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View Annual Report Meet Mosaic The Mosaic Company 2005 Annual Report Mosaic will be the global leader in nourishing crops, delivering distinctive value to world agriculture and to all we touch. Meet Mosaic We’re Mosaic, the world’s largest combined producer of phosphate and potash and a leading supplier of nitrogen. By supplying the vital nutrients the world needs to grow crops, we’re a critical link in the global food supply chain. We’re a newly formed public company created through the combination of agribusiness leaders Cargill Crop Nutrition and IMC Global. We’re well established in growing markets around the world with more than $5 billion in pro forma annual sales and decades of experience in mining, processing and delivering crop nutrients. Our mining resources, operational expertise and in-depth knowledge of local markets are second to none. Our global customers benefit from Mosaic’s risk management skills, supply chain experience and logistics capabilities. We’re a highly motivated company pursuing excellence in all that we do and for all those we touch. Combining a proven business model, strong operating units, and exceptionally skilled people, we’re greater than the sum of our parts. We’re determined to generate superior returns for our shareholders through the hard work of our engaged employees. We’re honored to earn your trust. Mosaic President and Chief Executive Officer Fritz Corrigan (right) assesses phosphate mining operations in South Fort Meade, Florida, with Steve Pinney, Senior Vice President of Phosphate Operations (left). One of Mosaic’s draglines is in the background. To Our Shareholders On behalf of our more than 8,000 employees around the world, let me introduce you to Mosaic and show you why we’re so excited about our business and our future. Introducing A New Company When the combination of Cargill Crop Nutrition and IMC Global was completed on October 22, 2004, a new company in the global crop nutrition business was born. With more than $5 billion in pro forma annual sales, a diversified business portfolio, and an established, global distribution network, Mosaic was an industry leader from its inception. In our first fiscal year, Mosaic earned $165 million, significantly better than the likely results of the two predecessor companies as separate entities. We accomplished this, in part, by generating significant savings from the synergy of combining products, services and operations. From the very beginning we believed – as we do today – that Mosaic has the right model, the right resources and the right people to advance our already strong market position. Our vision is to become the global leader in nourishing crops, delivering distinctive value to world agriculture and to all we touch. The Foundation for Mosaic’s Success For any entity to grow, it has to have strong roots. The strong heritage of Cargill Crop Nutrition and IMC Global provided an important platform from which to launch Mosaic. We continue to benefit from our ongoing relationship with Cargill as a majority shareholder and trusted business partner. We benefited from collaborating with Cargill during our transition from private entity to public company, and we’re benefiting from Cargill’s ongoing involvement as a valued customer and service provider. Mosaic remains in excellent position to leverage this unique relationship. An objective view of the crop nutrient market – and Mosaic’s place in it – demonstrates why our confidence in achieving our vision is well placed. First, Mosaic is the world’s largest phosphate producer by a wide margin. Our 12.1 million tonnes of phosphate fertilizer capacity is larger than the next five competitors combined. In fiscal 2005, we also were the world’s largest miner of potash, producing more than 9.4 million tonnes from six North American mines. In addition, we produce and distribute nitrogen products, making Mosaic a significant global producer and supplier of all three major crop nutrients. Sales of phosphate, potash and nitrogen products have been strong worldwide, and we expect this trend to continue during our first full fiscal year, especially in our Potash segment, where demand, prices and volumes continue to rise. 3 Of additional strategic significance is the distinct Our Priority: Execution competitive advantage Mosaic holds through our Our predecessor companies brought a history Offshore segment, a well-established global produc- of operational excellence to Mosaic, and we are com- tion and distribution network that currently accounts mitted to operating with world-class execution and for approximately 28% of our revenues. Through financial discipline across our business segments. a series of blending and distribution facilities in 11 We believe that no other company in our industry countries, we are able to provide unique nutrient solu- can match our broad diversification, global reach tions to local customers around the world. In addition, and market expertise, and these strengths position we have equity interests in phosphate production us to deliver superior returns for our shareholders. facilities in Brazil and China. This vertically integrated Our primary focus in fiscal 2006 will be to generate supply chain enables us to reduce costs and offer cash, a significant portion of which we will use to convenient and timely delivery to our customers’ pay down existing debt. To do this, we will continue warehouses. Further, this system allows us to better to harvest cost synergies, which we project will gen- understand our customers’ needs and to adapt quickly erate $145 million in annual pre-tax run-rate savings to changes in global supply and demand. by May 2007. In our first seven months, we achieved Some may argue that being in the crop nutrition $62 million. We are reducing mining and processing business isn’t unique or noteworthy. At Mosaic, we costs, minimizing use of working capital, and investing believe the way we are in the crop nutrition business to strengthen our competitive position. – being #1 worldwide in combined phosphate and Through the teamwork of our phosphate potash production, focusing on the entire supply chain, employees, we are managing the huge impact from owning our own global distribution network and exe- last year’s three hurricanes and the ongoing heavy cuting diligently every time – is the right way. When rains in Florida. And while this extra effort is you leverage these unique strengths with more than expensive, we have improved our phosphate segment 100 years of global agribusiness experience like we’re earnings considerably. doing at Mosaic, you have a winning business model. Inside Mosaic’s Strategy > Focus on Execution > Create Enthusiastic Customers Mosaic has a four-pronged to achieve operational excellence across to provide enhanced product and strategic approach to the business segments, capture synergies, service offerings to our customers, global crop nutrient market, minimize costs and increase profitability and design unique business solutions which yields long-term com- and value petitive advantages > Leverage our Diversification > Strengthen the Balance Sheet to participate in all segments of to improve cash flow, pay down debt, the global fertilizer business, deliver and become investment grade a wide range of products to customers, minimize risk and maximize economies of scale 4 A professional team executes well in all it does. We will continue to integrate people, systems, We are not at the level of performance that we expect processes, and cultures to create one Mosaic in fiscal of ourselves yet, but we have made great strides toward 2006. We will focus on generating cash through oper- our goals already. We started by taking our employee ational excellence and financial discipline. We also safety performance up dramatically as we worked to are implementing plans that we expect will lead to integrate two cultures around a common mindset that substantially improved financial results. We enter fiscal the safety of our teammates comes before all other 2006 with great confidence and enthusiasm. operating results. We finished our first seven months In pursuit of making our vision a reality, I am as a new company with a pace-setting record for the fortunate to be a member of a team of more than crop nutrition industry. 8,000 of the most talented, committed and effective employees I’ve had the privilege to know in my 39 Making a Good Start Better – years in business. I am confident that Mosaic’s best More Than 8,000 Reasons Why We’ll Succeed days are ahead of us. We believe that success begins with engaged It is for all of these reasons – our model, our employees. Employees who are engaged provide leadership, our discipline, our determination, our excellent service to customers, they give back to the people – that I believe Mosaic is a company worthy local communities where they live and where Mosaic of your continued support and trust. does business, and they deliver superior value to our shareholders. Sincerely, Our stub year – the day we formed Mosaic last October through our May 31, 2005, fiscal year end – was a period of foundation building and was reflected in our financial results. The numbers demonstrate that we made good progress in our first seven months, F.W. Corrigan but we still have much to do. President and Chief Executive Officer 5 Company Overview What Comprises Our Mosaic? I Combination of Cargill Crop Nutrition and I Industry-leading operational expertise IMC Global in October 2004 I Global footprint in all fertilizer businesses I $4.4 Billion in Reported Net Sales and $5.5 with
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