PLYMOUTH, Minn., April 7 /PRNewswire-FirstCall/ -- The Mosaic Company
(NYSE: MOS) announced today net earnings of $58.8 million, or $0.13 per
diluted share, for the third quarter ended February 28, 2009. These results
compare with net earnings of $520.8 million, or $1.17 per share, for the third
quarter ended February 29, 2008. The Company maintained a strong financial
position, with cash and cash equivalents of $2.5 billion as of February 28,
2009.
KEY ITEMS
-- The average diammonium phosphate (DAP) selling price was $413 per
tonne and total phosphate sales volumes were 1.1 million tonnes
-- The average muriate of potash (MOP) selling price was $565 per tonne
and total potash sales volumes were 0.8 million tonnes
-- Foreign currency transaction gains were $47.1 million, or $0.07
per
share, compared to a gain of $1.5 million a year ago
-- Net unrealized mark-to-market derivative losses impacted gross margin
by $30.5 million, or $0.05 per share, compared to net
unrealized
derivative gains of $40.0 million a year ago
-- An inventory valuation write-down of $28.3 million, or $0.05 per
share, was recorded primarily in the Offshore segment
-- The Company has increased its phosphate production in the fiscal
fourth quarter while maintaining reduced production levels in potash
-- Fiscal fourth quarter results are expected to improve from third
quarter levels while remaining weak compared to the recent past
Mosaic had net sales in the third quarter of fiscal 2009 of $1.4 billion,
a decrease of $771.7 million, or 36%, compared to the same period a year ago.
Mosaic's gross margin for the third quarter of fiscal 2009 was $140.3
million, or 10% of net sales, compared with $727.9 million, or 34% of net
sales, a year ago. Third quarter operating earnings were $43.7 million
compared with $647.4 million a year ago. Mosaic's third quarter results were
driven by significantly lower sales and production volumes, higher raw
material costs, and lower phosphate selling prices. This was due to a change
in buyer sentiment resulting from, among other factors, lower grain prices, a
build-up of inventories in the distribution supply chains, the global economic
slowdown and the recalibration of the phosphate market to reflect lower raw
material input costs.
"Despite the turmoil in commodity markets, we remain confident that
long-term agricultural fundamentals are excellent. This is a self-correcting
cycle because demand for crop nutrients can only be deferred for so long,"
said Jim Prokopanko, Mosaic's President and Chief Executive Officer. "Large
crops are still required to secure the world's food supply and crop nutrients
will play an essential role in achieving that objective. We are well
positioned financially and strategically to serve our customers and create
value for our shareholders."
Potash
Net sales in the Potash segment were $480.8 million for the third quarter,
a decline from $547.3 million a year ago. The Potash segment's gross margin
was $206.6 million in the third quarter, or 43% of net sales, compared with
$209.1 million, or 38% of net sales a year ago. Operating earnings were
$186.0 million during the third quarter, a decline from $195.9 million in the
same period last year. Operating earnings were down slightly from the prior
year as a result of a decline in sales volumes, the effects of significantly
lower operating rates on fixed cost absorption and net unrealized
mark-to-market derivative losses offset by substantially higher selling prices
and favorable foreign exchange impacts.
Net unrealized mark-to-market derivative losses were $28.5 million in the
third quarter of fiscal 2009 compared with a net gain of $11.1 million for the
same period a year ago.
The average third quarter MOP selling price, FOB plant, was $565 per
tonne, which is a $344 per tonne increase compared with a year ago and a $36
per tonne increase compared with the second quarter of fiscal 2009.
The Potash segment's total sales volume was 0.8 million tonnes for the
third quarter compared to 2.1 million tonnes a year ago. The decline in sales
volumes was primarily due to lower customer demand as a result of the factors
noted above. Because of slow demand and in order to more effectively manage
inventories, Mosaic reduced potash production in the third quarter of fiscal
2009 and will continue to do so until demand improves. In total, Mosaic
anticipates a reduction of potash production of approximately 2.0 million
tonnes during fiscal 2009. Potash sales volumes in the fourth quarter of
fiscal 2009 are expected to be roughly comparable with third quarter levels.
Gross margins will continue to be impacted by the effects of significantly
lower operating rates on fixed cost absorption and lower volumes.
Phosphates
Net sales in the Phosphates segment were $552.4 million for the third
quarter, compared with net sales of $1.3 billion a year ago. Phosphates'
third quarter gross margin was a loss of $63.2 million, compared with gross
margin of $478.4 million, or 38% of net sales, for the same period a year ago.
The Phosphates segment had an operating loss of $123.9 million compared with
operating income of $442.7 million in the same period last year. The primary
factors impacting results were a 50% decline in sales volumes, higher raw
material costs, the effects of significantly lower operating rates on fixed
cost absorption, lower selling prices and net unfavorable realized and
unrealized derivative activity compared with a year ago.
The average third quarter DAP selling price, FOB plant, was $413 per
tonne, which was a $74 per tonne decrease compared with a year ago and a $670
per tonne decrease compared with the second quarter of fiscal 2009. The DAP
price momentum of the past several quarters reversed toward the end of the
second quarter of fiscal 2009 resulting from the factors noted above.
The Phosphates segment's total sales volume was 1.1 million tonnes for the
third quarter compared to 2.2 million tonnes a year ago. Mosaic reduced third
quarter phosphate production in response to a build-up of inventories in crop
nutrient distribution channels and a decline in overall demand. Recently, the
Company increased production closer to normal levels due to increased demand
and sales orders. Phosphate sales volumes in the fourth quarter of fiscal
2009 are expected to be above third quarter levels, but below the prior year
level. With DAP selling prices currently in the mid- $300 per tonne range,
fourth quarter gross margin is expected to be positive but will be adversely
affected by higher cost raw materials and finished products which are
currently in inventory. The Company expects lower cost raw materials to begin
benefiting gross margin in the latter half of the fourth quarter with a more
favorable impact in first quarter of fiscal 2010.
Net unrealized mark-to-market derivative gains were $2.8 million in the
third quarter of fiscal 2009 compared with $25.7 million for the same period
a year ago.
Offshore
The Offshore segment's net sales totaled $344.7 million during the third
quarter compared with $387.0 million for the same period a year ago. Gross
margin decreased to a loss of $81.5 million in the third quarter compared to a
gross margin of $43.2 million, or 11% of net sales, for the same period last
year. Offshore incurred an operating loss of $103.6 million in the third
quarter compared to operating earnings of $18.1 million a year ago. The
operating loss resulted from a decline in sales volumes, reduced selling
prices and a $32.5 million lower of cost or market inventory write-down. This
was primarily related to high cost inventories held in Brazil and Argentina
where market pricing deteriorated from second quarter levels. Mosaic expects
the Offshore segment's results to remain weak until demand improves and the
high-cost inventories on hand are sold.
Other
Selling, general, and administrative expenses (SG&A) were $71.3 million in
the third quarter compared to $81.2 million last year and were lower due
primarily to a decline in incentive compensation accruals.
Net interest expense totaled $8.2 million in the third quarter, down from
$24.7 million a year ago, resulting from higher cash balances and lower debt
levels.
A foreign currency transaction gain of $47.1 million was recorded for the
third quarter compared to a gain of $1.5 million for the same period a year
ago. This non-cash gain is the result of the effect of a weakening Canadian
dollar on significant U.S. dollar denominated intercompany receivables and
cash held by Mosaic's Canadian affiliates, partially offset by the effect of a
weakening Brazilian Real on significant U.S. dollar denominated payables in
that country.
Income tax expense was $30.7 million in the third quarter resulting in an
effective tax rate of 37% compared to $159.2 million, or an effective tax rate
of 25% for the same period last year. The higher effective tax rate in the
third quarter of fiscal 2009 was attributable to the fact that no tax benefit
was recorded on losses in Brazil, partially offset by the favorable effect of
certain discrete items in the quarter.
Total equity earnings in non-consolidated subsidiaries were $6.0 million
in the third quarter, compared with $30.9 million for the same period a year
ago. The reduction is primarily the result of the sale of Mosaic's interest
in Saskferco in October 2008. Mosaic's equity earnings in Saskferco in the
third quarter of fiscal 2008 were $23.3 million. Equity earnings in Fertifos
S.A. were $7.2 million for the third quarter compared to $6.0 million for the
same period last year.
Mosaic ended the third quarter with $2.5 billion in cash and cash
equivalents. Cash flow used in operating activities for the three months
ended February 28, 2009 was $11.2 million, a decline from cash flow provided
by operating activities of $528.0 million a year ago, largely due to reduced
earnings. Mosaic's total debt as of February 28, 2009 was $1.4 billion
compared to $1.7 billion as of February 29, 2008.
Year-to-Date
For the nine months ended February 28, 2009 net sales were $8.7 billion,
an increase of 37% compared to last year. Year-to-date operating earnings
were $2.3 billion compared with $1.6 billion for the same period a year ago.
Year-to-date SG&A expenses were $238.1 million compared with $227.6 million
for the same period in fiscal 2008. A foreign currency transaction gain of
$166.1 million was recorded in the nine months ended February 28, 2009,
compared to a loss of $70.3 million for the same period a year ago. Unrealized
mark-to-market derivative losses, largely on natural gas contracts, totaled
$165.5 million compared to gains of $7.9 million the prior year. Equity
earnings in non-consolidated entities for the nine months ended February 28,
2009 was $94.5 million, up slightly from $88.2 million a year ago. The
Company's results for the nine months ended February 28, 2009 also includes a
$673.4 million gain on the sale of Mosaic's interest in Saskferco.
Outlook
The global phosphate market appears to have stabilized with a number of
customers returning to the market in recent weeks. Potash customers, however,
continue to be cautious and the Company expects fourth quarter potash sales to
remain weak.
Longer-term, world grain and oilseed use is expected to continue to
increase at a faster pace than historical trends resulting from steady
population growth, higher per capita incomes and further increases in biofuels
production. This will require additional harvested area and steady increases
in yields, which can be accomplished through more intensive and balanced crop
nutrient use and improved crop genetics. In addition, the combination of
strong grain prices and declining crop input costs is keeping farm economics
attractive and underpinning strong crop nutrient demand prospects.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers
of concentrated phosphate and potash crop nutrients. Mosaic is a single
source provider of phosphates and potash fertilizers and feed ingredients for
the global agriculture industry. More information on the company is available
at www.mosaicco.com.
Mosaic will conduct a conference call on Wednesday, April 8, 2009 at 9:00
a.m. EDT to discuss third quarter results. Simultaneously, the presentation
slides and audio webcast of the conference call may be accessed through
Mosaic's website at www.mosaicco.com/investors. Additionally, the conference
call-in number is 888-679-8018 and the passcode is 16232827. This webcast
will be available up to one year from the time of the earnings call.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about future financial and
operating results. Such statements are based upon the current beliefs and
expectations of The Mosaic Company's management and are subject to significant
risks and uncertainties. These risks and uncertainties include but are not
limited to the predictability and volatility of, and customer expectations
about, agriculture, fertilizer, raw material, energy and transportation
markets that are subject to competitive and other pressures and the effects
of the current economic and financial turmoil; the build-up of inventories in
the distribution channels for crop nutrients; changes in foreign currency and
exchange rates; international trade risks; changes in government policy;
changes in environmental and other governmental regulation; adverse weather
conditions affecting operations in Central Florida or the Gulf Coast of the
United States, including potential hurricanes or excess rainfall; actual costs
of asset retirement, environmental remediation, reclamation or other
environmental regulation differing from management's current estimates;
accidents and other disruptions involving Mosaic's operations, including brine
inflows at its Esterhazy, Saskatchewan potash mine and other potential mine
fires, floods, explosions, seismic events or releases of hazardous or volatile
chemicals, as well as other risks and uncertainties reported from time to time
in The Mosaic Company's reports filed with the Securities and Exchange
Commission. Actual results may differ from those set forth in the
forward-looking statements.
Condensed Consolidated Statements of Earnings
(in millions, except per share amounts)
The Mosaic Company (unaudited)
------------------ ----------
Three months ended Nine months ended
February 28 February 29 February 28 February 29
----------- ----------- ----------- -----------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $1,375.5 $2,147.2 $8,704.5 $6,345.9
Cost of goods sold 1,206.9 1,419.3 5,820.1 4,473.1
Lower of cost or
market write-down 28.3 - 321.8 -
---- --- ----- ---
Gross margin 140.3 727.9 2,562.6 1,872.8
Selling, general and
administrative expenses 71.3 81.2 238.1 227.6
Restructuring loss (gain) 0.6 (0.8) 0.6 9.5
Other operating expense 24.7 0.1 49.3 9.1
---- --- ---- ---
Operating earnings 43.7 647.4 2,274.6 1,626.6
Interest expense, net 8.2 24.7 27.1 84.2
Foreign currency
transaction (gain) loss (47.1) (1.5) (166.1) 70.3
Gain on sale of equity
investment - - (673.4) -
Other income (0.2) (26.5) (6.1) (27.7)
---- ----- ---- -----
Earnings from
consolidated companies
before income taxes 82.8 650.7 3,093.1 1,499.8
Provision for income taxes 30.7 159.2 979.6 360.9
---- ----- ----- -----
Earnings from consolidated
companies 52.1 491.5 2,113.5 1,138.9
Equity in net earnings of
nonconsolidated companies 6.0 30.9 94.5 88.2
Minority interests in
net loss (earnings) of
consolidated companies 0.7 (1.6) (4.7) (6.8)
--- ---- ---- ----
Net earnings $58.8 $520.8 $2,203.3 $1,220.3
===== ====== ======== ========
Diluted earnings per share $0.13 $1.17 $4.94 $2.74
===== ===== ===== =====
Diluted weighted
average number of shares
outstanding 445.8 446.1 446.2 445.1
Condensed Consolidated Balance Sheets
(In millions, except share and per share amounts)
The Mosaic Company (unaudited)
------------------ ----------
February 28 May 31
2009 2008
---- ----
Assets
Current assets:
Cash and cash equivalents $2,529.0 $1,960.7
Receivables, net 633.4 1,039.2
Inventories 1,434.7 1,350.9
Deferred income taxes 209.3 256.9
Other current assets 413.2 201.8
----- -----
Total current assets 5,219.6 4,809.5
Property, plant and equipment, net 4,379.9 4,648.0
Investments in nonconsolidated companies 300.5 353.8
Goodwill 1,660.4 1,875.2
Other assets 212.9 133.3
----- -----
Total assets $11,773.3 $11,819.8
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Short-term debt $90.0 $133.1
Current maturities of long-term debt 29.8 43.3
Accounts payable and accrued liabilities 1,070.2 1,843.0
Accrued income taxes - 131.9
Deferred income taxes 38.8 34.8
---- ----
Total current liabilities 1,228.8 2,186.1
Long-term debt, less current maturities 1,268.1 1,375.0
Deferred income taxes 619.9 516.2
Other noncurrent liabilities 861.2 987.9
Minority interest in consolidated subsidiaries 20.4 23.4
Stockholders' equity:
Preferred stock, $0.01 par value,
15,000,000 shares authorized, none issued and
outstanding as of February 28, 2009 and
May 31, 2008 - -
Common stock, $0.01 par value, 700,000,000
shares authorized:
Class B common stock, none issued and
outstanding as of February 28, 2009
and May 31, 2008 - -
Common stock, 444,403,349 and 443,925,006
shares issued and outstanding as
of February 28, 2009 and May 31, 2008,
respectively 4.4 4.4
Capital in excess of par value 2,476.6 2,450.8
Retained earnings 5,621.6 3,485.4
Accumulated other comprehensive (expense)
income (327.7) 790.6
------ -----
Total stockholders' equity 7,774.9 6,731.2
------- -------
Total liabilities and stockholders' equity $11,773.3 $11,819.8
========= =========
Condensed Consolidated Statements of Cash Flows
(In millions, except share and per share amounts)
The Mosaic Company (unaudited)
------------------ ----------
Three months ended Nine months ended
February February February February
28 29 28 29
2009 2008 2009 2008
------- ------- ------- -------
Cash Flows from Operating
Activities
Net cash (used in)
provided by operating
activities $(11.2) $528.0 $936.8 $1,508.9
Cash Flows from Investing
Activities
Capital expenditures (196.7) (86.6) (606.8) (247.8)
Proceeds from sale of
equity method investment - 24.6 745.7 24.6
Proceeds from sale of
business - 0.4 - 7.9
Restricted cash 3.7 (1.0) (28.6) (1.0)
Other 0.1 5.7 0.4 6.6
--- --- --- ---
Net cash (used in)
provided by investing
activities (192.9) (56.9) 110.7 (209.7)
Cash Flows from Financing
Activities
Payments of short-term debt (116.7) (134.2) (310.0) (411.2)
Proceeds from
issuance of short-term debt 95.1 258.1 267.1 501.0
Payments of long-term debt (3.8) (158.8) (104.9) (796.3)
Proceeds from issuance of
long-term debt - - 0.1 -
Proceeds from stock options
exercised 0.2 11.2 4.3 48.8
Contributions from
Cargill, Inc. - 2.2 - 3.7
Excess tax benefits related to
stock option exercises - 40.2 4.8 40.2
Dividend to minority
shareholder (0.3) (1.6) (2.1) (5.1)
Cash dividends paid (22.2) - (66.6) -
----- --- ----- ---
Net cash (used in)
provided by financing
activities (47.7) 17.1 (207.3) (618.9)
Effect of exchange rate changes
on cash (30.8) 3.8 (271.9) 33.3
----- --- ------ ----
Net change in cash and cash
equivalents (282.6) 492.0 568.3 713.6
Cash and cash equivalents
- beginning of period 2,811.6 642.2 1,960.7 420.6
------- ----- ------- -----
Cash and cash equivalents
- end of period $2,529.0 $1,134.2 $2,529.0 $1,134.2
======== ======== ======== ========
Supplemental Disclosure
of Cash Flow Information:
Cash paid during
the period for:
Interest (net of amount
capitalized) $43.6 $55.6 $91.5 $135.0
Income taxes 155.4 104.8 915.9 201.8
Condensed Consolidated Financial Highlights
(dollars in millions)
The Mosaic Company (unaudited)
------------------ ----------
Three months ended Increase/
February 28 February 29 (Decrease)
----------- ----------- ----------
2009 2008 Amount %
---- ---- ------ ---
Net sales:
Phosphates $552.4 (b) $1,257.8 (b) $(705.4) (56%)
Potash 480.8 547.3 (66.5) (12%)
Offshore 344.7 387.0 (42.3) (11%)
Corporate/Other (a) (2.4) (44.9) 42.5 95%
---- ----- ---- ---
$1,375.5 (b) $2,147.2 (b) $(771.7) (36%)
======== ======== ======= ===
Gross margin:
Phosphates $(63.2) $478.4 $(541.6) (113%)
Potash 206.6 209.1 (2.5) (1%)
Offshore (c) (81.5) 43.2 (124.7) NM
Corporate/Other (a)(c) 78.4 (2.8) 81.2 NM
---- ---- ---- ---
$140.3 $727.9 $(587.6) (81%)
====== ====== ======= ===
Operating earnings (loss):
Phosphates $(123.9) $442.7 $(566.6) (128%)
Potash 186.0 195.9 (9.9) (5%)
Offshore (c) (103.6) 18.1 (121.7) NM
Corporate/Other (a)(c) 85.2 (9.3) 94.5 NM
---- ---- ---- ---
$43.7 $647.4 $(603.7) (93%)
===== ====== ======= ===
Depreciation, depletion
and amortization:
Phosphates $57.1 $46.0 $11.1 24%
Potash 27.1 33.7 (6.6) (20%)
Offshore 3.7 4.6 (0.9) (20%)
Corporate/Other 2.5 2.4 0.1 4%
--- --- --- ---
$90.4 $86.7 $3.7 4%
===== ===== ==== ===
Nine months ended Increase/
February 28 February 29 (Decrease)
----------- ----------- ----------
2009 2008 Amount %
---- ---- ------ ---
Net sales:
Phosphates $4,896.1 (b) $3,671.1 (b) $1,225.0 33%
Potash 2,430.4 1,390.7 1,039.7 75%
Offshore 1,955.1 1,528.8 426.3 28%
Corporate/Other (a) (577.1) (244.7) (332.4) (136%)
------ ------ ------ ----
$8,704.5 (b) $6,345.9 (b) $2,358.6 37%
======== ======== ======== ===
Gross margin:
Phosphates $1,240.7 $1,229.5 $11.2 1%
Potash 1,284.7 510.9 773.8 151%
Offshore (c) 3.9 144.4 (140.5) (97%)
Corporate/Other (a)(c) 33.3 (12.0) 45.3 NM
---- ----- ---- ---
$2,562.6 $1,872.8 $689.8 37%
======== ======== ====== ===
Operating earnings (loss):
Phosphates $1,085.7 $1,099.7 $(14.0) (1%)
Potash 1,211.3 467.3 744.0 159%
Offshore (c) (64.7) 73.9 (138.6) NM
Corporate/Other (a)(c) 42.3 (14.3) 56.6 NM
---- ----- ---- ---
$2,274.6 $1,626.6 $648.0 40%
======== ======== ====== ===
Depreciation, depletion
and amortization:
Phosphates $158.2 $140.7 $17.5 12%
Potash 89.2 92.5 (3.3) (4%)
Offshore 12.5 13.1 (0.6) (5%)
Corporate/Other 7.6 7.1 0.5 7%
--- --- --- ---
$267.5 $253.4 $14.1 6%
====== ====== ===== ===
(a) Includes elimination of intercompany sales.
(b) Includes PhosChem sales for its other members of $1.4 million and
$69.0 million for the three months ended February 28, 2009 and
February 29, 2008, and $614.0 million and $351.1 million for the nine
months ended February 28, 2009 and February 29, 2008, respectively.
PhosChem is a consolidated subsidiary of Mosaic.
(c) The Offshore segment impact of lower of cost or market inventory
write-downs was $32.5 million and $181.8 million for the three and
nine months ended February 28, 2009, respectively; however, the
consolidated impact was $28.3 million and $102.8 million for the
three and nine months ended February 28, 2009, respectively, as some
of the product was purchased from the Phosphates segment. The $4.2
million and $79.0 million intercompany amounts for the three and nine
months ended February 28, 2009, respectively, were eliminated and
included in our Corporate, Eliminations, and Other segment. In
addition, the Corporate, Eliminations and Other segment includes a
$5.8 million lower of cost or market inventory write-down related to
nitrogen products for the nine months ended February 28, 2009.
Key Statistics
The Mosaic Company (unaudited)
------------------ ----------
Three months ended Increase/
February 28 February 29 (Decrease)
----------- ----------- ----------
2009 2008 Amount %
---- ---- ------ ---
Sales volumes
(000 metric tonnes):
Phosphates (a)
Crop Nutrients:
North America 482 979 (497) (51%)
International 500 980 (480) (49%)
Phosphate Feeds 115 249 (134) (54%)
--- --- ---- ---
1,097 2,208 (1,111) (50%)
===== ===== ====== ===
Potash (b)
Crop Nutrients:
North America 201 825 (624) (76%)
International 317 1,028 (711) (69%)
Non agricultural 266 249 17 7%
--- --- --- ---
784 (c) 2,102 (c) (1,318) (63%)
=== ===== ====== ===
Average selling price per
metric tonne:
DAP (d) $413 $487 $(74) (15%)
MOP (d) 565 221 344 156%
K-Mag (d) 354 145 209 144%
Average price for key raw
materials:
Ammonia (metric ton)
(Central Florida) (e) $496 $399 $97 24%
Sulfur (long ton) 228 175 53 30%
Canadian resource taxes and
royalties (f) $78 $82 $(4) (5%)
Nine months ended Increase/
February 28 February 29 (Decrease)
----------- ----------- ----------
2009 2008 Amount %
---- ---- ------ ---
Sales volumes
(000 metric tonnes):
Phosphates (a)
Crop Nutrients:
North America 1,627 2,727 (1,100) (40%)
International 2,378 3,321 (943) (28%)
Phosphate Feeds 415 683 (268) (39%)
--- --- ---- ---
4,420 6,731 (2,311) (34%)
===== ===== ====== ===
Potash (b)
Crop Nutrients:
North America 1,271 2,404 (1,133) (47%)
International 2,328 3,046 (718) (24%)
Non agricultural 804 753 51 7%
--- --- --- ---
4,403 (c) 6,203 (c) (1,800) (29%)
===== ===== ====== ===
Average selling price per
metric tonne:
DAP (d) $886 $435 $451 104%
MOP (d) 518 185 333 180%
K-Mag (d) 309 133 176 132%
Average price for key raw
materials:
Ammonia (metric ton)
(Central Florida) (e) $631 $345 $286 83%
Sulfur (long ton) 483 115 368 320%
Canadian resource taxes and
royalties (f) $390 $153 $237 155%
(a) Phosphates volumes represent dry product tonnes, primarily DAP and
MAP. Excludes tonnes sold by PhosChem for its other members.
(b) Potash volumes exclude tonnes mined under a third party tolling
arrangement.
(c) Includes sales volumes (in thousands of metric tonnes) of 75 tonnes
and 409 tonnes of K-Mag(R) for the three and nine months ended
February 28, 2009, respectively, and 246 tonnes and 600 tonnes
of K-Mag(R) for the three and nine months ended February 29, 2008,
respectively.
(d) FOB plant/mine
(e) Delivered Tampa
(f) Amounts in millions of U.S. dollars
SOURCE The Mosaic Company
CONTACT: Media, Linda Thrasher, +1-763-577-2864, or Investors, Christine
Battist, +1-763-577-2828, both of The Mosaic Company
