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- 72 -

Change in consolidated net financial debt

Major changes in the 2016 consolidated financial statements, particularly the various sections of the

balance sheet and income statement, are commented on in the annexes to the annual report.

Prayon Inc.'s activities were adversely affected by the recall of purified acid, resulting in a significant

loss of revenue.

The PRT and Profile technological divisions performed well once again, with results better than forecast.

The results recorded by Silox in 2016 remained very positive, buoyed by the excellent performance of

its subsidiaries Transpek-Silox, JGI and SNCZ. 10% of the shareholding was divested at the end of the


Seco had a very difficult year in 2016, reflecting the state of the agricultural and fertiliser markets.

However, the outlook for 2017 is better. Seco's management and shareholders (Prayon and Yara) are

exploring various avenues to ensure the sustainability of the company.

The partnership agreement with producer Pulead was approved by the Chinese authorities. The

agreement covers lithium iron phosphate (LFP - LiFePO


), for which Prayon has obtained operating

licences from the LiFePO


+ C alliance and developed technologies that the new joint venture will be

able to exploit. Construction of the Xining plant was completed in November and the transfer of assets

to the JV is planned for 2017, alongside negotiation of the first sales contracts.