in progress 38 \u2013 14 23 \u2013 21 \u2013 96 Raw materials 115 506 16 113 70 73 \u2013 893 Spare parts 94 52 36 96 \u2013 56 \u2013 334 Balance at 31 December 2024 822 1,093 533 342 70 261 (108) 3,014 Restated 1) 2023 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 622 550 365 102 \u2013 123 (67) 1,695 Work in progress 36 1 10 22 \u2013 22 \u2013 90 Raw materials 171 471 17 115 85 73 5 937 Spare parts 104 51 32 96 \u2013 53 \u2013 336 Balance at 31 December 2023 933 1,074 423 336 85 270 (62) 3,058 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments. The Yara Group figures are unchanged. See note 2.3 Segment information for further information Write-down 2024 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Balance at 1 January (34) (16) (4) (9) \u2013 (8) 17 (55) New write-downs recognized during the year (45) (28) (7) (18) (15) (14) 22 (104) Write-downs reversed due to product sold 28 15 5 17 15 9 (33) 57 Write-downs reversed, other 26 16 4 6 \u2013 3 \u2013 55 Foreign currency translation 2 3 \u2013 \u2013 \u2013 1 \u2013 5 Balance at 31 December (23) (10) (2) (3) (1) (9) 6 (41) Restated 1) 2023 USD millions Europe Americas Africa & Asia Global Plants & Operational Excellence Clean Ammonia Industrial Solutions Other and Eliminations Total Balance at 1 January (37) (61) (19) (33) (4) (18) 30 (140) New write-downs recognized during the year (183) (102) (43) (76) (101) (46) 120 (430) Write-downs reversed due to product sold 169 110 47 94 103 54 (139) 438 Write-downs reversed, other 19 40 9 6 1 3 5 82 Foreign currency translation (2) (3) 1 \u2013 \u2013 (1) \u2013 (5) Balance at 31 December (34) (16) (4) (9) \u2013 (8) 17 (55) 1) Comparative figures have been restated to reflect the change in Yara\u2019s operating segments. The Yara Group figures are unchanged. See note 2.3 Segment information for further information. No inventories were pledged as security at end of 2024 (2023: USD 1 million). See note 5.7 Secured Debt and Guarantees for more information.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "
3.2 Trade receivables
Specification
USD millions Notes 2024 2023
Trade receivables
1)
1,598 1,742
Allowance for expected credit loss (101) (107)
Balance at 31 December
6.3 1,497 1,634
1)
Of the total balance of USD 1,598 million, approximately USD 787 million (2023: USD 827 million) refers to credit insured receivables.
Movement in allowance for expected credit loss
USD millions 2024 2023
Balance at 1 January (107) (102)
Lifetime expected credit losses recognized for existing business (37) (32)
Change in lifetime expected credit losses due to business classified as held for sale (1) 3
Amounts written off as uncollectible 23 8
Lifetime expected credit losses reversed 11 18
Foreign currency translation 9 (2)
Balance at 31 December (101) (107)
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
2024 1,598 1,299 112 31 22 134
2023 1,742 1,390 139 40 27 145
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
2024 (101) (3) (1) (1) (2) (94)
2023 (107) (3) (1) (3) (1) (99)
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
2024 1,497 1,297 111 30 20 40
2023 1,634 1,387 138 37 26 46
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "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\u2019 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. 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-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "3.2 Trade receivables USD millions 2024 2023 Balance at 1 January (107) (102) Lifetime expected credit losses recognized for existing business (37) (32) Change in lifetime expected credit losses due to business classified as held for sale (1) 3 Amounts written off as uncollectible 23 8 Lifetime expected credit losses reversed 11 18 Foreign currency translation 9 (2) Balance at 31 December (101) (107", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "3.2 Trade receivables
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.
3.3 Prepaid expenses and other current assets On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information 4.6 Other non-current assets 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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "
3.3 Prepaid expenses and other current assets
USD millions Notes 2024 2023
Financial assets
Foreign exchange contracts 8 6
Receivables and deposits 285 283
Contracts assets
2.1 3 7
Expected credit loss on other current assets (1) (1)
Balance at 31 December
6.3 295 295
Non-financial assets
VAT and sales-related taxes 228 231
Prepaid income taxes 201 228
Prepaid expenses 143 163
Balance at 31 December 573 622
4.6 Other non-current assets
Specifications USD millions Notes 2024 2023 Financial assets Equity instruments 6.3 83 88 Interest rate swaps designated as hedging instrument 6.3 \u2013 15 Cross currency and interest rate swaps 6.3 1 3 Receivables and deposits 6.3 36 30 Expected credit loss on long-term loans and receivables 6.3 (1) (1) Balance at 31 December 119 134 Non-financial assets Surplus on funded defined benefit plans 5.3 131 221 Prepayment for property, plant and equipment 60 48 Other non-financial assets 26 22 Tax and VAT receivables 150 168 Balance at 31 December 366 460 Long-term VAT receivables in Brazil At year-end 2024, Yara has recognized USD 51 million of tax credits related to value added taxes in Brazil (2023: USD 81 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. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These accumulated credits can be used to offset other federal taxes in many circumstances 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 current legislation results in accumulation of ICMS tax credits in a number of States. 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 ind", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "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-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information . 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. On other receivables, loans and deposits, Yara records 12-month 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-month 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 that are considered relevant. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "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-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information . 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. On other receivables, loans and deposits, Yara records 12-month 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-month 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 that are considered relevant. 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "3.3 Prepaid expenses and other current assets USD millions Notes 2024 2023 Financial assets Foreign exchange contracts 8 6 Receivables and deposits 285 283 Contracts assets 2.1 3 7 Expected credit loss on other current assets (1) (1) Balance at 31 December 6.3 295 295 Non-financial assets VAT and sales-related taxes 228 231 Prepaid income taxes 201 228 Prepaid expenses 143 163 Balance at 31 December 573 622 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "3.3 Prepaid expenses and other current assets USD millions Notes 2024 2023 Financial assets Foreign exchange contracts 8 6 Receivables and deposits 285 283 Contracts assets 2.1 3 7 Expected credit loss on other current assets (1) (1) Balance at 31 December 6.3 295 295 Non-financial assets VAT and sales-related taxes 228 231 Prepaid income taxes 201 228 Prepaid expenses 143 163 Balance at 31 December 573 622 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "
3.4 Cash and cash equivalents
USD millions Notes 2024 2023 Cash and cash equivalents 6.3 317 539 Expected credit loss provision on bank deposits is USD 1 million (2023: USD 1 million). External bank deposits that are not available for use by the Group as at 31 December 2024 have a carrying value of USD 85 million (2023: USD 92 million), mainly related to cash held by joint operations. The average interest rate for liquid assets is approximately 5.4 percent as of 31 December 2024 (2023: 4.1 percent). Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and international banks with established limits for exposure towards each institution", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "3.4 Cash and cash equivalents USD millions Notes 2024 2023 Cash and cash equivalents 6.3 317 539 Expected credit loss provision on bank deposits is USD 1 million (2023: USD 1 million). External bank deposits that are not available for use by the Group as at 31 December 2024 have a carrying value of USD 85 million (2023: USD 92 million), mainly related to cash held by joint operations. Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and international banks with established limits for exposure towards each institution.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "3.4 Cash and cash equivalents External bank deposits that are not available for use by the Group as at 31 December 2024 have a carrying value of USD 85 million (2023: USD 92 million), mainly related to cash held by joint operations", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "
4.1 Property, plant and equipment
Yara incurs costs related to extraction of mineral resources in the Group\u2019s existing mines, which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs 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. 2024 USD millions, except percentages and years Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Mining assets Total Cost Balance at 1 January 271 2,902 11,161 706 753 304 193 16,290 Addition at cost 1) 3 47 321 97 547 1 23 1,039 Derecognition (1) (15) (124) (223) (3) \u2013 \u2013 (367) Transfers to asset held for sale \u2013 12 3 \u2013 \u2013 \u2013 \u2013 15 Other transfers 2) (2) 87 228 87 (447) \u2013 15 (32) Foreign currency translation (34) (264) (714) (56) (66) (2) (12) (1,148) Balance at 31 December 237 2,768 10,876 613 785 303 218 15,799 Depreciation and impairment Balance at 1 January (36) (1,302) (7,078) (448) (34) (102) (58) (9,058) Depreciation \u2013 (118) (551) (126) \u2013 (15) (13) (823) Impairment loss 3) \u2013 (19) (36) (17) (8) \u2013 \u2013 (81) Reversed impairment \u2013 \u2013 1 \u2013 1 \u2013 \u2013 2 Derecognition \u2013 11 109 223 \u2013 \u2013 \u2013 343 Transfers to asset held for sale \u2013 7 4 \u2013 \u2013 \u2013 \u2013 11 Other transfers \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Foreign currency translation 2 114 466 35 5 \u2013 4 623 Balance at 31 December (34) (1,308) (7,085) (335) (36) (116) (67) (8,983) Carrying value Balance at 1 January 235 1,598 4,082 258 719 203 137 7,232 Balance at 31 December 203 1,460 3,791 278 748 187 151 6,817 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 17 million increase to decommissioning assets, mainly due to decrease in expected inflation rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 3) See note 4.7 Impairment of non-current assets 2023 USD millions, except percentages and years Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Mining assets Total Cost Balance at 1 January 254 2,689 10,491 584 801 305 152 15,277 Addition at cost 2 74 369 109 562 \u2013 5 1,122 Derecognition \u2013 (14) (152) (43) (239) \u2013 \u2013 (448) Transfers to asset held for sale (2) (25) (18) \u2013 \u2013 \u2013 \u2013 (45) Other transfers 1) 1 85 240 33 (394) \u2013 29 (6) Foreign currency translation 16 94 230 23 24 (1) 6 391 Balance at 31 December 271 2,902 11,161 706 753 304 193 16,290 \u2013 Depreciation and impairment \u2013 Balance at 1 January (35) (1,164) (6,386) (335) (255) (87) (45) (8,307) Depreciation \u2013 (118) (559) (114) \u2013 (15) (11) (818) Impairment loss 2) (1) (10) (144) (29) (21) \u2013 \u2013 (204) Derecognition \u2013 12 140 42 240 \u2013 \u2013 434 Transfers to asset held for sale \u2013 18 18 \u2013 \u2013 \u2013 \u2013 36 Other transfers \u2013 (4) 3 \u2013 \u2013 \u2013 \u2013 (1) Foreign currency translation \u2013 (36) (150) (12) 3 \u2013 (2) (197) Balance at 31 December (36) (1,302) (7,078) (448) (33) (102) (58) (9,058) Carrying value Balance at 1 January 219 1,525 4,106 249 546 219 107 6,970 Balance at 31 December 235 1,598 4,082 258 719 203 137 7,232 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) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 2) See note 4.7 Impairment of non-current assets ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "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. 2024 USD millions, except percentages and years Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Mining assets Total Cost Balance at 1 January 271 2,902 11,161 706 753 304 193 16,290 Addition at cost 1) 3 47 321 97 547 1 23 1,039 Derecognition (1) (15) (124) (223) (3) \u2013 \u2013 (367) Transfers to asset held for sale \u2013 12 3 \u2013 \u2013 \u2013 \u2013 15 Other transfers 2) (2) 87 228 87 (447) \u2013 15 (32) Foreign currency translation (34) (264) (714) (56) (66) (2) (12) (1,148) Balance at 31 December 237 2,768 10,876 613 785 303 218 15,799 Depreciation and impairment Balance at 1 January (36) (1,302) (7,078) (448) (34) (102) (58) (9,058) Depreciation \u2013 (118) (551) (126) \u2013 (15) (13) (823) Impairment loss 3) \u2013 (19) (36) (17) (8) \u2013 \u2013 (81) Reversed impairment \u2013 \u2013 1 \u2013 1 \u2013 \u2013 2 Derecognition \u2013 11 109 223 \u2013 \u2013 \u2013 343 Transfers to asset held for sale \u2013 7 4 \u2013 \u2013 \u2013 \u2013 11 Other transfers \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Foreign currency translation 2 114 466 35 5 \u2013 4 623 Balance at 31 December (34) (1,308) (7,085) (335) (36) (116) (67) (8,983) Carrying value Balance at 1 January 235 1,598 4,082 258 719 203 137 7,232 Balance at 31 December 203 1,460 3,791 278 748 187 151 6,817 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 17 million increase to decommissioning assets, mainly due to decrease in expected inflation rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 3) See note 4.7 Impairment of non-current assets Climate-related matters Ammonia production assets in Europe Ammonia is essential for nitrogen fertilizer, derived from combining nitrogen with hydrogen, typically from natural gas. This process emits GHGs but can be mitigated by using renewable energy electrolysis or carbon capture and storage (CCS). The majority of ammonia produced today has a high carbon footprint. However, new laws primarily in Europe and the US are driving demand for low-carbon and renewable ammonia. While renewable ammonia will take time to scale, significant volumes of low-carbon ammonia are expected in the next 3-5 years. Future market conditions for ammonia, particularly the availability of competitive low-carbon and renewable supplies, could reduce the useful life and/or value of European production assets. Yara closely monitors ammonia market fundamentals and adapts accordingly. In 2023, Yara announced its intention to explore large-scale low-carbon ammonia production with CCS in the US. The company is also exploring CCS implementation at existing sites, and has signed an agreement with Northern Lights to reduce CO 2 emissions from Yara Sluiskil. Additionally, Yara is investigating potential off-take of low emission ammonia. These initiatives, along with optimizing existing sites and using flexible nitrate-based production, are key elements towards decarbonizing Yara\u2019s ammonia supply chain. Yara\u2019s European ammonia plants are integrated with fertilizer and industrial production. The possibility of importing ammonia varies but is technically feasible and already used for optimization at some sites. At the end of 2024, the carrying amount of these assets is USD 555 million, of which USD 160 million have an estimated remaining useful life of more than 10 years. No changes were made to asset lifespans in 2024, but if they were limited to 10 years, annual depreciation would increase by approximately USD 5 million. Yara has not identified any other major assets that might become obsolete or lose value due to climate-related matters. However, the Group is continuously enhancing its understanding of climate-related risk exposure under various scenarios, which may reveal currently unknown conditions. Additionally, Yara could make future strategic decisions related to climate change that might result in certain assets becoming obsolete or lose value. European Renewable Energy Directive The reform of the European Renewable Energy Directive (REDIII) poses a potential risk to Yara\u2019s European ammonia production due to its ambitious targets for industrial hydrogen consumption from renewable sources, as well as the uncertainty surrounding the implementation of these targets in different EU member states. The new industry target under the updated REDIII mandates that by 2030, 42 percent of the hydrogen consumed in industry should come from Renewable Fuels of Non-Biological Origin (RFNBOs). However, when the REDIII Directive was last updated in 2023, a non-binding recital was added, acknowledging the challenges existing ammonia production facilities might face in meeting the 2030 target. This recital allows Member States to propose exemptions (partial or full) for existing ammonia sites to the European Commission, based on a case- by-case evaluation if the industry target is not met by 2030. Presently, it is very uncertain how Member States will implement these industrial targets and whether the \u201cammonia recital\u201d will be utilized at a national level. This uncertainty makes it difficult to assess the full implications of REDIII for Yara. Yara will continue to closely monitor the implementation developments in each Member State and adapt to new conditions as required. The Directive came into force on November 20, 2023. The target applies to EU member states, and the directive must be transposed into national law in each member state by May 21, 2025. As of now, no member state has implemented a legal obligation on companies as part of the transposition process 2023 USD millions, except percentages and years Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Mining assets Total Cost Balance at 1 January 254 2,689 10,491 584 801 305 152 15,277 Addition at cost 2 74 369 109 562 \u2013 5 1,122 Derecognition \u2013 (14) (152) (43) (239) \u2013 \u2013 (448) Transfers to asset held for sale (2) (25) (18) \u2013 \u2013 \u2013 \u2013 (45) Other transfers 1) 1 85 240 33 (394) \u2013 29 (6) Foreign currency translation 16 94 230 23 24 (1) 6 391 Balance at 31 December 271 2,902 11,161 706 753 304 193 16,290 \u2013 Depreciation and impairment \u2013 Balance at 1 January (35) (1,164) (6,386) (335) (255) (87) (45) (8,307) Depreciation \u2013 (118) (559) (114) \u2013 (15) (11) (818) Impairment loss 2) (1) (10) (144) (29) (21) \u2013 \u2013 (204) Derecognition \u2013 12 140 42 240 \u2013 \u2013 434 Transfers to asset held for sale \u2013 18 18 \u2013 \u2013 \u2013 \u2013 36 Other transfers \u2013 (4) 3 \u2013 \u2013 \u2013 \u2013 (1) Foreign currency translation \u2013 (36) (150) (12) 3 \u2013 (2) (197) Balance at 31 December (36) (1,302) (7,078) (448) (33) (102) (58) (9,058) Carrying value Balance at 1 January 219 1,525 4,106 249 546 219 107 6,970 Balance at 31 December 235 1,598 4,082 258 719 203 137 7,232 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) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 2) See note 4.7 Impairment of non-current assets ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "4.1 Property, plant and equipment USD millions, except percentages and years Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Mining assets Total Cost Balance at 1 January 271 2,902 11,161 706 753 304 193 16,290 Addition at cost 1) 3 47 321 97 547 1 23 1,039 Derecognition (1) (15) (124) (223) (3) \u2013 \u2013 (367) Transfers to asset held for sale \u2013 12 3 \u2013 \u2013 \u2013 \u2013 15 Other transfers 2) (2) 87 228 87 (447) \u2013 15 (32) Foreign currency translation (34) (264) (714) (56) (66) (2) (12) (1,148) Balance at 31 December 237 2,768 10,876 613 785 303 218 15,799 Depreciation and impairment Balance at 1 January (36) (1,302) (7,078) (448) (34) (102) (58) (9,058) Depreciation \u2013 (118) (551) (126) \u2013 (15) (13) (823) Impairment loss 3) \u2013 (19) (36) (17) (8) \u2013 \u2013 (81) Reversed impairment \u2013 \u2013 1 \u2013 1 \u2013 \u2013 2 Derecognition \u2013 11 109 223 \u2013 \u2013 \u2013 343 Transfers to asset held for sale \u2013 7 4 \u2013 \u2013 \u2013 \u2013 11 Other transfers \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Foreign currency translation 2 114 466 35 5 \u2013 4 623 Balance at 31 December (34) (1,308) (7,085) (335) (36) (116) (67) (8,983) Carrying value Balance at 1 January 235 1,598 4,082 258 719 203 137 7,232 Balance at 31 December 203 1,460 3,791 278 748 187 151 6,817 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 17 million increase to decommissioning assets, mainly due to decrease in expected inflation rate. 2) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 3) See note 4.7 Impairment of non-current assets . USD millions, except percentages and years Land Buildings Machinery and equipment Periodic maintenance Asset under construction Vessels Mining assets Total Cost Balance at 1 January 254 2,689 10,491 584 801 305 152 15,277 Addition at cost 2 74 369 109 562 \u2013 5 1,122 Derecognition \u2013 (14) (152) (43) (239) \u2013 \u2013 (448) Transfers to asset held for sale (2) (25) (18) \u2013 \u2013 \u2013 \u2013 (45) Other transfers 1) 1 85 240 33 (394) \u2013 29 (6) Foreign currency translation 16 94 230 23 24 (1) 6 391 Balance at 31 December 271 2,902 11,161 706 753 304 193 16,290 \u2013 Depreciation and impairment \u2013 Balance at 1 January (35) (1,164) (6,386) (335) (255) (87) (45) (8,307) Depreciation \u2013 (118) (559) (114) \u2013 (15) (11) (818) Impairment loss 2) (1) (10) (144) (29) (21) \u2013 \u2013 (204) Derecognition \u2013 12 140 42 240 \u2013 \u2013 434 Transfers to asset held for sale \u2013 18 18 \u2013 \u2013 \u2013 \u2013 36 Other transfers \u2013 (4) 3 \u2013 \u2013 \u2013 \u2013 (1) Foreign currency translation \u2013 (36) (150) (12) 3 \u2013 (2) (197) Balance at 31 December (36) (1,302) (7,078) (448) (33) (102) (58) (9,058) Carrying value Balance at 1 January 219 1,525 4,106 249 546 219 107 6,970 Balance at 31 December 235 1,598 4,082 258 719 203 137 7,232 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) Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects. 2) See note 4.7 Impairment of non-current assets . 4.2 Intangible assets USD million, except percentages and years Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 785 198 397 1,380 Addition at cost \u2013 4 18 22 Derecognition (18) (5) (5) (28) Acquisition new companies 1 \u2013 7 8 Transfer to asset held for sale (4) \u2013 \u2013 (4) Other transfers \u2013 15 (12) 3 Foreign currency translation (41) (23) (24) (88) Balance at 31 December 724 189 381 1,293 Amortization and impairment Balance at 1 January (25) (155) (305) (485) Amortization \u2013 (16) (11) (27) Impairment loss 2) (3) \u2013 \u2013 (3) Derecognition 12 1 4 17 Transfer to asset held for sale 2 \u2013 \u2013 2 Foreign currency translation 1 18 17 36 Balance at 31 December (12) (151) (296) (459) Carrying value Balance at 1 January 760 43 92 896 Balance at 31 December 712 38 85 835 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. 2023 USD million, except percentages and years Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 795 184 364 1,343 Addition at cost \u2013 11 31 42 Derecognition (17) (1) (6) (24) Transfer to asset held for sale (11) \u2013 (8) (19) Other transfers \u2013 5 8 13 Foreign currency translation 18 (1) 8 25 Balance at 31 December 785 198 397 1,380 Amortization and impairment Balance at 1 January (41) (145) (291) (477) Amortization \u2013 (16) (12) (28) Impairment loss 2) (11) \u2013 (5) (16) Derecognition 17 1 6 24 Transfer to asset held for sale 11 \u2013 8 19 Other transfers \u2013 3 (3) \u2013 Foreign currency translation (1) 1 (8) (8) Balance at 31 December (25) (155) (305) (485) Carrying value Balance at 1 January 754 39 73 867 Balance at 31 December 760 43 92 896 Useful life in years Indefinite 3\u20135 5\u201340 Amortization rate 20\u201335% 3\u201335% 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:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "4.1 Property, plant and equipment
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "4.1 Property, plant and equipment 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.
Expenses 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:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "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 is depreciated on a straight-line basis over the 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, reassessed annually", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "4.1 Property, plant and equipment
Yara incurs costs related to extraction of mineral resources in the Group\u2019s existing mines, which mainly refer to removal of
mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs 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:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "4.1 Property, plant and equipment
An impairment is recognized if an asset\u2019s carrying value is higher than the recoverable amount. PP&E is tested for
impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. See
note 4.7 Impairment of non-current assets.
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. See note 4.7 Impairment of non-current assets.
4.6 Other non-current assets
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.
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 CGUs\u2019 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "4.1 Property, plant and equipment Yara incurs costs related to extraction of mineral resources in the Group\u2019s existing mines, which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "4.1 Property, plant and equipment Accounting policies An item of PP&E 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 impairment 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 is depreciated on a straight-line basis over the 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, reassessed 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. PP&E is tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. See note 4.7 Impairment of non-current assets. Expenses 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. Yara incurs costs related to extraction of mineral resources in the Group\u2019s existing mines, which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs 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. A government grant that compensates Yara for the cost of an asset, is deducted from the carrying value of the asset. See note 4.9 Government grants for more information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "4.1 Property, plant and equipment Expenses 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "4.1 Property, plant and equipment Yara incurs costs related to extraction of mineral resources in the Group\u2019s existing mines, which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "
4.2 Intangible assets
2024
USD million, except percentages and years Goodwill Software Other intangibles
1)
Total
Cost
Balance at 1 January 785 198 397 1,380
Addition at cost \u2013 4 18 22
Derecognition (18) (5) (5) (28)
Acquisition new companies 1 \u2013 7 8
Transfer to asset held for sale (4) \u2013 \u2013 (4)
Other transfers \u2013 15 (12) 3
Foreign currency translation (41) (23) (24) (88)
Balance at 31 December 724 189 381 1,293
Amortization and impairment
Balance at 1 January (25) (155) (305) (485)
Amortization \u2013 (16) (11) (27)
Impairment loss
2)
(3) \u2013 \u2013 (3)
Derecognition 12 1 4 17
Transfer to asset held for sale 2 \u2013 \u2013 2
Foreign currency translation 1 18 17 36
Balance at 31 December (12) (151) (296) (459)
Carrying value
Balance at 1 January 760 43 92 896
Balance at 31 December 712 38 85 835
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.
2023
USD million, except percentages and years Goodwill Software Other intangibles
1)
Total
Cost
Balance at 1 January 795 184 364 1,343
Addition at cost \u2013 11 31 42
Derecognition (17) (1) (6) (24)
Transfer to asset held for sale (11) \u2013 (8) (19)
Other transfers \u2013 5 8 13
Foreign currency translation 18 (1) 8 25
Balance at 31 December 785 198 397 1,380
Amortization and impairment
Balance at 1 January (41) (145) (291) (477)
Amortization \u2013 (16) (12) (28)
Impairment loss
2)
(11) \u2013 (5) (16)
Derecognition 17 1 6 24
Transfer to asset held for sale 11 \u2013 8 19
Other transfers \u2013 3 (3) \u2013
Foreign currency translation (1) 1 (8) (8)
Balance at 31 December (25) (155) (305) (485)
Carrying value
Balance at 1 January 754 39 73 867
Balance at 31 December 760 43 92 896
Useful life in years Indefinite 3\u20135 5\u201340
Amortization rate 20\u201335% 3\u201335%
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "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. Both 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. 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. See note 4.7 Impairment of non-current assets. Expenditures on research activities are expensed in the period in which they are incurred. An internally generated intangible asset arising from development is recognized if, and only if, all of the relevant criteria in IAS 38 Intangible assets have been demonstrated. Where no internally generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they are incurred. See note 4.9 Government grants for more information. 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. Related configuration or customization activities are normally expensed. Licensed software hosted on-premises 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 certain defined criteria. Yara receives free EU Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and free tradable certificate instruments for energy savings (white certificates) under an additional, separate scheme in Italy. For more information, see note 4.9 Government grants . 4.9 Government grants Accounting policies Government grants are recognized in the financial statements when Yara has reasonable assurance that the Group will comply with conditions attached to them and the grants will be received. Any portion of government grants received not yet earned is deferred as a liability until the associated activity is expected to be performed or expenses recognized. Any portion earned but not yet received is recognized as a receivable. White certificates relates to the sale of tradable certificate instruments granted in Italy for energy savings achieved. They are recognized as intangible assets at cost (nominal value zero). If sold Yara recognizes a gain equal to the selling price. Government granted CO2 emission allowances under EU ETS are recognized as intangible assets at cost (nominal value zero). If actual emissions exceed the number of allocated allowances, additional allowances are purchased, and the cost is included as part of the production cost of inventory. Any sale of excess emission rights is recognized at the time of the sale at the transaction price. Compensation for energy tax comprises both refund schemes (actual cash flows) and exemption schemes (no cash flows). Energy tax and excise duty refunds are recognized as a reduction to the related expense in profit and loss. Government grants that compensate Yara for the cost of investing in assets are 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 depreciation starts. Investment grants are included in Investing activities in the statement of cash flows. If a government grant refers to research and development which do not meet the criteria for capitalization, or it refers to self-constructed PP&E which do not meet Yara\u2019s internal decision gates for capitalization, the govern ment grant is recognized in the statement of income as reduction of the costs for which the grant is intended to compensate", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "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. Both 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, 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. See note 4.7 Impairment of non-current assets. Expenditures on research activities are expensed in the period in which they are incurred. An internally generated intangible asset arising from development is recognized if, and only if, all of the relevant criteria in IAS 38 Intangible assets have been demonstrated. Where no internally generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they are incurred. See note 4.9 Government grants for more information. 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. Related configuration or customization activities are normally expensed. Licensed software hosted on-premises 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 certain defined criteria. Yara receives free EU Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and free tradable certificate instruments for energy savings (white certificates) under an additional, separate scheme in Italy. For more information, see note 4.9 Government grants 4.9 Government grants Accounting policies Government grants are recognized in the financial statements when Yara has reasonable assurance that the Group will comply with conditions attached to them and the grants will be received. Any portion of government grants received not yet earned is deferred as a liability until the associated activity is expected to be performed or expenses recognized. Any portion earned but not yet received is recognized as a receivable. White certificates relates to the sale of tradable certificate instruments granted in Italy for energy savings achieved. They are recognized as intangible assets at cost (nominal value zero). If sold Yara recognizes a gain equal to the selling price. Government granted CO2 emission allowances under EU ETS are recognized as intangible assets at cost (nominal value zero). If actual emissions exceed the number of allocated allowances, additional allowances are purchased, and the cost is included as part of the production cost of inventory. Any sale of excess emission rights is recognized at the time of the sale at the transaction price. Compensation for energy tax comprises both refund schemes (actual cash flows) and exemption schemes (no cash flows). Energy tax and excise duty refunds are recognized as a reduction to the related expense in profit and loss. Government grants that compensate Yara for the cost of investing in assets are 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 depreciation starts. Investment grants are included in Investing activities in the statement of cash flows. If a government grant refers to research and development which do not meet the criteria for capitalization, or it refers to self-constructed PP&E which do not meet Yara\u2019s internal decision gates for capitalization, the govern ment grant is recognized in the statement of income as reduction of the costs for which the grant is intended to compensate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "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. Both 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "4.2 Intangible assets 2024 USD million, except percentages and years Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 785 198 397 1,380 Addition at cost \u2013 4 18 22 Derecognition (18) (5) (5) (28) Acquisition new companies 1 \u2013 7 8 Transfer to asset held for sale (4) \u2013 \u2013 (4) Other transfers \u2013 15 (12) 3 Foreign currency translation (41) (23) (24) (88) Balance at 31 December 724 189 381 1,293 Amortization and impairment Balance at 1 January (25) (155) (305) (485) Amortization \u2013 (16) (11) (27) Impairment loss 2) (3) \u2013 \u2013 (3) Derecognition 12 1 4 17 Transfer to asset held for sale 2 \u2013 \u2013 2 Foreign currency translation 1 18 17 36 Balance at 31 December (12) (151) (296) (459) Carrying value Balance at 1 January 760 43 92 896 Balance at 31 December 712 38 85 835 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. 2023 USD million, except percentages and years Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 795 184 364 1,343 Addition at cost \u2013 11 31 42 Derecognition (17) (1) (6) (24) Transfer to asset held for sale (11) \u2013 (8) (19) Other transfers \u2013 5 8 13 Foreign currency translation 18 (1) 8 25 Balance at 31 December 785 198 397 1,380 Amortization and impairment Balance at 1 January (41) (145) (291) (477) Amortization \u2013 (16) (12) (28) Impairment loss 2) (11) \u2013 (5) (16) Derecognition 17 1 6 24 Transfer to asset held for sale 11 \u2013 8 19 Other transfers \u2013 3 (3) \u2013 Foreign currency translation (1) 1 (8) (8) Balance at 31 December (25) (155) (305) (485) Carrying value Balance at 1 January 754 39 73 867 Balance at 31 December 760 43 92 896 Useful life in years Indefinite 3\u20135 5\u201340 Amortization rate 20\u201335% 3\u201335% 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "4.2 Intangible assets 2024 USD million, except percentages and years Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 785 198 397 1,380 Addition at cost \u2013 4 18 22 Derecognition (18) (5) (5) (28) Acquisition new companies 1 \u2013 7 8 Transfer to asset held for sale (4) \u2013 \u2013 (4) Other transfers \u2013 15 (12) 3 Foreign currency translation (41) (23) (24) (88) Balance at 31 December 724 189 381 1,293 Amortization and impairment Balance at 1 January (25) (155) (305) (485) Amortization \u2013 (16) (11) (27) Impairment loss 2) (3) \u2013 \u2013 (3) Derecognition 12 1 4 17 Transfer to asset held for sale 2 \u2013 \u2013 2 Foreign currency translation 1 18 17 36 Balance at 31 December (12) (151) (296) (459) Carrying value Balance at 1 January 760 43 92 896 Balance at 31 December 712 38 85 835 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. 2023 USD million, except percentages and years Goodwill Software Other intangibles 1) Total Cost Balance at 1 January 795 184 364 1,343 Addition at cost \u2013 11 31 42 Derecognition (17) (1) (6) (24) Transfer to asset held for sale (11) \u2013 (8) (19) Other transfers \u2013 5 8 13 Foreign currency translation 18 (1) 8 25 Balance at 31 December 785 198 397 1,380 Amortization and impairment Balance at 1 January (41) (145) (291) (477) Amortization \u2013 (16) (12) (28) Impairment loss 2) (11) \u2013 (5) (16) Derecognition 17 1 6 24 Transfer to asset held for sale 11 \u2013 8 19 Other transfers \u2013 3 (3) \u2013 Foreign currency translation (1) 1 (8) (8) Balance at 31 December (25) (155) (305) (485) Carrying value Balance at 1 January 754 39 73 867 Balance at 31 December 760 43 92 896 Useful life in years Indefinite 3\u20135 5\u201340 Amortization rate 20\u201335% 3\u201335% 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "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 104 million
(USD 113 million in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "4.2 Intangible assets Yara receives free EU Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and free tradable certificate instruments for energy savings (white certificates) under an additional, separate scheme in Italy. For more information, see note 4.9 Government grants . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "4.2 Intangible assets
Expenditures on research activities are expensed in the period in which they are incurred. An internally generated intangible
asset arising from development is recognized if, and only if, all of the relevant criteria in IAS 38 Intangible assets have
been demonstrated.
Where no internally generated intangible asset can be recognized, development expenditures are recognized in profit or
loss in the period in which they are incurred. See note 4.9 Government grants for more information.
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. Related
configuration or customization activities are normally expensed. Licensed software hosted on-premises 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 certain defined criteria.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "
4.3 Associated companies and joint ventures
Sales and receivables/payables
Sales from investees to Yara were USD 17 million (2023: USD 20 million). At 31 December 2024, Yara had net current
receivables towards investees of USD 4 million (2023: USD 3 million).
USD millions 2024 2023
Associated companies
Balance at 1 January 69 53
Net movements in investments and long-term loans to associates (17) 13
Yara's share of Net income/(loss) 8 7
Dividends/repayment of capital (6) (7)
Foreign currency translation (4) 3
Balance at 31 December 50 69
Joint ventures
Balance at 1 January 84 94
Net movements in investments and long-term loans to associates 6 \u2013
Yara's share of Net income/(loss) 11 (6)
Dividends/repayment of capital (4) (8)
Foreign currency translation (8) 4
Balance at 31 December 89 84
Associated companies and joint ventures
Balance at 1 January 152 147
Net movements in investments and long-term loans to associates (11) 13
Yara's share of Net income/(loss) 19 1
Dividends/repayment of capital (10) (16)
Foreign currency translation (12) 7
Balance at 31 December 138 152
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 above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "4.3 Associated companies and joint ventures Overview Yara has several minor investments classified as associated companies and joint ventures. These are mainly investments in sales & marketing entities within the Americas and Industrial Solutions operating segments. Sales and receivables/payables Sales from investees to Yara were USD 17 million (2023: USD 20 million). At 31 December 2024, Yara had net current receivables towards investees of USD 4 million (2023: USD 3 million). USD millions 2024 2023 Associated companies Balance at 1 January 69 53 Net movements in investments and long-term loans to associates (17) 13 Yara's share of Net income/(loss) 8 7 Dividends/repayment of capital (6) (7) Foreign currency translation (4) 3 Balance at 31 December 50 69 Joint ventures Balance at 1 January 84 94 Net movements in investments and long-term loans to associates 6 \u2013 Yara's share of Net income/(loss) 11 (6) Dividends/repayment of capital (4) (8) Foreign currency translation (8) 4 Balance at 31 December 89 84 Associated companies and joint ventures Balance at 1 January 152 147 Net movements in investments and long-term loans to associates (11) 13 Yara's share of Net income/(loss) 19 1 Dividends/repayment of capital (10) (16) Foreign currency translation (12) 7 Balance at 31 December 138 152 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 above.
4.4 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 owned 50 percent by Yara and 50 percent by Orica Mining Services
Pilbara Pty. Ltd.
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 through sales agency
agreements. 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, while 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 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% owned by Yara and 32% by BASF.
he 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. Statement of financial position 31 December 2024 31 December 2023 USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport Yara\u2019s share of consolidated Joint operations Yara Pilbara Nitrates Tringen Yara Freeport Yara\u2019s share of consolidated Joint operations Assets Total non-current assets 375 67 226 668 362 69 241 672 Total current assets 42 94 40 175 18 101 38 158 Total assets 417 161 266 843 380 170 279 830 Total equity 255 125 244 624 213 130 263 606 Liabilities Total non-current liabilities 157 14 6 177 159 15 3 178 Total current liabilities 5 22 16 43 8 25 12 45 Total equity and liabilities 417 161 266 843 380 170 279 830 Statement of income 2024 2023 USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport Yara\u2019s share of consolidated Joint operations Yara Pilbara Nitrates Tringen Yara Freeport Yara\u2019s share of consolidated Joint operations Revenue and other income 97 152 152 401 45 156 155 356 Operating costs and expenses (68) (146) (141) (355) (68) (145) (143) (356) Operating income/(loss) 28 7 11 46 (23) 11 12 \u2013 Income/(loss) before tax 23 10 12 45 (30) 12 13 (4) Income tax expense 35 (4) \u2013 31 (5) (4) \u2013 (9) Net income/(loss) 58 6 12 76 (35) 8 13 (14)
7.2 Related parties
The Norwegian State
At 31 December 2024, 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 19,204,218 shares, representing
7.54 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, and there are currently no active members in the pension
fund, only paid-up policies and pensioners. During 2024, 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.
Associated companies, Joint ventures and Joint Operations
Transactions with Associated companies, Joint ventures and Joint Operations are described in note 4.3 and 4.4.
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
2024\u201d can be found at www.yara.com, Annual report section.
Executive Management remuneration and Board of Directors compensation
USD thousands
Compensation
earned in 2024
Compensation
earned in 2023
Salary and short-term incentive (5,349) (4,993)
Pension
1)
(512) (367)
Benefits (1,099) (1,162)
Share-based remuneration
2)
(1,451) (970)
Total Executive Management (8,412) (7,492)
Fee to Board of Directors (627) (533)
Total (9,038) (8,025)
1)
In the Yara Executive Remuneration Report for previous years, return on savings balances in unfunded pension plans have been included in the total compensation figure.
Starting in 2024, return on the savings balances in unfunded pension plans is excluded from total compensation, and has also been subtracted from the comparative
compensation figures for 2023.
2)
See note 7.3 Share-based remuneration for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "4.3 Associated companies and joint ventures Overview Yara has several minor investments classified as associated companies and joint ventures. These are mainly investments in sales & marketing entities within the Americas and Industrial Solutions operating segments. Sales and receivables/payables Sales from investees to Yara were USD 17 million (2023: USD 20 million). At 31 December 2024, Yara had net current receivables towards investees of USD 4 million (2023: USD 3 million). USD millions 2024 2023 Associated companies Balance at 1 January 69 53 Net movements in investments and long-term loans to associates (17) 13 Yara's share of Net income/(loss) 8 7 Dividends/repayment of capital (6) (7) Foreign currency translation (4) 3 Balance at 31 December 50 69 Joint ventures Balance at 1 January 84 94 Net movements in investments and long-term loans to associates 6 \u2013 Yara's share of Net income/(loss) 11 (6) Dividends/repayment of capital (4) (8) Foreign currency translation (8) 4 Balance at 31 December 89 84 Associated companies and joint ventures Balance at 1 January 152 147 Net movements in investments and long-term loans to associates (11) 13 Yara's share of Net income/(loss) 19 1 Dividends/repayment of capital (10) (16) Foreign currency translation (12) 7 Balance at 31 December 138 152 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 above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "4.3 Associated companies and joint ventures Sales and receivables/payables Sales from investees to Yara were USD 17 million (2023: USD 20 million). At 31 December 2024, Yara had net current receivables towards investees of USD 4 million (2023: USD 3 million). USD millions 2024 2023 Associated companies Balance at 1 January 69 53 Net movements in investments and long-term loans to associates (17) 13 Yara's share of Net income/(loss) 8 7 Dividends/repayment of capital (6) (7) Foreign currency translation (4) 3 Balance at 31 December 50 69 Joint ventures Balance at 1 January 84 94 Net movements in investments and long-term loans to associates 6 \u2013 Yara's share of Net income/(loss) 11 (6) Dividends/repayment of capital (4) (8) Foreign currency translation (8) 4 Balance at 31 December 89 84 Associated companies and joint ventures Balance at 1 January 152 147 Net movements in investments and long-term loans to associates (11) 13 Yara's share of Net income/(loss) 19 1 Dividends/repayment of capital (10) (16) Foreign currency translation (12) 7 Balance at 31 December 138 152 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 above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "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.
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 the 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 (see note 4.4 Joint operations for further
details). 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. Investments in equity-accounted investees are tested for
impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees
are changed to ensure consistency with the accounting policies adopted by the Yara Group .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "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. 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 the 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 (see note 4.4 Joint operations for further details). 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. Investments in equity-accounted investees are tested for impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees are changed to ensure consistency with the accounting policies adopted by the Yara Group .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "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. 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 the 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 (see note 4.4 Joint operations for further details). 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. Investments in equity-accounted investees are tested for impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees are changed to ensure consistency with the accounting policies adopted by the Yara Group .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "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. 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 the 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 (see note 4.4 Joint operations for further details). 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. Investments in equity-accounted investees are tested for impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees are changed to ensure consistency with the accounting policies adopted by the Yara Group 4.4 Joint operations Accounting policies With reference to joint arrangements, as detailed in note 4.3 Associated companies and joint ventures, the parties in a joint operation 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 IFRS Accounting Standards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "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 consolidated 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 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 judgment 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "4.5 Leases Right-of-use (ROU) assets USD millions Land Vessels Buildings Product storage Transportation & logistics Other assets Total Carrying value Balance ROU assets at 1 January 2023 112 40 73 78 41 60 403 Additions and lease modifications 13 45 35 41 31 23 187 Transfer to asset held for sale (2) \u2013 (1) \u2013 \u2013 \u2013 (3) Other transfers \u2013 \u2013 (3) \u2013 \u2013 \u2013 (3) Depreciation (8) (50) (24) (44) (24) (24) (172) Foreign currency translation 1 \u2013 1 \u2013 2 3 6 Balance at 31 December 2023 117 35 82 75 49 61 418 Additions and lease modifications 6 60 29 83 36 55 269 Depreciation (8) (53) (25) (53) (29) (29) (198) Foreign currency translation (5) \u2013 (7) (4) (5) (5) (26) Balance at 31 December 2024 110 41 79 101 52 83 464 Lease liabilities USD millions Non-current Current Total Carrying value Balance lease obligations at 1 January 2023 292 118 410 Additions and lease modifications 183 \u2013 183 Transfer to liabilities held for sale (3) (1) (3) Reclassification to current liabilities (171) 171 \u2013 Lease payments \u2013 (168) (168) Foreign currency translation 5 2 8 Balance at 31 December 2023 306 123 429 Additions and lease modifications 257 \u2013 257 Reclassification to current liabilities (212) 212 \u2013 Lease payments \u2013 (187) (187) Foreign currency translation (21) (10) (31) Balance at 31 December 2024 330 138 468 Interest expense on lease liabilities in the period amounts to USD 25 million (2023: USD 19 million). Leases not yet commenced to which Yara was committed as of 31 December 2024, amounted to a discounted value of USD 91 million (2023: USD 71 million). The amount includes an estimated commitment of USD 23 million (2023: USD 18 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 2024 2023 1 year 157 142 2 years 92 83 3 years 55 48 4 years 38 32 5 years 29 26 Thereafter 267 266 Total undiscounted lease liabilities at 31 December 638 596 Leases expensed in the period USD millions 2024 2023 Expenses relating to variable fee leases not included in the measurement of lease liabilities 22 24 Expenses relating to short-term leases 26 39 Expenses relating to leased assets of low value, excluding short-term leases 2 1 Total leases expensed 50 65 Cash outflows in the period USD millions 2024 2023 Principal payments on recognized lease liabilities 187 168 Interest payments on recognized lease liabilities 24 19 Payments on leases expensed in the period 50 64 Total cash outflows for leases 261 250", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "4.6 Other non-current assets
Specifications
USD millions Notes 2024 2023
Financial assets
Equity instruments
6.3 83 88
Interest rate swaps designated as hedging instrument
6.3 \u2013 15
Cross currency and interest rate swaps
6.3 1 3
Receivables and deposits
6.3 36 30
Expected credit loss on long-term loans and receivables
6.3 (1) (1)
Balance at 31 December 119 134
Non-financial assets
Surplus on funded defined benefit plans
5.3 131 221
Prepayment for property, plant and equipment 60 48
Other non-financial assets 26 22
Tax and VAT receivables 150 168
Balance at 31 December 366 460
Long-term VAT receivables in Brazil
At year-end 2024, Yara has recognized USD 51 million of tax credits related to value added taxes in Brazil (2023:
USD 81 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. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These
accumulated credits can be used to offset other federal taxes in many circumstances 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 current legislation results in accumulation of ICMS tax credits in a number of States.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "4.6 Other non-current assets Specifications USD millions Notes 2024 2023 Financial assets Equity instruments 6.3 83 88 Interest rate swaps designated as hedging instrument 6.3 \u2013 15 Cross currency and interest rate swaps 6.3 1 3 Receivables and deposits 6.3 36 30 Expected credit loss on long-term loans and receivables 6.3 (1) (1) Balance at 31 December 119 134 Non-financial assets Surplus on funded defined benefit plans 5.3 131 221 Prepayment for property, plant and equipment 60 48 Other non-financial assets 26 22 Tax and VAT receivables 150 168 Balance at 31 December 366 460 Long-term VAT receivables in Brazil At year-end 2024, Yara has recognized USD 51 million of tax credits related to value added taxes in Brazil (2023: USD 81 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. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These accumulated credits can be used to offset other federal taxes in many circumstances 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 current legislation results in accumulation of ICMS tax credits in a number of States. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "4.6 Other non-current assets Long-term VAT receivables in Brazil At year-end 2024, Yara has recognized USD 51 million of tax credits related to value added taxes in Brazil (2023: USD 81 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. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These accumulated credits can be used to offset other federal taxes in many circumstances 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 current legislation results in accumulation of ICMS tax credits in a number of States. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "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 CGUs\u2019 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "4.7 Impairment of non-current assets Recognized impairment loss USD millions 2024 2023 Asset class Goodwill (3) (11) Other intangible assets \u2013 (5) Property, plant and equipment (80) (204) Total impairment loss (83) (220) Reversal of impairment of non-current assets 2 \u2013 Net impairment loss (82) (220) USD millions 2024 2023 Segment split Europe (7) (192) Americas (35) (4) Global Plants & Operational Excellence (1) (3) Industrial Solutions (38) (1) Other and Eliminations \u2013 (20) Net impairment loss (82) (220) Impairment charges in 2024 The impairments mainly relate to individual production assets in Cubat\u00e3o, Brazil, where a reassessment of strategic priorities resulted in significantly reduced expected useful life. The factors triggering the impairments did not lead to additional impairments of cash-generating units to which the assets belong. Impairment charges in 2023 The largest impairment of property, plant and equipment was a USD 168 million impairment of Yara Europe\u2019s production site in Tertre, Belgium. The Tertre site is an integrated production unit that produces ammonia, nitric acid and nitrates. The main drivers for the impairment were lower sales price and volume expectations, linked to a challenged sourcing position with limited flexibility to import ammonia. Impairment testing The mandatory impairment testing of CGUs, group 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 currency 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 Information Handling Services (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 period of up to ten years. Despite a relatively steady growth in market demand, history shows that there are also 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 of production assets 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. In the short- and medium term the internal price considers developments in supply and demand, while for the long-term a full-cost logic is applied factoring in the cost of constructing new urea capacity in addition to operating costs. External market reports are used as one of many input factors, and these industry consultant projections currently show supply growth well below trend consumption growth, with a historically low number of new projects under construction indicating a tightening supply-demand balance in the coming years. Yara\u2019s nitrate and NPK prices are estimated using urea as the base adding the estimated premiums on top of the commodity 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 deliveries 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. In the short- and medium term the internal price considers developments in supply and demand, while for long-term prices a full-cost logic is applied, factoring in the cost of constructing new ammonia capacity in addition to operating costs. \u2022 Natural gas purchase prices Natural gas is the most important cost factor for several of Yara\u2019s production plants. Yara maximizes the use of observable gas market input for the purpose of impairment testing. For European gas prices beyond the time-horizon where observable prices exist, a full-cost logic based on imported LNG (liquefied natural gas) from the US is applied. 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 tonne 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 estimated amounts reflect previous experience and plant specific knowledge. Estimated capital expenditures do not include capital expenditures that enhance the current performance. As future projects, like decarbonization initiatives and projects to enable flexible sourcing of ammonia, cannot be incorporated in impairment testing until they are committed, the value-in-use may not reflect the potential strategic value of production assets in a decarbonized future. 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 are producing 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 allowances (EUAs). The CBAM phase-in plan gradually ceases the free allocation of allowances over a nine-year period from 2026, with a slower rate the first years and accelerating rate towards the end of the period. Gradual policy tightening is expected to increase the EUA price over time, in line with forecasts in external market reports. As described above, this is expected to lead to higher prices of fertilizers in Europe than in regions with lower emission taxes. Yara has also forecasted emission tax in Australia when testing its ammonia plant in Pilbara. 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 products, 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 group 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 double of the carrying amount, as no reasonable changes in discount rate, annual cash flows or terminal growth rate are considered to trigger impairments. There are longer-term correlations between natural gas prices and ammonia and nitrogen fertilizer prices, because natural gas is the most important cost component for producing ammonia and nitrogen fertilizers. This correlation reduces the cash flow impact of price changes. A reduction to annual cash flows is therefore considered to be more relevant for sensitivity disclosure than isolated changes to price assumptions. USD millions, except percentages YAM Belle Plaine (Americas) Europe segment YAA Pilbara Ammonia (Africa & Asia) YCA Ammonia Sales and Logistics (Clean Ammonia) Americas segment YAM Brazil (Americas) YAA India (Africa & Asia) Other CGUs Total Allocated goodwill amount, 2024 259 152 111 55 39 27 28 42 712 Allocated goodwill amount, 2023 281 158 111 55 47 34 29 45 760 Carrying amount 1) , 2024 926 2.787 735 379 2.716 920 195 Recoverable amount in percent of carrying amount, 2024 > 200% 120% 116% > 200% > 200% 108% 158% Assumptions: Discount rate, pre-tax, 2024 7.7% 9.9% 8.6% 8.2% 8.9% 11.7% 11.8% Discount rate, pre-tax, 2023 9.1% 9.8% 9.1% 9.0% 10.5% 13.6% 12.0% Terminal growth rate (nominal), 2024 \u2013 0.5% \u2013 \u2013 2.0% 2.0% 1.2% Change leading to recoverable amount being the same as carrying amount, 2024 Increase in discount rate 1% points 1% points 1% points 4% points Reduction in annual cash flow 14% 14% 7% 31% Reduction in terminal growth rate 2% points 2% points 1% points 7% points 1) Carrying amount includes goodwill, other non-current assets and working capital Descriptions of main CGUs or group of CGUs with allocated goodwill \u2022 YAM Belle Plaine (Canada) The CGU 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 0.8 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. \u2022 Europe segment 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. \u2022 YAA Pilbara Ammonia (Australia) This CGU comprises an ammonia plant located in Western Australia with an annual production capacity of approximately 0.8 million tonnes. \u2022 YCA Ammonia Sales and Logistics (Clean Ammonia) The global ammonia sales and logistics unit sources and sells ammonia and provides logistical services to consuming plants in Yara and to third-party customers in the fertilizer and chemical industries. \u2022 Americas segment 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. \u2022 YAM 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 6 million tonnes of fertilizers and covering approximately 11 percent 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 1 million tonnes of finished fertilizer (NPK and SSP depending on market demand), in addition to a blending capacity of approximately 2.2 million tonnes. \u2022 YAA India The CGU comprises a urea plant with related urea distribution business and premium product sales. The plant produces 0.8 million tonnes ammonia and 1.3 million tonnes urea annually. \u2022 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 indication of impairment during 2024. Some of the CGUs that were tested 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: \u2022 YEU Yara Tertre (Belgium) Yara\u2019s integrated production site in Tertre produces ammonia, nitric acid and nitrates. The majority of the ammonia and nitric acid produced is used in the production of nitrates, which are sold to various European markets. The CGU has a carrying amount of USD 163 million. The key assumptions are the urea price, the natural gas cost and the discount rate (10 percent on pre-tax basis). An isolated reduction to the annual cash flow of 10 percent would trigger an additional impairment of USD 5 million. An isolated increase to the pre-tax discount rate of 1 percent would trigger an additional impairment of USD 7 million. On 15 October 2024, Yara informed workers\u2019 representatives of Yara\u2019s intention to transform the site. The proposed transformation would entail closure of the ammonia unit and shifting production towards the site\u2019s most competitive products, premium nitrate fertilizers and industrial nitrogen chemicals. As no decision has been made yet, the CGU is still tested as an integrated site without incorporating the intended transformation or evaluating its potential impact. A final decision is currently not expected to trigger additional impairments. \u2022 Other sensitive assets Various production assets with a total carrying value of approximately USD 550 million presented a headroom lower than 10 percent when being tested for impairment. Key assumptions applied in these impairment models are local gas costs, global ammonia price and local margin assumptions, in addition to capex forecasts and discount rates. Discount rates are in the range of 11-12 percent on a pre-tax basis. An isolated reduction to cash flows of 10 percent would trigger an impairment of USD 14 million. An isolated increase to the pre-tax discount rates of 1 percentage point would trigger an impairment of USD 11 million. 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 main historical impairment losses are related to the Tertre site (Belgium), the Montoir site (France), and individual assets in Cubat\u00e3o (Brazil). As described above, Yara in Belgium announced an intention to transform the Tertre site in 2024. In 2023, Yara France announced an intention to transform the Montoir site from chemical production to a fertilizer blending and distribution unit. The individual assets in Cubat\u00e3o, Brazil that have been impaired are planned for hibernation. The technically maximum amount of reversal at year-end 2024 is USD 124 million for Tertre, USD 93 million for Montoir and USD 71 million for individual assets in Cubat\u00e3o", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "4.8 Committed future investments USD millions Investments 2025 Investments Thereafter Investments Total Contract commitments for investments in property, plant and equipment 310 113 423 Contract commitments for acquisition or own generated intangible assets 29 25 54 Total 339 138 477 Yara has publicly communicated a total capital guidance of USD 1.2 billion in 2025, which includes investments that commits funds but for which external contracts are not necessarily signed. The amounts included in the table above represent contract commitments 5.6 Take-or-pay and other long-term contractual supply commitments Yara has entered into take-or-pay contracts requiring future payments for transportation and storage of CO 2 from Yara\u2019s production facility in Sluiskil, the Netherlands, as well as take-or-pay contracts for supply of natural gas and renewable electricity to some of its production facilities. In 2024 Yara entered into a commitment for long-term supply of 100,000 tonnes per annum of renewable ammonia with expected start date in 2027. The non-cancellable future obligations at 31 December 2024 (undiscounted amounts) USD millions 2024 2023 1 Year 448 468 2 Years 273 226 3 Years 333 220 4 Years 309 244 5 Years 192 207 Thereafter 1,943 1,161 Total 3,500 2,526 Future take-or-pay 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 pay any significant penalties to fulfill take-or-pay clauses in 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "
4.9 Government grants
Overview
Yara receives a number of different government grants. As of year-end 2024, these mainly relate to tradable certificate
instruments for energy savings (white certificates), CO
2
emission allowances under European Union Emissions Trading
Scheme (EU ETS), compensation for energy tax and excise duties, subsidies for investing in GHG emission reduction
projects and other environmental related projects, as well as research and development.
Accounting policies
Government grants are recognized in the financial statements when Yara has reasonable assurance that the Group will
comply with conditions attached to them and the grants will be received. Any portion of government grants received not
yet earned is deferred as a liability until the associated activity is expected to be performed or expenses recognized. Any
portion earned but not yet received is recognized as a receivable.
White certificates relates to the sale of tradable certificate instruments granted in Italy for energy savings achieved. They
are recognized as intangible assets at cost (nominal value zero). If sold Yara recognizes a gain equal to the selling price.
Government granted CO
2
emission allowances under EU ETS are recognized as intangible assets at cost (nominal value
zero). If actual emissions exceed the number of allocated allowances, additional allowances are purchased, and the cost is
included as part of the production cost of inventory. Any sale of excess emission rights is recognized at the time of the sale
at the transaction price.
Compensation for energy tax comprises both refund schemes (actual cash flows) and exemption schemes (no cash flows).
Energy tax and excise duty refunds are recognized as a reduction to the related expense in profit and loss.
Government grants that compensate Yara for the cost of investing in assets are 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 depreciation starts. Investment
grants are included in Investing activities in the statement of cash flows.
If a government grant refers to research and development which do not meet the criteria for capitalization, or it refers
to self-constructed PP&E which do not meet Yara\u2019s internal decision gates for capitalization, the govern ment grant is
recognized in the statement of income as reduction of the costs for which the grant is intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "4.9 Government grants Overview Yara receives a number of different government grants. As of year-end 2024, these mainly relate to tradable certificate instruments for energy savings (white certificates), CO 2 emission allowances under European Union Emissions Trading Scheme (EU ETS), compensation for energy tax and excise duties, subsidies for investing in GHG emission reduction projects and other environmental related projects, as well as research and development. Government grants recognized in the period USD millions 2024 2023 Consolidated statement of income Recognized as other income 1) \u2013 40 Reduction to raw materials, energy costs and freight expenses 2) 101 113 Reduction to other operating expenses 1 2 Consolidated statement of financial position Reduction to carrying amount of property, plant and equipment 3) 23 1 1) Government support from non-routine programs across Europe to cover high energy costs from 2022 due to the Ukraine conflict 2) Includes compensation from refund schemes for energy taxes and other excise duties 3) Mainly related to grant for producing ammonia and fertilizers using renewable energy and hydrogen from water electrolysis In 2024, Yara received USD 48 million (2023: USD 1 million) of government grants where conditions for recognition are not yet satisfied. These subsidies mainly relate to ongoing projects to reduce emissions, and the main unfulfilled condition is related to future CO 2 capture. Remaining balance of total awarded not yet received grants amounts to USD 57 million (2023: USD 92 million). European Union Emissions Trading Scheme (EU ETS) Yara\u2019s European nitric acid and ammonia plants are part of 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 the EU sets a cap on GHG emissions each year, and companies need to hold an EU 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 has not engaged in external trading activities. The free EUAs Yara receives are used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. The surplus balance as of 31 December 2024 is currently held to settle emissions from 2024 and to cover an expected deficit in future years. The balance reflects the number of emission allowances on our accounts with the EU registry at this date. Yara expects to surrender 7.2 million EUAs in 2025 related to 2024 emissions. Yara also expects to receive 1.0 million EUAs in 2025 for which the company was eligible to receive in 2024, but which had not been received on account as of 31 December 2024. EU ETS quotas Number of quotas (in millions) 2024 2023 Opening balance at 1 January 12.7 12.4 Settled emissions from last year (7.4) (7.0) Allocation of free allowances, current year 7.0 7.3 Closing balance at 31 December 12.3 12.7", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "
5.1 Shareholders\u2019 equity
Dividends
Yara will propose a NOK 5 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for
28 May 2025. If authorized, the dividend will be paid on 11 June 2025.
In 2024 Yara distributed total dividends of NOK 1,275 million (USD 120 million) to its shareholders (NOK 5 per share).
The dividend was approved by the Annual General Meeting held on 28 May 2024. The dividend was paid out with
NOK 1,209 million (USD 114 million) during second quarter 2024, and NOK 65 million (USD 6 million) during third
quarter 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "5.1 Shareholders\u2019 equity Accounting policies Yara recognizes a liability to pay a dividend when the dividend is approved by the shareholders in a General Meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "5.1 Shareholders\u2019 equity 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 a sale of own shares is recognized as a change in equity. Yara has one class of shares, all with equal voting rights and equal rights to receive dividends. Dividends Yara will propose a NOK 5 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for 28 May 2025. If authorized, the dividend will be paid on 11 June 2025. In 2024 Yara distributed total dividends of NOK 1,275 million (USD 120 million) to its shareholders (NOK 5 per share). The dividend was approved by the Annual General Meeting held on 28 May 2024. The dividend was paid out with NOK 1,209 million (USD 114 million) during second quarter 2024, and NOK 65 million (USD 6 million) during third quarter 2024 . Share buy-back program On 28 May 2024 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. Total number of shares outstanding at 31 December 2024 is 254,725,627. Yara has not purchased or cancelled own shares in 2023 or 2024 and does not hold own shares at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "5.1 Shareholders\u2019 equity Dividends Yara will propose a NOK 5 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for 28 May 2025. If authorized, the dividend will be paid on 11 June 2025. In 2024 Yara distributed total dividends of NOK 1,275 million (USD 120 million) to its shareholders (NOK 5 per share). The dividend was approved by the Annual General Meeting held on 28 May 2024. The dividend was paid out with NOK 1,209 million (USD 114 million) during second quarter 2024, and NOK 65 million (USD 6 million) during third quarter 2024 Share buy-back program On 28 May 2024 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. Total number of shares outstanding at 31 December 2024 is 254,725,627. Yara has not purchased or cancelled own shares in 2023 or 2024 and does not hold own shares at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "5.1 Shareholders\u2019 equity
Share buy-back program
On 28 May 2024 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.
Total number of shares outstanding at 31 December 2024 is 254,725,627. Yara has not purchased or cancelled own
shares in 2023 or 2024 and does not hold own shares at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "5.1 Shareholders\u2019 equity
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 a sale of own shares is recognized as a change in equity.
Yara has one class of shares, all with equal voting rights and equal rights to receive dividends.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "5.1 Shareholders\u2019 equity 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 a sale of own shares is recognized as a change in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "5.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-26": { "value": "5.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-516": { "value": "
5.2 Interest-bearing debt
USD millions, except percentages Notes Maturity Weighted average interest rate 1) Denominated amount Carrying amount 2) Denominated amount Carrying amount 2) Non-current interest-bearing debt Floating interest rate bonds NOK 1,150 (Coupon NIBOR + 0.64%) 2026 5.40% 102 102 113 113 NOK 1,150 (Coupon NIBOR + 0.97%) 2029 5.68% 102 102 \u2013 \u2013 Fixed interest rate bonds NOK 600 (Coupon 3.00%) 6.2 2024 \u2013 \u2013 \u2013 59 57 NOK 1,000 (Coupon 2.45%) 6.2 2024 \u2013 \u2013 \u2013 98 95 USD 500 (Coupon 3.80%) 2026 3.93% 500 500 500 500 NOK 1,000 (Coupon 2.41%) 6.2 2026 2.45% 88 84 98 92 NOK 1,000 (Coupon 2.90%) 6.2 2027 2.93% 88 82 98 91 USD 1,000 (Coupon 4.75%) 2028 4.84% 1,000 999 1,000 999 NOK 900 (Coupon 4.82%) 6.2 2029 4.86% 80 80 \u2013 \u2013 USD 750 (Coupon 3.15%) 2030 3.21% 750 749 750 748 USD 600 (Coupon 7.38%) 6.2 2032 7.47% 600 585 600 612 NOK 700 (Coupon 5.04%) 6.2 2034 5.06% 62 60 \u2013 \u2013 Total unsecured debenture bonds 3,372 3,342 3,317 3,307 Unsecured bank loans 2025\u20132026 5.00% 73 73 254 254 Other non-current debt 2025\u20132030 6.80% 50 50 65 65 Total unsecured bank loans and other loans 123 123 319 319 Total non-current interest-bearing debt including current portion 3,495 3,465 3,636 3,626 - of which current portion (56) (56) (342) (342) Total non-current interest-bearing debt 3,439 3,409 3,294 3,284 Current interest-bearing debt Current portion of bonds and bank loans 2025 \u2013 56 56 342 342 Credit facilities 2025 5.30% 30 30 99 99 Overdraft facilities 2025 16.70% 23 23 2 2 Other current debt 2025 4.50% 62 62 74 74 Total current interest-bearing debt 171 170 517 517 Total interest-bearing debt 3,609 3,579 3,810 3,801 1) Weighted average interest rates calculated excluding effect of interest rate swap agreements. 2) The carrying values include issuance discount, capitalized issuance costs and effect of interest rate swaps As at 31 December 2024, the fair value of the non-current interest-bearing debt, including the current portion, is USD 3,413 million while the carrying value is USD 3,465 million. Yara builds its funding on a negative pledge structure with the basic funding ranking pari passu. Consequently, substantially all unsecured debenture bonds and unsecured bank loan agreements contain provisions restricting the pledging of assets to secure future borrowings. Of the long-term debt at the end of 2024, USD 2,833 million in bond debt originates from Yara\u2019s November 2022, June 2020, June 2018, and June 2016 bond issues in the US market according to 144A/Regulation S. An additional USD 509 million originates from Yara\u2019s June 2024, November 2021 and December 2017 bond issues in the Norwegian market. The entire bond debt in the Norwegian market is converted to USD exposure through cross-currency swaps. In 2022, Yara established a Green Financing Framework outlining Yara\u2019s approach and principles for issuing Green Financing Instruments. The proceeds from these instruments are exclusively allocated to finance and refinance Eligible Green Projects. The Framework includes guidelines for project evaluation, management of proceeds and reporting, in alignment with the International Capital Market Association (ICMA) 2021 Green Bond Principles and the Loan Market Association (LMA) 2021 Green Loan Principles. The issuance of the USD 600 million bond in December 2022 and the NOK 2,750 million bonds in June 2024 were conducted under this framework. Yara\u2019s additional long-term funding is based on bank loans. The loan facility established in 2018, partially supported by a guarantee from Export Finance Norway, has been reduced to USD 53 million through scheduled downpayments, with quarterly installments continuing until August 2026. An additional USD 20 million is borrowed in emerging markets. Yara has an undrawn long-term revolving credit facility totaling USD 1,100 million, of which USD 50 million is due in 2025, and the remainder in 2026. The facility is linked to the Group\u2019s Carbon Intensity Target, whereby the margin is adjusted annually based on Yara\u2019s progress in achieving a 10 percent reduction in GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by the end of 2025. Additionally, Yara has access to short-term credit and overdraft facilities with various banks both centrally and in local markets. As at 31 December 2024, the unused frame of such facilities totals approximately USD 960 million. Of the fixed interest rate debenture bonds, NOK 3,600 million and USD 600 million are exposed to floating interest rates through interest rate swaps, see note 6.2 Hedge accounting. Contractual payments on interest-bearing debt USD millions Debentures 1) Bank Loans Other Total 2025 \u2013 46 10 56 2026 685 28 12 725 2027 82 \u2013 10 92 2028 999 \u2013 11 1,010 2029 181 \u2013 5 186 Thereafter 1,394 \u2013 2 1,395 Total 3,342 73 50 3,465 1) Yara International ASA is responsible for the entire amount. Reconciliation of liabilities arising from financing activities Non-cash changes USD millions 31 Dec 2023 Cash flows Additions and lease modifications Foreign exchange movement Amortization 1) Other 31 Dec 2024 Interest-bearing debt 3,801 (119) \u2013 (80) 1 (24) 2) 3,579 Lease liabilities 429 (187) 257 (31) \u2013 \u2013 468 Other 1 25 3) \u2013 \u2013 \u2013 \u2013 26 Total liabilities from financing activities 4,231 (281) 257 (110) 1 (24) 4,074 1) Amortization of transaction cost. 2) Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments. 3) Cash received related to unearned portion of government grants. See note 4.5 Leases for reconciliation of liabilities arising from leasing activities . Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details . Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "5.2 Interest-bearing debt Accounting policies Interest-bearing debt is initially recognized at fair value less direct transaction costs, and subsequently measured at amortized cost using the effective interest method. For principles on fair value see note 6.3 Financial Instruments . 6.2 Hedge accounting A description of the Group\u2019s general risk management policies and principles can be found in note 6.1 Financial risk management. Accounting policies Yara 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 the 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 the 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 the 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. 6.3 Financial instruments Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial 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 FVTPL 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 Trade receivables, note 3.4 Cash and cash equivalents and note 4.6 Other non-current assets. Yara\u2019s expected credit loss on receivables and deposits is limited. As a result, disclosures are reduced due to materiality. Equity instruments Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques as described below. Yara Growth Ventures AS (YGV) is the corporate venture capital organization of Yara. 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. All investments are initially recognized at fair value and subsequently measured at FVTPL. YGV\u2019s portfolio currently consists of 18 investments, of which 15 are equity positions and 3 are fund positions. The funding round in which YGV participated is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate 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 applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns. If a 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 advantage 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, see note 4.3 Associated companies and joint ventures. None of the YGV investments were assessed to be under significant influence, joint control or control by Yara as at 31 December 2024. Equity instruments other than venture investments are also measured at fair value and subsequently measured at FVTPL. 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 liabilities See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases. 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 non-current interest- bearing debt and other non-current liabilities differs from the carrying amounts due to 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-current 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 available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available . Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. 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 refer to derivatives at FVTPL, equity instruments at FVTPL, equity instruments at FVOCI and financial liabilities at FVTPL. They are valued according to different levels in the fair value hierarchy in IFRS 13. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "5.2 Interest-bearing debt Accounting policies Interest-bearing debt is initially recognized at fair value less direct transaction costs, and subsequently measured at amortized cost using the effective interest method. For principles on fair value see note 6.3 Financial Instruments 6.3 Financial instruments Financial liabilities See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases. 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 non-current interest- bearing debt and other non-current liabilities differs from the carrying amounts due to 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-current 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 available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "5.2 Interest-bearing debt
Specification, including terms and repayment schedule
31 December 2024 31 December 2023
USD millions, except percentages Notes Maturity
Weighted average
interest rate
1)
Denominated
amount Carrying amount
2)
Denominated
amount Carrying amount
2)
Non-current interest-bearing debt
Floating interest rate bonds
NOK 1,150 (Coupon NIBOR + 0.64%) 2026 5.40% 102 102 113 113
NOK 1,150 (Coupon NIBOR + 0.97%) 2029 5.68% 102 102 \u2013 \u2013
Fixed interest rate bonds
NOK 600 (Coupon 3.00%)
6.2 2024 \u2013 \u2013 \u2013 59 57
NOK 1,000 (Coupon 2.45%)
6.2 2024 \u2013 \u2013 \u2013 98 95
USD 500 (Coupon 3.80%) 2026 3.93% 500 500 500 500
NOK 1,000 (Coupon 2.41%)
6.2 2026 2.45% 88 84 98 92
NOK 1,000 (Coupon 2.90%)
6.2 2027 2.93% 88 82 98 91
USD 1,000 (Coupon 4.75%) 2028 4.84% 1,000 999 1,000 999
NOK 900 (Coupon 4.82%)
6.2 2029 4.86% 80 80 \u2013 \u2013
USD 750 (Coupon 3.15%) 2030 3.21% 750 749 750 748
USD 600 (Coupon 7.38%)
6.2 2032 7.47% 600 585 600 612
NOK 700 (Coupon 5.04%)
6.2 2034 5.06% 62 60 \u2013 \u2013
Total unsecured debenture bonds 3,372 3,342 3,317 3,307
Unsecured bank loans 2025\u20132026 5.00% 73 73 254 254
Other non-current debt 2025\u20132030 6.80% 50 50 65 65
Total unsecured bank loans and other loans 123 123 319 319
Total non-current interest-bearing debt including current portion 3,495 3,465 3,636 3,626
- of which current portion (56) (56) (342) (342)
Total non-current interest-bearing debt 3,439 3,409 3,294 3,284
Current interest-bearing debt
Current portion of bonds and bank loans 2025 \u2013 56 56 342 342
Credit facilities 2025 5.30% 30 30 99 99
Overdraft facilities 2025 16.70% 23 23 2 2
Other current debt 2025 4.50% 62 62 74 74
Total current interest-bearing debt 171 170 517 517
Total interest-bearing debt 3,609 3,579 3,810 3,801
1)
Weighted average interest rates calculated excluding effect of interest rate swap agreements.
2)
The carrying values include issuance discount, capitalized issuance costs and effect of interest rate swaps .
As at 31 December 2024, the fair value of the non-current interest-bearing debt, including the current portion, is USD 3,413 million while the carrying value is USD 3,465 million. Yara builds its funding on a negative pledge structure with the basic funding ranking pari passu. Consequently, substantially all unsecured debenture bonds and unsecured bank loan agreements contain provisions restricting the pledging of assets to secure future borrowings. Of the long-term debt at the end of 2024, USD 2,833 million in bond debt originates from Yara\u2019s November 2022, June 2020, June 2018, and June 2016 bond issues in the US market according to 144A/Regulation S. An additional USD 509 million originates from Yara\u2019s June 2024, November 2021 and December 2017 bond issues in the Norwegian market. The entire bond debt in the Norwegian market is converted to USD exposure through cross-currency swaps. In 2022, Yara established a Green Financing Framework outlining Yara\u2019s approach and principles for issuing Green Financing Instruments. The proceeds from these instruments are exclusively allocated to finance and refinance Eligible Green Projects. The Framework includes guidelines for project evaluation, management of proceeds and reporting, in alignment with the International Capital Market Association (ICMA) 2021 Green Bond Principles and the Loan Market Association (LMA) 2021 Green Loan Principles. The issuance of the USD 600 million bond in December 2022 and the NOK 2,750 million bonds in June 2024 were conducted under this framework. Yara\u2019s additional long-term funding is based on bank loans. The loan facility established in 2018, partially supported by a guarantee from Export Finance Norway, has been reduced to USD 53 million through scheduled downpayments, with quarterly installments continuing until August 2026. An additional USD 20 million is borrowed in emerging markets. Yara has an undrawn long-term revolving credit facility totaling USD 1,100 million, of which USD 50 million is due in 2025, and the remainder in 2026. The facility is linked to the Group\u2019s Carbon Intensity Target, whereby the margin is adjusted annually based on Yara\u2019s progress in achieving a 10 percent reduction in GHG emissions per tonne of fertilizer produced (tCO 2 eq/tN) by the end of 2025. Additionally, Yara has access to short-term credit and overdraft facilities with various banks both centrally and in local markets. As at 31 December 2024, the unused frame of such facilities totals approximately USD 960 million. Of the fixed interest rate debenture bonds, NOK 3,600 million and USD 600 million are exposed to floating interest rates through interest rate swaps, see note 6.2 Hedge accounting. Contractual payments on interest-bearing debt USD millions Debentures 1) Bank Loans Other Total 2025 \u2013 46 10 56 2026 685 28 12 725 2027 82 \u2013 10 92 2028 999 \u2013 11 1,010 2029 181 \u2013 5 186 Thereafter 1,394 \u2013 2 1,395 Total 3,342 73 50 3,465 1) Yara International ASA is responsible for the entire amount. Reconciliation of liabilities arising from financing activities Non-cash changes USD millions 31 Dec 2023 Cash flows Additions and lease modifications Foreign exchange movement Amortization 1) Other 31 Dec 2024 Interest-bearing debt 3,801 (119) \u2013 (80) 1 (24) 2) 3,579 Lease liabilities 429 (187) 257 (31) \u2013 \u2013 468 Other 1 25 3) \u2013 \u2013 \u2013 \u2013 26 Total liabilities from financing activities 4,231 (281) 257 (110) 1 (24) 4,074 1) Amortization of transaction cost. 2) Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments. 3) Cash received related to unearned portion of government grants. See note 4.5 Leases for reconciliation of liabilities arising from leasing activities Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details . Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "
5.3 Pensions and other non-current employee benefit obligations
Overview
Yara provides retirement plans in accordance with local regulations and practices in the countries where it operates.
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 funded through
qualifying insurance policies 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 Yara.
Defined contribution plans require Yara to make agreed contributions to a separate fund when employees have rendered
services entitling them to the contributions. There is no legal or constructive obligation to pay further contributions.
Other long-term employee benefits include provisions for jubilee benefits.
Non-current employee benefit obligations recognized in the consolidated statement of financial position
USD millions Notes 2024 2023
Defined benefit plans (244) (269)
Surplus on funded defined benefit plans 131 221
Net liability for defined benefit plans (114) (48)
Termination benefits (5) (3)
Other non-current employee benefits (13) (14)
Net non-current employee benefit obligations recognized
in the consolidated statement of financial position (132) (65)
Of which classified as Other non-current non-financial assets
4.6 131 221
Of which classified as Non-current Employee benefit liabilities (262) (286)
Expenses for non-current employee benefit obligations recognized in the consolidated statement of income
USD millions Notes 2024 2023
Defined benefit plans
1)
(128) (30)
Defined contribution plans (39) (37)
Multi-employer plans (10) (9)
Other non-current employee benefits (2) (3)
Net expenses recognized in the consolidated statement of income (179) (79)
Of which classified as Payroll and related costs
2.5 (179) (77)
Of which classified as Interest expense and other financial items
2.7 \u2013 (1)
1)
Includes a settlement loss of USD 99 million for Yara\u2019s Dutch pension plan.
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have 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.
A majority of Yara\u2019s obligations under defined benefit plans are related to subsidiaries within the Eurozone:
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 employee\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.
The Dutch pension system is being reformed. On 1 July 2023, the Future Pensions Act became effective. All Dutch
pension schemes must comply with the new legislation no later than 1 January 2028. By this date future pension accruals
need to be provided by defined contribution-based pension schemes. During the fourth quarter of 2024, the trustees
of Yara\u2019s Dutch pension fund concluded a buy-out transaction in which all benefit accruals have been transferred to an
insurance company. The pension fund will be liquidated and Yara will no longer be liable to fund future benefit payments
accrued in the pension fund. As a consequence, the defined benefit obligations and plan assets have been derecognized,
resulting in a settlement loss of USD 99 million which has been recognized as Payroll and related costs in the Statement
of income. Further, a remeasurement loss of USD 56 million before tax has been recognized in the statement of
comprehensive income, based on conditions granted to the beneficiaries at the time of entering into the buy-out.
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. In December 2023 the trustees of
the Yara UK Pension Fund signed a full scheme buy-in transaction. The buy-in asset covers all accrued benefits in the
Plan, excluding any additional benefits due to members because of Guaranteed Minimum Pension (GMP) equalization.
Following a High Court ruling in October 2018 many pension schemes in the UK including Yara UK Pension Fund, will
need to equalize for the effect of Guaranteed Minimum Pensions for men and women. Consequently, benefits may need
to be improved for individual members of the pension plan. These adjustments will be quantified alongside any other data
and/or benefits adjustments and included in a subsequent pricing adjustment of the buy-in. A pricing adjustment may
reduce or increase the surplus of the plan. Following the buy-in transaction Yara has recognized a pension plan asset of
USD 36 million net of tax, reflecting the value of residual assets remaining in the fund assuming gradual settlement of
plan liabilities over time.
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 10 million (2023: USD 8 million).
Pension cost recognized in the consolidated 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 consolidated statement of income
USD millions 2024 2023
Current service cost (27) (27)
Contribution by employees 2 2
Administration cost (3) (2)
Past service cost (1) (1)
Settlement
1)
(99) \u2013
Curtailment 1 \u2013
Other 1 \u2013
Social security cost (2) (2)
Payroll and related costs (128) (29)
Interest expense on obligation (59) (61)
Interest income from plan assets 59 60
Net interest expense on the net obligation \u2013 (1)
Net pension cost for defined benefit plans recognized
in the consolidated statement of income (128) (30)
1)
A settlement loss of USD 99 million was incurred in 2024 following the completion of a buy-out transaction in which all benefit accruals of Yara\u2019s Dutch pension fund have been
transferred to an insurance company.
Pension cost for defined benefit plans recognized in the consolidated statement of income, by origin
USD millions 2024 2023
Payroll and related costs
Finland (6) (5)
The Netherlands
1)
(107) (7)
Great Britain (3) (1)
Norway (5) (4)
Other (8) (11)
Total (128) (29)
1)
A settlement loss of USD 99 million was incurred in 2024 following the completion of a buy-out transaction in which all benefit accruals of Yara\u2019s Dutch pension fund have been
transferred to an insurance company.
USD millions 2024 2023
Net interest income/(expense) on the net obligation/asset
Finland \u2013 1
The Netherlands 4 5
Great Britain 2 \u2013
Norway (1) (2)
Other (4) (5)
Total \u2013 (1)
Remeasurement gains/(losses) recognized in other comprehensive income USD millions 2024 2023 Remeasurement gains/(losses) on obligation for defined benefit plans 1) (11) (75) Remeasurement gains/(losses) on plan assets for defined benefit plans 32 8 (Increase)/decrease in recognized net liability due to asset ceiling limit 2) \u2013 57 Net remeasurement gains/(losses) for defined benefit plans 21 (9) Change in deferred tax related to remeasurement gains/(losses) for defined benefit plans 3) (4) 10 Total remeasurement gains/(losses) recognized in other comprehensive income 17 1 1) Includes a remeasurement loss of USD 56 million incurred in 2024 due to conditions granted to the beneficiaries of Yara\u2019s Dutch defined benefit plan at the time of entering into a buy-out transaction. 2) Following a buy-in transaction in 2023 Yara (UK) Ltd recognized a surplus asset of USD 36 million. 3) 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 2024 2023 Present value of fully or partially funded liabilities for defined benefit plans (867) (1,530) Present value of unfunded liabilities for defined benefit plans (194) (194) Present value of liabilities for defined benefit plans (1,062) (1,724) Fair value of plan assets 975 1,704 Unrecognized asset due to asset ceiling limitation 1) (12) (12) Social security tax liability on defined benefit plans (15) (16) Net liability recognized for defined benefit plans (114) (48) 1) Following a buy-in transaction in 2023 Yara (UK) Ltd has recognized a surplus asset of USD 36 million. The remaining asset ceiling limitation reflects taxes to be withheld by the pension fund. Defined benefit obligations and plan assets by origin 2024 2023 USD millions Obligations Assets Obligations Assets Finland (288) 285 (299) 292 The Netherlands \u2013 \u2013 (567) 677 Other Eurozone (192) 104 (203) 106 Great Britain 1) (226) 261 (269) 304 Norway 2) (252) 225 (284) 228 Other (118) 88 (119) 85 Total (1,076) 963 (1,740) 1,692 1) Including asset ceiling adjustment. 2) Including social security tax liability. Development of defined benefit obligations USD millions 2024 2023 Defined benefit obligation at 1 January (1,724) (1,614) Current service cost (27) (27) Interest cost (59) (61) Experience adjustments (60) (43) Effect of changes in financial assumptions 47 (38) Effect of changes in demographic assumptions 2 5 Past service cost (1) (1) Settlement 1) 575 \u2013 Curtailment 1 \u2013 Benefits paid 94 94 Transfer of obligation (in)/out (2) \u2013 Foreign currency translation on foreign plans 93 (40) Defined benefit obligation at 31 December (1,062) (1,724) 1) A defined benefit obligation of USD 575 million for Yara\u2019s Dutch pension plan was derecognized following the completion of a buy-out transaction in 2024 Development of plan assets USD millions 2024 2023 Fair value of plan assets at 1 January 1,704 1,635 Interest income from plan assets 59 60 Administration cost on plan assets (3) (2) Return on plan assets (excluding the calculated interest income) 32 8 Employer contributions 25 34 Employees' contributions 2 2 Benefits paid (80) (80) Settlement 1) (674) \u2013 Transfer of plan assets in/(out) 2 \u2013 Foreign currency translation on foreign plans (92) 48 Fair value of plan assets at 31 December 975 1,704 1) Pension plan assets of USD 674 million for Yara\u2019s Dutch pension plan was derecognized following the completion of a buy-out transaction in 2024. Depending on local regulations, Yara may be required to ensure a certain funding level of the pension plans. 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 38 percent 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 2024 2024 2023 2023 Cash and cash equivalents 82 8% 60 4% Shares 156 16% 364 21% Other equity instruments 44 4% 49 3% High yield debt instruments 23 2% 91 5% Investment grade debt instruments 176 18% 513 30% Properties 19 2% 58 3% Other quoted plan assets 1) 342 35% 433 25% Total investments quoted in active markets 842 86% 1,569 92% Shares and other equity instruments 108 11% 110 6% Other plan assets 2) 24 3% 26 2% Total unquoted investments 133 14% 136 8% Total plan assets 975 1,704 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 2025 are USD 21 million (including benefits to be paid for unfunded plans). The contributions paid in 2024 were USD 39 million. Duration of liabilities at the end of the year: Duration of liabilities (in years) 2024 2023 Finland 14 14 Great Britain 11 12 Norway 10 10 Total 1) 12 13 1) Weighted average
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographic assumptions and taking
into account the relevant economic environment of each pension plan.
The discount rate is determined by reference to market yields at the balance sheet date on high quality corporate bonds, or
government bonds where no market for high quality corporate bonds exists. 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 %) 2024 2023
Finland 3.5 3.3
Great Britain 5.5 4.6
Norway 4.0 3.3
Total
1)
4.1 3.6
Expected pension indexation (in %) 2024 2023
Finland 2.5 2.1
Great Britain 2.9 2.8
Norway 3.1 2.7
Total
1)
2.7 2.2
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
Great Britain 24.1 22.4
Norway 25.5 23.8
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 2024 2023
Actual valuation (1,062) (1,724)
Discount rate +0.5% (1,009) (1,625)
Discount rate -0.5% (1,119) (1,835)
Expected rate of pension increase +0.5% (1,104) (1,811)
Expected rate of pension increase -0.5% (1,025) (1,648)
Expected longevity +1 year (1,095) (1,785)
Expected longevity -1 year (1,030) (1,664)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "value": "5.3 Pensions and other non-current employee benefit obligations Accounting policies Defined benefit plans Yara\u2019s net obligation for defined benefit plans is calculated separately for each plan. The liability represents 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. Measurement of the present value of the defined benefit obligations is performed by qualified actuaries using the projected unit credit method. Past service costs arising from the amendment of plan benefits are recognized immediately in profit or loss. Remeasurement gains and losses are recognized in 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 non-current employee benefits Yara\u2019s obligation is the 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. Remeasurement gains and losses are recognized in the statement of income in the period they occur.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "
5.4 Trade and other current payables
USD millions Notes 2024 2023
Trade and other payables
Trade payables
6.3 1,733 1,906
Payroll and value-added taxes 144 142
Balance at 31 December 1,877 2,049
Trade payables are non-interest bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly
settled every other month or on a quarterly basis.
Sanctioned payables
Trade payables to companies linked to Russian sanctioned individuals amount to USD 160 million at 31 December 2024.
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
consolidated statement of financial position. All were overdue at 31 December 2024. Future settlements are dependent
on the development in sanction regulations, so the timing of cash outflow is uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "5.4 Trade and other current payables Accounting policies Trade payables are initially recognized at fair value and subsequently measured at amortized cost under the effective interest method. Trade and other current payables are normally not discounted. Trade payables are non-interest bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "value": "5.4 Trade and other current payables USD millions Notes 2024 2023 Trade and other payables Trade payables 6.3 1,733 1,906 Payroll and value-added taxes 144 142 Balance at 31 December 1,877 2,049 Trade payables are non-interest bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis. Sanctioned payables Trade payables to companies linked to Russian sanctioned individuals amount to USD 160 million at 31 December 2024. 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 consolidated statement of financial position. All were overdue at 31 December 2024. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "5.4 Trade and other current payables USD millions Notes 2024 2023 Trade and other payables Trade payables 6.3 1,733 1,906 Payroll and value-added taxes 144 142 Balance at 31 December 1,877 2,049 Trade payables are non-interest bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis. Sanctioned payables Trade payables to companies linked to Russian sanctioned individuals amount to USD 160 million at 31 December 2024. 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 consolidated statement of financial position. All were overdue at 31 December 2024. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "5.4 Trade and other current payables USD millions Notes 2024 2023 Trade and other payables Trade payables 6.3 1,733 1,906 Payroll and value-added taxes 144 142 Balance at 31 December 1,877 2,049 Trade payables are non-interest bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis. Sanctioned payables Trade payables to companies linked to Russian sanctioned individuals amount to USD 160 million at 31 December 2024. 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 consolidated statement of financial position. All were overdue at 31 December 2024. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "
5.5 Provisions and contingencies
Contingencies
Environmental contingencies
In addition to environmental provisions recognized based
on best estimates of future probable cash outflows,
Yara has various contingent environmental liabilities not
recognized as their existence depends on future events
associated with higher uncertainty. This uncertainty
relates to future technology development, changes in
environmental regulations and authorities\u2019 approval,
as well as other conditions which could lead to future
environmental expenditures. As of year-end 2024,
Yara`s environmental contingencies mainly refer to
possible remediation and clean-up at various production
facilities, warehouses and Yara\u2019s after-care obligation to
landscape the mining and landfilling areas at its mining
site in Siilinj\u00e4rvi, Finland.
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 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 judgments,
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 an outflow of resources.
Based on available information and legal advice, Yara
has not made material provisions for these demands.
Legal contingencies
Following Yara Fertilisers India Pvt. Ltd.\u2019s acquisition
of Tata Chemical Ltd.\u2019s urea business, a 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 30
million (based on December 2024 exchange rates). 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. Hence, Yara
Fertilisers India Pvt. Ltd. in 2019 filed a written petition
in the high court of Uttar Pradesh. The State of Uttar
Pradesh has filed its response to the Petition, but no
date has yet been scheduled for substantial hearing of
the petition. In addition to the stamp duty on the lease,
Yara has also sought adjudication of a 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 (based on December 2024 exchange
rates). As of today, the relevant authority has not yet
issued its decision. The provisions made for stamp
duties in the Uttar Pradesh state correspond to Yara\u2019s
assessment.
Further information related to an ongoing environmental
case in Brazil, where Yara is a part due to the acquisition
of Adubos Trevo from the Trevisa Group in the year
2000, is provided below as 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 clean-up
activities. The lawsuits were filed in 2011 and 2012
but are still in the initial phase. In addition to the class
actions, several lawsuits have been initiated on an
individual basis related to the same facts. Yara denies
liability for any potential damage caused by the
activities of Plumbum in all cases 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 72 million, mainly related to cases in Brazil.
Tax contingencies and uncertain tax treatments
On 25 October 2023, Yara announced that it had
received a draft tax reassessment from the Norwegian
Tax Authorities (NTA) related to a transfer pricing audit
for the years 2015, 2016 and 2017. Yara has now
sent its response. The position of the NTA is to increase
Yara International ASA\u2019s tax results by approximately
USD 646 million in total for the years 2015 to 2017,
which would increase tax cost by an estimated USD 151
million. When applying the same principles for the
years up to and including 2024, the total tax cost would
increase by an additional USD 274 million. Although
Yara disagrees with the draft reassessment and still
considers its transfer pricing to be in line with applicable
tax legislation, it is recognized that transfer pricing is
a complex tax area that involves a level of discretion.
When calculating a related provision, Yara has reflected
the uncertainty by probability-weighting amounts in a
range of outcomes. The total provision in relation to the
transfer price audit is USD 18 million at year-end 2024,
and this amount covers all years from 2015 to 2024 .
In relation to an ongoing tax dispute and to safeguard
their taxation rights, the Dutch tax authorities in 2018
issued a new tax assessment for business restructuring
(\u201cexit tax assessment\u201d). The tax assessment would
increase the tax cost by 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 judicial and
administrative proceedings related to various disputed
tax matters where cash outflow is not considered
probable. A majority of these cases are related to taxes
in Brazil, with an estimated maximum exposure of
approximately USD 107 million. Tax contingencies
outside Brazil and excluding the above-mentioned
transfer pricing audit in Norway and the exit tax
assessment in the Netherlands have an estimated
maximum exposure of approximately USD 195 million.
As of year-end 2024 Yara has recognized tax provisions
of USD 122 million related to major uncertain tax
positions and cases disputed by tax authorities in various
jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "5.5 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 obligation. 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 uncertainties 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. Environmental provisions refer to environmental remediation and clean-up. An environmental provision is based on currently enacted environmental laws and upon existing technology. However, new laws and regulations are included as part of the assessments when it is virtually certain that these will be enacted and require corrective actions. Yara\u2019s future cost for environmental remediation and clean-up depends on a number of uncertain factors. Due to this uncertain nature, they could be revised in the near term. See also note 4.9 Government grants for information on European Union Emissions Trading Scheme (EU ETS). Decommissioning refers to the process of dismantling and removing equipment and site restoration 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. 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. Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of 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 .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "5.5 Provisions and contingencies Contingencies Environmental contingencies In addition to environmental provisions recognized based on best estimates of future probable cash outflows, Yara has various contingent environmental liabilities not recognized as their existence depends on future events associated with higher uncertainty. This uncertainty relates to future technology development, changes in environmental regulations and authorities\u2019 approval, as well as other conditions which could lead to future environmental expenditures. As of year-end 2024, Yara`s environmental contingencies mainly refer to possible remediation and clean-up at various production facilities, warehouses and Yara\u2019s after-care obligation to landscape the mining and landfilling areas at its mining site in Siilinj\u00e4rvi, Finland. 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 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 judgments, 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 an outflow of resources. Based on available information and legal advice, Yara has not made material provisions for these demands. Legal contingencies Following Yara Fertilisers India Pvt. Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, a 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 30 million (based on December 2024 exchange rates). 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. Hence, Yara Fertilisers India Pvt. Ltd. in 2019 filed a written petition in the high court of Uttar Pradesh. The State of Uttar Pradesh has filed its response to the Petition, but no date has yet been scheduled for substantial hearing of the petition. In addition to the stamp duty on the lease, Yara has also sought adjudication of a 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 (based on December 2024 exchange rates). As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state correspond to Yara\u2019s assessment. Further information related to an ongoing environmental case in Brazil, where Yara is a part due to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below as 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 clean-up activities. The lawsuits were filed in 2011 and 2012 but are still in the initial phase. In addition to the class actions, several lawsuits have been initiated on an individual basis related to the same facts. Yara denies liability for any potential damage caused by the activities of Plumbum in all cases 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 72 million, mainly related to cases in Brazil. Tax contingencies and uncertain tax treatments On 25 October 2023, Yara announced that it had received a draft tax reassessment from the Norwegian Tax Authorities (NTA) related to a transfer pricing audit for the years 2015, 2016 and 2017. Yara has now sent its response. The position of the NTA is to increase Yara International ASA\u2019s tax results by approximately USD 646 million in total for the years 2015 to 2017, which would increase tax cost by an estimated USD 151 million. When applying the same principles for the years up to and including 2024, the total tax cost would increase by an additional USD 274 million. Although Yara disagrees with the draft reassessment and still considers its transfer pricing to be in line with applicable tax legislation, it is recognized that transfer pricing is a complex tax area that involves a level of discretion. When calculating a related provision, Yara has reflected the uncertainty by probability-weighting amounts in a range of outcomes. The total provision in relation to the transfer price audit is USD 18 million at year-end 2024, and this amount covers all years from 2015 to 2024 ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "5.5 Provisions and contingencies 2024 USD millions Environmental Decommission Restructuring Legal claims Other Total Balance at 1 January 2024 93 135 51 47 22 348 Additional provision in the year 5 4 58 11 20 98 Interest expense on liability and effect of change in discount rate \u2013 (15) 1 1 \u2013 (12) Reclassification 2 (2) \u2013 3 (3) \u2013 Unused provision (2) \u2013 (1) (5) (10) (17) Utilization of provision (13) (7) (3) (6) (9) (37) Companies purchased/sold (1) \u2013 \u2013 \u2013 \u2013 \u2013 Currency translation effects (8) (13) (4) (8) (1) (34) Balance at 31 December 76 102 103 43 21 345 2023 USD millions Environmental Decommission Restructuring Legal claims Other Total Balance at 1 January 2023 78 121 16 43 65 323 Additional provision in the year 25 12 45 14 25 122 Interest expense on liability and effect of change in discount rate (1) 2 \u2013 1 \u2013 2 Unused provision (2) (2) (3) (9) (24) (40) Utilization of provision (11) (2) (7) (6) (32) (58) Transferred to held for sale \u2013 \u2013 (1) \u2013 (11) (13) Currency translation effects 4 4 1 3 \u2013 11 Balance at 31 December 93 135 51 47 22 348 Provisions presented in the consolidated statement of financial position USD millions 2024 2023 Current liabilities 84 50 Non-current liabilities 262 298 Total 345 348 Provisions Environmental provisions Provisions for environmental remediation and clean-up mainly relate to pollution from production facilities and warehouses currently in operation. It also refers to production facilities which are closed where remediation and clean-up is not yet finalized. The most significant provisions relate to sites in Europe and refer to actions such as restoration or rehabilitation of both industrial and mining sites, disposal of contaminated material and related activities. Decommission provisions Yara has obligations to decommission and remove installations at the end of the production period. The most significant decommissioning provisions relate to contractual obligations for operations on leased land, the main ones being plants in Australia and France. Restructuring provisions Restructuring mainly relates to closure or significant reorganization of business locations in a country or region. In July 2024, Yara announced a series of initiatives to enhance the Group\u2019s financial performance and position. This year\u2019s additional provision recognized is mainly related to restructuring provisions for several initiatives, including a voluntary severance package scheme offered to office workers in Norway and an intention to transform Yara\u2019s Tertre plant in Belgium to strengthen its competitiveness. Termination benefits in 2023 was mainly related to the Montoir site in France. 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. Other provisions Other provisions include onerous contracts, warranties and various other provisions Contingencies Environmental contingencies In addition to environmental provisions recognized based on best estimates of future probable cash outflows, Yara has various contingent environmental liabilities not recognized as their existence depends on future events associated with higher uncertainty. This uncertainty relates to future technology development, changes in environmental regulations and authorities\u2019 approval, as well as other conditions which could lead to future environmental expenditures. As of year-end 2024, Yara`s environmental contingencies mainly refer to possible remediation and clean-up at various production facilities, warehouses and Yara\u2019s after-care obligation to landscape the mining and landfilling areas at its mining site in Siilinj\u00e4rvi, Finland. 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 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 judgments, 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 an outflow of resources. Based on available information and legal advice, Yara has not made material provisions for these demands. Legal contingencies Following Yara Fertilisers India Pvt. Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, a 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 30 million (based on December 2024 exchange rates). 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. Hence, Yara Fertilisers India Pvt. Ltd. in 2019 filed a written petition in the high court of Uttar Pradesh. The State of Uttar Pradesh has filed its response to the Petition, but no date has yet been scheduled for substantial hearing of the petition. In addition to the stamp duty on the lease, Yara has also sought adjudication of a 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 (based on December 2024 exchange rates). As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state correspond to Yara\u2019s assessment. Further information related to an ongoing environmental case in Brazil, where Yara is a part due to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000, is provided below as 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 clean-up activities. The lawsuits were filed in 2011 and 2012 but are still in the initial phase. In addition to the class actions, several lawsuits have been initiated on an individual basis related to the same facts. Yara denies liability for any potential damage caused by the activities of Plumbum in all cases 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 72 million, mainly related to cases in Brazil. Tax contingencies and uncertain tax treatments On 25 October 2023, Yara announced that it had received a draft tax reassessment from the Norwegian Tax Authorities (NTA) related to a transfer pricing audit for the years 2015, 2016 and 2017. Yara has now sent its response. The position of the NTA is to increase Yara International ASA\u2019s tax results by approximately USD 646 million in total for the years 2015 to 2017, which would increase tax cost by an estimated USD 151 million. When applying the same principles for the years up to and including 2024, the total tax cost would increase by an additional USD 274 million. Although Yara disagrees with the draft reassessment and still considers its transfer pricing to be in line with applicable tax legislation, it is recognized that transfer pricing is a complex tax area that involves a level of discretion. When calculating a related provision, Yara has reflected the uncertainty by probability-weighting amounts in a range of outcomes. The total provision in relation to the transfer price audit is USD 18 million at year-end 2024, and this amount covers all years from 2015 to 2024 In relation to an ongoing tax dispute and to safeguard their taxation rights, the Dutch tax authorities in 2018 issued a new tax assessment for business restructuring (\u201cexit tax assessment\u201d). The tax assessment would increase the tax cost by 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 judicial and administrative proceedings related to various disputed tax matters where cash outflow is not considered probable. A majority of these cases are related to taxes in Brazil, with an estimated maximum exposure of approximately USD 107 million. Tax contingencies outside Brazil and excluding the above-mentioned transfer pricing audit in Norway and the exit tax assessment in the Netherlands have an estimated maximum exposure of approximately USD 195 million. As of year-end 2024 Yara has recognized tax provisions of USD 122 million related to major uncertain tax positions and cases disputed by tax authorities in various jurisdictions. 5.7 Secured debt and guarantees
USD millions 2024 2023
Amount of secured debt \u2013 3
Assets used as security for debt
Property, plant and equipment 2 6
Other \u2013 2
Total 2 8
Assets used as security for non-financial liabilities
Property, plant and equipment 39 42
Total 39 42
Guarantees (off-balance sheet)
Contingency for sales under government and finance schemes 30 68
Parent company guarantees 88 88
Bank guarantees 46 54
Total 164 209
Off-balance sheet exposures consist mainly of guarantees related to commercial contract obligations (advance payment
guarantees, performance and warranty bonds, and standby letters of credit), payment guarantees related to environmental
obligations, and mandatory public guarantees related to receivable VAT and employee tax obligations. These guarantees
are issued on behalf of Yara International ASA and its subsidiaries. The guarantor may be required to perform in the event
of a default on a commercial contract or non-compliance with public authority regulations.
Guarantees related to pension liabilities are included to the extent that such guarantees exceed the gross liability included
in the consolidated statement of financial position.
Yara is also contingently liable to third parties for credits granted under various financing agreements, including
government finance schemes, securitization programs and factoring. As the supplier in these agreements, Yara
derecognizes the related trade receivables from the financial statements once payment is received under the terms of
the schemes and considers the transactions to represent ordinary cash flows from operating activities. Yara considers
the contingent liability risk exposure towards third parties to be limited and close to zero, supported by very low historical
losses.
Guarantees of debt issued on behalf of consolidated companies are not included since the drawings under such credit lines
are included in the consolidated statement of financial position. The guaranteed 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 demerger from Norsk Hydro ASA
Under Norwegian law, Yara is contingently liable for its share of unfunded pension liabilities accrued prior to demerging
from Norsk Hydro ASA (Hydro) on March 24, 2004. Hydro\u2019s unfunded pension liabilities, calculated in accordance with
Hydro\u2019s accounting policies, amounted to approximately NOK 2 billion at the time of the demerger and have been reduced
by payments thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "5.5 Provisions and contingencies
2024
USD millions Environmental Decommission Restructuring Legal claims Other Total
Balance at 1 January 2024 93 135 51 47 22 348
Additional provision in the year 5 4 58 11 20 98
Interest expense on liability and
effect of change in discount rate \u2013 (15) 1 1 \u2013 (12)
Reclassification 2 (2) \u2013 3 (3) \u2013
Unused provision (2) \u2013 (1) (5) (10) (17)
Utilization of provision (13) (7) (3) (6) (9) (37)
Companies purchased/sold (1) \u2013 \u2013 \u2013 \u2013 \u2013
Currency translation effects (8) (13) (4) (8) (1) (34)
Balance at 31 December 76 102 103 43 21 345
2023
USD millions Environmental Decommission Restructuring Legal claims Other Total
Balance at 1 January 2023 78 121 16 43 65 323
Additional provision in the year 25 12 45 14 25 122
Interest expense on liability and
effect of change in discount rate (1) 2 \u2013 1 \u2013 2
Unused provision (2) (2) (3) (9) (24) (40)
Utilization of provision (11) (2) (7) (6) (32) (58)
Transferred to held for sale \u2013 \u2013 (1) \u2013 (11) (13)
Currency translation effects 4 4 1 3 \u2013 11
Balance at 31 December 93 135 51 47 22 348
Provisions presented in the consolidated statement of financial position
USD millions 2024 2023
Current liabilities 84 50
Non-current liabilities 262 298
Total 345 348
Provisions
Environmental provisions
Provisions for environmental remediation and clean-up
mainly relate to pollution from production facilities
and warehouses currently in operation. It also refers to
production facilities which are closed where remediation
and clean-up is not yet finalized. The most significant
provisions relate to sites in Europe and refer to actions
such as restoration or rehabilitation of both industrial
and mining sites, disposal of contaminated material and
related activities.
Decommission provisions
Yara has obligations to decommission and remove
installations at the end of the production period. The
most significant decommissioning provisions relate to
contractual obligations for operations on leased land, the
main ones being plants in Australia and France.
Restructuring provisions
Restructuring mainly relates to closure or significant
reorganization of business locations in a country or
region. In July 2024, Yara announced a series of
initiatives to enhance the Group\u2019s financial performance
and position. This year\u2019s additional provision recognized
is mainly related to restructuring provisions for several
initiatives, including a voluntary severance package
scheme offered to office workers in Norway and an
intention to transform Yara\u2019s Tertre plant in Belgium to
strengthen its competitiveness. Termination benefits in
2023 was mainly related to the Montoir site in France.
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.
Other provisions
Other provisions include onerous contracts, warranties
and various other provisions .
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "5.5 Provisions and contingencies Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of 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 6.3 Financial instruments
Contingent consideration is initially recognized at fair
value and subsequently measured at FVTPL. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "5.5 Provisions and contingencies
Environmental provisions refer to environmental
remediation and clean-up. An environmental provision is
based on currently enacted environmental laws and upon
existing technology. However, new laws and regulations
are included as part of the assessments when it is
virtually certain that these will be enacted and require
corrective actions. Yara\u2019s future cost for environmental
remediation and clean-up depends on a number of
uncertain factors. Due to this uncertain nature, they
could be revised in the near term. See also note 4.9
Government grants for information on European Union
Emissions Trading Scheme (EU ETS).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "
5.7 Secured debt and guarantees
Off-balance sheet exposures consist mainly of guarantees related to commercial contract obligations (advance payment guarantees, performance and warranty bonds, and standby letters of credit), payment guarantees related to environmental obligations, and mandatory public guarantees related to receivable VAT and employee tax obligations. These guarantees are issued on behalf of Yara International ASA and its subsidiaries. The guarantor may be required to perform in the event of a default on a commercial contract or non-compliance with public authority regulations. Guarantees related to pension liabilities are included to the extent that such guarantees exceed the gross liability included in the consolidated statement of financial position. Yara is also contingently liable to third parties for credits granted under various financing agreements, including government finance schemes, securitization programs and factoring. As the supplier in these agreements, Yara derecognizes the related trade receivables from the financial statements once payment is received under the terms of the schemes and considers the transactions to represent ordinary cash flows from operating activities. Yara considers the contingent liability risk exposure towards third parties to be limited and close to zero, supported by very low historical losses. Guarantees of debt issued on behalf of consolidated companies are not included since the drawings under such credit lines are included in the consolidated statement of financial position. The guaranteed 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "5.7 Secured debt and guarantees USD millions 2024 2023 Amount of secured debt \u2013 3 Assets used as security for debt Property, plant and equipment 2 6 Other \u2013 2 Total 2 8 Assets used as security for non-financial liabilities Property, plant and equipment 39 42 Total 39 42 Guarantees (off-balance sheet) Contingency for sales under government and finance schemes 30 68 Parent company guarantees 88 88 Bank guarantees 46 54 Total 164 209 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "5.7 Secured debt and guarantees Guarantees related to pension liabilities are included to the extent that such guarantees exceed the gross liability included in the consolidated statement of financial position. Yara is also contingently liable to third parties for credits granted under various financing agreements, including government finance schemes, securitization programs and factoring. As the supplier in these agreements, Yara derecognizes the related trade receivables from the financial statements once payment is received under the terms of the schemes and considers the transactions to represent ordinary cash flows from operating activities. Yara considers the contingent liability risk exposure towards third parties to be limited and close to zero, supported by very low historical losses. Guarantees of debt issued on behalf of consolidated companies are not included since the drawings under such credit lines are included in the consolidated statement of financial position. The guaranteed 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 6.1 Financial risk management 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 102.9 million (2023: USD 104.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as prepaid expenses and other current assets in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "
6.1 Financial risk management
Credit risk Yara has a well-established system for credit management with established limits at both customer and country levels. 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 consolidated 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 102.9 million (2023: USD 104.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as prepaid expenses and other current assets 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 the 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", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "6.1 Financial risk management Risk management policies Risk management at 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 associated exposures. The Group\u2019s policies, approved by the Board of Directors, 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 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 the 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, even 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 2024 and 31 December 2023. Yara\u2019s liquidity surplus, kept as short-term bank deposits, decreased during 2024, primarily reflecting repayment of debt. Funding risk The capital structure of the Group consists of interest-bearing debt as disclosed in note 5.2 Interest-bearing debt, cash and cash equivalents as disclosed in note 3.4 Cash and cash equivalents, plus equity attributable to equity holders of the parent, comprising paid-in capital and retained earnings as disclosed in note 5.1 Shareholder\u2019s equity and consolidated statement of changes in equity. To secure access to capital markets at attractive terms and remain financially solid, Yara aims to maintain a BBB and Baa2 credit rating from Standard & Poor\u2019s and Moody\u2019s respectively. Yara\u2019s 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 1) . In the most restrictive agreements, that ratio should not exceed 1.4. At the end of 2024, the ratio was 0.53 compared to 0.49 at the end of 2023. The Group is not subject to other externally imposed capital requirements, but maintains internally defined capital policy targets. Through its financial structure, Yara has the necessary flexibility to support the development of its business and mitigate adverse events that may affect the group. Yara will seek to maintain adequate financial capacity throughout the business cycle. 1) See page 336 for definitions, explanations, and reconciliations of Alternative performance measures (APMs). 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, albeit with a certain time lag. Yara\u2019s raw material 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. To hedge Yara\u2019s overall economic exposure to fluctuations in the US dollar exchange rate, Yara incurs most of its debt in US dollars. The portion of Yara\u2019s US dollar debt that constitutes an economic hedge of future earnings was kept between USD 2,600 million and USD 3,000 million, ending the year around USD 2,750 million. A certain portion of the total debt is kept in various local currencies to finance local currency exposed business positions. Yara 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 future purchases and sales or to offset short-term liquidity needs 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 statement of income. Sensitivity \u2013 net income USD millions 2024 2023 A 10% weakening 1) of the below currencies at the reporting date would have increased/(decreased) net income by: US dollar 197 211 Euro (371) (382) 1) Against functional currencies. All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on the value of financial instruments as at the balance sheet date. 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 2023. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above. Sensitivity - Other comprehensive income USD millions 2024 2023 A 10% weakening 1) of the below currencies at the reporting date would have increased/(decreased) other comprehensive income by: Norwegian krone (187) (160) Canadian dollar (96) (103) Brazilian real (20) (69) Euro (29) (71) 1) Against US dollar (presentation currency of the Group). All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on equity in foreign operations as at the balance sheet date. 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 2023. 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 5.2 Interest-bearing debt. In accordance with Yara\u2019s defined framework for fair value risk arising from exposure towards fixed interest rates, Yara maintains a mix of floating rate and fixed rate debt. Yara may use interest rate swaps and cross-currency swaps to convert debt originally issued at fixed interest rates to floating interest rates, and the interest expense related to such converted debt will thus fluctuate in line with market changes. At the reporting date, the interest rate profile of the Group\u2019s non- current interest-bearing debt is summarized in the table below. Interest rate profile of the Group\u2019s non-current interest-bearing debt USD millions Notes 2024 2023 Floating interest rate loans 1) 1,161 1,037 Fixed interest rate loans \u2013 maturity 2\u20135 years 1,499 1,498 More than 5 years 749 748 Non-current interest-bearing debt 5.2 3,409 3,284 1) Including fixed rate bonds converted to floating rate by use of interest rate swaps Yara\u2019s financial portfolio exposed to changes in interest rates comprises current and non-current interest-bearing debt, derivative financial instruments, and cash and cash equivalents. As at 31 December, an interest rate increase would have affected this portfolio as shown in the table below. Sensitivity USD millions 2024 2023 An increase of 100 basis points of the below interest rates at the reporting date would have increased/(decreased) net income by: USD interest rates (8) (5) NOK interest rates 1 (2) All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on financial instruments in the balance sheet as at year-end. The analysis was performed on the same basis for 2023. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above. Adaptation to the interest rate benchmark reform Publication of the USD LIBOR interest rate benchmarks ceased at the end of June 2023. Prior to the cessation, Yara\u2019s Finance, Treasury & Insurance function completed a transition program comprising a treasury system upgrade, inclusion of fallback language in applicable agreements, and a revision of benchmark references for undrawn facilities. Yara continues to have exposure to NIBOR benchmark rates, and there are thus far no indicated cessation dates for those benchmarks. None of Yara\u2019s existing hedging relations (see note 6.2 Hedge accounting) were affected by the benchmark reform . Credit risk Yara has a well-established system for credit management with established limits at both customer and country levels. 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 consolidated 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 102.9 million (2023: USD 104.5 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as prepaid expenses and other current assets 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 the 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 5.2 Interest-bearing debt. Contractual maturities of financial liabilities 31 December 2024 USD millions Notes 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 Interest-bearing debt 5.2 (3,579) (4,380) (62) (129) (125) (891) (1,600) (1,574) Other non-current liabilities (19) (19) \u2013 \u2013 (3) (1) (1) (13) Trade payables 5.4 (1,733) (1,737) (3) (1,713) (21) \u2013 \u2013 \u2013 Other current liabilities (218) (218) (1) (197) (19) \u2013 \u2013 \u2013 Derivative financial instruments Freestanding financial derivatives 6.3 (104) Outflow (767) \u2013 (43) (14) (280) (349) (81) Inflow 661 \u2013 48 14 217 307 76 Hedge designated derivatives 6.2, 6.3 (24) Outflow (287) \u2013 (28) (22) (43) (103) (92) Inflow 282 \u2013 23 17 40 110 91 Total (5,678) (6,670) (66) (2,069) (174) (1,001) (1,766) (1,593) See note 4.5 Leases for contractual maturities of lease liabilities. 31 December 2023 USD millions Notes 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 Interest-bearing debt 5.2 (3,801) (4,684) (74) (187) (416) (222) (2,220) (1,564) Other non-current liabilities (24) (25) \u2013 \u2013 \u2013 (4) (2) (18) Trade payables 5.4 (1,906) (1,906) (10) (1,877) (19) \u2013 \u2013 \u2013 Other current liabilities (230) (231) (2) (194) (31) \u2013 \u2013 (4) Derivative financial instruments Freestanding financial derivatives 6.3 (115) Outflow (934) \u2013 (335) (182) (18) (396) (2) Inflow 783 \u2013 327 114 14 327 1 Hedge designated derivatives 6.2, 6.3 (2) Outflow (257) \u2013 (100) (23) (27) (83) (23) Inflow 246 \u2013 87 22 30 82 25 Total (6,079) (7,008) (86) (2,280) (536) (228) (2,293) (1,585)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "6.1 Financial risk management
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 5.2 Interest-bearing debt.
Contractual maturities of financial liabilities 31 December 2024 USD millions Notes 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 Interest-bearing debt 5.2 (3,579) (4,380) (62) (129) (125) (891) (1,600) (1,574) Other non-current liabilities (19) (19) \u2013 \u2013 (3) (1) (1) (13) Trade payables 5.4 (1,733) (1,737) (3) (1,713) (21) \u2013 \u2013 \u2013 Other current liabilities (218) (218) (1) (197) (19) \u2013 \u2013 \u2013 Derivative financial instruments Freestanding financial derivatives 6.3 (104) Outflow (767) \u2013 (43) (14) (280) (349) (81) Inflow 661 \u2013 48 14 217 307 76 Hedge designated derivatives 6.2, 6.3 (24) Outflow (287) \u2013 (28) (22) (43) (103) (92) Inflow 282 \u2013 23 17 40 110 91 Total (5,678) (6,670) (66) (2,069) (174) (1,001) (1,766) (1,593) See note 4.5 Leases for contractual maturities of lease liabilities
31 December 2023
USD millions Notes 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
Interest-bearing debt
5.2 (3,801) (4,684) (74) (187) (416) (222) (2,220) (1,564)
Other non-current liabilities (24) (25) \u2013 \u2013 \u2013 (4) (2) (18)
Trade payables
5.4 (1,906) (1,906) (10) (1,877) (19) \u2013 \u2013 \u2013
Other current liabilities (230) (231) (2) (194) (31) \u2013 \u2013 (4)
Derivative financial instruments
Freestanding financial derivatives
6.3 (115)
Outflow (934) \u2013 (335) (182) (18) (396) (2)
Inflow 783 \u2013 327 114 14 327 1
Hedge designated derivatives
6.2, 6.3 (2)
Outflow (257) \u2013 (100) (23) (27) (83) (23)
Inflow 246 \u2013 87 22 30 82 25
Total (6,079) (7,008) (86) (2,280) (536) (228) (2,293) (1,585)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "6.1 Financial risk management
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, albeit with a certain time lag. Yara\u2019s
raw material 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. To hedge Yara\u2019s overall economic exposure to fluctuations in the US
dollar exchange rate, Yara incurs most of its debt in US dollars. The portion of Yara\u2019s US dollar debt that constitutes an
economic hedge of future earnings was kept between USD 2,600 million and USD 3,000 million, ending the year around
USD 2,750 million. A certain portion of the total debt is kept in various local currencies to finance local currency exposed
business positions.
Yara 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 future purchases
and sales or to offset short-term liquidity needs 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 statement of income.
Sensitivity \u2013 net income
USD millions 2024 2023
A 10% weakening
1)
of the below currencies at the reporting date would have
increased/(decreased) net income by:
US dollar 197 211
Euro (371) (382)
1)
Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on the
value of financial instruments as at the balance sheet date. 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 2023. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the
amounts shown above.
Sensitivity - Other comprehensive income
USD millions 2024 2023
A 10% weakening
1)
of the below currencies at the reporting date would have
increased/(decreased) other comprehensive income by:
Norwegian krone (187) (160)
Canadian dollar (96) (103)
Brazilian real (20) (69)
Euro (29) (71)
1)
Against US dollar (presentation currency of the Group).
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on equity
in foreign operations as at the balance sheet date. 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 2023.
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 5.2 Interest-bearing debt.
In accordance with Yara\u2019s defined framework for fair value risk arising from exposure towards fixed interest rates, Yara
maintains a mix of floating rate and fixed rate debt. Yara may use interest rate swaps and cross-currency swaps to convert
debt originally issued at fixed interest rates to floating interest rates, and the interest expense related to such converted
debt will thus fluctuate in line with market changes. At the reporting date, the interest rate profile of the Group\u2019s non-
current interest-bearing debt is summarized in the table below.
Interest rate profile of the Group\u2019s non-current interest-bearing debt
USD millions Notes 2024 2023
Floating interest rate loans
1)
1,161 1,037
Fixed interest rate loans \u2013 maturity
2\u20135 years 1,499 1,498
More than 5 years 749 748
Non-current interest-bearing debt
5.2 3,409 3,284
1)
Including fixed rate bonds converted to floating rate by use of interest rate swaps .
Yara\u2019s financial portfolio exposed to changes in interest rates comprises current and non-current interest-bearing debt, derivative financial instruments, and cash and cash equivalents. As at 31 December, an interest rate increase would have affected this portfolio as shown in the table below. Sensitivity USD millions 2024 2023 An increase of 100 basis points of the below interest rates at the reporting date would have increased/(decreased) net income by: USD interest rates (8) (5) NOK interest rates 1 (2) All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on financial instruments in the balance sheet as at year-end. The analysis was performed on the same basis for 2023. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above. Adaptation to the interest rate benchmark reform Publication of the USD LIBOR interest rate benchmarks ceased at the end of June 2023. Prior to the cessation, Yara\u2019s Finance, Treasury & Insurance function completed a transition program comprising a treasury system upgrade, inclusion of fallback language in applicable agreements, and a revision of benchmark references for undrawn facilities. Yara continues to have exposure to NIBOR benchmark rates, and there are thus far no indicated cessation dates for those benchmarks. None of Yara\u2019s existing hedging relations (see note 6.2 Hedge accounting) were affected by the benchmark reform ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "
6.2 Hedge accounting
Effect on financial position and performance in 2024 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 2) 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 ineffective ness This year\u2019s change in value of the hedging instrument USD millions Currency Hedge rates Denomi nated amount Assets Liabilities Assets Liabilities Fair value hedges Interest rate risk - Fixed interest, NOK bonds (2017) NOK 3M NIBOR 88 \u2013 82 6 \u2013 Non-current interest-bearing debt Other non-current liabilities (3) 3 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR 88 \u2013 84 5 \u2013 Non-current interest-bearing debt Other non-current liabilities (1) 1 - Fixed interest, USD bonds (2022) USD SOFR 600 \u2013 585 12 \u2013 Non-current interest-bearing debt Other non-current liabilities 28 (28) - Fixed interest, USD bonds (2024) NOK 3M NIBOR 141 \u2013 140 1 \u2013 Non-current interest-bearing debt Other non-current liabilities 1 (1) Net investment hedges Foreign exchange risk - Net equity in subsidiaries 3) USD Spot USDNOK \u2013 815 \u2013 \u2013 367 Retained earnings Non-current interest-bearing debt (67) 67 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Included in the carrying amount of the hedged item on fair value hedges. 3) Amounts are after tax. See note 2.8 Income taxes for the tax effect. 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 2023 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 2) 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 ineffective ness This year\u2019s change in value of the hedging instrument USD millions Currency Hedge rates Denomi nated amount Assets Liabilities Assets Liabilities Fair value hedges Interest rate risk - Fixed interest, NOK bonds (2014) NOK 3M NIBOR 59 \u2013 57 2 \u2013 Non-current interest-bearing debt Other non-current liabilities \u2013 \u2013 - Fixed interest, NOK bonds (2017) NOK 3M NIBOR 196 \u2013 186 10 \u2013 Non-current interest-bearing debt Other non-current liabilities (2) 2 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR 98 \u2013 92 6 \u2013 Non-current interest-bearing debt Other non-current liabilities \u2013 \u2013 - Fixed interest, USD bonds (2022) USD SOFR 600 \u2013 612 \u2013 15 Non-current interest-bearing debt Other non-current liabilities (17) 17 Net investment hedges Foreign exchange risk - Net equity in subsidiaries 3) USD Spot USDNOK \u2013 815 \u2013 \u2013 300 Retained earnings Non-current interest-bearing debt 4) (22) 22 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Included in the carrying amount of the hedged item on fair value hedges. 3) Amounts are after tax. See note 2.8 Income taxes for the tax effect. 4) Includes USD (1) million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other non-current liabilities. 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:DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "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 risk management. Accounting policies Yara 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 the 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 the 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 the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "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 risk management. Accounting policies Yara 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 the 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 the 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 the 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. 6.3 Financial instruments Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial 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 FVTPL 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.
Equity instruments
Equity instruments that are not traded in active markets
are measured based on recent market transactions and
valuation techniques as described below.
Yara Growth Ventures AS (YGV) is the corporate venture
capital organization of Yara. 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. All investments are initially recognized at fair
value and subsequently measured at FVTPL. YGV\u2019s
portfolio currently consists of 18 investments, of which
15 are equity positions and 3 are fund positions. The
funding round in which YGV participated is taken as
the starting point. For investments held less than 12
months, these funding rounds are considered to be
the approximate 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 applies valuation techniques considering
both observable and unobservable inputs. YGV\u2019s portfolio
of funds is valued based on capital balance and further
drawdowns.
If a 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 advantage 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, see note 4.3 Associated companies
and joint ventures. None of the YGV investments were
assessed to be under significant influence, joint control
or control by Yara as at 31 December 2024.
Equity instruments other than venture investments are
also measured at fair value and subsequently measured
at FVTPL. 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 liabilities See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases. 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 non-current interest- bearing debt and other non-current liabilities differs from the carrying amounts due to 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-current 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 available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available . Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. 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 refer to derivatives at FVTPL, equity instruments at FVTPL, equity instruments at FVOCI and financial liabilities at FVTPL. They are valued according to different levels in the fair value hierarchy in IFRS 13. 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:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "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 risk management. Accounting policies Yara 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 the 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 the 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 the 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. 6.3 Financial instruments Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial 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 FVTPL 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "6.2 Hedge accounting
Fair value hedges
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 fixed rate bond debt from 2017. Another NOK 1,000 million hedge relationship from the bond issue
was settled upon maturity in 2024.
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.
In June 2024, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments.
The hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 900 million and
NOK 700 million fixed rate bond debt from 2024.
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation
of interest rate swaps as hedging instruments and the use of hedge accounting enable Yara to include the fair value
of changes from 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.
Cash flow hedges
Yara had no cash flow hedges in 2024 or 2023. 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 2024, Yara has designated a total of USD 815 million (2023: USD 815 million) of its USD denominated
interest-bearing debt as hedges of net investments in foreign (USD based) entities. The hedging instruments are USD
denominated bond loans.
The designation of interest-bearing debt as hedges of net investments leads to changes in foreign currency translation
(gain/loss) being recognized in the Consolidated statement of comprehensive income instead of in the Consolidated
statement of income.
Effect on financial position and performance in 2024
Carrying amount of the
hedged item
1)
Accumulated amount of hedge
adjustment on the hedged item
2)
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
ineffective ness
This year\u2019s
change in value
of the hedging
instrument
USD millions Currency Hedge rates
Denomi nated
amount Assets Liabilities Assets Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2017) NOK 3M NIBOR 88 \u2013 82 6 \u2013 Non-current interest-bearing debt Other non-current liabilities (3) 3
- Fixed interest, NOK bonds (2021) NOK 3M NIBOR 88 \u2013 84 5 \u2013 Non-current interest-bearing debt Other non-current liabilities (1) 1
- Fixed interest, USD bonds (2022) USD SOFR 600 \u2013 585 12 \u2013 Non-current interest-bearing debt Other non-current liabilities 28 (28)
- Fixed interest, USD bonds (2024) NOK 3M NIBOR 141 \u2013 140 1 \u2013 Non-current interest-bearing debt Other non-current liabilities 1 (1)
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries
3)
USD Spot USDNOK \u2013 815 \u2013 \u2013 367 Retained earnings Non-current interest-bearing debt (67) 67
1)
The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)
Included in the carrying amount of the hedged item on fair value hedges.
3)
Amounts are after tax. See note 2.8 Income taxes for the tax effect.
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 2023
Carrying amount of the
hedged item
1)
Accumulated amount of hedge
adjustment on the hedged item
2)
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
ineffective ness
This year\u2019s
change in value
of the hedging
instrument
USD millions Currency Hedge rates
Denomi nated
amount Assets Liabilities Assets Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014) NOK 3M NIBOR 59 \u2013 57 2 \u2013 Non-current interest-bearing debt Other non-current liabilities \u2013 \u2013
- Fixed interest, NOK bonds (2017) NOK 3M NIBOR 196 \u2013 186 10 \u2013 Non-current interest-bearing debt Other non-current liabilities (2) 2
- Fixed interest, NOK bonds (2021) NOK 3M NIBOR 98 \u2013 92 6 \u2013 Non-current interest-bearing debt Other non-current liabilities \u2013 \u2013
- Fixed interest, USD bonds (2022) USD SOFR 600 \u2013 612 \u2013 15 Non-current interest-bearing debt Other non-current liabilities (17) 17
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries
3)
USD Spot USDNOK \u2013 815 \u2013 \u2013 300 Retained earnings Non-current interest-bearing debt
4)
(22) 22
1)
The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)
Included in the carrying amount of the hedged item on fair value hedges.
3)
Amounts are after tax. See note 2.8 Income taxes for the tax effect.
4)
Includes USD (1) million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other non-current liabilities.
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:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-31": { "value": "6.2 Hedge accounting Fair value hedges 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 fixed rate bond debt from 2017. Another NOK 1,000 million hedge relationship from the bond issue was settled upon maturity in 2024. 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. In June 2024, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the NOK 900 million and NOK 700 million fixed rate bond debt from 2024. Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation of interest rate swaps as hedging instruments and the use of hedge accounting enable Yara to include the fair value of changes from 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. Cash flow hedges Yara had no cash flow hedges in 2024 or 2023. 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 2024, Yara has designated a total of USD 815 million (2023: USD 815 million) of its USD denominated interest-bearing debt as hedges of net investments in foreign (USD based) entities. The hedging instruments are USD denominated bond loans. The designation of interest-bearing debt as hedges of net investments leads to changes in foreign currency translation (gain/loss) being recognized in the Consolidated statement of comprehensive income instead of in the Consolidated statement of income. Effect on financial position and performance in 2024 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 2) 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 ineffective ness This year\u2019s change in value of the hedging instrument USD millions Currency Hedge rates Denomi nated amount Assets Liabilities Assets Liabilities Fair value hedges Interest rate risk - Fixed interest, NOK bonds (2017) NOK 3M NIBOR 88 \u2013 82 6 \u2013 Non-current interest-bearing debt Other non-current liabilities (3) 3 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR 88 \u2013 84 5 \u2013 Non-current interest-bearing debt Other non-current liabilities (1) 1 - Fixed interest, USD bonds (2022) USD SOFR 600 \u2013 585 12 \u2013 Non-current interest-bearing debt Other non-current liabilities 28 (28) - Fixed interest, USD bonds (2024) NOK 3M NIBOR 141 \u2013 140 1 \u2013 Non-current interest-bearing debt Other non-current liabilities 1 (1) Net investment hedges Foreign exchange risk - Net equity in subsidiaries 3) USD Spot USDNOK \u2013 815 \u2013 \u2013 367 Retained earnings Non-current interest-bearing debt (67) 67 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Included in the carrying amount of the hedged item on fair value hedges. 3) Amounts are after tax. See note 2.8 Income taxes for the tax effect. 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 2023 Carrying amount of the hedged item 1) Accumulated amount of hedge adjustment on the hedged item 2) 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 ineffective ness This year\u2019s change in value of the hedging instrument USD millions Currency Hedge rates Denomi nated amount Assets Liabilities Assets Liabilities Fair value hedges Interest rate risk - Fixed interest, NOK bonds (2014) NOK 3M NIBOR 59 \u2013 57 2 \u2013 Non-current interest-bearing debt Other non-current liabilities \u2013 \u2013 - Fixed interest, NOK bonds (2017) NOK 3M NIBOR 196 \u2013 186 10 \u2013 Non-current interest-bearing debt Other non-current liabilities (2) 2 - Fixed interest, NOK bonds (2021) NOK 3M NIBOR 98 \u2013 92 6 \u2013 Non-current interest-bearing debt Other non-current liabilities \u2013 \u2013 - Fixed interest, USD bonds (2022) USD SOFR 600 \u2013 612 \u2013 15 Non-current interest-bearing debt Other non-current liabilities (17) 17 Net investment hedges Foreign exchange risk - Net equity in subsidiaries 3) USD Spot USDNOK \u2013 815 \u2013 \u2013 300 Retained earnings Non-current interest-bearing debt 4) (22) 22 1) The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items. 2) Included in the carrying amount of the hedged item on fair value hedges. 3) Amounts are after tax. See note 2.8 Income taxes for the tax effect. 4) Includes USD (1) million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other non-current liabilities. 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:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "
6.3 Financial instruments
Carrying amounts and fair value per category
31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119
Current assets
Trade receivables
3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497
Other current financial assets
3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295
Cash and cash equivalents
3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317
Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228
Non-current liabilities
Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154)
Interest-bearing debt
5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409)
Non-current lease liabilities
4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330)
Current liabilities
Trade and other current payables
1)
5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733)
Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295)
Interest-bearing debt
5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170)
Current lease liabilities
4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138)
Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229)
Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001)
Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950)
Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51
1)
Excluding non-financial liabilities.
Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details .
Carrying amounts and fair value per category
31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134
Current assets
Trade receivables
3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634
Other current financial assets
3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295
Cash and cash equivalents
3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539
Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603
Non-current liabilities
Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108)
Interest-bearing debt
5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284)
Non-current lease liabilities
4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306)
Current liabilities
Trade and other current payables
1)
5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906)
Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381)
Interest-bearing debt
5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517)
Current lease liabilities
4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123)
Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625)
Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023)
Fair value (95) (22) 2,491 67 20 (6,391) \u2013
Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93
1)
Excluding non-financial liabilities.
Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details.
Financial instruments at fair value
31 December 2024
USD millions Notes
Carrying
amount Level 1 Level 2 Level 3
Equity instruments
Yara Growth Ventures 63 \u2013 \u2013 63
Other equity instruments 20 \u2013 \u2013 20
Derivatives
Forward exchange contracts 7 \u2013 7 \u2013
Cross-currency swaps (103) \u2013 (103) \u2013
Interest rate swaps designated for hedging
6.2 (24) \u2013 (24) \u2013
Other interest rate swaps 1 \u2013 1 \u2013
Embedded commodity derivatives (8) \u2013 (8) \u2013
Financial liabilities
Contingent consideration (2) \u2013 (2) \u2013
Net total balance (47) \u2013 (130) 83
There have been no transfers between the levels of the fair value hierarchy used for measuring fair value in the period.
31 December 2023
USD millions Notes
Carrying
amount Level 1 Level 2 Level 3
Equity instruments
Yara Growth Ventures 67 \u2013 \u2013 67
Other equity instruments 20 \u2013 \u2013 20
Derivatives
Forward exchange contracts (4) \u2013 (4) \u2013
Cross-currency swaps (110) \u2013 (110) \u2013
Interest rate swaps designated for hedging
6.2 (2) \u2013 (2) \u2013
Other interest rate swaps 1 \u2013 1 \u2013
Embedded commodity derivatives (3) \u2013 (3) \u2013
Financial liabilities
Contingent consideration (3) \u2013 (3) \u2013
Net total balance (33) \u2013 (120) 88
Reconciliation of fair value instruments at Level 3
USD millions 2024 2023
Balance at 1 January 88 54
Total gains or (losses):
- in income statement (7) 23
- in other comprehensive income 1 (8)
Additions/(disposals) 9 17
Foreign currency translation (8) 1
Balance at 31 December 83 88
Sensitivity of fair value measurements of financial instruments at Level 3 at 31 December 2024 The fair values of the equity investments in Yara Growth Venture are measured applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the VC model would not materially change the fair value of these investments . Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2024 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 Total Consolidated statement of income 6.1, 6.2 20 (2) (6) \u2013 \u2013 12 Consolidated statement of comprehensive income 1) 6.2 \u2013 (7) \u2013 1 (78) (84) Total 20 (9) (6) 1 (78) (72) 2023 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 Total Consolidated statement of income 6.1, 6.2 (63) 19 24 \u2013 \u2013 (20) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 (8) (25) (36) Total (63) 16 24 (8) (25) (57) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "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 financial 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 FVTPL 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 Trade receivables, note 3.4 Cash and cash equivalents and note 4.6 Other non-current assets. Yara\u2019s expected credit loss on receivables and deposits is limited. As a result, disclosures are reduced due to materiality. Equity instruments Equity instruments that are not traded in active markets are measured based on recent market transactions and valuation techniques as described below. Yara Growth Ventures AS (YGV) is the corporate venture capital organization of Yara. 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. All investments are initially recognized at fair value and subsequently measured at FVTPL. YGV\u2019s portfolio currently consists of 18 investments, of which 15 are equity positions and 3 are fund positions. The funding round in which YGV participated is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate 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 applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns. If a 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 advantage 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, see note 4.3 Associated companies and joint ventures. None of the YGV investments were assessed to be under significant influence, joint control or control by Yara as at 31 December 2024. Equity instruments other than venture investments are also measured at fair value and subsequently measured at FVTPL. Financial liabilities See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases. 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 non-current interest- bearing debt and other non-current liabilities differs from the carrying amounts due to 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-current 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 available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available . Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. 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 refer to derivatives at FVTPL, equity instruments at FVTPL, equity instruments at FVOCI and financial liabilities at FVTPL. They are valued according to different levels in the fair value hierarchy in IFRS 13. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "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 financial 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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "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 financial 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. Financial liabilities See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases. 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 non-current interest- bearing debt and other non-current liabilities differs from the carrying amounts due to 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-current 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 available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available . Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "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 financial 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 FVTPL 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-32": { "value": "6.3 Financial instruments Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details . Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. Financial instruments at fair value 31 December 2024 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 63 \u2013 \u2013 63 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts 7 \u2013 7 \u2013 Cross-currency swaps (103) \u2013 (103) \u2013 Interest rate swaps designated for hedging 6.2 (24) \u2013 (24) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (8) \u2013 (8) \u2013 Financial liabilities Contingent consideration (2) \u2013 (2) \u2013 Net total balance (47) \u2013 (130) 83 There have been no transfers between the levels of the fair value hierarchy used for measuring fair value in the period. 31 December 2023 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 67 \u2013 \u2013 67 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts (4) \u2013 (4) \u2013 Cross-currency swaps (110) \u2013 (110) \u2013 Interest rate swaps designated for hedging 6.2 (2) \u2013 (2) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (3) \u2013 (3) \u2013 Financial liabilities Contingent consideration (3) \u2013 (3) \u2013 Net total balance (33) \u2013 (120) 88 Reconciliation of fair value instruments at Level 3 USD millions 2024 2023 Balance at 1 January 88 54 Total gains or (losses): - in income statement (7) 23 - in other comprehensive income 1 (8) Additions/(disposals) 9 17 Foreign currency translation (8) 1 Balance at 31 December 83 88 Sensitivity of fair value measurements of financial instruments at Level 3 at 31 December 2024 The fair values of the equity investments in Yara Growth Venture are measured applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the VC model would not materially change the fair value of these investments . Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2024 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 Total Consolidated statement of income 6.1, 6.2 20 (2) (6) \u2013 \u2013 12 Consolidated statement of comprehensive income 1) 6.2 \u2013 (7) \u2013 1 (78) (84) Total 20 (9) (6) 1 (78) (72) 2023 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 Total Consolidated statement of income 6.1, 6.2 (63) 19 24 \u2013 \u2013 (20) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 (8) (25) (36) Total (63) 16 24 (8) (25) (57) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes .", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "6.3 Financial instruments Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details . Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. Financial instruments at fair value 31 December 2024 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 63 \u2013 \u2013 63 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts 7 \u2013 7 \u2013 Cross-currency swaps (103) \u2013 (103) \u2013 Interest rate swaps designated for hedging 6.2 (24) \u2013 (24) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (8) \u2013 (8) \u2013 Financial liabilities Contingent consideration (2) \u2013 (2) \u2013 Net total balance (47) \u2013 (130) 83 There have been no transfers between the levels of the fair value hierarchy used for measuring fair value in the period. 31 December 2023 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 67 \u2013 \u2013 67 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts (4) \u2013 (4) \u2013 Cross-currency swaps (110) \u2013 (110) \u2013 Interest rate swaps designated for hedging 6.2 (2) \u2013 (2) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (3) \u2013 (3) \u2013 Financial liabilities Contingent consideration (3) \u2013 (3) \u2013 Net total balance (33) \u2013 (120) 88 Reconciliation of fair value instruments at Level 3 USD millions 2024 2023 Balance at 1 January 88 54 Total gains or (losses): - in income statement (7) 23 - in other comprehensive income 1 (8) Additions/(disposals) 9 17 Foreign currency translation (8) 1 Balance at 31 December 83 88
Sensitivity of fair value measurements
of financial instruments at Level
3 at 31 December 2024
The fair values of the equity investments in Yara Growth
Venture are measured applying different valuation
methods, including funding rounds as a proxy for their
fair value where applicable, probability-weighted future
cash flow model and venture capital valuation model (VC
model). Under the probability-weighted future cash flow
model judgment is applied in determining assumptions
such as possible future outcomes, the timing of these
outcomes and their probabilities. When applying the VC
model, a price-equity multiple is estimated based on
observable market information of comparable market
participants. A reasonable change in assumptions used
in the VC model would not materially change the fair
value of these investments .
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated
statement of income and consolidated statement of other comprehensive income
2024 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 Total
Consolidated statement of income 6.1, 6.2 20 (2) (6) \u2013 \u2013 12
Consolidated statement of comprehensive income
1)
6.2 \u2013 (7) \u2013 1 (78) (84)
Total 20 (9) (6) 1 (78) (72)
2023 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 Total
Consolidated statement of income 6.1, 6.2 (63) 19 24 \u2013 \u2013 (20)
Consolidated statement of comprehensive income
1)
6.2 \u2013 (3) \u2013 (8) (25) (36)
Total (63) 16 24 (8) (25) (57)
1)
Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "6.3 Financial instruments Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details . Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. Financial instruments at fair value 31 December 2024 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 63 \u2013 \u2013 63 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts 7 \u2013 7 \u2013 Cross-currency swaps (103) \u2013 (103) \u2013 Interest rate swaps designated for hedging 6.2 (24) \u2013 (24) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (8) \u2013 (8) \u2013 Financial liabilities Contingent consideration (2) \u2013 (2) \u2013 Net total balance (47) \u2013 (130) 83 There have been no transfers between the levels of the fair value hierarchy used for measuring fair value in the period. 31 December 2023 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 67 \u2013 \u2013 67 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts (4) \u2013 (4) \u2013 Cross-currency swaps (110) \u2013 (110) \u2013 Interest rate swaps designated for hedging 6.2 (2) \u2013 (2) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (3) \u2013 (3) \u2013 Financial liabilities Contingent consideration (3) \u2013 (3) \u2013 Net total balance (33) \u2013 (120) 88 Reconciliation of fair value instruments at Level 3 USD millions 2024 2023 Balance at 1 January 88 54 Total gains or (losses): - in income statement (7) 23 - in other comprehensive income 1 (8) Additions/(disposals) 9 17 Foreign currency translation (8) 1 Balance at 31 December 83 88 Sensitivity of fair value measurements of financial instruments at Level 3 at 31 December 2024 The fair values of the equity investments in Yara Growth Venture are measured applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the VC model would not materially change the fair value of these investments Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2024 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 Total Consolidated statement of income 6.1, 6.2 20 (2) (6) \u2013 \u2013 12 Consolidated statement of comprehensive income 1) 6.2 \u2013 (7) \u2013 1 (78) (84) Total 20 (9) (6) 1 (78) (72) 2023 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 Total Consolidated statement of income 6.1, 6.2 (63) 19 24 \u2013 \u2013 (20) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 (8) (25) (36) Total (63) 16 24 (8) (25) (57) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "6.3 Financial instruments Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details . Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. Reconciliation of fair value instruments at Level 3 USD millions 2024 2023 Balance at 1 January 88 54 Total gains or (losses): - in income statement (7) 23 - in other comprehensive income 1 (8) Additions/(disposals) 9 17 Foreign currency translation (8) 1 Balance at 31 December 83 88 Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2024 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 Total Consolidated statement of income 6.1, 6.2 20 (2) (6) \u2013 \u2013 12 Consolidated statement of comprehensive income 1) 6.2 \u2013 (7) \u2013 1 (78) (84) Total 20 (9) (6) 1 (78) (72) 2023 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 Total Consolidated statement of income 6.1, 6.2 (63) 19 24 \u2013 \u2013 (20) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 (8) (25) (36) Total (63) 16 24 (8) (25) (57) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "6.3 Financial instruments Carrying amounts and fair value per category 31 December 2024 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 1 \u2013 35 65 19 \u2013 \u2013 119 Current assets Trade receivables 3.2 \u2013 \u2013 1,497 \u2013 \u2013 \u2013 \u2013 1,497 Other current financial assets 3.3 8 \u2013 287 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 317 \u2013 \u2013 \u2013 \u2013 317 Sum financial assets 9 \u2013 2,135 65 19 \u2013 \u2013 2,228 Non-current liabilities Other non-current financial liabilities (110) (25) \u2013 \u2013 \u2013 (16) (2) (154) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,409) \u2013 (3,409) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (330) \u2013 (330) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,733) \u2013 (1,733) Other current financial liabilities (3) \u2013 \u2013 \u2013 \u2013 (293) \u2013 (295) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (170) \u2013 (170) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (138) \u2013 (138) Sum financial liabilities (113) (25) \u2013 \u2013 \u2013 (6,089) (2) (6,229) Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001) Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950) Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 51 \u2013 51 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details Carrying amounts and fair value per category 31 December 2023 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 3 15 28 67 20 \u2013 \u2013 134 Current assets Trade receivables 3.2 \u2013 \u2013 1,634 \u2013 \u2013 \u2013 \u2013 1,634 Other current financial assets 3.3 6 \u2013 289 \u2013 \u2013 \u2013 \u2013 295 Cash and cash equivalents 3.4 \u2013 \u2013 539 \u2013 \u2013 \u2013 \u2013 539 Sum financial assets 9 15 2,491 67 20 \u2013 \u2013 2,603 Non-current liabilities Other non-current financial liabilities (71) (13) \u2013 \u2013 \u2013 (24) \u2013 (108) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (3,284) \u2013 (3,284) Non-current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (306) \u2013 (306) Current liabilities Trade and other current payables 1) 5.4 \u2013 \u2013 \u2013 \u2013 \u2013 (1,906) \u2013 (1,906) Other current financial liabilities (33) (24) \u2013 \u2013 \u2013 (324) \u2013 (381) Interest-bearing debt 5.2 \u2013 \u2013 \u2013 \u2013 \u2013 (517) \u2013 (517) Current lease liabilities 4.5 \u2013 \u2013 \u2013 \u2013 \u2013 (123) \u2013 (123) Sum financial liabilities (104) (37) \u2013 \u2013 \u2013 (6,484) \u2013 (6,625) Total net balance (95) (22) 2,491 67 20 (6,484) \u2013 (4,023) Fair value (95) (22) 2,491 67 20 (6,391) \u2013 Unrecognized gain/(loss) \u2013 \u2013 \u2013 \u2013 \u2013 93 \u2013 93 1) Excluding non-financial liabilities. Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details. Financial instruments at fair value 31 December 2024 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 63 \u2013 \u2013 63 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts 7 \u2013 7 \u2013 Cross-currency swaps (103) \u2013 (103) \u2013 Interest rate swaps designated for hedging 6.2 (24) \u2013 (24) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (8) \u2013 (8) \u2013 Financial liabilities Contingent consideration (2) \u2013 (2) \u2013 Net total balance (47) \u2013 (130) 83 There have been no transfers between the levels of the fair value hierarchy used for measuring fair value in the period. 31 December 2023 USD millions Notes Carrying amount Level 1 Level 2 Level 3 Equity instruments Yara Growth Ventures 67 \u2013 \u2013 67 Other equity instruments 20 \u2013 \u2013 20 Derivatives Forward exchange contracts (4) \u2013 (4) \u2013 Cross-currency swaps (110) \u2013 (110) \u2013 Interest rate swaps designated for hedging 6.2 (2) \u2013 (2) \u2013 Other interest rate swaps 1 \u2013 1 \u2013 Embedded commodity derivatives (3) \u2013 (3) \u2013 Financial liabilities Contingent consideration (3) \u2013 (3) \u2013 Net total balance (33) \u2013 (120) 88 Reconciliation of fair value instruments at Level 3 USD millions 2024 2023 Balance at 1 January 88 54 Total gains or (losses): - in income statement (7) 23 - in other comprehensive income 1 (8) Additions/(disposals) 9 17 Foreign currency translation (8) 1 Balance at 31 December 83 88 Sensitivity of fair value measurements of financial instruments at Level 3 at 31 December 2024 The fair values of the equity investments in Yara Growth Venture are measured applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the VC model would not materially change the fair value of these investments . Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income 2024 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 Total Consolidated statement of income 6.1, 6.2 20 (2) (6) \u2013 \u2013 12 Consolidated statement of comprehensive income 1) 6.2 \u2013 (7) \u2013 1 (78) (84) Total 20 (9) (6) 1 (78) (72) 2023 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 Total Consolidated statement of income 6.1, 6.2 (63) 19 24 \u2013 \u2013 (20) Consolidated statement of comprehensive income 1) 6.2 \u2013 (3) \u2013 (8) (25) (36) Total (63) 16 24 (8) (25) (57) 1) Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "6.3 Financial instruments Yara Growth Ventures AS (YGV) is the corporate venture capital organization of Yara. 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. All investments are initially recognized at fair value and subsequently measured at FVTPL. YGV\u2019s portfolio currently consists of 18 investments, of which 15 are equity positions and 3 are fund positions. The funding round in which YGV participated is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate 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 applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns. If a 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 advantage 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, see note 4.3 Associated companies and joint ventures. None of the YGV investments were assessed to be under significant influence, joint control or control by Yara as at 31 December 2024. Equity instruments other than venture investments are also measured at fair value and subsequently measured at FVTPL. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "
7.1 Business combinations and disposals
The disposal group held-for-sale as at 31 December 2024 comprises of single assets in the Americas and Industrial segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "7.1 Business combinations and disposals Acquisitions The acquisition of 100 percent of the shares of the organic-based fertilizer business of Agribios Italiana was completed in February 2024. The fair value of the net assets acquired was USD 15 million. Agribios Italiana is reported in Europe segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "7.1 Business combinations and disposals
Disposals
The divestments of Yara Marine Technologies AS and Yara C\u00f4te d\u2019Ivoire S.A. were completed in 2024. The divestments
had no material impact on the financial statements for 2024. The disposal group held-for-sale as at 31 December 2024
comprises of single assets in the Americas and Industrial segment.
The disposal group held-for-sale as at 31 December 2023 included assets and liabilities for Yara Marine Technologies AS
and Yara C\u00f4te d\u2019Ivoire S.A.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-33": { "value": "7.1 Business combinations and disposals Disposals The divestments of Yara Marine Technologies AS and Yara C\u00f4te d\u2019Ivoire S.A. were completed in 2024. The divestments had no material impact on the financial statements for 2024. The disposal group held-for-sale as at 31 December 2024 comprises of single assets in the Americas and Industrial segment. The disposal group held-for-sale as at 31 December 2023 included assets and liabilities for Yara Marine Technologies AS and Yara C\u00f4te d\u2019Ivoire S.A.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "7.3 Share-based remuneration To support the alignment between executives and shareholder interests and to ensure retention of key talents in the company, an amount up 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 Share-based remuneration (SBR) is conditional on Yara\u2019s Net income/(loss) excluding foreign currency exchange gain/(loss) and special items 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-35": { "value": "7.3 Share-based remuneration To support the alignment between executives and shareholder interests and to ensure retention of key talents in the company, an amount up 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 Share-based remuneration (SBR) is conditional on Yara\u2019s Net income/(loss) excluding foreign currency exchange gain/(loss) and special items 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:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-34": { "value": "7.4 External audit remuneration Deloitte AS (Deloitte) is Yara\u2019s appointed 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 2024 Deloitte Norway (1,503) (454) (8) \u2013 (1,965) Deloitte abroad (3,608) (199) (214) (11) (4,032) Total Deloitte (5,111) (652) 1) (222) (11) (5,997) Others (520) (38) (41) (11) (610) Total (5,630) (691) (263) (23) (6,607) 2023 Deloitte Norway (1,161) (348) (7) (51) (1,568) Deloitte abroad (3,272) (672) (210) (10) (4,165) Total Deloitte (4,434) (1,021) (217) (61) (5,734) Others (571) (1) (36) (6) (614) Total (5,005) (1,022) (253) (67) (6,347) 1) Assurance services are mainly related to sustainability reporting and half-year review", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "
7.5 Composition of the group
The consolidated financial statements of Yara comprises 129 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. 95% and Yara
Nederland B.V. 5%
Chemical Holdings Pty Ltd. 100.0% Australia Yara Australia Pty Ltd.
Yara Australia Pty Ltd. 100.0% Australia Yara Technology B.V.
Yara Pilbara Fertilisers Pty Ltd. 100.0% Australia Chemical Holdings 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 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 (93.9%) and
Yara North America Inc. (6.1%).
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. 99.97% Colombia Yara International ASA (70.66%) and OFD
Holding S. de R.L. (29.31%)
Yara Costa Rica S. de R.L. 87.56% Costa Rica Yara Iberian S.A.U.
Yara Danmark A/S 100.0% Denmark Fertilizer Holdings AS
Yarecuador Cia. Ltda. 99.9% Ecuador Yara Industrial Colombia S.A.S.
Yara Agri Trade Misr 51.0% Egypt Yara Trade Misr Ltd.
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 GmbH & Co. KG 100.0% Germany Yara Investments Germany SE
Yara Investments Germany SE 100.0% Germany Yara Nederland B.V.
Yara Investment GmbH 100.0% Germany Yara GmbH & Co. KG
Subsidiaries Ownership Registered office Main parent(s)
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 Fertilizer Holdings AS
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 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
Her\u00f8ya Nett AS 100.0% Norway Yara Norge 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 Clean Ammonia AS 100.0% Norway Yara International ASA
Yara Clean Ammonia Norge AS 100.0% Norway Yara Clean Ammonia AS
Yara Growth Ventures AS 100.0% Norway Fertilizer Holdings AS
Yara LPG Shipping AS 100.0% Norway Yara Clean Ammonia Norge AS
Yara Norge AS 100.0% Norway Yara International ASA
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 Limited 100.0% Rwanda Yara Tanzania Ltd.
Yara Asia Pte Ltd. 100.0% Singapore Yara International ASA
Yara Africa Fertilizers (Pty) Ltd. 100.0% South Africa Yara Nederland B.V.
Yara Animal Nutrition South Africa (Pty) Ltd. 100.0% South Africa Yara Suomi Oy
Subsidiaries Ownership Registered office Main parent(s) Yara Iberian S.A.U. 100.0% Spain Yara Nederland B.V. Yara AB 100.0% Sweden Fertilizer Holdings AS Yara Clean Ammonia Switzerland SA 100.0% Switzerland Yara Clean Ammonia Norge AS Yara Switzerland Ltd. 100.0% Switzerland Yara Nederland B.V. 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 Trinidad Ltd. 100.0% Trinidad and Tobago Yara Caribbean (2002) Limited Yara UK Ltd. 100.0% United Kingdom Fertilizer Holdings AS Agoro Carbon Alliance US, Inc. 100.0% United States Yara North America Inc. (66%) and Agronomic Technology Corp. (34%) Agronomic Technology Corp. 100.0% United States Yara North America Inc. Freeport Ammonia LLC 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 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-36": { "value": "7.5 Composition of the group The consolidated financial statements of Yara comprises 129 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. 95% and Yara Nederland B.V. 5% Chemical Holdings Pty Ltd. 100.0% Australia Yara Australia Pty Ltd. Yara Australia Pty Ltd. 100.0% Australia Yara Technology B.V. Yara Pilbara Fertilisers Pty Ltd. 100.0% Australia Chemical Holdings 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 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 (93.9%) and Yara North America Inc. (6.1%). 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. 99.97% Colombia Yara International ASA (70.66%) and OFD Holding S. de R.L. (29.31%) Yara Costa Rica S. de R.L. 87.56% Costa Rica Yara Iberian S.A.U. Yara Danmark A/S 100.0% Denmark Fertilizer Holdings AS Yarecuador Cia. Ltda. 99.9% Ecuador Yara Industrial Colombia S.A.S. Yara Agri Trade Misr 51.0% Egypt Yara Trade Misr Ltd. 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 GmbH & Co. KG 100.0% Germany Yara Investments Germany SE Yara Investments Germany SE 100.0% Germany Yara Nederland B.V. Yara Investment GmbH 100.0% Germany Yara GmbH & Co. KG Subsidiaries Ownership Registered office Main parent(s) 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 Fertilizer Holdings AS 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 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 Her\u00f8ya Nett AS 100.0% Norway Yara Norge 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 Clean Ammonia AS 100.0% Norway Yara International ASA Yara Clean Ammonia Norge AS 100.0% Norway Yara Clean Ammonia AS Yara Growth Ventures AS 100.0% Norway Fertilizer Holdings AS Yara LPG Shipping AS 100.0% Norway Yara Clean Ammonia Norge AS Yara Norge AS 100.0% Norway Yara International ASA 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 Limited 100.0% Rwanda Yara Tanzania Ltd. Yara Asia Pte Ltd. 100.0% Singapore Yara International ASA Yara Africa Fertilizers (Pty) Ltd. 100.0% South Africa Yara Nederland B.V. Yara Animal Nutrition South Africa (Pty) Ltd. 100.0% South Africa Yara Suomi Oy Subsidiaries Ownership Registered office Main parent(s) Yara Iberian S.A.U. 100.0% Spain Yara Nederland B.V. Yara AB 100.0% Sweden Fertilizer Holdings AS Yara Clean Ammonia Switzerland SA 100.0% Switzerland Yara Clean Ammonia Norge AS Yara Switzerland Ltd. 100.0% Switzerland Yara Nederland B.V. 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 Trinidad Ltd. 100.0% Trinidad and Tobago Yara Caribbean (2002) Limited Yara UK Ltd. 100.0% United Kingdom Fertilizer Holdings AS Agoro Carbon Alliance US, Inc. 100.0% United States Yara North America Inc. (66%) and Agronomic Technology Corp. (34%) Agronomic Technology Corp. 100.0% United States Yara North America Inc. Freeport Ammonia LLC 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 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 .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "
7.6 Post balance sheet date events
Geopolitical situation
The geopolitical landscape is shifting rapidly at the time of issuing this report, creating a more unpredictable and
disorganized global order, which is influencing everything from trade policies to international relations. Traditional
frameworks governing trade, security, and global alliances are evolving, demanding vigilance and reshaping how
businesses, like Yara, operate and recalibrate strategy. Ongoing and emerging conflicts, underlying tensions, and the
trend toward deglobalization continue to impact supply chains and global trade, not least in key sectors such as energy
and agriculture. Yara is preparing for new sanctions regimes, new tariffs, shifting alliances, and complicated logistics
resulting from these conflicts and tensions. A trade war would have serious implications for Norway, Europe and the global
economy. An escalating trade war also affecting fertilizers and crops would harm US food production and raise global food
prices. Yara\u2019s revenues from imports into the US are currently less than 2 percent of total revenues. Yara\u2019s experience
from the pandemic and conflicts over the past years has demonstrated its ability to adapt and optimize value creation in a
dynamic situation, utilizing its global footprint and focus on operational flexibility.
Fixed Cost and Capex Reduction Program
Following the initiatives announced in 2024 to reduce fixed cost and capex, additional provisions and other financial
effects of restructuring are expected in 2025. Detailing the plans as part of this program has continued into 2025. The
timing of these effects will vary from location to location depending on when those affected are informed about the main
features of Yara\u2019s plans and constructive obligations to carry them out are created.
Revolving credit facility
On 20 March 2025, Yara announced that it has signed a USD 1,400 million multicurrency revolving credit facility with a
syndicate of 11 banks. The facility matures in March 2030, with options for extension until March 2032 on certain terms.
The facility replaces an existing facility due to expire in July 2026.
Dividend
The Board will propose to the Annual General Meeting a dividend of NOK 5 per share for 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "
Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items
Earnings/(loss) per share
USD millions, except earnings/(loss) per share and number of shares 2024 2023
Weighted average number of shares outstanding V 254,725,627 254,725,627
Net income/(loss) attributable to shareholders of the parent W 14 48
Foreign currency exchange gain/(loss) X (321) (32)
Tax effect on foreign currency exchange gain/(loss) Y 94 10
Non-controlling interest's share of foreign currency exchange (gain)/loss, net after tax Z (4) (2)
Special items within income/(loss) before tax
1)
AA (242) (222)
Tax effect on special items AB 39 9
Special items within income/(loss) before tax, net after tax AC=AA+AB (203) (213)
Net income/(loss), excluding foreign currency exchange gain/(loss) and special items AD=W\u2013X\u2013Y+Z\u2013AC 440 282
Basic earnings/(loss) per share AE=W/V 0.05 0.19
Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items AF=AD/V 1.73 1.11
1)
See table \u201cSpecial items\u201d on page 337 for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items
Basic earnings/(loss) per share (EPS), excluding foreign currency exchange
gain/(loss) and special items is an adjusted EPS measure which reflects the
underlying performance in the reporting 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/(loss) after non-controlling
interests, excluding foreign currency exchange gain/(loss) and special items
after tax, divided by average number of shares outstanding in the period.
The tax effect on foreign currency exchange gain/(loss) and special items is
calculated based on relevant statutory tax rate for simplicity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fid-59bb2722-0fb9-4915-b2d4-f0ac0b8832d8": { "value": "2) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share", "dimensions": { "concept": "xbrl:note", "noteId": "fid-59bb2722-0fb9-4915-b2d4-f0ac0b8832d8", "language": "en" } }, "fid-de4c2cb9-2965-4b72-9205-c65836e8799b": { "value": "1) Comparative figures have been restated, see \u201cBasis of preparation\u201d", "dimensions": { "concept": "xbrl:note", "noteId": "fid-de4c2cb9-2965-4b72-9205-c65836e8799b", "language": "en" } }, "fid-235de190-14ab-4add-b65a-0b8419966a72": { "value": "2) Other components of equity include reserves for cash flow hedges and disposal group held for sale.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-235de190-14ab-4add-b65a-0b8419966a72", "language": "en" } }, "fid-ba66c9b4-4bf1-4e6e-82b3-516e5b84ba1a": { "value": "1) Par value 1.70.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-ba66c9b4-4bf1-4e6e-82b3-516e5b84ba1a", "language": "en" } }, "fid-6963941e-8c2f-49e8-993e-4df90a4eeb7f": { "value": "1) 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", "dimensions": { "concept": "xbrl:note", "noteId": "fid-6963941e-8c2f-49e8-993e-4df90a4eeb7f", "language": "en" } } } }