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Compass Minerals International, Inc

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Compass Minerals International, Inc COMPANY OVERVIEW Compass Minerals is an integrated producer of three vital minerals – salt, sulfate of potash, and magnesium chloride. Our strength is built on essential products, advantaged assets, sustainable operations, and a strategic focus on profitable growth opportunities. Taken together, our strengths give us the resilience to deliver solid returns to shareholders through varying economic environments and climatic conditions. OUR VISION | TO BE A PROFITABLY GROWING MINERALS COMPANY SAFELY LEADING OUR ATTRACTIVE MARKETS AND ENHANCING LIVES. SALT SULFATE OF POTASH MAGNESIUM CHLORIDE Salt meets vital needs for millions. With thousands Sulfate of potash (SOP) is well positioned to We sell magnesium chloride in all of our business of end uses, it plays an important role in people’s benefit from the forecasted increase in global units. It is the gold standard for highway and lives throughout the entire year. food demand. By helping to consumer deicing. Magnesium We are a leading supplier improve quality and yield in chloride offers superior of highway deicing salt in many high-value crops, it has stabilization and dust the United States, Canada become an important input control for unpaved roads, and the United Kingdom. Our for growers. We sell our SOP sensitive environments consumer and industrial products include packaged to specialty crop growers throughout the United and recreation areas. It also is a specialty deicing, water care, animal nutrition and culinary States and to export markets, including Latin fertilizer for specific crops. We sell it throughout salt, sold throughout the United States and Canada. America, Japan, Australia, and New Zealand. the United States and Canada. www.compassminerals.com 1 Audit Committee member 2 Compensation Committee member 3 Environmental, Health & Safety Committee member 4 Nominating/Corporate Governance Committee member 5 Audit Committee financial expert 6 Lead Independent Director FINANCIAL * Committee chair BOARD OF DIRECTORS (pictured from left to right) David J. D’Antoni (3,4*) Bradley J. Bell (2*,4) Angelo C. Brisimitzakis (3) Eric Ford (2,3) COMPASS MINERALS 2011 ANNUAL REPORT Retired Senior Vice President and Group Retired Executive Vice President and President and Chief Executive Officer Executive Vice President and Chief Operating www.nasalt.com www.gslminerals.com www.siftocanada.com www.saltunion.com STRENGTH Operating Officer, Ashland, Inc. Chief Financial Officer, Nalco Holding Company Compass Minerals Officer, Peabody Energy Corp. Paul S. Williams (1,2) Richard S. Grant (1,4,6) Perry W. Premdas (1*,2,5) Allan R. Rothwell (1,3*,4,5) Compass Minerals Partner and Managing Director Retired Chief Executive Officer Retired Chief Financial Officer Retired Executive Vice President 9900 West 109th Street, Suite 100 Major, Lindsey & Africa, LLC BOC Process Gas Solutions Celanese AG Eastman Chemical Company Overland Park, KS 66210 www.bigquill.com www.deepstore.co.uk www.compassminerals.com/pristiva 913-344-9200 COMPANY OVERVIEW Compass Minerals is an integrated producer of three vital minerals – salt, sulfate of potash, and magnesium chloride. Our strength is built on essential products, advantaged assets, sustainable operations, and a strategic focus on profitable growth opportunities. Taken together, our strengths give us the resilience to deliver solid returns to shareholders through varying economic environments and climatic conditions. OUR VISION | TO BE A PROFITABLY GROWING MINERALS COMPANY SAFELY LEADING OUR ATTRACTIVE MARKETS AND ENHANCING LIVES. SALT SULFATE OF POTASH MAGNESIUM CHLORIDE Salt meets vital needs for millions. With thousands Sulfate of potash (SOP) is well positioned to We sell magnesium chloride in all of our business of end uses, it plays an important role in people’s benefit from the forecasted increase in global units. It is the gold standard for highway and lives throughout the entire year. food demand. By helping to consumer deicing. Magnesium We are a leading supplier improve quality and yield in chloride offers superior of highway deicing salt in many high-value crops, it has stabilization and dust the United States, Canada become an important input control for unpaved roads, and the United Kingdom. Our for growers. We sell our SOP sensitive environments consumer and industrial products include packaged to specialty crop growers throughout the United and recreation areas. It also is a specialty deicing, water care, animal nutrition and culinary States and to export markets, including Latin fertilizer for specific crops. We sell it throughout salt, sold throughout the United States and Canada. America, Japan, Australia, and New Zealand. the United States and Canada. www.compassminerals.com 1 Audit Committee member 2 Compensation Committee member 3 Environmental, Health & Safety Committee member 4 Nominating/Corporate Governance Committee member 5 Audit Committee financial expert 6 Lead Independent Director FINANCIAL * Committee chair BOARD OF DIRECTORS (pictured from left to right) David J. D’Antoni (3,4*) Bradley J. Bell (2*,4) Angelo C. Brisimitzakis (3) Eric Ford (2,3) COMPASS MINERALS 2011 ANNUAL REPORT Retired Senior Vice President and Group Retired Executive Vice President and President and Chief Executive Officer Executive Vice President and Chief Operating www.nasalt.com www.gslminerals.com www.siftocanada.com www.saltunion.com STRENGTH Operating Officer, Ashland, Inc. Chief Financial Officer, Nalco Holding Company Compass Minerals Officer, Peabody Energy Corp. Paul S. Williams (1,2) Richard S. Grant (1,4,6) Perry W. Premdas (1*,2,5) Allan R. Rothwell (1,3*,4,5) Compass Minerals Partner and Managing Director Retired Chief Executive Officer Retired Chief Financial Officer Retired Executive Vice President 9900 West 109th Street, Suite 100 Major, Lindsey & Africa, LLC BOC Process Gas Solutions Celanese AG Eastman Chemical Company Overland Park, KS 66210 www.bigquill.com www.deepstore.co.uk www.compassminerals.com/pristiva 913-344-9200 FELLOW SHAREHOLDERS, CUMULATIVE TOTAL STOCK RETURN In 2011, Compass Minerals achieved solid earnings along Our resilience flows from our attractive end markets, Assumes $100 invested on December 31, $500 FINANCIAL HIGHLIGHTS with the second-best revenues and cash flows from into which we sell essential products that have no cost- 2006, with dividends reinvested. operations in our history. Our achievements demonstrated effective substitutes, and from the hard work and ingenuity $400 2010-2011 Compass Minerals uses a market OPERATING RESULTS (dollars in millions, except per share amounts) 2009 2010 2011 % change strength and resilience in the face of both ordinary and of our employees. The ability of our employees to rise capitalization index because the Sales $963.1 $1,068.9 $1,105.7 3% extraordinary weather challenges while positioning us for to challenges was dramatically demonstrated when we company does not believe it has a $300 reasonable line-of-business peer group. Gross profit 354.1 314.9 309.8 -2% improving performance going forward. were able to resume operations at Goderich just over two weeks after the devastating tornado there, and that $200 Operating earnings 270.2 226.5 215.3 -5% 2011 FINANCIAL RESULTS Compass Minerals believes the ability is evident every day throughout our company, from Russell 3000 is a better benchmark Operating margin 28% 21% 19% -2 points Net earnings for 2011 were $149.0 million, or $4.45 finding ways to meet our commitments to our customers because the company is smaller than Net earnings 163.9 150.6 149.0 -1% per diluted share. Revenues increased 3 percent to $100 despite production shortfalls to the creativity of the most Russell 1000 companies and larger Net earnings, excluding special items* 166.9 146.3 160.4 10% $1.11 billion and cash flow from operations increased than most Russell 2000 companies. yield-enhancing, environmentally favorable pond sealing Diluted earnings per share 4.92 4.51 4.45 -1% 5 percent to $252.3 million. 0 technology at the Great Salt Lake. 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 Diluted earnings per share, excluding special items* 5.01 4.38 4.79 9% These results were particularly impressive given the A STRONGER COMPANY Compass Minerals $100.00 $134.79 $196.94 $231.37 $313.76 $247.19 devastating tornado in Goderich, Ontario, and a very poor I believe the gains we are making in underlying operating Former Index: Russell 1000 Index $100.00 $105.78 $66.01 $84.77 $98.42 $99.91 OTHER SELECTED ITEMS solar evaporation season at the Great Salt Lake in Utah, efficiencies despite the 2011 weather challenges will make Current Index: Russell 3000 Index $100.00 $105.24 $65.99 $84.70 $99.06 $100.05 Cash flow from operations $118.9 $241.2 $252.3 5% as well as mild winter weather that reduced salt sales and us an even stronger company tomorrow. Peer Group Index* $100.00 $102.70 55.96 77.71 94.08 84.79 Capital expenditures 94.1 112.1 107.4 -4% earnings in the fourth quarter of 2011. * Peer Group Index = companies with market Copyright 2012, Zacks Investment Research, Inc. Used with permission. All rights reserved. Cash dividends per share 1.42 1.56 1.80 15% Our strategic investments in our mine and processing capitalization from $1 billion to $3 billion. Excluding the impact of the tornado from 2011 and special facilities in Goderich both before and after the tornado items from the prior year, pro forma 2011 net earnings – including the planned installation of higher-efficiency increased 10 percent to $160.4 million. Our specialty RECONCILIATION
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