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Introduction Key Factors Affecting Results Of MANAGEMENT’s DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Mosaic Company INTRODUCTION KEY FACTORS AffECTING RESULTS OF The Mosaic Company (“Mosaic”, and individually or in any OPERATIONS AND FINANCIAL CONDITION combination with its consolidated subsidiaries, “we”, “us”, Our primary products, phosphate and potash fertilizers are, “our”, or the “Company”) was created to serve as the par- to a large extent, global commodities that are also available ent company of the business that was formed through the from a number of domestic and international competitors, business combination (“Combination”) of IMC Global Inc. and are sold by negotiated contracts or by reference to (“IMC” or “Mosaic Global Holdings”) and the Cargill published market prices. The most important competitive Crop Nutrition fertilizer businesses (“CCN”) of Cargill, factor for our products is delivered price. As a result, the Incorporated and its subsidiaries (collectively, “Cargill”) markets for our products are highly competitive. Business on October 22, 2004. and economic conditions and governmental policies affecting We are one of the world’s leading producers and the agricultural industry are the most significant factors affect- marketers of concentrated phosphate and potash crop ing worldwide demand for crop nutrients. The profitability nutrients. We conduct our business through wholly and of our businesses is heavily influenced by worldwide supply majority owned subsidiaries as well as businesses in which and demand for our products, which affects our sales prices we own less than a majority or a non-controlling interest, and volumes. Our costs per tonne to produce our products including consolidated variable interest entities and invest- are also heavily influenced by worldwide supply and demand ments accounted for by the equity method. We are organized because of the significant fixed costs associated with owning in three business segments. and operating our major facilities. Our Phosphates business segment owns and operates The strong agricultural fundamentals and increased mines and production facilities in Florida which produce demand and resulting increases in the market prices for our phosphate fertilizer and phosphate-based animal feed ingre- primary products that began in the latter part of fiscal 2007 dients, and processing plants in Louisiana which produce has continued throughout fiscal 2008 and into fiscal 2009. phosphate fertilizer. Our Phosphates segment’s results include The increased global demand is being driven by increasing North American distribution activities. Our consolidated world population, household incomes, and demand for more results also include Phosphate Chemicals Export Association, protein rich food, particularly in developing regions such as Inc. (“PhosChem”), a U.S. Webb-Pomerene Act association China, India, and Latin America, and also by the growth in of phosphate producers which exports phosphate fertilizer the biofuels industry, such as the U.S. ethanol market. products around the world for us and PhosChem’s other To better serve our customers and help respond to the member. Our share of PhosChem’s sales volumes of dry tight market conditions for our products caused by the ris- phosphate fertilizer products is approximately 85%. ing global demand for food and fuel, we have completed Our Potash business segment owns and operates potash several capacity expansion initiatives and have announced mines and production facilities in Canada and the U.S. which a number of additional initiatives to expand our production produce potash-based fertilizer, animal feed ingredients and capacities, primarily in our Potash business and also in our industrial products. Potash sales include domestic and Phosphates business. We plan to expand the production international sales. We are a member of Canpotex, Limited capacity of our existing potash mines by more than five (“Canpotex”), an export association of Canadian potash million tonnes over the next twelve years. Some of the annual producers through which we sell our Canadian potash expansions are already underway while others are in the internationally. Our share of Canpotex’s sales, by volume, planning and approval stages. In our Phosphates business, of potash fertilizer was 37.5% in fiscal 2008. in fiscal 2009, we plan to restart one of two indefinitely Our Offshore business segment consists of sales offices, closed phosphoric acid production lines at our South Pierce, fertilizer blending and bagging facilities, port terminals and Florida phosphates facility, and engage in other debottle- warehouses in several key international countries, including necking activities to increase our production capacities. Brazil. In addition, we own or have strategic investments in production facilities in Brazil and a number of other countries. Our Offshore segment serves as a market for our Phosphates and Potash segments but also purchases and markets prod- ucts from other suppliers worldwide. 2008 ANNUAL REPORT 31 MANAGEMENT’s DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Mosaic Company World prices for the key inputs for concentrated phosphate Our Offshore business primarily sells products produced products, including ammonia, sulfur and phosphate rock, by our Phosphates and Potash businesses as well as by other have an effect on industry-wide phosphate prices and costs. suppliers. As a result, its profitability does not typically The primary feedstock for producing ammonia is natural change significantly as product prices change except to the gas, and costs for ammonia are generally highly dependent extent that it sells from inventory positions taken in earlier on natural gas prices. Sulfur is a world commodity that is periods. During the current period of rising selling prices, our primarily produced as a byproduct of oil refining, where the Offshore business has benefited significantly from effective cost is based on supply and demand of the commodity. We inventory positioning. produce substantially all of our requirements for phosphate Our results of operations are also affected by changes in rock. During fiscal 2008, market prices for ammonia and currency exchange rates due to our international footprint. sulfur, as well as for phosphate rock purchased in the world The most significant currency impacts are generally from the market by non-integrated producers of finished phosphate Canadian dollar and the Brazilian Real: fertilizers, rose dramatically. We believe that the resulting • The functional currency for several of our Canadian upward pressure on the market price for finished phosphate entities is the Canadian dollar. A stronger Canadian dollar fertilizer more than offset our Phosphates business’ increased generally reduces these entities’ operating earnings. A weaker costs for raw materials in fiscal 2008 in part because of our Canadian dollar has the opposite effect. We generally hedge competitive advantages as an integrated producer of both a portion of the anticipated currency risk exposure. Gains finished phosphate fertilizers and phosphate rock, and from or losses on these hedge contracts, both for open contracts our investments in infrastructure for sourcing sulfur. at quarter end (unrealized) and settled contracts (realized), Much of our production is sold based on the market are recorded in cost of goods sold. prices prevailing at the time of sale. We sell a portion on the basis of forward sales. The forward sales can either be on a • The functional currency for our Brazilian affiliate is the fixed priced basis or can be priced at the time of shipment Brazilian Real. We typically finance Brazilian inventory on a ‘formula’ basis. In some cases, customers prepay us purchases with U.S. dollar denominated liabilities. A weaker for forward sales. The mix and parameters of these sales U.S. dollar has the impact of reducing these liabilities on a programs vary over time based on our marketing strategy, functional currency basis. When this occurs, an associated which considers factors that include among others optimiz- foreign currency gain is recorded in non-operating income ing our production and operating efficiency with warehouse (foreign currency transaction (gain)/loss). A stronger U.S. limitations and customer needs. In a period of rising prices, dollar has the opposite effect. We generally hedge a por- forward sales programs at fixed prices create a lag between tion of this currency exposure. Associated gains or losses prevailing market prices and our average realized selling on these foreign currency contracts are also recorded in prices. Prepaid forward sales can also increase our liquidity non-operating income. and accelerate cash flows. A discussion of these and other factors that affected our Our Potash business is significantly affected by the results of operations and financial condition for the periods capital and operating costs we incur to manage brine inflows covered by this Management’s Discussion and Analysis of at our potash mine at Esterhazy, Saskatchewan, by natural Financial Condition and Results of Operations is set forth gas costs for operating our potash solution mine at Belle in further detail below. This Management’s Discussion and Plaine, Saskatchewan, by Canadian resource taxes and roy- Analysis of Financial Condition and Results of Operations alties that we pay the Province of Saskatchewan to mine our should also be read in conjunction with the narrative descrip- potash reserves, and
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