Higher energy prices (primarily all types of gas) have partly eaten the positive effect of higher selling prices. What is also remarkable is the USD710m swing in NWC flows qoq (Q2: USD383m; USD-327m). Despite the higher production volumes and higher market prices, profitability was hit more strongly than expected, but Yara’s Q3 figures continue to fit into our broad picture. Consensus was missed at all profitability levels.
18 Oct 2018
Energy prices become a more demanding issue
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Energy prices become a more demanding issue
Higher energy prices (primarily all types of gas) have partly eaten the positive effect of higher selling prices. What is also remarkable is the USD710m swing in NWC flows qoq (Q2: USD383m; USD-327m). Despite the higher production volumes and higher market prices, profitability was hit more strongly than expected, but Yara’s Q3 figures continue to fit into our broad picture. Consensus was missed at all profitability levels.