Yara writes down Lifeco investment by $112 million in Libya

Yara writes down Lifeco investment by $112 million in Libya

10:49 AM, 21st April 2015
Yara writes down Lifeco investment by $112 million in Libya

OSLO, NORWAY: Yara International ASA, given the challenging feedstock and financial situation for the Lifeco joint venture plants in Libya, has decided to write down the value of its Lifeco investment by $112 million, leaving a remaining book value of $18 million.

The political and security situation in Libya has worsened rapidly and may deteriorate further over the next year. In light of this, Yara is evaluating the operation of the plants on an on-going basis in co-operation with the other partners, in order to protect the employees as well as the assets.

Yara will continue to participate in the governance of Lifeco, with the aim of resuming full production once real improvements are seen in the security and political situation in Libya, creating a sustainable improved operating outlook for Lifeco, it said.

The impairment will be reported as part of Yara’s first-quarter EBIT and EBITDA, under “Share of net income in equity-accounted investees.”

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