PLYMOUTH, Minn., Feb. 7, 2017 /PRNewswire/ -- The Mosaic Company
(NYSE: MOS) today reported fourth quarter 2016 net earnings of
$12 million, down from $155 million in the fourth quarter of 2015.
Earnings per diluted share were $0.03, which included a negative $0.23 impact from notable items. Mosaic's net
sales in the fourth quarter of 2016 were $1.9 billion, down from $2.2 billion last year, with lower prices more
than offsetting higher phosphate volumes. Operating earnings during
the quarter were $74 million, down
from $204 million a year ago, driven
by lower phosphate and potash prices, partially offset by lower
phosphate raw materials costs and effective cost management.
The Company announced a reduction in its targeted annual
dividend to $0.60 per share,
effective with the next declaration.
"Our fourth quarter results reflect strong market demand for
potash and phosphates driven by improving market sentiment,
as well as benefits from significant operational
improvements," said Joc O'Rourke,
President and Chief Executive Officer. "Our cash production costs
in Potash and our fourth quarter SG&A were at the lowest level
in almost a decade.
"While we are confident the market bottom is behind us, the pace
of improvement is expected to be gradual. As a reflection of
our commitment to investors to maintain a strong financial
position, we have reduced our annual dividend payout to
$0.60 per share."
Business Highlights – Fourth Quarter 2016:
- Potash MOP cash production costs were $56 per tonne, down 28 percent from the prior
year quarter. MOP cash production costs plus cash brine management
expenses totaled $74 per tonne.*
- Phosphate conversion costs were $85 per tonne, down 15 percent from the same
quarter in 2015.
- Selling, General and Administrative ("SG&A") expenses were
$75 million, down 21 percent from the
prior year quarter.
- Capital expenditures were $209
million, down 30 percent from the prior year quarter.
Cash flow provided by operating activities in the fourth quarter
of 2016 was $321 million compared to
$302 million in the prior year.
Capital expenditures plus investments in the Ma'aden Wa'ad Al
Shamal Phosphate Company ("MWSPC") totaled $209 million in the quarter. Mosaic's total cash
and cash equivalents were $673
million and long-term debt was $3.8
billion as of December 31,
2016.
Full-Year 2016 Results (unaudited)
"Mosaic's focus on cost and capital controls is reflected in
fourth quarter and full year results," said Rich Mack, Mosaic's Executive Vice President and
Chief Financial Officer. "While we are optimistic heading
into 2017, we are taking prudent steps to preserve our balance
sheet to ensure Mosaic is well positioned to benefit from the
gradual improvements we expect in both potash and phosphate
markets."
For the twelve months ended December 31,
2016, net income was $298
million, or $0.85 per diluted
share, compared to $1.0 billion, or
$2.78 per diluted share in 2015.
Notable items negatively impacted full year 2016 earnings per
diluted share by $0.03. Net sales
were $7.2 billion, down from
$8.9 billion a year ago. Full-year
operating earnings were $319 million,
down from $1.3 billion last year, as
lower operating expenses were more than offset by lower sales
volumes and prices in potash and lower phosphate prices.
Full-year selling, general and administrative (SG&A)
expenses were $304 million compared
to $361 million in 2015. Net cash
provided by operating activities was $1.3
billion and capital expenditures, including investments in
MWSPC were $1.1 billion, resulting in
free cash flow of approximately $200
million, before dividends.
Phosphates
|
Phosphates
Results
|
4Q 2016
Actual
|
4Q 2016
Guidance
|
Average DAP Selling
Price
|
$317
|
$300 to
$330
|
Sales
Volume
|
2.5 million
tonnes
|
2.1 to 2.4 million
tonnes
|
Phosphate
Production
|
84% of operational
capacity
|
Around 85% of
operational capacity
|
"Our Phosphates business performance improved in December, with
prices beginning to increase," O'Rourke said. "The challenging
market environment in 2016 accelerated the industry's
restructuring, especially in China, which has helped stabilize producer
margins. For 2017, we expect another record year for global
phosphate shipments, more balanced market dynamics and improved
profitability in our Phosphates business."
Net sales in the Phosphates segment were $896 million for the fourth quarter, down from
$1.0 billion last year, with lower
finished product prices partially offset by higher sales volumes.
Gross margin was $84 million, or nine
percent of net sales, compared to $121
million, or 12 percent of net sales, for the same period a
year ago. The year-over-year change in gross margin rate primarily
reflects lower finished product selling prices, partially offset by
lower realized ammonia and sulfur costs, a higher operating rate
and a higher proportion of premium product sales.
The fourth quarter average DAP selling price, FOB plant, was
$317 per tonne, compared to
$410 per tonne a year ago. Phosphates
segment total sales volumes were 2.5 million tonnes, up from 2.2
million tonnes last year.
Mosaic's North American finished phosphate production was 2.5
million tonnes, or 84 percent of operational capacity, compared to
2.2 million tonnes, or 76 percent a year ago.
Potash
|
Potash
Results
|
4Q 2016
Actual
|
4Q 2016
Guidance
|
Average MOP Selling
Price
|
$169
|
$160 to
$175
|
Sales
Volume
|
2.0 million
tonnes
|
1.9 to 2.1 million
tonnes
|
Potash
Production
|
82% of operational
capacity
|
Around 75% of
operational capacity
|
"Mosaic's actions to optimize our potash production by closing
high-cost facilities and aggressively managing costs are delivering
results," O'Rourke said. "Fourth quarter total cash costs in
Canada were $74 per tonne including brine management costs,
the lowest since 2007. The actions we've taken to transform
our business, combined with improving potash supply and demand
dynamics, bode well for our business in 2017 and beyond. Longer
term, we expect the completion of the K3 project will position
Mosaic's as the lowest cost Canadian potash producer."
Net sales in the Potash segment totaled $407 million for the fourth quarter, down from
$572 million last year, driven by
lower average realized prices. Gross margin was $66 million, or 16 percent of net sales, compared
to $155 million, or 27 percent of net
sales a year ago. The year-over-year decrease in gross margin was
primarily driven by lower selling prices, partially offset by
significantly lower costs of production.
The fourth quarter average MOP selling price, FOB plant, was
$169 per tonne, down from
$254 per tonne a year ago. The Potash
segment's total sales volumes for the fourth quarter were 2.0
million tonnes, up from 1.9 million tonnes a year ago.
Potash production was 2.1 million tonnes, or 82 percent of
operational capacity, up from 1.9 million tonnes, or 70 percent of
operational capacity a year ago, reflecting both the temporary
closure of Colonsay and Mosaic's
active Canpotex proving run at Belle
Plaine.
International
Distribution (ID)
|
ID
Results
|
4Q 2016
Actual
|
4Q 2016
Guidance
|
Sales
Volume
|
1.9 million
tonnes
|
1.7 to 1.9 million
tonnes
|
Gross Margin per
Tonne
|
$31 per
tonne
|
Around $20 per
tonne
|
"Mosaic's international distribution businesses in Brazil, India
and China delivered outstanding
results, capitalizing on improving agricultural dynamics and
generating a meaningful improvement in profitability," O'Rourke
said. "During the quarter, we sold over 20 percent more phosphates
to Brazil through our own channel,
highlighting the successful execution of our strategy and the
timely acquisition of ADM's fertilizer distribution business.
We expect momentum to continue in 2017, with both expected market
growth and additional capacity of our premium
MicroEssentials® products."
Net sales in the International Distribution segment were
$684 million for the fourth quarter,
up from $605 million last year,
driven by higher sales volumes, partially offset by lower average
selling prices. Gross margin was $59
million, or nine percent of net sales, compared to
$38 million, or six percent of net
sales for the same period a year ago. The year-over-year
improvement in gross margin rate is driven by inventory
positioning, higher mix of premium products, as well as lower
operating costs.
The fourth quarter average selling price was $354 per tonne, compared to $407 per tonne a year ago. International
Distribution segment total sales volumes were 1.9 million tonnes,
up from 1.5 million tonnes last year.
Other
SG&A expenses were $75 million
for the fourth quarter, down from $95
million last year, reflecting Mosaic's on-going expense
management initiatives.
The effective tax rate in the quarter was negative. The
provision for income taxes in the fourth quarter included an
$11 million benefit related to the
reduction in the full-year effective tax rate.
Financial Guidance
"Mosaic made several bold strategic moves during the bottom part
of the commodity cycle," O'Rourke said. "We reduced our cost
profile beginning in 2013, lowered capital expenditures and acted
to meaningfully grow the business just as the market conditions
began to improve. We will continue to look for additional
opportunities to create sustainable long-term value for all of our
stakeholders."
Total sales volumes for the Phosphates segment are expected to
range from 2.0 to 2.3 million tonnes for the first quarter of 2017,
compared to 2.2 million tonnes last year. Mosaic's realized DAP
price, FOB plant, is estimated to range from $315 to $335 per tonne for the first quarter of
2017. The segment gross margin rate in the first quarter is
estimated to be in the upper single digits, and the operating rate
is expected to be in the upper 70 percent range.
Total sales volumes for the Potash segment are expected to range
from 2.15 to 2.3 million tonnes for the first quarter of 2017,
compared to 1.5 million tonnes last year. Mosaic's realized MOP
price, FOB plant, is estimated to range from $165 to $180 per tonne. Mosaic's gross margin
rate in the segment is expected to be approximately 20 percent. The
operating rate is expected to be in the high 80 percent
range. Operating rate guidance reflects lower operational
capacity at the Colonsay mine.
Total sales volumes for the International Distribution segment
are expected to range from 1.2 to 1.5 million tonnes for the first
quarter of 2017, compared to 1.3 million tonnes last year. The
segment gross margin per tonne is estimated to be approximately
$20 per tonne.
For the calendar 2017, Mosaic estimates:
- SG&A expenses to range from $295 to
$310 million.
- Canadian resource taxes and royalties to range from
$85 to $135 million.
- Brine management costs to range from $160 to $180 million.
- Capital expenditures in the range of $800 to $900 million and equity investments in
MWSPC of approximately $150
million.
- Full-year effective tax rate to be in the upper single
digits.
- Phosphates sales volumes in the range of 9.5 to 10.25 million
tonnes.
- Potash sales volumes in the range of 8.0 to 8.75 million
tonnes.
- International Distribution sales volumes in the range of 7.0 to
7.5 million tonnes.
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 phosphate 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 Tuesday, February 7, 2017, at 9:00 a.m. EST to discuss fourth quarter and
full-year 2016 earnings results as well as global markets and
trends. Presentation slides and a simultaneous webcast of the
conference call may be accessed through Mosaic's website at
www.mosaicco.com/investors. This webcast will be available up to
one year from the time of the earnings call.
This document 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
our proposed acquisition of the global phosphate and potash
operations of Vale S.A. ("Vale") conducted through Vale
Fertilizantes S.A. (the "Transaction") and the anticipated benefits
and synergies of the proposed Transaction, other proposed or
pending future transactions or strategic plans and other 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 risks and uncertainties arising from the possibility
that the closing of the proposed Transaction may be delayed or may
not occur, including delays or risks arising from any inability to
obtain governmental approvals of the Transaction on the proposed
terms and schedule, any inability of Vale to achieve certain other
specified regulatory and operational milestones or to successfully
complete the transfer of the Cubatão business to Vale and its
affiliates in a timely manner, and the ability to satisfy any of
the other closing conditions; our ability to secure financing, or
financing on satisfactory terms and in amounts sufficient to
fund the cash portion of the purchase price without the need for
additional funds from other liquidity sources; difficulties with
realization of the benefits of the proposed Transaction, including
the risks that the acquired business may not be integrated
successfully or that the anticipated synergies or cost or capital
expenditure savings from the Transaction may not be fully realized
or may take longer to realize than expected, including because of
political and economic instability in Brazil or changes in government policy in
Brazil; 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 economic and
credit market conditions; the level of inventories in the
distribution channels for crop nutrients; the effect of future
product innovations or development of new technologies on demand
for our products; changes in foreign currency and exchange rates;
international trade risks and other risks associated with Mosaic's
international operations and those of joint ventures in which
Mosaic participates, including the risk that protests against
natural resource companies in Peru
extend to or impact the Miski Mayo mine, the ability of the Wa'ad
Al Shamal Phosphate Company (also known as MWSPC) to obtain
additional planned funding in acceptable amounts and upon
acceptable terms, the timely development and commencement of
operations of production facilities in the Kingdom of Saudi Arabia, the future success of
current plans for MWSPC and any future changes in those plans;
difficulties with realization of the benefits of our long term
natural gas based pricing ammonia supply agreement with CF
Industries, Inc., including the risk that the cost savings
initially anticipated from the agreement may not be fully realized
over its term or that the price of natural gas or ammonia during
the term are at levels at which the pricing is disadvantageous to
Mosaic; customer defaults; the effects of Mosaic's decisions to
exit business operations or locations; changes in government
policy; changes in environmental and other governmental regulation,
including expansion of the types and extent of water resources
regulated under federal law, carbon taxes or other greenhouse gas
regulation, implementation of numeric water quality standards for
the discharge of nutrients into Florida waterways or efforts to reduce the
flow of excess nutrients into the Mississippi River basin, the
Gulf of Mexico or elsewhere;
further developments in judicial or administrative proceedings, or
complaints that Mosaic's operations are adversely impacting nearby
farms, business operations or properties; difficulties or delays in
receiving, increased costs of or challenges to necessary
governmental permits or approvals or increased financial assurance
requirements; resolution of global tax audit activity; the
effectiveness of Mosaic's processes for managing its strategic
priorities; adverse weather conditions affecting operations in
Central Florida, the Mississippi
River basin, the Gulf Coast of the United
States or Canada, and
including potential hurricanes, excess heat, cold, snow, rainfall
or drought; actual costs of various items differing from
management's current estimates, including, among others, asset
retirement, environmental remediation, reclamation or other
environmental regulation, Canadian resources taxes and royalties,
or the costs of the MWSPC, its existing or future funding and
Mosaic's commitments in support of such funding; reduction of
Mosaic's available cash and liquidity, and increased leverage, due
to its use of cash and/or available debt capacity to fund financial
assurance requirements and strategic investments; brine inflows at
Mosaic's Esterhazy, Saskatchewan,
potash mine or other potash shaft mines; other accidents and
disruptions involving Mosaic's operations, including potential mine
fires, floods, explosions, seismic events, sinkholes or releases of
hazardous or volatile chemicals; and risks associated with cyber
security, including reputational loss, 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.
*Potash cash production costs shown approximate costs
capitalized on the balance sheet.
For the three months ended December 31, 2016, the Company
reported the following notable items which, combined, negatively
impacted earnings per share by $0.23:
|
|
|
|
|
|
Amount
|
|
Tax
effect
|
|
EPS impact
|
Description
|
|
Segment
|
|
Line
item
|
|
(in millions)
|
|
(in millions)
|
|
(per share)
|
Foreign currency
transaction (loss) gain
|
|
Consolidated
|
|
Foreign currency
transaction (loss) gain
|
|
$
|
(30)
|
|
|
$
|
(2)
|
|
|
$
|
(0.09)
|
|
Unrealized gain
(loss) on derivatives
|
|
Corporate &
Other
|
|
Cost of goods
sold
|
|
(4)
|
|
|
—
|
|
|
(0.01)
|
|
Water loss
expense
|
|
Phosphates
|
|
Other operating
expenses
|
|
(10)
|
|
|
(1)
|
|
|
(0.03)
|
|
ARO
adjustment
|
|
Phosphates
|
|
Other operating
expenses
|
|
(21)
|
|
|
(2)
|
|
|
(0.07)
|
|
Depletion
adjustment
|
|
Phosphates
|
|
Cost of goods
sold
|
|
9
|
|
|
1
|
|
|
0.03
|
|
Pension
de-risking
|
|
Consolidated
|
|
Other operating
expenses
|
|
(6)
|
|
|
—
|
|
|
(0.02)
|
|
Costs related to
purchase of Vale Fertilizantes Business
|
|
Corporate &
Other
|
|
Other operating
expenses
|
|
(4)
|
|
|
—
|
|
|
(0.01)
|
|
Gain on sale of
equity investment
|
|
Phosphates
|
|
Other
expense
|
|
7
|
|
|
1
|
|
|
0.02
|
|
Realized loss on RCRA
Trust securities
|
|
Phosphates
|
|
Other
expense
|
|
(10)
|
|
|
(1)
|
|
|
(0.03)
|
|
Discrete tax
items
|
|
Consolidated
|
|
Benefit from income
taxes
|
|
—
|
|
|
(7)
|
|
|
(0.02)
|
|
Total Notable
Items
|
|
|
|
|
|
$
|
(69)
|
|
|
$
|
(11)
|
|
|
$
|
(0.23)
|
|
For the three months ended December 31, 2015, the Company
reported the following notable items which, combined, negatively
impacted earnings per share by $0.16:
|
|
|
|
|
|
Amount
|
|
Tax effect
|
|
EPS impact
|
Description
|
|
Segment
|
|
Line
item
|
|
(in millions)
|
|
(in millions)
|
|
(per
share)
|
Foreign currency
transaction (loss) gain
|
|
Consolidated
|
|
Foreign currency
transaction (loss) gain
|
|
$
|
(41)
|
|
|
$
|
5
|
|
|
$
|
(0.10)
|
|
Unrealized gain
(loss) on derivatives
|
|
Corporate &
Other
|
|
Cost of goods
sold
|
|
1
|
|
|
—
|
|
|
—
|
|
ARO
adjustment
|
|
Potash
|
|
Other operating
expenses
|
|
(6)
|
|
|
1
|
|
|
(0.02)
|
|
ARO
adjustment
|
|
Phosphates
|
|
Other operating
expenses
|
|
(26)
|
|
|
3
|
|
|
(0.06)
|
|
Discrete tax
items
|
|
Consolidated
|
|
Benefit from income
taxes
|
|
—
|
|
|
6
|
|
|
0.02
|
|
Total Notable
Items
|
|
|
|
|
|
$
|
(72)
|
|
|
$
|
15
|
|
|
$
|
(0.16)
|
|
Condensed
Consolidated Statements of Earnings
|
(in millions,
except per share amounts)
|
|
|
|
The Mosaic
Company
|
|
(unaudited)
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
|
$
|
1,862.0
|
|
|
$
|
2,163.2
|
|
|
$
|
7,162.8
|
|
|
$
|
8,895.3
|
|
Cost of goods
sold
|
|
1,656.0
|
|
|
1,807.7
|
|
|
6,352.8
|
|
|
7,177.4
|
|
Gross
margin
|
|
206.0
|
|
|
355.5
|
|
|
810.0
|
|
|
1,717.9
|
|
Selling, general and
administrative expenses
|
|
74.6
|
|
|
94.9
|
|
|
304.2
|
|
|
361.2
|
|
Other operating
expenses
|
|
57.8
|
|
|
56.3
|
|
|
186.8
|
|
|
77.9
|
|
Operating
earnings
|
|
73.6
|
|
|
204.3
|
|
|
319.0
|
|
|
1,278.8
|
|
Interest (expense),
net
|
|
(27.2)
|
|
|
(18.8)
|
|
|
(112.4)
|
|
|
(97.8)
|
|
Foreign currency
transaction gain (loss)
|
|
(30.1)
|
|
|
(41.1)
|
|
|
40.1
|
|
|
(60.5)
|
|
Other
expense
|
|
(4.6)
|
|
|
(2.7)
|
|
|
(4.3)
|
|
|
(17.2)
|
|
Earnings from
consolidated companies before income taxes
|
|
11.7
|
|
|
141.7
|
|
|
242.4
|
|
|
1,103.3
|
|
(Benefit from)
provision for income taxes
|
|
(5.5)
|
|
|
(14.3)
|
|
|
(74.2)
|
|
|
99.1
|
|
Earnings from
consolidated companies
|
|
17.2
|
|
|
156.0
|
|
|
316.6
|
|
|
1,004.2
|
|
Equity in net
earnings (loss) of nonconsolidated companies
|
|
(2.6)
|
|
|
(0.5)
|
|
|
(15.4)
|
|
|
(2.4)
|
|
Net earnings
including noncontrolling interests
|
|
14.6
|
|
|
155.5
|
|
|
301.2
|
|
|
1,001.8
|
|
Less: Net earnings
attributable to noncontrolling interests
|
|
2.6
|
|
|
0.5
|
|
|
3.4
|
|
|
1.4
|
|
Net earnings
attributable to Mosaic
|
|
$
|
12.0
|
|
|
$
|
155.0
|
|
|
$
|
297.8
|
|
|
$
|
1,000.4
|
|
Diluted net earnings
per share attributable to Mosaic
|
|
$
|
0.03
|
|
|
$
|
0.44
|
|
|
$
|
0.85
|
|
|
$
|
2.78
|
|
Diluted weighted
average number of shares outstanding
|
|
351.6
|
|
|
354.3
|
|
|
351.7
|
|
|
360.3
|
|
Condensed
Consolidated Balance Sheets
|
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
|
(unaudited)
|
|
|
|
|
|
December 31,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
673.1
|
|
|
$
|
1,276.3
|
|
Receivables,
net
|
|
627.8
|
|
|
675.0
|
|
Inventories
|
|
1,391.1
|
|
|
1,563.5
|
|
Other current
assets
|
|
365.7
|
|
|
628.6
|
|
Total current
assets
|
|
3,057.7
|
|
|
4,143.4
|
|
Property, plant and
equipment, net
|
|
9,198.5
|
|
|
8,721.0
|
|
Investments in
nonconsolidated companies
|
|
1,063.1
|
|
|
980.5
|
|
Goodwill
|
|
1,630.9
|
|
|
1,595.3
|
|
Deferred income
taxes
|
|
836.4
|
|
|
691.9
|
|
Other
assets
|
|
1,054.1
|
|
|
1,257.4
|
|
Total
assets
|
|
$
|
16,840.7
|
|
|
$
|
17,389.5
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
|
$
|
0.1
|
|
|
$
|
25.5
|
|
Current maturities of
long-term debt
|
|
38.8
|
|
|
41.7
|
|
Structured accounts
payable arrangements
|
|
128.8
|
|
|
481.7
|
|
Accounts
payable
|
|
471.8
|
|
|
520.6
|
|
Accrued
liabilities
|
|
837.3
|
|
|
977.5
|
|
Total current
liabilities
|
|
1,476.8
|
|
|
2,047.0
|
|
Long-term debt, less
current maturities
|
|
3,779.3
|
|
|
3,769.5
|
|
Deferred income
taxes
|
|
1,009.2
|
|
|
977.4
|
|
Other noncurrent
liabilities
|
|
952.9
|
|
|
1,030.6
|
|
Equity:
|
|
|
|
|
Preferred stock,
$0.01 par value, 15,000,000 shares authorized, none issued and
outstanding as of December 31, 2016 and 2015
|
|
—
|
|
|
—
|
|
Class A common stock,
$0.01 par value, none authorized, issued and outstanding as of
December 31, 2016, 194,203,987 shares authorized, none issued and
outstanding as of December 31, 2015
|
|
—
|
|
|
—
|
|
Class B common stock,
$0.01 par value, none authorized, issued, and outstanding as of
December 31, 2016, 87,008,602 shares authorized, none issued and
outstanding as of December 31, 2015
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value, 1,000,000,000 shares authorized, 388,187,398 shares
issued and 350,238,549 shares outstanding as of December 31, 2016,
387,697,547 shares issued and 352,515,256 shares outstanding as of
December 31, 2015
|
|
3.5
|
|
|
3.5
|
|
Capital in excess of
par value
|
|
29.9
|
|
|
6.4
|
|
Retained
earnings
|
|
10,863.4
|
|
|
11,014.8
|
|
Accumulated other
comprehensive income
|
|
(1,312.2)
|
|
|
(1,492.9)
|
|
Total Mosaic
stockholders' equity
|
|
9,584.6
|
|
|
9,531.8
|
|
Non-controlling
interests
|
|
37.9
|
|
|
33.2
|
|
Total
equity
|
|
9,622.5
|
|
|
9,565.0
|
|
Total liabilities and
equity
|
|
$
|
16,840.7
|
|
|
$
|
17,389.5
|
|
Condensed
Consolidated Statements of Cash Flows
|
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
|
(unaudited)
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
321.2
|
|
|
$
|
302.3
|
|
|
$
|
1,266.1
|
|
|
$
|
1,807.6
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(209.4)
|
|
|
(298.1)
|
|
|
(843.1)
|
|
|
(1,000.3)
|
|
Purchases of
available-for-sale securities - restricted
|
|
(925.0)
|
|
|
—
|
|
|
(1,659.4)
|
|
|
—
|
|
Proceeds from sale of
available-for-sale securities - restricted
|
|
890.4
|
|
|
—
|
|
|
1,029.3
|
|
|
—
|
|
Restricted
cash
|
|
229.0
|
|
|
7.1
|
|
|
816.5
|
|
|
(637.0)
|
|
Proceeds from
adjustment to acquisition of business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47.9
|
|
Investments in
nonconsolidated companies
|
|
—
|
|
|
(102.1)
|
|
|
(244.0)
|
|
|
(227.1)
|
|
Investments in
affiliate
|
|
(39.0)
|
|
|
—
|
|
|
(169.0)
|
|
|
—
|
|
Return of investment
from nonconsolidated companies
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.4
|
|
Other
|
|
16.9
|
|
|
(6.4)
|
|
|
20.2
|
|
|
13.7
|
|
Net cash (used in)
investing activities
|
|
(37.1)
|
|
|
(399.5)
|
|
|
(1,049.5)
|
|
|
(1,748.4)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Payments of
short-term debt
|
|
(87.6)
|
|
|
(70.2)
|
|
|
(421.3)
|
|
|
(367.2)
|
|
Proceeds from
issuance of short-term debt
|
|
35.1
|
|
|
77.2
|
|
|
397.0
|
|
|
379.7
|
|
Payments of
structured accounts payable arrangements
|
|
(188.5)
|
|
|
(83.1)
|
|
|
(792.2)
|
|
|
(395.7)
|
|
Proceeds from
structured accounts payable arrangements
|
|
92.3
|
|
|
288.8
|
|
|
433.6
|
|
|
635.2
|
|
Payments of long-term
debt
|
|
(726.1)
|
|
|
(1.2)
|
|
|
(769.1)
|
|
|
(59.6)
|
|
Proceeds from
issuance of long-term debt
|
|
720.0
|
|
|
(1.2)
|
|
|
720.0
|
|
|
4.7
|
|
Repurchases of
stock
|
|
—
|
|
|
(0.1)
|
|
|
(75.0)
|
|
|
(709.5)
|
|
Cash dividends
paid
|
|
(96.3)
|
|
|
(96.9)
|
|
|
(385.1)
|
|
|
(384.7)
|
|
Other
|
|
(3.4)
|
|
|
6.7
|
|
|
3.5
|
|
|
3.7
|
|
Net cash provided by
(used in) financing activities
|
|
(254.5)
|
|
|
120.0
|
|
|
(888.6)
|
|
|
(893.4)
|
|
Effect of exchange
rate changes on cash
|
|
(10.0)
|
|
|
(31.4)
|
|
|
68.8
|
|
|
(264.1)
|
|
Net change in cash
and cash equivalents
|
|
19.6
|
|
|
(8.6)
|
|
|
(603.2)
|
|
|
(1,098.3)
|
|
Cash and cash
equivalents - beginning of period
|
|
653.5
|
|
|
1,284.9
|
|
|
1,276.3
|
|
|
2,374.6
|
|
Cash and cash
equivalents - end of period
|
|
$
|
673.1
|
|
|
$
|
1,276.3
|
|
|
$
|
673.1
|
|
|
$
|
1,276.3
|
|
Earnings Per Share
Calculation
|
|
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net earnings
attributed to Mosaic
|
|
$
|
12.0
|
|
|
$
|
155.0
|
|
|
$
|
297.8
|
|
|
$
|
1,000.4
|
|
Basic weighted
average number of shares outstanding
|
|
350.2
|
|
|
352.5
|
|
|
350.4
|
|
|
358.5
|
|
Dilutive impact of
share-based awards
|
|
1.4
|
|
|
1.8
|
|
|
1.3
|
|
|
1.8
|
|
Diluted weighted
average number of shares outstanding
|
|
351.6
|
|
|
354.3
|
|
|
351.7
|
|
|
360.3
|
|
Basic net earnings
per share
|
|
$
|
0.03
|
|
|
$
|
0.44
|
|
|
$
|
0.85
|
|
|
$
|
2.79
|
|
Diluted net earnings
per share
|
|
$
|
0.03
|
|
|
$
|
0.44
|
|
|
$
|
0.85
|
|
|
$
|
2.78
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/the-mosaic-company-reports-fourth-quarter-and-full-year-2016-results-updates-dividend-policy-300402859.html
SOURCE The Mosaic Company