Investor Presentation. January 2019
|
|
- Eugenia Alexander
- 5 years ago
- Views:
Transcription
1 Investor Presentation January 2019
2 Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", forecast, "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Certain statements in this presentation, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's 2019 annual guidance, including expectations regarding our EBITDA and adjusted EBITDA (both consolidated and by segment); expectations regarding dividends per share and other shareholder returns in 2019; capital spending expectations for 2019 and beyond; expectations regarding performance of our business segments in 2019; our market outlook for 2019, including potash, nitrogen and phosphate outlook and including anticipated supply and demand for our products and services, expected market and industry conditions with respect to crop nutrient application rates, planted acres, crop mix, prices and margin; expectations regarding completion of previously announced expansion projects (including timing and volumes of production associated therewith) and acquisitions and divestitures; and the expected synergies associated with the merger of Agrium and PotashCorp, including timing thereof. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements. All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although Nutrien believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place an undue reliance on these assumptions and such forward-looking statements. The additional key assumptions that have been made include, among other things, assumptions with respect to Nutrien's ability to successfully integrate and realize the anticipated benefits of its already completed (including the merger of Agrium and PotashCorp) and future acquisitions, and that we will be able to implement our standards, controls, procedures and policies at any acquired businesses to realize the expected synergies; that future business, regulatory and industry conditions will be within the parameters expected by Nutrien, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability and cost of labor and interest, exchange and effective tax rates; the completion of our expansion projects on schedule, as planned and on budget; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2019 and in the future; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; ability to maintain investment grade rating and achieve our performance targets; the receipt, on time, of all necessary permits, utilities and project approvals with respect to our expansion projects and that we will have the resources necessary to meet the projects approach. Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; the failure to successfully integrate and realize the expected synergies associated with the merger of Agrium and PotashCorp, including within the expected timeframe; weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; political risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism; the occurrence of a major environmental or safety incident; innovation and security risks related to our systems; the inability to find suitable buyers for our equity positions and counterparty and transaction risk associated therewith; regional natural gas supply restrictions; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions at our Egyptian and Argentinian facilities; any significant impairment of the carrying value of certain assets; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; and other risk factors detailed from time to time in Agrium, PotashCorp and Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States, including those disclosed in Nutrien s business acquisition report dated February 20, 2018, related to the merger of Agrium and PotashCorp. The purpose of our expected adjusted consolidated EBITDA and EBITDA by segment guidance range is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes. Non-IFRS Financial Measures Advisory We consider net earnings from continuing operations before finance costs, income tax (recovery) expense and depreciation and amortization ("EBITDA"), adjusted net earnings per share, Nutrien combined 2017 historical information, adjusted EBITDA, potash adjusted EBITDA, cash cost of product manufactured and other measures deriving from such non-ifrs measures, all of which are non-ifrs financial measures, to provide useful information to both management and investors in measuring our financial performance and financial condition. Refer to the disclosure under the heading Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information included in our news release dated November 5, 2018 announcing our third quarter 2018 results, as filed on SEDAR at and EDGAR at under our corporate profile, for a reconciliation of these non-ifrs measures to the most directly comparable measures calculated in accordance with IFRS and for a further discussion of how these measures are calculated and their usefulness to users including management. Non-IFRS financial measures are not recognized measures under IFRS and our method of calculation may not be comparable to that of other companies. These non-ifrs financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. The purpose of our adjusted annual earnings per share and adjusted EBITDA guidance ranges is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes. Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable U.S. federal securities laws or applicable Canadian securities legislation. Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted.
3 Nutrien Has a Unique Global Footprint and Well Positioned Assets 3 North American Integrated Footprint South America Australia LEGEND: RETAIL POTASH NITROGEN PHOSPHATE ESN GRANULATION LOVELAND PRODUCTS AND AFFILIATED FACILITIES AGRICHEM INVESTMENTS AND JV S OFFICES >26Mmt Combined sales tonnes of potash, nitrogen, phosphate & sulfate 1 ~1,600 Retail locations in 7 countries $600M Expected annual synergies by end of 2019 NOTE: European distribution and our ownership stakes in Sinofert and the MOPCO nitrogen facility are not included on these maps sales volume excluding sales tonnes from Conda and North Bend. $1.72 Annual dividend per share 2 ~50M Number of shares that may be acquired under NCIB expiring on Feb 22/ Based on Nutrien quarterly dividend declared December 14, Future dividends subject to board discretion. Source: Nutrien
4 Nutrien 2018 Highlights 4 1) Higher earnings across all business units 2) Increased annual synergy target to $600 million (+20%) 3) Received $5.2 billion in net proceeds from equity divestitures 4) Returned ~$2.8 billion in cash to shareholders through dividends and share buybacks 5) Continued to grow Retail business and launched digital platform 6) Increased potash sales by ~1 million tonnes Strong performance on strategic and financial priorities in 2018
5 Diversified Portfolio Provides Stability and Multiple Avenues for Growth Adjusted Combined EBITDA Split F Adjusted EBITDA Growth US$ Billions 4.0 ~33-40% 3.5 Retail ~35% ~33% Potash ~7% ~25% Phosphate and Sulfate Nitrogen Retail Potash Nitrogen Phos & Other 2018F 2 Significant earnings growth expected across all business units in This is a Non-IFRS measure and/or the historical combined results of PotashCorp and Agrium. See the Forward Looking Statement and Select Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. 2 Based on the mid-point of Nutrien s adjusted EBITDA guidance range as of November 5, Source: Nutrien
6 Significant Opportunity to Grow the Company and Return Cash to Shareholders 6 Merger Synergies $600 Million annual run-rate synergies expected to be achieved by end of 2019 Capital Priorities Invest in Growth (Focus on growing Retail, Protect opportunistic Wholesale Invest expansion) in Balance Sheet Growth Return Cash (Strong investment grade rating BBB/Baa2) to Shareholders expansion) (~$2.8B cash returned in 2018) 1 (Focus on growing Retail, opportunistic Wholesale Retail Stability $50-$140 Million expected Retail EBITDA growth per year Equity Proceeds $5.2 Billion net proceeds from divestitures received in 2018 Return Protect Cash to Shareholders Balance Sheet (Strong (~$2.6B expected investment grade cash rating returned BBB/Baa2) in 2018) Crop Nutrient Leverage ~$650 Million increase in EBITDA from a $25/mt improvement in prices Expect to have $6-8 billion in cash to redeploy over the next 3 years 1 Through NCIB and dividends. Source: Nutrien
7 Market Fundamentals and Performance INVESTOR PRESENTATION
8 Cash Grower Margins 8 Cash Grower Margins 1 Local Currency Margin/Acre 400 US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans 2, , , Crop margins are mixed but overall remain supportive of input demand margins are based on average realized cash crop prices and estimated average fertilizer costs; 2018F margins are based on new crop 2018 futures prices less estimated basis and estimated average retail fertilizer prices; 2019F margins are based on new crop 2019 futures prices less estimated bases and estimated spot retail fertilizer prices; Brazilian grower margins are based on IMEA cost of production and price estimates for Mato Grosso. Source: USDA, Green Markets, CME Group, IMEA, Nutrien
9 Source: Nutrien Retail: Long Term Growth of Margins and Earnings 9 Retail EBITDA Margin Percent Retail EBITDA Millions 11% EBITDA Retail EBITDA Margin $ B $1,400 10% $1,200 9% 8% 7% 7.5% $ % 8.3% $951 $ % $1, % $1, % 9.5% $1,091 $1,145 $1,000 $800 $600 $400 6% $200 5% F 1 $0 Consistent growth in EBITDA margins achieved through Operational Excellence initiatives including proprietary product growth and footprint optimization 1 Based on Nutrien s adjusted EBITDA guidance range as of November 5, 2018.
10 Retail: Multiple Avenues to Deliver Strong Earnings Growth 10 Grow TUCK-IN/ROLL UP Continue to acquire farm centers across North America and Australia Deliver Build Increase DIGITAL PLATFORM Deliver a world-class integrated platform that supports growers ease of business BRAZILIAN AG-RETAIL Build the retail business, leveraging our proven strengths and experience PROPRIETARY PRODUCT Increase our proprietary product offerings & sales Nutrien Ag Solutions Strategy Expand AG CREDIT FINANCE Expand the credit & finance business earnings, retain & attract new customers
11 Relatively Tight Potash Supply & Demand 11 Global Potash S&D Million Tonnes KCl Global Utilization Rate 1 Percent Demand* Operational Capability 100% 95% 90% 85% 80% 75% 70% Expect demand growth and capacity closures to offset capacity additions; operating rates expected to be at or above historical average 1 Based on estimated operational capability. Forecast utilization rate range based on high and low demand forecast. * Demand growth range based on 20 year CAGR (2002 to 2022) of 2.8 to 3.0 percent. 5-year forecast range of 2.3 to 3.3 percent. Source: CRU, Fertecon, IFA, Nutrien
12 Potash: World s Largest Producer; Lower-Cost Operations 12 Potash Production 1 Million Tonnes KCl Combined 1 Cash-related Cost of Goods Sold 2 US$/Tonne ~5Mmt $ Mmt 12.2Mmt Mmt $80 $60 $40 $ F Production Capability 3 $ F ~5 Mmt of incremental production capability in Saskatchewan that we can bring on with limited capital as global demand grows 1 This is a Non-IFRS measure and/or the historical combined results of PotashCorp and Agrium. See the Forward Looking Statement and Select Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. 2 Refers to total cost of goods sold less depreciation and amortization. 3 Assuming full ramp up of Saskatchewan mines. Source: Nutrien
13 Potash: Significant Leverage to Improving Prices, Higher Volumes and Lower Costs 13 Potash Adjusted EBITDA (Full Year) US$ Millions +43% $1,550 Sales Volumes Million Tonnes +1.0 Mmt Q YTD Q YTD $1,083 Net Selling Price US$/MT +16% $173 $200 Q YTD Q YTD F 1 Cash Cost of Product Manufactured US$/MT 2 $64 Q YTD -9% $58 Q YTD 1 Based on the mid-point of Nutrien s adjusted potash EBITDA guidance range as of November 5, Cost of product manufactured is a non-ifrs measure. Refer to Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. Source: Nutrien
14 Tightening Global Nitrogen Supply & Demand 14 Global Nitrogen S&D Million Tonnes Nitrogen 180 Demand* Operational Capability Global Utilization Rate 1 Percent 100% 95% 90% 85% 80% 75% 70% Relatively stable capacity utilization in 2019 followed by rapid tightening 1 Based on estimated operational capability. * Demand growth based on 20 year CAGR (2002 to 2022) of 2 percent. Source: CRU, Nutrien
15 Nitrogen: Significant Leverage to Higher Prices, Low Cost Gas and Operational Efficiencies % Nitrogen EBITDA (Full Year) US$ Millions +48% $1,200 NH 3 Operating Rate 3 Percent 86% 93% Q YTD Q YTD +5% $812 Net Selling Price US$/MT $222 $232 Q YTD Q YTD F 1 Urea Cash Cost of Product Manufactured US$/MT 2 $78 Q YTD -6% $73 Q YTD 1 Based on the mid-point of Nutrien s nitrogen EBITDA guidance range as of November 5, Cost of product manufactured is a non-ifrs measure. Refer to Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. Excludes cost of natural gas and steam. 3 Excludes Joffre and Trinidad. Source: Nutrien
16 Strategy and Opportunities INVESTOR PRESENTATION
17 Executing on Our Strategic Priorities Achievements Integration & Synergies Achieved $401M of run-rate synergies as at September 30, 2018, expect $500M by end of 2018 and $600M by the end of 2019 Completed regulatory required divestment of ICL, SQM and APC for $5.2 Billion Growth Initiatives Strong Retail proprietary products performance and acquisition execution Launched integrated digital platform for growers Acquired >50 locations with >$30M of EBITDA (Q3 YTD) Increased quarterly dividend 7.5% to $0.43/share 1 Shareholder Returns Completed $1.7B 5% NCIB: Avg cost per share of $51.62 Extended the program for additional 3% in December 1 Based on Nutrien s quarterly dividend declared on November 5, Source: Nutrien
18 Significant Value Creation from Merger Synergies 18 Annual Run-Rate Synergies US$ Millions Achieved annual run-rate synergy as at September 30, 2018 Balance of annual run-rate synergy target $150 $600 $8 +20% $100 $142 $199 $200 $41 $59 $81 $500 $150 $119 $401 $69 $81 ++ Distribution/ Optimization Production Optimization Procurement SG&A and Other Target EOY (Revised) 2019 Total Target EOY (Original) Accelerated capture of merger synergies and increased target 1 Other includes synergies related to administrative functions which may not appear in Selling, General & Admin (SG&A) in the financial statements.. Source: Nutrien
19 Significant Upside Potential for Free Cash Flow per Share 19 Nutrien EBITDA & FCF Sensitivity to Nutrient Price Increases US$ Billions Incremental EBITDA 2018E Sustaining Capex $10 $11B EBITDA 8 $6.5 $7.0B EBITDA Proceeds of ~5.0B expected from equity stake sales $4.0 $4.2B EBITDA ~$3 FCF/sh 4 ~$8.00 FCF/sh 4 ~$13.00 FCF/sh E 2018E + Full 8 yr Avg. Nutrient Replacement Cost Nutrient Prices Potential mid-cycle free cash flow per share provides tremendous near & longterm opportunity for shareholders 1 Assumes synergies of $600MM per year by end of Assumes 2018 sales volumes at Average of 7-Year ( ) prices for: US Cornbelt MOP ($437/mt), Tampa DAP ($482/mt.) and NOLA urea ($361/mt). 3 Replacement cost nutrient prices assumed are: US Cornbelt MOP ($600/mt), Tampa DAP ($540/mt) and NOLA Urea ($480/mt). 4 Free Cash Flow defined as: Cash flow from continuing operations before net changes in non-cash working capital less sustaining capital. Assumes 612M shares issued and outstanding. Source: Nutrien
20 Benefit from Equity Stake Sales and Expected Fourth-Quarter Seasonal Cash Inflow 20 NTR Net Debt 1 US$ Billions NTR Net Debt/Adjusted EBITDA Ratio Estimated range 2 Estimated range Q Q4 2018F 0 Q Q4 2018F 2 3 Expect significant decline in net debt with equity sales and seasonal cash flow; maintained strong investment grade rating Projected net debt to EBITDA ratio below 2 times following equity sales 1 Net debt is the total of short-term debt and long-term debt less cash and cash equivalents. This is a non-ifrs financial measure. 2 Adjusted EBITDA represents a twelve-month rolling period. This is a Non-IFRS measure and/or the historical combined results of PotashCorp and Agrium. See the Forward Looking Statement and Select Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. 3 Based on the mid-point of Nutrien s annual adjusted EBITDA guidance range as of November 5, Source: Nutrien
21 Significant Return of Cash to Shareholders in NTR Cash Returned to Shareholders US$ Billions Dividend Yield Percent 3.0 Dividends Paid Shares repurchased F 0.0 NTR 2 Peers 3 Returning $2.8B to shareholders in 2018; opportunity to grow returns through the cycle 1 This is a Non-IFRS measure and/or the historical combined results of PotashCorp and Agrium. See the Forward Looking Statement and Select Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. 2 Dividend yield based upon NTR share price at close of market January 11, 2019 and the declared $0.43/share quarterly dividend on an annual basis. 3 Peer average is based upon the simple average of the annualized dividend yields for MOS, CF, CVR, IPI, SQM, APOT, YAR, K+S, ICL and Sinofert at January 12, Source: Factset, Nutrien
22 Nutrien Providing Industry Leading Returns to Shareholders 22 Shareholder Returns/Market Capitalization 1 Percent 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% NTR CF MOS Returning $2.8B to shareholders in 2018; our ability to grow shareholder returns through the cycle is unmatched 1 Shareholder returns based on dividends paid and share repurchased YTD 2018 as of Sept 30 financial statements for NTR and peers. Market capitalization as of market close January 11, 2019 Source: Factset, Nutrien
23 Nutrien Provides Unique Investment Opportunity in the Agriculture Sector 23 Leading position in both retail/distribution (stable & growing earnings base) and crop nutrient production Clear line of sight on expected $600M in annual operating synergies; $401M run rate achieved as at September 30, 2018 Significant free cash flow expected to provide opportunity for meaningful shareholder returns: $2.8 billion returned in 2018 Unmatched upside to a recovery in crop nutrient markets - $25/mt improvement in nutrient prices expected to generate ~$650M in EBITDA Source: Nutrien
24 Appendix INVESTOR PRESENTATION
25 Nutrien Retail Provides Full Solutions Offering to the Grower 25 Bulk Fertilizer Distribution >3.5MMt of storage capacity globally Custom blending at many locations Unmatched product availability and timeliness >1,300 storage and distribution sites across North America Application Services We apply fertilizer & crop protection products on ~60% of our U.S. customer acreage 10th largest rolling stock in the U.S. Seed Solutions On-site seed treatment and bulk handling Access to a wide selection of brands & genetics without bias Complete Advice & Services ~3,300 agronomists and crop advisers Extensive collective expertise & training Financial Services and lending Crop Protection Products Bulk product handling and blending can be delivered within hours >10,000 products to protect >200 crops >99% of sales are branded products ~25% of sales are high-margin proprietary products Innovation and Technology Launched integrated digital platform in 2018 Access to leading edge new technology Backward integration with emerging technology companies Billions invested to ensure on time delivery & highest level of service, advice & technology solutions Source: Nutrien
26 Retail: A Leading Agricultural Solutions Provider 26 Broad Crop Diversity Revenue by Crop Percent Complete Ag Solutions Offering Gross Margin (2017) Billions Proprietary Products Gross Margin 1 (2017) Millions $2.9B 700 Veg, 5% All Other, 14% Corn, 24% Merchandise 4% Services/Other 16% Perm. Crops, 8% Seed 11% 400 Cotton, 7% Canola, 9% Wheat, 17% Crop Nutrients 29% Soybean, 16% 100 Crop Protection 40% Proprietary Seed Proprietary Nutrional Products Proprietary Crop Protection Products Crop inputs & services for over 50 different crops Providing everything growers need to maximize yields 3,300 crop advisors Consistent growth platform of higher margin products valued by growers 1 Excludes Dalgety animal health products. Source: Nutrien
27 Retail Network Optimization Tuck-ins, Targeted Builds & Closures 27 Tuck-in Acquisitions YTD Nov 18 # of Locations Acquired ~ Total Annual Sales 1 (U.S. millions) $210 $477 $128 $192 $190 $500+ ~$300 ~$360 >$2, Annual EBITDA (U.S. millions) (Year 1) Cumulative Global Store Closures & Consolidations $27 $49 $12 $32 $20 ~$35 ~$23 ~$30 >$ Major Hub Locations Across the U.S Cumulative Store Closures U.S. Canada Australia South America 1 Does not include revenue from equity positions in joint ventures. Source: Nutrien
28 Retail: Multiple Levers Driving EBITDA Growth 28 Retail EBITDA Growth Drivers Percent ( ) Retail EBITDA Growth by Region Percent ( ) Optimization, ~30% $75 Acquisitions, ~40% $75 $75 International, 47% North America, 53% Organic Growth, ~30% Retail Earnings Growth Drivers 1. Acquisitions/greenfield in existing markets & Brazilian growth potential (Agrichem) 2. Continued expansion of proprietary product lines & digital ag capabilities 3. Optimization/Cost reduction - optimize footprint and leverage procurement scale Source: Nutrien
29 Significant Room for Further U.S. Retail Consolidation 29 CHS, 3% Pinnacle, 4% Simplot Retail, 2% Wilbur-Ellis, 4% Growmark, 5% Co-ops, 30% Our share in other key regions is ~30% Helena, 7% Helena, 7% Nutrien, 19% Significant market share held by independent retailers in the U.S. Agrium, 17% Independents, 26% Over 19% market share with only 10% of the facilities Source: CropLife, Nutrien
30 Crop Nutrient Production: Large and Diverse Asset Base 30 Total Combined Sales Volumes 1 (2017) Million Tonnes 14.0 Geographic Combined Sales Volumes 1 (2017) Percent, 0, Potash North America 39% 10.0 Offshore 61% Nitrogen Offshore 17% Canada 19% US 64% Potash Nitrogen Phosphate & Sulfate Phosphate & Sulfate Offshore 17% Canada 34% US 50% Nutrien is the largest crop nutrient producer in the world, with 29 potash, nitrogen and phosphate facilities in North and South America. 1 This is a Non-IFRS measure and/or the historical combined results of PotashCorp and Agrium. See the Forward Looking Statement and Select Non-IFRS Financial Measures and Reconciliations and Supplemental Information in Nutrien s Q news release. Refers to manufactured product only. Source: Nutrien
31 Global Crop Nutrient Prices 31 Selected Fertilizer Prices Potash - CFR Brazil ($/mt) Urea New Orleans Barge FOB ($/mt) DAP - FOB Tampa ($/mt) 150 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar Drivers Potash Suppliers are well-committed into 2019 as demand continues to be strong in key markets and inventories in markets such as Brazil ended 2018 at low levels Nitrogen Prices declined in early 2019 due to seasonally slow demand, however strong US demand and limited new capacity is expected to be supportive in 2019 Phosphate Prices declined in late 2018 as raw material prices and seasonal demand declined, but liquid fertilizers and purified acid prices remain firm Source: Fertilizer Week, Nutrien
32 2018 Highlights Record Global Potash Demand Projected in Global Potash Shipments by Region Million Tonnes KCl Previous Record: 6.3mmt (2010) Previous Record: 10.1mmt (2017) Previous Record: 11.1mmt (1997) Previous Record: 12.2mmt (2017) Previous Record: 15.8mmt (2015) Previous Record: 13.7mmt (1997) F F F F F F India Other Asia North America Latin America China Other Mmt Expect modest demand growth in line with positive consumption trends despite reduced subsidy rates for 2018/19 FY Mmt Demand supported by record palm oil production and robust crop economics for a wide range of key crops Mmt Steady demand supported by strong affordability and significant removal of nutrients following consecutive large harvests Mmt Improved crop economics and acreage growth in nutrient deficient regions has supported strong potash demand Mmt Strong consumption trends supported by affordability and a shift to more potassium-intensive crops like fruits and vegetables Mmt Good affordability and growing demand for NPK fertilizers, including in Africa, are expected to boost potash demand Global demand is expected to reach a record million mt Source: CRU, Fertecon, IFA, Nutrien
33 Global Potash Producer Sales 33 Global Potash Producer Sales Changes Million Tonnes KCl Producer Sales North America FSU Asia South Europe Middle America East 2018E Producer Sales North American producers are expected to fill the void left by lower 2018 production in the rest of the world Source: CRU, Fertecon, Company Reports, Nutrien
34 4 Favorable Potash Market Fundamentals 34 Global Potash Consumption Million Tonnes KCl Global Potash Capacity 1 % Share (2017) Greenfield Capital Intensity Cost per Tonne 2 (US$) $3,000 $2, All Other Producers, 27% Nutrien, 23% $2,000 Range $2, Other Top 5 Producers, 50% $1,000 7 to 10 years construction & ramp up 10 0 Top 5 Producers, 73% $0 Highest growth rate of the primary crop nutrients Concentration of high-quality deposits Long development times and high capital costs 1 Based on nameplate capacity, which may exceed operational capability. 2 Estimates for a conventional 2-million-tonne mine in Saskatchewan. Source: AMEC, CRU, Fertecon, IFA, Nutrien
35 Potash: Historically Strong Margins and Volume Growth Throughout the Nutrient Cycle 35 Sales Volume 1 Gross Margin 2 Million Tonnes KCl Percent Combined Sales Volumes Gross Margin % of Net Sales ~ 5 Mmt of incremental production capability 3 90% 80% 10 70% 60% 8 50% 6 40% 4 30% 20% 2 10% 0 0% F 4 Nutrien potash margins supported by lower delivered cost position and favorable market characteristics 1 Based on combined historical sales for Agrium and PotashCorp for 1998 to Historical potash gross margin as a percentage of net sales based on legacy PotashCorp financial information. 3 Based on estimated annual achievable production in Saskatchewan; assuming fully staffed operations F represents guidance range of 12.5 to 13 million tonnes as of November 5, Source: Nutrien
36 Nitrogen: Nutrien Has Low Cost Nitrogen Assets With Regional Advantages 36 Nutrien Manufactured Nitrogen Profile Million Tonnes (2017) Urea Cash Cost & Price Comparison US$/Tonne 12.0 $ PNW Urea Price 10.0 $300 Other Cost Gas Cost Solutions & Nitrates Equity Investments Canada $ NOLA Urea Price Urea 2.5 US $ Ammonia 2.2 Trinidad $0 0.0 Product Sales Ammonia Capacity Nutrien s diverse nitrogen assets expected to generate exceptional margins in almost any market conditions * Western Canadian cash cost is shown as FOB. Source: CRU, Fertecon, Argus, Nutrien
37 37 U.S. Offshore Nitrogen Imports 37 US Offshore Nitrogen Imports Million Tonnes Product 14 Urea NH3 UAN s 1990s 2000s E The US remains a significant net importer of all three major nitrogen products Source: BJA, USDOC, TFI, Nutrien
38 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 European Natural Gas Costs Support Nitrogen Prices 38 Natural Gas Prices US$/MMBtu Henry Hub AECO European Hub High European natural gas prices support marginal nitrogen costs and prices; Relatively low NA natural gas costs and increased nitrogen prices support Nutrien margins Source: Fertecon, Nutrien
39 Tight Chinese Urea Supplies Reduce Exports 39 Chinese Urea Exports Million Tonnes % -47% China s Urea Capacity Closures (Million Tonnes) F -51% Chinese Port Urea Inventories (Million Tonnes) (January) E 2019F Chinese exports increased seasonally in late 2018, but inventories remain low Source: CRU, Fertecon, Profercy Nutrien
40 Expect Improvement in Global Phosphate Supply & Demand Over the Medium Term 40 Global Phosphate Operational Capability & Demand Million Tonnes P2O5 Global Utilization Rate 1 Percent 60 Demand Operational Capability 100% 50 95% 40 90% 30 85% 20 80% 10 75% 0 70% Low operating rates in China projected to balance the market in the short-term; demand growth projected to exceed capacity additions from 2020-forward 1 Based on estimated operational capability. Source: CRU, Nutrien
41 Thank you! For further information please visit Nutrien s website at: Follow Nutrien on: twitter.com/nutrienltd facebook.com/nutrienltd linkedin.com/company/nutrien INVESTOR PRESENTATION
Investor Presentation. Citi 2018 Basic Materials Conference November 2018
Investor Presentation Citi 2018 Basic Materials Conference November 2018 Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking
More informationInvestor Presentation. November 2018
Investor Presentation November 2018 Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements"
More informationInvestor Presentation. BMO Capital Markets 13 th Annual Farm to Market Conference May 2018
Investor Presentation BMO Capital Markets 13 th Annual Farm to Market Conference May 2018 Forward Looking Statements 2 Certain statements and other information included in this presentation constitute
More informationInvestor Presentation. February 2018
Investor Presentation February 2018 Legal Disclaimer 2 Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements" (collectively,
More informationNutrien Q Results Presentation. November 5, 2018
Nutrien Q3 2018 Results Presentation Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements"
More informationNutrien Q Results Presentation. May 7, 2018
Nutrien Q1 2018 Results Presentation Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements"
More informationNutrien Q4 Results Presentation. February 5, 2018
Nutrien Q4 Results Presentation Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements"
More informationNutrien s First-Quarter 2018 Impacted by Delayed Spring Season, Expect Strong Second-Quarter Results
NYSE, TSX: NTR May 7, 2018 News Release Nutrien s First-Quarter 2018 Impacted by Delayed Spring Season, Expect Strong Second-Quarter Results Nutrien Ltd. (Nutrien) announced today its 2018 first-quarter
More informationCIBC Whistler Investor Presentation
CIBC Whistler Investor Presentation January 2018 Chuck Magro, President & CEO Forward Looking Statements 2 Certain statements and other information included in this presentation constitute "forward-looking
More informationAgrium s Q Earnings Conference Call
Agrium s Q3 2015 Earnings Conference Call November 5, 2015 Advisory Forward-Looking Statements Certain statements and other information included in this presentation constitute "forward-looking information",
More information2016 Annual Integrated Report GRAPHS
Annual Integrated Report GRAPHS PotashCorp AIR Graphs Page WHY POTASHCORP? GLOBAL POPULATION (billions) FERTILIZER CONSUMPTION GROWTH RATE FORECAST (percentage annual long-term global growth rate) GLOBAL
More informationNutrien Provides 2018 Guidance and Announces Agrium and PotashCorp Fourth-Quarter Earnings
NYSE, TSX: NTR February 5, 2018 News Release Nutrien Provides 2018 Guidance and Announces Agrium and PotashCorp Fourth-Quarter Earnings Saskatoon, Saskatchewan, February 5, 2018 - Nutrien Ltd. (Nutrien)
More informationNutrien Reports Solid 3 rd Quarter Operating Results; Raises 2018 Guidance, Dividend and Synergy Target
NYSE, TSX: NTR November 5, 2018 News Release Nutrien Reports Solid 3 rd Quarter Operating Results; Raises 2018 Guidance, Dividend and Synergy Target (Nutrien) announced today its 2018 third-quarter results,
More informationNutrien s First-Quarter 2018 Impacted by Delayed Spring Season, Expect Strong Second-Quarter Results
NYSE, TSX: NTR May 7, 2018 News Release Nutrien s First-Quarter 2018 Impacted by Delayed Spring Season, Expect Strong Second-Quarter Results Nutrien Ltd. (Nutrien) announced today its 2018 first-quarter
More information2018 Second Quarter Report.
2018 Second Quarter Report www.nutrien.com Management s Discussion and Analysis of Financial Condition and Results of Operations (In US Dollars) The following management s discussion and analysis (MD&A)
More informationNEWS RELEASE FOR IMMEDIATE RELEASE
NEWS RELEASE FOR IMMEDIATE RELEASE Agrium Reports Robust 2 nd Quarter Results; Delivers Record Retail 1 st Half Earnings August 9, 2017 - ALL AMOUNTS ARE STATED IN U.S.$ CALGARY, Alberta -- Agrium Inc.
More informationAgrium Inc. Management s Discussion and Analysis. For the year ended. December 31, 2017
Agrium Inc. Management s Discussion and Analysis For the year ended December 31, 2017 February 20, 2018 Management s Discussion and Analysis Table of Contents Forward-looking Statements 1 2017 Key Priorities
More informationNEWS RELEASE FOR IMMEDIATE RELEASE
Agrium Reports Third Quarter Results NEWS RELEASE FOR IMMEDIATE RELEASE November 7, 2017 - ALL AMOUNTS ARE STATED IN U.S.$ CALGARY, Alberta -- Agrium Inc. (TSX and NYSE: AGU) announced today its 2017 third
More informationSUPPLEMENTAL INFORMATION (UNAUDITED) September 30, 2017
SUPPLEMENTAL INFORMATION (UNAUDITED) September 30, 2017 Supplemental Information Description 1 Shareholder Information 2 Cash Results by Business Unit 3 Retail Cash Results by Geography 4 Wholesale Cash
More information2012 Fourth Quarter Financial Results
2012 Fourth Quarter Financial Results February 20, 2013 NYSE: CF Safe Harbor Statement All statements in this communication, other than those relating to historical facts, are forward-looking statements.
More informationAgrium: Growing Across the Value Chain
Agrium: Growing Across the Value Chain November 2009 Important Information This presentation does not constitute an offer to exchange, or a solicitation of an offer to exchange, common stock of CF Industries
More informationYara International ASA Third Quarter results 2013
Yara International ASA Third Quarter results 213 18 October 213 IR-Date: 213-1-18 1 Summary third quarter Strong results despite weaker commodity fertilizer markets 17% increase in deliveries including
More informationThe Mosaic Company. April 9-10, 2015
The Mosaic Company April 9-10, 2015 1 Safe Harbor Statement Click to edit Master title style This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform
More informationPotash Outlook. TFI Fertilizer Outlook & Technology Conference. November 15, Josh Paula Market & Strategic Analysis The Mosaic Company
Potash Outlook TFI Fertilizer Outlook & Technology Conference November 15, 2017 Josh Paula Market & Strategic Analysis The Mosaic Company 1 Forward Looking Statements This document contains forward-looking
More informationYara International ASA First Quarter results 2013
Yara International ASA First Quarter results 213 22 April 213 1 Summary first quarter Strong results with stable margins Strong cash flow Fertilizer deliveries close to last year despite late spring Record
More informationThe Mosaic Company. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
The Mosaic Company Investor Presentation Third Calendar Quarter, 213 1 Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
More informationYara International ASA. 21 October 2011
Yara International ASA Third quarter results 211 21 October 211 1 Summary third quarter Strong results driven by improved margins Strong demand outside Europe, satisfactory sales in Europe Sluiskil urea
More informationFourth Quarter 2017 Update. February 27, 2018
Fourth Quarter 2017 Update February 27, 2018 1 Agenda Overview Dan Greenwell, President and Chief Executive Officer Operations Review John Diesch, Executive Vice President, Chemical Manufacturing Financial
More informationPotashCorp Reports Third-Quarter Earnings of $0.06 per Share
For Immediate Release October 26, 2017 Listed: TSX, NYSE Symbol: POT PotashCorp Reports Third-Quarter Earnings of $0.06 per Share Key Highlights Third-quarter earnings of $0.06 per share, 1 including $0.03
More informationStifel 2018 Cross Sector Insight Conference. June 12, 2018
N Stifel 2018 Cross Sector Insight Conference June 12, 2018 Forward-Looking Statements Certain statements in this presentation, including without limitation statements about the company; market growth
More informationPotashCorp Reports Second-Quarter Earnings of $0.24 per Share
For Immediate Release July 27, 2017 Listed: TSX, NYSE Symbol: POT PotashCorp Reports Second-Quarter Earnings of $0.24 per Share Key Highlights Second-quarter earnings of $0.24 per share, 1 including a
More informationPhosphate Outlook. TFI Outlook Conference Marriott Marriott Waterside Hotel and Marina Tampa, FL November 20, 2013
Phosphate Outlook TFI Outlook Conference Marriott Marriott Waterside Hotel and Marina Tampa, FL November 20, 2013 Dr. Michael R. Rahm Vice President, Market and Strategic Analysis The Mosaic Company Safe
More informationYara International ASA Annual General Meeting. 8 May 2018
Yara International ASA Annual General Meeting 8 May 218 Safe operations is our first priority 5 TRI (Total recordable injuries 12-month rolling) 1 Jan'16 Mar May Jul Sep Nov Jan '17 Mar May July Sep Nov
More informationPotashCorp Reports 2015 Third-Quarter Earnings of $0.34 per Share
For Immediate Release October 29, 2015 Listed: TSX, NYSE Symbol: POT PotashCorp Reports 2015 Third-Quarter Earnings of $0.34 per Share Key Highlights Third-quarter earnings of $0.34 per share 1, including
More informationYara International ASA. Torgeir Kvidal, Head of Supply & Trade BofA-Merrill Lynch conference London, 7 December 2011
Yara International ASA Torgeir Kvidal, Head of Supply & Trade BofA-Merrill Lynch conference London, 7 December 211 A business strategy geared for global optimization Downstream Upstream Industrial Supply
More informationThe Fertilizer Market - A View from Wall Street Fertilizer Outlook & Technology Conference
EQUITY I RESEARCH The Fertilizer Market - A View from Wall Street Fertilizer Outlook & Technology Conference RBC Dominion Securities Inc. Fai Lee, CGA, CFA (Analyst) (604) 257-7662 fai.lee@rbccm.com November
More informationYara International ASA 2017 fourth quarter results. 8 February 2018
Yara International ASA 217 fourth quarter results 8 February 218 Safe operations is our first priority 4.5 4. TRI (Total recordable injuries 12-month rolling) 1 3.5 3. 2.5 2. 1.5 Jan Feb Mar Apr May Jun
More informationFourth Quarter 2014 Earnings Conference Call. 26 November 2014
Fourth Quarter 2014 Earnings Conference Call 26 November 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning
More informationLeading Company Controlled Growth + Conservative Valuation = Strong Upside
RBC Capital Markets, LLC Chris Nocella (Analyst) (212) 905-5949; chris.nocella@rbccm.com Ritapa Ray (Associate) (212) 266-4099; ritapa.ray@rbccm.com RBC Dominion Securities Inc. Andrew D. Wong (Associate)
More informationPerformance Highlights
2016 Annual Report Performance Highlights Agrium maintains a focus on continual improvement in our performance across financial, operational, safety and sustainability measures. Metric (millions of U.S.
More information9M 2016 IFRS Results
9M 216 IFRS Results 1. Market context Market context The average price of DAP (FOB Tampa) in 3Q 216 was USD 339 per tonne, representing a 27% decrease year-on-year. For 9M 216 the average DAP price (FOB
More informationThe Mosaic Company. Earnings Conference Call First Quarter 2017
The Mosaic Company Earnings Conference Call First Quarter 2017 Presenters: Date: Joc O Rourke, President and Chief Executive Officer Rich Mack, Executive Vice President and Chief Financial Officer Laura
More informationMarket Context. Corn to DAP prices ratio Global fertiliser demand HIGH DAP PRICES Calendar Year vs
PhosAgro 2011 IFRS Results 1 1. Market Context Market Context Fundamentals driving i the fertiliser market remain strong Corn and soybean prices at end-2011 63% and 22% higher than 2006-2010 average USDA
More informationAgrium Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (AGU-NYSE)
February 26, 2015 Agrium Inc. (AGU-NYSE) NEUTRAL Current Recommendation Prior Recommendation Underperform Date of Last Change 11/13/2013 Current Price (02/25/15) $115.87 Target Price $122.00 SUMMARY We
More informationUralkali: A Leader in the Global Potash Market
Uralkali: A Leader in the Global Potash Market DRAFT No.1 1Н 213 Analyst IFRS Presentation Results and 2 August 27 Moscow Strategic Update Webcast & Conference Call 1 September 213 1 1. 1H 213 IFRS Results
More informationAgrium: Growing Across the Value Chain
Agrium: Growing Across the Value Chain September 2009 Important Information This presentation does not constitute an offer to exchange, or a solicitation of an offer to exchange, common stock of CF Industries
More informationPotashCorp Announces Preliminary Full-Year 2016 Earnings
For Immediate Release January 26, 2017 Listed: TSX, NYSE Symbol: POT PotashCorp Announces Preliminary Full-Year 2016 Earnings Key Highlights Fourth-quarter earnings of $0.07 per share 1 ; full-year total
More informationAgrium Inc. Consolidated Financial Statements. For the year ended. December 31, 2017
Agrium Inc. Consolidated Financial Statements For the year ended December 31, 2017 February 20, 2018 Financial Statements Table of Contents Financial Reporting Responsibilities 41 Management s Report on
More informationNovember 7, Q 2017 Earnings Presentation
November 7, 2017 3Q 2017 Earnings Presentation Forward Looking Statements 2 This presentation contains certain statements that may be deemed forward-looking statements within the meaning of Section 21E
More informationPotashCorp Reports Third-Quarter Earnings of $0.10 per Share
For Immediate Release October 27, 2016 Listed: TSX, NYSE Symbol: POT Key Highlights PotashCorp Reports Third-Quarter Earnings of $0.10 per Share Third-quarter earnings of $0.10 per share 1 Record third-quarter
More informationTHE MOSAIC COMPANY REPORTS FIRST QUARTER 2015 EARNINGS RESULTS
The Mosaic Company 3033 Campus Drive, Suite E490 Plymouth, MN 55441 www.mosaicco.com Media Ben Pratt The Mosaic Company 763-577-6102 benjamin.pratt@mosaicco.com Investors Laura Gagnon The Mosaic Company
More informationFINANCIAL OVERVIEW AL MISTYSYN SENIOR VICE PRESIDENT, FINANCE & CHIEF FINANCIAL OFFICER FINANCIAL COMMUNITY PRESENTATION OCTOBER 3, 2017
FINANCIAL OVERVIEW AL MISTYSYN SENIOR VICE PRESIDENT, FINANCE & CHIEF FINANCIAL OFFICER FINANCIAL COMMUNITY PRESENTATION OCTOBER 3, 2017 Forward Looking Statement The presentations today will contain certain
More informationINPUT CAPITAL CORP. ANNOUNCES RECORD CANOLA SALES IN FY2018 Q1 RESULTS
NEWS RELEASE For Immediate Release INPUT CAPITAL CORP. ANNOUNCES RECORD CANOLA SALES IN FY2018 Q1 RESULTS Regina, Saskatchewan, February 14, 2018 Input Capital Corp. ( Input or the Company ) (TSX Venture:
More informationQ4 and FY2018 Results Raviv Zoller, President & CEO
Q4 and FY2018 Results Raviv Zoller, President & CEO Important Legal Notes Disclaimer and Safe Harbor for Forward-Looking Statements The information contained herein in this presentation or delivered or
More informationNutrien Ltd. Consolidated Financial Statements. For the period from the date of incorporation (June 2, 2017) to December 31, 2017
Consolidated Financial Statements For the period from the date of incorporation (June 2, 2017) to December 31, 2017 Independent Auditors Report To the Shareholders and the Board of Directors of Nutrien
More informationUrea makes new push higher Supply problems crop up just as demand for fertilizer rises By Bryce Knorr, grain market analyst
Urea makes new push higher Supply problems crop up just as demand for fertilizer rises By Bryce Knorr, grain market analyst What passes for calm in the fertilizer market never seems to last long. Just
More informationFertilizer Overview DREW BURKE, CFO, BUNGE LIMITED BUNGE INVESTOR DAY
Fertilizer Overview DREW BURKE, CFO, BUNGE LIMITED 1 2012 BUNGE INVESTOR DAY Forward-Looking Statements Today s presentation includes forward-looking statements that reflect Bunge s current views with
More informationFall fertilizer costs pinch budgets Three-year high in urea leads market gains By Bryce Knorr, grain market analyst
Fall fertilizer costs pinch budgets Three-year high in urea leads market gains By Bryce Knorr, grain market analyst Fertilizer costs start September at their highest levels in a couple years, putting further
More information2016 Annual Integrated Report MAKING PLENTIFUL POSSIBLE
2016 Annual Integrated Report MAKING PLENTIFUL POSSIBLE Contents CEO Letter 4 Management s Discussion & Analysis Our Company Who We Are and What We Do 10 Key Stakeholders and What Matters Most 12 How We
More informationDemand, supply, prices and geography
Deutsche Bank Markets Research Asia China Energy Industry Date 6 August 2014 Industry Update Demand, supply, prices and geography Getting our head around China's market for fertilizers We source this data
More informationSustaining the future. WE RE ABOUT GROWTH. BMO Farm to Market Conference, New York May 2018
WE RE ABOUT GROWTH BMO Farm to Market Conference, New York May 2018 0 IMPORTANT NOTICES This document is produced for information only and not in connection with any specific or proposed offer (the Offer
More informationYara International ASA Fourth quarter results 2014
1 Yara International ASA Fourth quarter results 2014 11 February 2015 2 Summary fourth quarter Strong result driven by higher margins Margins benefit from lower European gas prices and stronger US dollar
More informationFirst Quarter Strategic Update & Financial Results MAY 10, 2018
First Quarter 2018 Strategic Update & Financial Results MAY 10, 2018 Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationANALYSTS BRIEFING YEAR Syed Aamir Ahsan - CFO FFBL (02 Feb 2012)
ANALYSTS BRIEFING YEAR 2011 Syed Aamir Ahsan - CFO FFBL (02 Feb 2012) SEQUENCE Global Trends Industry and FFBL Performance in 2011 Gas Curtailment PMP Operations Wind-Power Projects Update Outlook (Global
More information(MOS-NYSE) Risk Level *
March 09, 2015 The Mosaic Company Current Recommendation Prior Recommendation Neutral Date of Last Change 03/09/2015 Current Price (03/06/15) $49.03 Target Price $59.00 OUTPERFORM (MOS-NYSE) SUMMARY We
More information1.2 & 880, ,000 28% UAN
Steve Biggar, Canada Regional Manager, The Mosaic Company, - Graham Avenue, Winnipeg RC J The Mosaic Company Manitoba Agronomists Conference Winnipeg, Manitoba December th, Fertilizer Market Trends by
More informationCF Industries Offer for Terra Industries. March 2, 2010
CF Industries Offer for Terra Industries March 2, 2010 1 Forward-Looking Statements Certain statements contained in this presentation may constitute forward-looking statements. All statements in this presentation,
More informationINPUT CAPITAL CORP. ANNOUNCES FY2017 Q3 RESULTS AND REPORTS RAPID MARKET ACCEPTANCE OF MARKETING STREAMS
NEWS RELEASE For Immediate Release INPUT CAPITAL CORP. ANNOUNCES FY2017 Q3 RESULTS AND REPORTS RAPID MARKET ACCEPTANCE OF MARKETING STREAMS Regina, Saskatchewan, August 15, 2017 Input Capital Corp. ( Input
More informationPotash Corporation of Saskatchewan Inc. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 January 26, 2017 (Date of earliest
More informationYara International ASA 2017 third quarter results. 19 October 2017
Yara International ASA 217 third quarter results 19 October 217 Safe operations is our first priority 4.5 4. TRI (Total recordable injuries 12-month rolling) 1 3.5 3. 2.5 2. 1.5 Jan '16 Feb Mar Apr May
More informationThis is an English convenience translation of the original Hebrew version. In case of any discrepancy, the binding version is the Hebrew original
This is an English convenience translation of the original Hebrew version. In case of any discrepancy, the binding version is the Hebrew original Israel Corporation Ltd. Registrar Number: 520028010 Form
More informationFourth Quarter 2008 Earnings Conference Call 26 November th Quarter 2008 Earnings Conference Call
Fourth Quarter 2008 Earnings Conference Call 26 November 2008 1 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning
More informationBank of America Merrill Lynch 2017 Global Agriculture & Chemicals Conference. March 2 nd, 2017 Ft. Lauderdale, Florida
Bank of America Merrill Lynch 2017 Global Agriculture & Chemicals Conference March 2 nd, 2017 Ft. Lauderdale, Florida Safe Harbor This Presentation (references to which and to any information contained
More informationAGRIUM INC. ANNUAL INFORMATION FORM Year Ended December 31, February 20, 2018
AGRIUM INC. ANNUAL INFORMATION FORM Year Ended December 31, 2017 February 20, 2018 TABLE OF CONTENTS Following is a table of contents of the Annual Information Form (AIF) referencing the applicable requirements
More informationPOTASH CORP OF SASKATCHEWAN INC
POTASH CORP OF SASKATCHEWAN INC FORM 8-K (Current report filing) Filed 01/25/07 for the Period Ending 01/25/07 Telephone 3069338500 CIK 0000855931 Symbol POT SIC Code 2870 - Agricultural Chemicals Industry
More informationFIRST QUARTER Financial Results January 5, 2017
FIRST QUARTER 2017 Financial Results January 5, 2017 Forward Looking Statements Trademarks Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. All
More informationWeather targets fertilizer market too Heavy rains stall shipments, delay fall applications By Bryce Knorr, grain market analyst
Weather targets fertilizer market too Heavy rains stall shipments, delay fall applications By Bryce Knorr, grain market analyst The Midwest is finally starting to dry out from heavy rains in the first
More informationFertilizer Markets Highlights, 18 / September /2011
Haifa Chemicals Ltd., Info & Knowhow Center Fertilizer Markets Highlights, 18 / September /2011 Collected and edited by Yoav Ronen & Gad Shahar Commodity Price (US$ / ) Price vs. 2 weeks ago Urea FOB prilled
More informationMosaic Analyst Day March 31, 2015
Mosaic Analyst Day March 31, 2015 Safe Harbor This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but
More information2Q08 Results. Dalton Carlos Heringer CEO and Member of the Board of Directors Jaime Rebelo CFO and IRO. August 14, 2008
2Q08 Results Dalton Carlos Heringer CEO and Member of the Board of Directors Jaime Rebelo CFO and IRO August 14, 2008 Disclaimer and IFRS This presentation may include forward-looking statements about
More information2017 ANNUAL REPORT Financial Highlights 10 NET SALES AND OPERATING EARNINGS DOLLARS IN BILLIONS 9.0* 9.0 8.9 1.5 CAPITAL EXPENDITURES DOLLARS IN BILLIONS 1.4* 8 6 7.1 7.4 1.0 0.93 1.0 0.84 0.82 4.5 2 0
More informationQ Results. Mr. Stefan Borgas President & CEO. August 12, 2015
Q2 2015 Results Mr. Stefan Borgas President & CEO August 12, 2015 Important Legal Notes The information delivered or to be delivered to you does not constitute an offer or a recommendation to do any transaction
More informationManagement s Discussion & Analysis of Financial Conditions and Results of Operations (in US dollars)
2017 Annual Report Contents Management s Discussion & Analysis Financial & Operational Highlights 1 Business & Operating Environment 2 Strategic Performance 6 Nutrient Performance Industry 10 Potash 11
More informationFertilizer market starts to crack India nabs lower prices in latest urea tender By Bryce Knorr, grain market analyst
Fertilizer market starts to crack India nabs lower prices in latest urea tender By Bryce Knorr, grain market analyst When India talks in the fertilizer market, the world listens. The large importer of
More informationCUSTOMARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
SQM 3Q2018 RESULTS CUSTOMARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Statements in this presentation concerning the Company s business outlook, future economic performance, anticipated profitability,
More informationFourth Quarter 2016 Earnings Conference Call. 23 November 2016
Fourth Quarter 2016 Earnings Conference Call 23 November 2016 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning
More informationSecond Quarter 2011 Earnings Conference Call. 18 May 2011
Second Quarter 2011 Earnings Conference Call 18 May 2011 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationCitigroup 14 th Annual High Yield / Leveraged Finance Conference
FMC Corporation Citigroup 14 th Annual High Yield / Leveraged Finance Conference March 7, 2005 Thomas C. Deas, Jr. Vice President & Treasurer Disclaimer Safe Harbor Statement under the Private Securities
More informationSecond Quarter 2016 Earnings Conference Call. 20 May 2016
Second Quarter 2016 Earnings Conference Call 20 May 2016 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationIt s time to book 2018 fertilizer Focus on nitrogen first, using right tool for each market By Bryce Knorr, grain market analyst
It s time to book 2018 fertilizer Focus on nitrogen first, using right tool for each market By Bryce Knorr, grain market analyst A slump in nitrogen costs this summer gives growers a chance to lock in
More informationWinter fertilizer bargains could be rare Global market shows signs of stability By Bryce Knorr, grain market analyst
Winter fertilizer bargains could be rare Global market shows signs of stability By Bryce Knorr, grain market analyst While fertilizer costs continued to edge mostly higher this week, the strong summer
More information4Q 06. Yara International. Earnings per share
4Q 2006 quarterly report FOURTH quarter And Preliminary results 2006 Yara International Strong financial results Increased sales in Latin America and Asia, delayed season in Europe and North America Strong
More informationSQM at a Glance. Contribution to Revenue vs. Gross Profit 6M2018 (2) 57% 36% 20% 14% 30% 13% 12% 4% F E R T I L I Z E R S
SQM 2Q208 RESULTS Important Notice SQM Statements in this presentation concerning the Company s business outlook or future economic performances, anticipated profitability, revenues, expenses, or other
More informationAccelerating Profitable Growth. Uni-Select TSX: UNS Q Conference Call February 9, 2017
Accelerating Profitable Growth Uni-Select TSX: UNS Q4 2016 Conference Call February 9, 2017 Preliminary Comments Forward-looking information: The information provided in this presentation contains some
More informationSecond-Quarter Earnings Review
Second-Quarter 2018 Earnings Review GLOBAL OVERVIEW Marc Bitzer President and Chief Executive Officer 2 2018 SECOND-QUARTER HIGHLIGHTS Ongoing EBIT margin expansion despite challenging cost environment
More informationSaudi Arabian Mining Company (Ma aden)
Saudi Arabian Mining Company (Ma aden) Earnings Conference Call Q2 2017 August 1, 2017 Earnings Call Presentation Q2, 2017 1 Walid Al-Hakim Head Investor Relations Earnings Call Presentation Q2, 2017 2
More informationPayments to Governments
Payments to Governments 2017 www.nutrien.com s nments Places where we make Payments to Governments On January 1, 2018, after receiving all required regulatory approvals, Potash Corporation of Saskatchewan
More informationYara International ASA 3Q17 results roadshow. Svein Tore Holsether, CEO Thor Giæver, SVP Investor Relations
Yara International ASA 3Q17 results roadshow Svein Tore Holsether, CEO Thor Giæver, SVP Investor Relations Safe operations is our first priority 4.5 4. TRI (Total recordable injuries 12-month rolling)
More informationUnsettled fertilizer markets firm Phosphates and potash make noise in wake of nitrogen rally By Bryce Knorr, grain market analyst
Unsettled fertilizer markets firm Phosphates and potash make noise in wake of nitrogen rally By Bryce Knorr, grain market analyst I ve been pushing growers to lock in fertilizer costs if they can find
More information2016 THIRD-QUARTER EARNINGS REVIEW October 25, 2016
2016 THIRD-QUARTER EARNINGS REVIEW October 25, 2016 0 THIRD-QUARTER EARNINGS PRESENTATION WHIRLPOOL CORPORATION ADDITIONAL INFORMATION This presentation contains forward-looking statements about Whirlpool
More information