Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Q4 2015 EARNINGS RELEASE AND PERFORMANCE DATA - MOSAIC CO | a8-kq4x2015.htm |
| EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - MOSAIC CO | pressreleaseq42015-exhibit.htm |
The Mosaic Company Exhibit 99.2
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Consolidated data (in millions, except per share) | ||||||||||||||||||||||||||||||||
Diluted net earnings per share | $ | 0.54 | $ | 0.64 | $ | 0.54 | $ | 0.97 | $ | 0.80 | $ | 1.08 | $ | 0.45 | $ | 0.44 | ||||||||||||||||
Diluted weighted average # of shares outstanding(a) | 379.6 | 376.2 | 375.9 | 372.0 | 367.9 | 363.3 | 356.0 | 354.3 | ||||||||||||||||||||||||
Total Net Sales | $ | 1,986 | $ | 2,440 | $ | 2,251 | $ | 2,379 | $ | 2,139 | $ | 2,488 | $ | 2,106 | $ | 2,163 | ||||||||||||||||
Gross Margin | $ | 412 | $ | 521 | $ | 415 | $ | 579 | $ | 419 | $ | 608 | $ | 335 | $ | 356 | ||||||||||||||||
As % of Sales | 21 | % | 21 | % | 18 | % | 24 | % | 20 | % | 24 | % | 16 | % | 17 | % | ||||||||||||||||
SG&A | 120 | 88 | 84 | 91 | 100 | 89 | 77 | 95 | ||||||||||||||||||||||||
Consolidated Foreign Currency Gain/(Loss) | 43 | (39 | ) | 27 | 47 | 45 | (16 | ) | (49 | ) | (41 | ) | ||||||||||||||||||||
Effective Tax Rate(b) | (1 | )% | 25 | % | 27 | % | 7 | % | 9 | % | 16 | % | 6 | % | (10 | )% | ||||||||||||||||
Net Income | $ | 218 | $ | 248 | $ | 202 | $ | 361 | $ | 295 | $ | 391 | $ | 160 | $ | 155 | ||||||||||||||||
As % of Sales | 11 | % | 10 | % | 9 | % | 15 | % | 14 | % | 16 | % | 8 | % | 7 | % | ||||||||||||||||
EBITDA(c) | ||||||||||||||||||||||||||||||||
Potash | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | $ | 188 | ||||||||||||||||
Phosphate | 221 | 309 | 275 | 261 | 282 | 358 | 252 | 148 | ||||||||||||||||||||||||
International Distribution | 10 | 18 | 32 | 24 | 6 | 13 | 47 | 17 | ||||||||||||||||||||||||
Corporate and Other(d) | (50 | ) | (13 | ) | (2 | ) | (36 | ) | (71 | ) | (10 | ) | (14 | ) | 37 | |||||||||||||||||
Consolidated EBITDA(c) | $ | 438 | $ | 595 | $ | 463 | $ | 565 | $ | 500 | $ | 702 | $ | 426 | $ | 390 | ||||||||||||||||
Short-term debt | $ | 41 | $ | 13 | $ | — | $ | 14 | $ | 10 | $ | 27 | $ | 18 | $ | 26 | ||||||||||||||||
Current maturities of long-term debt | 1 | 1 | 41 | 41 | 41 | 57 | 42 | 43 | ||||||||||||||||||||||||
Long-term debt, less current maturities | 3,009 | 3,013 | 3,774 | 3,778 | 3,775 | 3,762 | 3,738 | 3,791 | ||||||||||||||||||||||||
Cash & cash equivalents | 2,491 | 2,367 | 2,971 | 2,375 | 2,517 | 2,210 | 1,285 | 1,276 | ||||||||||||||||||||||||
Net | $ | 560 | $ | 660 | $ | 844 | $ | 1,458 | $ | 1,309 | $ | 1,636 | $ | 2,513 | $ | 2,584 | ||||||||||||||||
Cash flow from operations | $ | 610 | $ | 789 | $ | 376 | $ | 347 | $ | 729 | $ | 603 | $ | 173 | $ | 302 | ||||||||||||||||
Cash flow from investments | (1,634 | ) | (360 | ) | (158 | ) | (586 | ) | (183 | ) | (343 | ) | (823 | ) | (400 | ) | ||||||||||||||||
Cash flow from financing | (1,753 | ) | (568 | ) | 436 | (284 | ) | (300 | ) | (597 | ) | (115 | ) | 120 | ||||||||||||||||||
Effect of exchange rate changes on cash | (25 | ) | 15 | (50 | ) | (73 | ) | (103 | ) | 30 | (160 | ) | (31 | ) | ||||||||||||||||||
Net cash flow | $ | (2,802 | ) | $ | (124 | ) | $ | 604 | $ | (596 | ) | $ | 143 | $ | (307 | ) | $ | (925 | ) | $ | (9 | ) | ||||||||||
Cash dividends paid | $ | (100 | ) | $ | (95 | ) | $ | (94 | ) | $ | (94 | ) | $ | (91 | ) | $ | (98 | ) | $ | (98 | ) | $ | (97 | ) | ||||||||
Operating Earnings | ||||||||||||||||||||||||||||||||
Potash | $ | 170 | $ | 189 | $ | 69 | $ | 229 | $ | 204 | $ | 259 | $ | 66 | $ | 113 | ||||||||||||||||
Phosphates | 146 | 219 | 188 | 157 | 190 | 259 | 157 | 47 | ||||||||||||||||||||||||
International Distribution | 8 | 16 | 30 | 22 | 3 | 8 | 44 | 14 | ||||||||||||||||||||||||
Corporate and Other(d) | (57 | ) | (21 | ) | (10 | ) | (43 | ) | (78 | ) | (16 | ) | (21 | ) | 30 | |||||||||||||||||
Consolidated Operating Earnings | $ | 267 | $ | 403 | $ | 277 | $ | 365 | $ | 319 | $ | 510 | $ | 246 | $ | 204 | ||||||||||||||||
Segment data (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Phosphates | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(e) | 2,051 | 2,637 | 2,176 | 2,392 | 2,297 | 2,788 | 2,049 | 2,212 | ||||||||||||||||||||||||
Realized average DAP price/tonne(f) | $ | 413 | $ | 465 | $ | 463 | $ | 447 | $ | 458 | $ | 450 | $ | 451 | $ | 410 | ||||||||||||||||
Revenue | $ | 959 | $ | 1,333 | $ | 1,133 | $ | 1,212 | $ | 1,172 | $ | 1,385 | $ | 1,032 | $ | 1,031 | ||||||||||||||||
Segment Gross Margin | $ | 200 | $ | 271 | $ | 236 | $ | 231 | $ | 222 | $ | 296 | $ | 199 | $ | 121 | ||||||||||||||||
As % of Sales | 21 | % | 20 | % | 21 | % | 19 | % | 19 | % | 21 | % | 19 | % | 12 | % | ||||||||||||||||
Potash | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(e) | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | 1,931 | ||||||||||||||||||||||||
Realized average MOP price/tonne(f) | $ | 267 | $ | 267 | $ | 291 | $ | 295 | $ | 288 | $ | 280 | $ | 265 | $ | 254 | ||||||||||||||||
Revenue | $ | 733 | $ | 762 | $ | 593 | $ | 763 | $ | 653 | $ | 730 | $ | 492 | $ | 572 | ||||||||||||||||
Segment Gross Margin (excluding CRT)(g) | $ | 246 | $ | 271 | $ | 200 | $ | 375 | $ | 320 | $ | 350 | $ | 156 | $ | 211 | ||||||||||||||||
As % of Sales | 34 | % | 36 | % | 34 | % | 49 | % | 49 | % | 48 | % | 32 | % | 37 | % | ||||||||||||||||
International Distribution | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | 870 | 1,185 | 1,398 | 1,113 | 976 | 1,477 | 2,046 | 1,478 | ||||||||||||||||||||||||
Realized average Blend price/tonne(f) | $ | 438 | $ | 452 | $ | 481 | $ | 427 | $ | 444 | $ | 427 | $ | 400 | $ | 407 | ||||||||||||||||
Revenue | $ | 393 | $ | 542 | $ | 684 | $ | 516 | $ | 439 | $ | 637 | $ | 825 | $ | 605 | ||||||||||||||||
Segment Gross Margin | $ | 22 | $ | 34 | $ | 51 | $ | 41 | $ | 21 | $ | 29 | $ | 61 | $ | 38 | ||||||||||||||||
As % of Sales | 6 | % | 6 | % | 7 | % | 8 | % | 5 | % | 4 | % | 7 | % | 6 | % | ||||||||||||||||
The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 506 | $ | 435 | $ | 371 | $ | 467 | $ | 351 | $ | 372 | $ | 250 | $ | 364 | ||||||||||||||||
International | 227 | 327 | 222 | 296 | 302 | 358 | 242 | 208 | ||||||||||||||||||||||||
Net Sales | $ | 733 | $ | 762 | $ | 593 | $ | 763 | $ | 653 | $ | 730 | $ | 492 | $ | 572 | ||||||||||||||||
Cost of Goods Sold | 517 | 536 | 439 | 436 | 411 | 435 | 395 | 417 | ||||||||||||||||||||||||
Gross Margin | $ | 216 | $ | 226 | $ | 154 | $ | 327 | $ | 242 | $ | 295 | $ | 97 | $ | 155 | ||||||||||||||||
As % of Sales | 29 | % | 30 | % | 26 | % | 43 | % | 37 | % | 40 | % | 20 | % | 27 | % | ||||||||||||||||
Canadian resource taxes | 30 | 45 | 46 | 48 | 78 | 55 | 59 | 56 | ||||||||||||||||||||||||
Gross Margin (excluding CRT)(g) | $ | 246 | $ | 271 | $ | 200 | $ | 375 | $ | 320 | $ | 350 | $ | 156 | $ | 211 | ||||||||||||||||
As % of Sales | 34 | % | 36 | % | 34 | % | 49 | % | 49 | % | 48 | % | 32 | % | 37 | % | ||||||||||||||||
Freight included in revenue & cost of goods sold (in millions)(h) | $ | 73 | $ | 57 | $ | 51 | $ | 69 | $ | 47 | $ | 47 | $ | 34 | $ | 56 | ||||||||||||||||
Net sales less freight | $ | 660 | $ | 705 | $ | 542 | $ | 694 | $ | 606 | $ | 683 | $ | 458 | $ | 516 | ||||||||||||||||
Cost of Goods Sold less freight | $ | 444 | $ | 479 | $ | 388 | $ | 367 | $ | 364 | $ | 388 | $ | 361 | $ | 361 | ||||||||||||||||
Segment Operating Earnings | $ | 170 | $ | 189 | $ | 69 | $ | 229 | $ | 204 | $ | 259 | $ | 66 | $ | 113 | ||||||||||||||||
Depreciation, Depletion and Amortization | 87 | 92 | 89 | 87 | 79 | 82 | 75 | 75 | ||||||||||||||||||||||||
EBITDA(c) | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | $ | 188 | ||||||||||||||||
Cost of Goods Sold Detail (in millions) | ||||||||||||||||||||||||||||||||
COGS additional detail | ||||||||||||||||||||||||||||||||
Canadian resource taxes | $ | 30 | $ | 45 | $ | 46 | $ | 48 | $ | 78 | $ | 55 | $ | 59 | $ | 56 | ||||||||||||||||
Royalties | 6 | 7 | 6 | 8 | 11 | 9 | 7 | 6 | ||||||||||||||||||||||||
Brine Inflow Expenses | 44 | 46 | 44 | 47 | 44 | 45 | 37 | 39 | ||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 87 | 92 | 89 | 87 | 79 | 82 | 75 | 75 | ||||||||||||||||||||||||
Total | $ | 167 | $ | 190 | $ | 185 | $ | 190 | $ | 212 | $ | 191 | $ | 178 | $ | 176 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Crop Nutrients North America(e) | 1,114 | 879 | 696 | 912 | 572 | 641 | 419 | 794 | ||||||||||||||||||||||||
Crop Nutrients International(e) | 1,065 | 1,427 | 919 | 1,228 | 1,248 | 1,544 | 1,041 | 991 | ||||||||||||||||||||||||
Non-Agricultural | 176 | 194 | 193 | 169 | 207 | 157 | 166 | 146 | ||||||||||||||||||||||||
Total(e) | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | 1,931 | ||||||||||||||||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Production Volume | 1,871 | 2,044 | 1,666 | 2,584 | 2,451 | 2,362 | 1,749 | 1,850 | ||||||||||||||||||||||||
Operating Rate(i) | 70 | % | 76 | % | 62 | % | 91 | % | 93 | % | 90 | % | 67 | % | 70 | % | ||||||||||||||||
Realized prices (FOB plant, $/tonne) | ||||||||||||||||||||||||||||||||
MOP - North America crop nutrients(f)(j) | $ | 300 | $ | 308 | $ | 344 | $ | 355 | $ | 362 | $ | 345 | $ | 293 | $ | 264 | ||||||||||||||||
MOP - International(f) | $ | 209 | $ | 225 | $ | 232 | $ | 239 | $ | 245 | $ | 244 | $ | 236 | $ | 227 | ||||||||||||||||
MOP - Average(f) | $ | 267 | $ | 267 | $ | 291 | $ | 295 | $ | 288 | $ | 280 | $ | 265 | $ | 254 | ||||||||||||||||
Brine inflow cost/production tonne | $ | 24 | $ | 23 | $ | 26 | $ | 18 | $ | 18 | $ | 19 | $ | 21 | $ | 21 | ||||||||||||||||
Cash COGS/sales tonne | $ | 136 | $ | 134 | $ | 137 | $ | 97 | $ | 97 | $ | 103 | $ | 135 | $ | 116 | ||||||||||||||||
EBITDA(c)/sales tonne(k) | $ | 109 | $ | 112 | $ | 87 | $ | 137 | $ | 140 | $ | 146 | $ | 87 | $ | 97 | ||||||||||||||||
Potash CAPEX (in millions) | $ | 144 | $ | 94 | $ | 92 | $ | 141 | $ | 95 | $ | 88 | $ | 119 | $ | 130 | ||||||||||||||||
The Mosaic Company - Phosphates Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 559 | $ | 725 | $ | 636 | $ | 714 | $ | 683 | $ | 705 | $ | 570 | $ | 809 | ||||||||||||||||
International | 400 | 608 | 497 | 498 | 489 | 680 | 462 | 222 | ||||||||||||||||||||||||
Net Sales | $ | 959 | $ | 1,333 | $ | 1,133 | $ | 1,212 | $ | 1,172 | $ | 1,385 | $ | 1,032 | $ | 1,031 | ||||||||||||||||
Cost of Goods Sold | 759 | 1,062 | 897 | 981 | 950 | 1,089 | 833 | 910 | ||||||||||||||||||||||||
Gross Margin | $ | 200 | $ | 271 | $ | 236 | $ | 231 | $ | 222 | $ | 296 | $ | 199 | $ | 121 | ||||||||||||||||
As % of Sales | 21 | % | 20 | % | 21 | % | 19 | % | 19 | % | 21 | % | 19 | % | 12 | % | ||||||||||||||||
Freight included in revenue & cost of goods sold (in millions) | $ | 81 | $ | 100 | $ | 88 | $ | 103 | $ | 82 | $ | 98 | $ | 79 | $ | 84 | ||||||||||||||||
Net sales less freight | $ | 878 | $ | 1,233 | $ | 1,045 | $ | 1,109 | $ | 1,090 | $ | 1,287 | $ | 953 | $ | 947 | ||||||||||||||||
Cost of Goods Sold less freight | $ | 678 | $ | 962 | $ | 809 | $ | 878 | $ | 868 | $ | 991 | $ | 754 | $ | 826 | ||||||||||||||||
Segment Operating Earnings | $ | 146 | $ | 219 | $ | 188 | $ | 157 | $ | 190 | $ | 259 | $ | 157 | $ | 47 | ||||||||||||||||
Depreciation, Depletion and Amortization | 79 | 93 | 91 | 97 | 94 | 99 | 96 | 101 | ||||||||||||||||||||||||
Equity Earnings (Loss) | (4 | ) | (3 | ) | (4 | ) | 7 | (2 | ) | — | (1 | ) | — | |||||||||||||||||||
EBITDA(c) | $ | 221 | $ | 309 | $ | 275 | $ | 261 | $ | 282 | $ | 358 | $ | 252 | $ | 148 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
North America - DAP/MAP | 747 | 948 | 805 | 837 | 951 | 895 | 709 | 1,049 | ||||||||||||||||||||||||
International - DAP/MAP(e) | 650 | 1,040 | 878 | 882 | 754 | 1,224 | 819 | 595 | ||||||||||||||||||||||||
MicroEssentials®(e) | 510 | 481 | 357 | 502 | 440 | 516 | 389 | 437 | ||||||||||||||||||||||||
Feed and Other | 144 | 168 | 136 | 171 | 152 | 153 | 132 | 131 | ||||||||||||||||||||||||
Total | 2,051 | 2,637 | 2,176 | 2,392 | 2,297 | 2,788 | 2,049 | 2,212 | ||||||||||||||||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Total tonnes produced(l) | 1,971 | 2,458 | 2,480 | 2,364 | 2,299 | 2,504 | 2,434 | 2,226 | ||||||||||||||||||||||||
Operating Rate | 79 | % | 84 | % | 85 | % | 81 | % | 79 | % | 86 | % | 83 | % | 76 | % | ||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
DAP (FOB plant)(f) | $ | 413 | $ | 465 | $ | 463 | $ | 447 | $ | 458 | $ | 450 | $ | 451 | $ | 410 | ||||||||||||||||
Realized costs ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(m) | $ | 374 | $ | 473 | $ | 508 | $ | 544 | $ | 519 | $ | 417 | $ | 418 | $ | 404 | ||||||||||||||||
Sulfur (long ton)(n) | $ | 96 | $ | 128 | $ | 148 | $ | 154 | $ | 145 | $ | 161 | $ | 151 | $ | 146 | ||||||||||||||||
Blended rock | $ | 64 | $ | 68 | $ | 60 | $ | 58 | $ | 61 | $ | 61 | $ | 61 | $ | 60 | ||||||||||||||||
Average Market prices ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(o) | $ | 455 | $ | 557 | $ | 547 | $ | 625 | $ | 497 | $ | 462 | $ | 454 | $ | 412 | ||||||||||||||||
Sulfur (long ton)(p) | $ | 104 | $ | 131 | $ | 135 | $ | 131 | $ | 141 | $ | 135 | $ | 136 | $ | 115 | ||||||||||||||||
Natural Gas(q) | $ | 4.7 | $ | 4.6 | $ | 4.0 | $ | 3.9 | $ | 2.8 | $ | 2.7 | $ | 2.7 | $ | 2.2 | ||||||||||||||||
Full production conversion cost/production tonne | $ | 89 | $ | 87 | $ | 82 | $ | 90 | $ | 91 | $ | 83 | $ | 89 | $ | 100 | ||||||||||||||||
EBITDA(c)/sales tonne(k) | $ | 108 | $ | 117 | $ | 126 | $ | 109 | $ | 123 | $ | 128 | $ | 123 | $ | 67 | ||||||||||||||||
Phosphates CAPEX (in millions) | $ | 116 | $ | 104 | $ | 85 | $ | 98 | $ | 129 | $ | 128 | $ | 118 | $ | 153 | ||||||||||||||||
The Mosaic Company - International Distribution Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
Net Sales | $ | 393 | $ | 542 | $ | 684 | $ | 516 | $ | 439 | $ | 637 | $ | 825 | $ | 605 | ||||||||||||||||
Cost of Goods Sold | 371 | 508 | 633 | 475 | 418 | 608 | 764 | 567 | ||||||||||||||||||||||||
Gross Margin | $ | 22 | $ | 34 | $ | 51 | $ | 41 | $ | 21 | $ | 29 | $ | 61 | $ | 38 | ||||||||||||||||
As % of Sales | 6 | % | 6 | % | 7 | % | 8 | % | 5 | % | 4 | % | 7 | % | 6 | % | ||||||||||||||||
Per tonne | $ | 25 | $ | 29 | $ | 36 | $ | 37 | $ | 21 | $ | 19 | $ | 30 | $ | 26 | ||||||||||||||||
SG&A and Other Operating Expenses | $ | 14 | $ | 18 | $ | 21 | $ | 19 | $ | 18 | $ | 21 | $ | 17 | $ | 24 | ||||||||||||||||
Segment Operating Earnings | $ | 8 | $ | 16 | $ | 30 | $ | 22 | $ | 3 | $ | 8 | $ | 44 | $ | 14 | ||||||||||||||||
Depreciation, Depletion and Amortization | 2 | 2 | 2 | 2 | 3 | 5 | 3 | 3 | ||||||||||||||||||||||||
EBITDA(c) | $ | 10 | $ | 18 | $ | 32 | $ | 24 | $ | 6 | $ | 13 | $ | 47 | $ | 17 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Total | 870 | 1,185 | 1,398 | 1,113 | 976 | 1,477 | 2,046 | 1,478 | ||||||||||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
Average selling price (FOB destination) | $ | 438 | $ | 452 | $ | 481 | $ | 456 | $ | 444 | $ | 427 | $ | 400 | $ | 407 | ||||||||||||||||
Purchases ('000 tonnes) | ||||||||||||||||||||||||||||||||
DAP/MAP from Mosaic | 93 | 290 | 331 | 214 | 138 | 363 | 349 | 137 | ||||||||||||||||||||||||
MicroEssentials® from Mosaic | 147 | 168 | 83 | 56 | 125 | 198 | 155 | 11 | ||||||||||||||||||||||||
Potash from Mosaic/Canpotex | 269 | 484 | 261 | 334 | 249 | 769 | 556 | 464 | ||||||||||||||||||||||||
International Distribution CAPEX (in millions) | $ | 8 | $ | 11 | $ | 7 | $ | 9 | $ | 4 | $ | 6 | $ | 4 | $ | 9 | ||||||||||||||||
Working Capital (in millions)(r) | $ | 168 | $ | 188 | $ | 184 | $ | 186 | $ | 145 | $ | 149 | $ | 105 | $ | 109 | ||||||||||||||||
EBITDA(c)/sales tonne(k) | $ | 11 | $ | 15 | $ | 23 | $ | 22 | $ | 6 | $ | 9 | $ | 23 | $ | 12 | ||||||||||||||||
The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
Net Sales | $ | (99 | ) | $ | (197 | ) | $ | (159 | ) | $ | (112 | ) | $ | (125 | ) | $ | (265 | ) | $ | (243 | ) | $ | (45 | ) | ||||||||
Cost of Goods Sold | (73 | ) | (187 | ) | (133 | ) | (92 | ) | (60 | ) | (253 | ) | (222 | ) | (87 | ) | ||||||||||||||||
Gross Margin (loss) | $ | (26 | ) | $ | (10 | ) | $ | (26 | ) | $ | (20 | ) | $ | (65 | ) | $ | (12 | ) | $ | (21 | ) | $ | 42 | |||||||||
Elimination of profit in inventory (income) loss included in COGS | $ | (9 | ) | $ | (29 | ) | $ | 3 | $ | 18 | $ | (18 | ) | $ | (34 | ) | $ | 12 | $ | 50 | ||||||||||||
Unrealized (gain) loss on derivatives included in COGS | $ | (4 | ) | $ | 26 | $ | (23 | ) | $ | (31 | ) | $ | (38 | ) | $ | 27 | $ | (22 | ) | $ | 1 | |||||||||||
Segment Operating Earnings (Loss) | $ | (57 | ) | $ | (21 | ) | $ | (10 | ) | $ | (43 | ) | $ | (78 | ) | $ | (16 | ) | $ | (21 | ) | $ | 30 | |||||||||
Depreciation, Depletion and Amortization | 6 | 7 | 8 | 7 | 6 | 5 | 7 | 7 | ||||||||||||||||||||||||
Equity Earnings (Loss) | 1 | 1 | — | — | 1 | 1 | — | — | ||||||||||||||||||||||||
EBITDA(c) | $ | (50 | ) | $ | (13 | ) | $ | (2 | ) | $ | (36 | ) | $ | (71 | ) | $ | (10 | ) | $ | (14 | ) | $ | 37 | |||||||||
Footnotes
(a) | For Q1 2014 through Q4 2014, diluted weighted average number of shares reflects the impact of shares subject to the forward contract for our contractual share repurchase obligations. |
(b) | Includes a discrete income tax benefit of approximately $63 million in Q1 2014, $14 million in Q2 2014, $29 million in Q3 2014, $100 million in Q4 2014, $28 million in Q1 2015, $10 million in Q2 2015, $3 million in Q3 2015 and $6 million in Q4 2015. |
(c) | The Company defines EBITDA as operating earnings plus depreciation, depletion and amortization plus equity earnings in nonconsolidated companies. EBITDA is a non-GAAP financial measure. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP"). A reconciliation of EBITDA to the nearest comparable GAAP measure and an explanation of why we include EBITDA appear below under "Non-GAAP Reconciliation". |
(d) | Includes elimination of intersegment sales. |
(e) | Sales volumes include intersegment sales. |
(f) | FOB Plant, sales to unrelated parties. |
(g) | Gross margin excluding CRT, a non-GAAP financial measure, is calculated as GAAP gross margin less Canadian resource taxes (CRT). Because not all companies use identical calculations, investors should consider that the Company’s calculation may not be comparable to other similarly titled measures presented by other companies. Gross margin excluding CRT provides a measure that we believe enhances the reader’s ability to compare our gross margin with that of other peer companies that incur CRT expense and classify it in a manner differently than we do in their statement of earnings. Because securities analysts, investors, lenders and others use gross margin excluding CRT, our management believes that our presentation of gross margin (excluding CRT) for Potash affords them greater transparency in assessing our financial performance against competitors. When measuring the performance of our Potash business, our management regularly utilizes gross margin before CRT. Gross margin excluding CRT should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of gross margin excluding CRT to GAAP gross margin is included in the Company’s earnings news release dated February 11, 2016. |
(h) | Includes inbound freight, outbound freight and warehousing costs on domestic MOP sales. |
(i) | Q4 2014 operating rate includes an additional 600 thousand metric tonnes of annual capacity from our Colonsay expansion. |
(j) | This price excludes industrial and feed sales. |
(k) | Calculated as EBITDA divided by sales tonnes. |
(l) | Includes crop nutrient dry concentrates and animal feed ingredients. |
(m) | Amounts are representative of our average ammonia costs in cost of goods sold. |
(n) | Amounts are representative of our average sulfur cost in cost of goods sold. |
(o) | Three point quarterly average (Fertecon). |
(p) | Three point quarterly average (Green Markets). |
(q) | Three point quarterly average (NYMEX). |
(r) | Calculated as current assets less current liabilities for the International Distribution segment. |
Note: MOP production costs are reflective of actual costs during the period. These costs are captured in inventory and are not necessarily reflective of costs included in costs of goods sold for the period.
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Non-GAAP Reconciliation
EBITDA is provided to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. EBITDA should not be considered as an alternative to, or more meaningful than, net income as a measure of operating performance. Since EBITDA is not a measure determined in accordance with GAAP and is thus susceptible to varying interpretations and calculations, EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. A reconciliation of net income to EBITDA is included below.
(in millions) | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | ||||||||||||||||||||||||
Potash EBITDA(c) | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | $ | 188 | ||||||||||||||||
Phosphates EBITDA(c) | 221 | 309 | 275 | 261 | 282 | 358 | 252 | 148 | ||||||||||||||||||||||||
ID EBITDA(c) | 10 | 18 | 32 | 24 | 6 | 13 | 47 | 17 | ||||||||||||||||||||||||
Corporate EBITDA(c) | (50 | ) | (13 | ) | (2 | ) | (36 | ) | (71 | ) | (10 | ) | (14 | ) | 37 | |||||||||||||||||
Consolidated EBITDA(c) | $ | 438 | $ | 595 | $ | 463 | $ | 565 | $ | 500 | $ | 702 | $ | 426 | $ | 390 | ||||||||||||||||
Consolidated Foreign Currency Gain/(Loss) | 43 | (39 | ) | 27 | 47 | 45 | (16 | ) | (49 | ) | (41 | ) | ||||||||||||||||||||
Consolidated Gain (Loss) in Value of Share Repurchase Agreement | (60 | ) | (5 | ) | 5 | — | — | — | — | — | ||||||||||||||||||||||
Consolidated Interest Income/(Expense) | (27 | ) | (25 | ) | (25 | ) | (31 | ) | (31 | ) | (24 | ) | (24 | ) | (19 | ) | ||||||||||||||||
Consolidated Depreciation, Depletion & Amortization | (174 | ) | (194 | ) | (190 | ) | (193 | ) | (182 | ) | (191 | ) | (181 | ) | (186 | ) | ||||||||||||||||
Consolidated Non-Controlling Interest | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | — | |||||||||||||||||||||
Consolidated Provision from/(Benefit for)Income Taxes | 3 | (83 | ) | (78 | ) | (27 | ) | (31 | ) | (73 | ) | (10 | ) | 14 | ||||||||||||||||||
Consolidated Other Income (Expense) | (5 | ) | (1 | ) | 1 | 1 | (6 | ) | (7 | ) | (1 | ) | (3 | ) | ||||||||||||||||||
Consolidated Net Income | $ | 218 | $ | 248 | $ | 202 | $ | 361 | $ | 295 | $ | 391 | $ | 160 | $ | 155 | ||||||||||||||||
Cash COGS/sales tonne is defined for the Potash segment as Cost of Goods Sold per sales tonne less depreciation, depletion, amortization, Canadian royalties and resource taxes and freight included in revenue and cost of goods sold. Cash COGS/sales tonne is a non-GAAP financial measure provided to assist securities analysts, lenders and others in their comparisons of operational performance but should not be considered as an alternative to, or more meaningful than, Potash Cost of Goods Sold as a measure of operating performance. Since Cash COGS/sales tonne is not a measure determined in accordance with GAAP and is thus susceptible to varying interpretations and calculations, it may, as presented, not be comparable to other similarly titled measures of other companies. A reconciliation of Cash COGS/sales tonne to Potash Cost of Goods Sold is included below.
(in millions, except sales tonnes) | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | ||||||||||||||||||||||||
Cash COGS/sales tonne | $ | 136 | $ | 134 | $ | 137 | $ | 97 | $ | 97 | $ | 103 | $ | 135 | $ | 116 | ||||||||||||||||
Sales tonnes (in thousands) | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | 1,931 | ||||||||||||||||||||||||
Cash Cost of Goods Sold | $ | 321 | $ | 335 | $ | 247 | $ | 224 | $ | 196 | $ | 242 | $ | 220 | $ | 224 | ||||||||||||||||
Potash Depreciation, Depletion & Amortization | 87 | 92 | 89 | 87 | 79 | 82 | 75 | 75 | ||||||||||||||||||||||||
Royalties | 6 | 7 | 6 | 8 | 11 | 9 | 7 | 6 | ||||||||||||||||||||||||
Canadian resource taxes | 30 | 45 | 46 | 48 | 78 | 55 | 59 | 56 | ||||||||||||||||||||||||
Freight included in revenue & cost of goods sold (in millions)(g) | 73 | 57 | 51 | 69 | 47 | 47 | 34 | 56 | ||||||||||||||||||||||||
Potash Cost of Goods Sold | $ | 517 | $ | 536 | $ | 439 | $ | 436 | $ | 411 | $ | 435 | $ | 395 | $ | 417 | ||||||||||||||||