We are a bit puzzled about Production’s strong decline in profitability, which doesn’t appear to be explained well to us. We assume unfavourable FX developments and higher energy costs (gas) in Europe had burdened the division’s earnings. Therefore Yara’s Q2 figures clearly did not meet our expectations, but matched or beat at some levels.
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Stronger NWC inflow
We are a bit puzzled about Production’s strong decline in profitability, which doesn’t appear to be explained well to us. We assume unfavourable FX developments and higher energy costs (gas) in Europe had burdened the division’s earnings. Therefore Yara’s Q2 figures clearly did not meet our expectations, but matched or beat at some levels.