World's largest distributor of fertilizer, with good geographic diversity. Higher margin specialty fertilizers a large profit contributor. Joint ventures in low-cost gas areas and efficient production facilities. Profits anchored in the highly cyclical commodity nitrogen fertilizer industry. Exposure to high European gas prices. Commitment to keeping adjusted funds from operations-to-debt ratio above 35%. Very strong credit metrics on Dec. 31, 2012, affording sizable leeway for expected substantial acquisitions, investments and/or shareholder distributions. Strong liquidity position. High free cash flow generation. Cash flow swings reflecting cyclical industry conditions. Capital intensity and long lead time to add or expand capacity. The stable outlook reflects our belief that Yara will continue to generate solid EBITDA and free cash flows in 2013, as industry
