Yara report net income after minority interest at €0.35 per share compared with €0.38 per share in the first quarter of 2004.

However, if net foreign exchange gain/losses are excluded then the result shows a positive from €0.30 in 2004 to €0.40 in 2005.

First quarter operating income was €154 million, compared with €127 million in the same quarter last year. EBITDA was given as €226 million representing a 21% increase from €127 million the previous year.

Commenting on the quarter Thorleif Enger, President and CEO of Yara International ASA said he was pleased with the results, “ We have continued to improve our competitive position gaining further market share in Europe. With our four new growth initiatives; SQM, Qafco-5, Rossosh and Burrup; we are well positioned to further improve our competitiveness both in terms of cost of production and global positioning in the market.”

All three divisions of Yara; Downstream (market and distribution), Industrial and Upstream (global plants) showed EBITDA increases on the same quarter last year, whilst strong demand continued to keep nitrogen fertiliser prices at a high level.

NOTE: Currency conversions from NOK to Euros are based on a Q1 2005 average of 1€ = 8.247 NOK.