Attached files
| file | filename |
|---|---|
| 8-K - 8-K - MOSAIC CO | a8-kq32014.htm |
| EX-99.1 - EXHIBIT - MOSAIC CO | pressreleaseq32014-exhibit.htm |
Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | |||||||||||||||||||||||||
Consolidated data (in millions, except per share) | ||||||||||||||||||||||||||||||||
Diluted net earnings per share | $ | 1.44 | $ | 0.89 | $ | 1.01 | $ | 0.29 | $ | 0.30 | $ | 0.54 | $ | 0.64 | $ | 0.54 | ||||||||||||||||
Diluted weighted average # of shares outstanding(a) | 427.0 | 427.2 | 427.2 | 427.1 | 415.5 | 379.6 | 376.2 | 375.9 | ||||||||||||||||||||||||
Total Net Sales | $ | 2,368 | $ | 2,312 | $ | 2,619 | $ | 1,909 | $ | 2,182 | $ | 1,986 | $ | 2,440 | $ | 2,251 | ||||||||||||||||
Gross Margin | $ | 578 | $ | 642 | $ | 665 | $ | 387 | $ | 322 | $ | 412 | $ | 521 | $ | 415 | ||||||||||||||||
As % of Sales | 24 | % | 28 | % | 25 | % | 20 | % | 15 | % | 21 | % | 21 | % | 18 | % | ||||||||||||||||
SG&A | 101 | 92 | 116 | 94 | 91 | 120 | 88 | 84 | ||||||||||||||||||||||||
Foreign Currency (Loss)/Gain | 10 | 17 | 22 | (30 | ) | 25 | 43 | (39 | ) | 27 | ||||||||||||||||||||||
Effective Tax Rate(b) | (26 | )% | 26 | % | 23 | % | (6 | )% | 11 | % | (1 | )% | 25 | % | 27 | % | ||||||||||||||||
Net Income | $ | 616 | $ | 380 | $ | 430 | $ | 124 | $ | 129 | $ | 218 | $ | 248 | $ | 202 | ||||||||||||||||
As % of Sales | 26 | % | 16 | % | 16 | % | 7 | % | 6 | % | 11 | % | 10 | % | 9 | % | ||||||||||||||||
Total Debt | $ | 1,061 | $ | 1,081 | $ | 1,033 | $ | 1,027 | $ | 3,032 | $ | 3,051 | $ | 3,026 | $ | 3,816 | ||||||||||||||||
Cash & cash equivalents | 3,405 | 3,511 | 3,916 | 3,339 | 5,293 | 2,491 | 2,367 | 2,971 | ||||||||||||||||||||||||
Net debt | $ | (2,344 | ) | $ | (2,430 | ) | $ | (2,883 | ) | $ | (2,312 | ) | $ | (2,261 | ) | $ | 560 | $ | 659 | $ | 845 | |||||||||||
Cash flow from operations | $ | 377 | $ | 579 | $ | 982 | $ | (45 | ) | $ | 503 | $ | 627 | $ | 796 | $ | 489 | |||||||||||||||
Cash flow from investments | (435 | ) | (378 | ) | (381 | ) | (466 | ) | (370 | ) | (1,634 | ) | (360 | ) | (158 | ) | ||||||||||||||||
Cash flow from financing | (82 | ) | (85 | ) | (152 | ) | (89 | ) | 1,842 | (1,770 | ) | (575 | ) | 323 | ||||||||||||||||||
Effect of exchange rate changes on cash | (3 | ) | (10 | ) | (45 | ) | 23 | (20 | ) | (25 | ) | 15 | (50 | ) | ||||||||||||||||||
Net cash flow | $ | (143 | ) | $ | 106 | $ | 404 | $ | (577 | ) | $ | 1,955 | $ | (2,802 | ) | $ | (124 | ) | $ | 604 | ||||||||||||
Cash dividends paid | $ | (107 | ) | $ | (106 | ) | $ | (107 | ) | $ | (107 | ) | $ | (107 | ) | $ | (100 | ) | $ | (95 | ) | $ | (94 | ) | ||||||||
Operating Earnings | ||||||||||||||||||||||||||||||||
Potash | $ | 260 | $ | 306 | $ | 346 | $ | 92 | $ | 88 | $ | 166 | $ | 213 | $ | 46 | ||||||||||||||||
Phosphates | 208 | 185 | 191 | 58 | 96 | 138 | 206 | 239 | ||||||||||||||||||||||||
Corporate(c) | (5 | ) | — | (11 | ) | (6 | ) | (5 | ) | (37 | ) | (16 | ) | (8 | ) | |||||||||||||||||
Consolidated Operating Earnings | $ | 463 | $ | 491 | $ | 526 | $ | 144 | $ | 179 | $ | 267 | $ | 403 | $ | 277 | ||||||||||||||||
Segment data (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Phosphates | ||||||||||||||||||||||||||||||||
Sales volumes (‘000 tonnes)(d) | 2,794 | 2,672 | 2,921 | 2,739 | 3,381 | 2,693 | 3,376 | 3,252 | ||||||||||||||||||||||||
Realized average DAP price/tonne(e) | $ | 532 | $ | 491 | $ | 477 | $ | 436 | $ | 381 | $ | 414 | $ | 465 | $ | 461 | ||||||||||||||||
Revenue | $ | 1,656 | $ | 1,501 | $ | 1,646 | $ | 1,419 | $ | 1,556 | $ | 1,254 | $ | 1,672 | $ | 1,658 | ||||||||||||||||
Segment Gross Margin | $ | 280 | $ | 253 | $ | 279 | $ | 193 | $ | 188 | $ | 207 | $ | 284 | $ | 294 | ||||||||||||||||
As % of Sales | 17 | % | 17 | % | 17 | % | 14 | % | 12 | % | 17 | % | 17 | % | 18 | % | ||||||||||||||||
Potash | ||||||||||||||||||||||||||||||||
Sales volumes (‘000 tonnes)(f) | 1,421 | 2,007 | 2,448 | 1,380 | 1,862 | 2,355 | 2,500 | 1,808 | ||||||||||||||||||||||||
Realized average MOP price/tonne(e) | $ | 435 | $ | 376 | $ | 366 | $ | 342 | $ | 303 | $ | 267 | $ | 267 | $ | 291 | ||||||||||||||||
Revenue | $ | 726 | $ | 825 | $ | 974 | $ | 523 | $ | 652 | $ | 733 | $ | 762 | $ | 593 | ||||||||||||||||
Segment Gross Margin | $ | 300 | $ | 397 | $ | 389 | $ | 184 | $ | 134 | $ | 212 | $ | 250 | $ | 131 | ||||||||||||||||
As % of Sales | 41 | % | 48 | % | 40 | % | 35 | % | 21 | % | 29 | % | 33 | % | 22 | % | ||||||||||||||||
The Mosaic Company—Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 542 | $ | 440 | $ | 480 | $ | 279 | $ | 470 | $ | 515 | $ | 447 | $ | 396 | ||||||||||||||||
International | 184 | 385 | 494 | 244 | 182 | 218 | 315 | 197 | ||||||||||||||||||||||||
Net Sales | $ | 726 | $ | 825 | $ | 974 | $ | 523 | $ | 652 | $ | 733 | $ | 762 | $ | 593 | ||||||||||||||||
Cost of Goods Sold | 426 | 428 | 585 | 339 | 518 | 521 | 512 | 462 | ||||||||||||||||||||||||
Gross Margin | $ | 300 | $ | 397 | $ | 389 | $ | 184 | $ | 134 | $ | 212 | $ | 250 | $ | 131 | ||||||||||||||||
As % of Sales | 41 | % | 48 | % | 40 | % | 35 | % | 21 | % | 29 | % | 33 | % | 22 | % | ||||||||||||||||
Resources Taxes | $ | 70 | $ | 32 | $ | 67 | $ | 31 | $ | 57 | $ | 30 | $ | 45 | $ | 46 | ||||||||||||||||
Royalties | 16 | 15 | 14 | 11 | 9 | 6 | 7 | 6 | ||||||||||||||||||||||||
Total Resources Taxes & Royalties | $ | 86 | $ | 47 | $ | 81 | $ | 42 | $ | 66 | $ | 36 | $ | 52 | $ | 52 | ||||||||||||||||
Gross Margin (excluding Resources Taxes & Royalties)(g) | $ | 386 | $ | 444 | $ | 470 | $ | 226 | $ | 200 | $ | 248 | $ | 302 | $ | 183 | ||||||||||||||||
As % of Sales | 53 | % | 54 | % | 48 | % | 43 | % | 31 | % | 34 | % | 40 | % | 31 | % | ||||||||||||||||
Segment Operating Earnings | $ | 260 | $ | 306 | $ | 346 | $ | 92 | $ | 88 | $ | 166 | $ | 213 | $ | 46 | ||||||||||||||||
As % of Sales | 36 | % | 37 | % | 36 | % | 18 | % | 14 | % | 23 | % | 28 | % | 8 | % | ||||||||||||||||
Cost of Goods Sold Detail (in millions) | ||||||||||||||||||||||||||||||||
COGS additional detail | ||||||||||||||||||||||||||||||||
Resource Taxes | $ | 70 | $ | 32 | $ | 67 | $ | 31 | $ | 57 | $ | 30 | $ | 45 | $ | 46 | ||||||||||||||||
Royalties | 16 | 15 | 14 | 11 | 9 | 6 | 7 | 6 | ||||||||||||||||||||||||
Brine Inflow Expenses | 59 | 53 | 51 | 48 | 50 | 44 | 46 | 44 | ||||||||||||||||||||||||
Mark to Market (Gain)/Loss | 13 | 7 | 16 | (23 | ) | 1 | 4 | (24 | ) | 23 | ||||||||||||||||||||||
Depreciation, Depletion and Amortization | 74 | 79 | 89 | 86 | 84 | 87 | 92 | 89 | ||||||||||||||||||||||||
Total | $ | 232 | $ | 186 | $ | 237 | $ | 153 | $ | 201 | $ | 171 | $ | 166 | $ | 208 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes (‘000 tonnes) | ||||||||||||||||||||||||||||||||
Crop Nutrients North America(f) | 734 | 705 | 804 | 417 | 933 | 1,111 | 873 | 691 | ||||||||||||||||||||||||
Crop Nutrients International(f) | 522 | 1,134 | 1,468 | 781 | 744 | 1,065 | 1,427 | 919 | ||||||||||||||||||||||||
Non-Agricultural | 165 | 168 | 176 | 182 | 185 | 179 | 200 | 198 | ||||||||||||||||||||||||
Total(f) | 1,421 | 2,007 | 2,448 | 1,380 | 1,862 | 2,355 | 2,500 | 1,808 | ||||||||||||||||||||||||
Production Volumes (‘000 tonnes) | ||||||||||||||||||||||||||||||||
Production Volume | 1,754 | 2,197 | 2,161 | 1,957 | 1,741 | 1,871 | 2,044 | 1,666 | ||||||||||||||||||||||||
Operating Rate | 75 | % | 83 | % | 81 | % | 73 | % | 65 | % | 70 | % | 76 | % | 62 | % | ||||||||||||||||
Realized prices (FOB plant, $/tonne) | ||||||||||||||||||||||||||||||||
MOP - North America crop nutrients(e)(h) | $ | 467 | $ | 426 | $ | 415 | $ | 364 | $ | 332 | $ | 300 | $ | 308 | $ | 344 | ||||||||||||||||
MOP - International(e) | $ | 353 | $ | 327 | $ | 326 | $ | 294 | $ | 225 | $ | 209 | $ | 225 | $ | 232 | ||||||||||||||||
MOP - Average(e) | $ | 435 | $ | 376 | $ | 366 | $ | 342 | $ | 303 | $ | 267 | $ | 267 | $ | 291 | ||||||||||||||||
Potash CAPEX ($ in millions) | $ | 282 | $ | 235 | $ | 216 | $ | 199 | $ | 197 | $ | 144 | $ | 94 | $ | 92 | ||||||||||||||||
The Mosaic Company—Phosphates Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 683 | $ | 549 | $ | 589 | $ | 417 | $ | 721 | $ | 559 | $ | 725 | $ | 636 | ||||||||||||||||
International | 973 | 952 | 1,057 | 1,002 | 835 | 695 | 947 | 1,022 | ||||||||||||||||||||||||
Net Sales | $ | 1,656 | $ | 1,501 | $ | 1,646 | $ | 1,419 | $ | 1,556 | $ | 1,254 | $ | 1,672 | $ | 1,658 | ||||||||||||||||
Cost of Goods Sold | 1,376 | 1,248 | 1,367 | 1,226 | 1,368 | 1,047 | 1,388 | 1,364 | ||||||||||||||||||||||||
Gross Margin | $ | 280 | $ | 253 | $ | 279 | $ | 193 | $ | 188 | $ | 207 | $ | 284 | $ | 294 | ||||||||||||||||
As % of Sales | 17 | % | 17 | % | 17 | % | 14 | % | 12 | % | 17 | % | 17 | % | 18 | % | ||||||||||||||||
PhosChem sales of other member | $ | 8 | $ | 14 | $ | 46 | $ | 15 | $ | 23 | $ | — | $ | — | $ | — | ||||||||||||||||
Mosaic Sales (excluding PhosChem)(i) | $ | 1,648 | $ | 1,487 | $ | 1,600 | $ | 1,404 | $ | 1,533 | $ | — | $ | — | $ | — | ||||||||||||||||
Mosaic COGS (excluding PhosChem)(i) | 1,368 | 1,234 | 1,321 | 1,211 | 1,345 | — | — | — | ||||||||||||||||||||||||
Gross Margin (excluding PhosChem)(i) | $ | 280 | $ | 253 | $ | 279 | $ | 193 | $ | 188 | $ | 207 | $ | 284 | $ | 294 | ||||||||||||||||
As % of Sales (excluding PhosChem)(i) | 17 | % | 17 | % | 17 | % | 14 | % | 12 | % | 17 | % | 17 | % | 18 | % | ||||||||||||||||
Segment Operating Earnings | $ | 208 | $ | 185 | $ | 191 | $ | 58 | $ | 96 | $ | 138 | $ | 206 | $ | 239 | ||||||||||||||||
As % of Sales | 13 | % | 12 | % | 12 | % | 4 | % | 6 | % | 11 | % | 12 | % | 14 | % | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 73 | $ | 72 | $ | 74 | $ | 76 | $ | 76 | $ | 81 | $ | 95 | $ | 94 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes (‘000 tonnes) | ||||||||||||||||||||||||||||||||
Crop Nutrients(d) | ||||||||||||||||||||||||||||||||
North America(j) | 777 | 638 | 682 | 515 | 1,116 | 747 | 948 | 805 | ||||||||||||||||||||||||
International(j) | 586 | 872 | 796 | 677 | 590 | 667 | 806 | 812 | ||||||||||||||||||||||||
MicroEssentials® | 345 | 350 | 320 | 233 | 456 | 394 | 337 | 302 | ||||||||||||||||||||||||
Crop Nutrient Blends(k) | 690 | 493 | 652 | 837 | 707 | 556 | 792 | 838 | ||||||||||||||||||||||||
Feed Phosphates | 134 | 134 | 131 | 152 | 156 | 147 | 169 | 144 | ||||||||||||||||||||||||
Other(l) | 262 | 185 | 340 | 325 | 356 | 182 | 324 | 351 | ||||||||||||||||||||||||
Total(d) | 2,794 | 2,672 | 2,921 | 2,739 | 3,381 | 2,693 | 3,376 | 3,252 | ||||||||||||||||||||||||
Production Volumes (‘000 tonnes) | ||||||||||||||||||||||||||||||||
Total tonnes produced(m) | 2,152 | 2,038 | 2,049 | 2,123 | 1,960 | 1,971 | 2,458 | 2,480 | ||||||||||||||||||||||||
Operating rate | 89 | % | 84 | % | 84 | % | 88 | % | 81 | % | 79 | % | 84 | % | 85 | % | ||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
DAP (FOB plant)(e) | $ | 532 | $ | 491 | $ | 477 | $ | 436 | $ | 381 | $ | 414 | $ | 465 | $ | 461 | ||||||||||||||||
Blends (FOB destination)(k) | $ | 557 | $ | 559 | $ | 560 | $ | 508 | $ | 460 | $ | 451 | $ | 456 | $ | 470 | ||||||||||||||||
Realized costs ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(n) | $ | 569 | $ | 550 | $ | 517 | $ | 486 | $ | 422 | $ | 374 | $ | 473 | $ | 508 | ||||||||||||||||
Sulfur (long ton)(o) | $ | 186 | $ | 178 | $ | 169 | $ | 167 | $ | 123 | $ | 96 | $ | 128 | $ | 148 | ||||||||||||||||
Average Market prices ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(p) | $ | 701 | $ | 644 | $ | 578 | $ | 489 | $ | 467 | $ | 455 | $ | 557 | $ | 547 | ||||||||||||||||
Sulfur (long ton)(q) | $ | 162 | $ | 153 | $ | 153 | $ | 111 | $ | 77 | $ | 104 | $ | 131 | $ | 135 | ||||||||||||||||
Natural Gas(r) | $ | 3.5 | $ | 3.5 | $ | 4.0 | $ | 3.6 | $ | 3.9 | $ | 4.7 | $ | 4.6 | $ | 4.0 | ||||||||||||||||
Phosphates CAPEX (in millions) | $ | 85 | $ | 100 | $ | 140 | $ | 120 | $ | 129 | $ | 124 | $ | 115 | $ | 93 | ||||||||||||||||
Footnotes
(a) | Since Q4 2013 diluted weighted average number of shares reflects the impact of shares subject to the forward contract for our contractual share repurchase obligation. |
(b) | Includes a discrete income tax benefit of approximately $180 million in Q4 2012, $45 million in Q3 2013, $63 million in Q1 2014, $14M in Q2 2014, $29 million in Q3 2014 and a discrete income tax expense of approximately $104 million in Q4 2013. |
(c) | Includes elimination of intersegment sales. |
(d) | Excludes tonnes sold by PhosChem for its other member. |
(e) | FOB Plant, sales to unrelated parties. |
(f) | Potash volumes include intersegment sales, and exclude tonnes mined under a third party tolling arrangement through December 31, 2012. |
(g) | Gross margin excluding Canadian resource taxes and royalties (“CRT”) provides a measure that the Company believes enhances the reader’s ability to compare the Company’s gross margin with that of other companies which incur CRT expense and classify it in a manner different than the Company in their statement of earnings. Because securities analysts, investors, lenders and others use gross margin excluding CRT, the Company’s management believes that Mosaic’s presentation of gross margin excluding CRT for Potash affords them greater transparency in assessing Mosaic’s financial performance against competitors. |
(h) | This price excludes industrial and feed sales. |
(i) | Excludes PhosChem quarterly sales for its other member, included in our financials. Management believes that Mosaic Sales, Mosaic COGS, Gross Profit and Gross Profit as a % of Sales is useful to investors as it increases the transparency of information about the Company’s financial performance without performance attributable entirely to the other member of PhosChem. Phoschem was a consolidated subsidiary of Mosaic through December 31, 2013, when it was dissolved. |
(j) | Excludes Crop Nutrient Blends and MicroEssentials®. |
(k) | The average product mix in our Blends (by volumes) contains approximately 50% phosphate, 25% potash and 25% nitrogen, although this mix can differ based on seasonal and other factors. In Q4 2013, the average product mix in our Blends contained approximately 55% phosphate, 25% potash and 20% nitrogen. |
(l) | Other volumes are primarily single superphosphate, potash and nitrogen products sold in countries outside North America. |
(m) | Includes crop nutrient dry concentrates and animal feed ingredients. |
(n) | Amounts are representative of our average ammonia costs in cost of goods sold. |
(o) | Amounts are representative of our average sulfur cost in cost of goods sold. |
(p) | Three point quarterly average (Fertecon). |
(q) | Three point quarterly average (Green Markets). |
(r) | Three point quarterly average (NYMEX). |