Listed: TSX, NYSE Symbol: POT SASKATOON, SK, April 24
/PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc.
(PotashCorp) today announced record first-quarter results with
earnings of $1.74 per share(1) ($566.0 million), a 181 percent
increase over the $0.62 per share ($198.0 million) recorded in last
year's first quarter and 50 percent higher than the previous record
of $1.16 per share set in the fourth quarter of 2007. The pressure
to increase global food production continued to drive demand for
potash, phosphate and nitrogen and pushed prices for all three
nutrients to new heights. As a result, each segment contributed
record gross margin and raised total gross margin for the quarter
to $856.0 million, up from $369.7 million in last year's first
quarter. Cash from operating activities prior to working capital
changes during the first three months of 2008 reached a record
$625.5 million(2), compared to $283.0 million in the same period
last year, while adjusted earnings before interest, taxes,
depreciation and amortization grew to $872.0 million(2) from $381.0
million in first-quarter 2007. The same global conditions that
drove PotashCorp's record performance this quarter also improved
earnings from our offshore investments. Arab Potash Company Ltd.
(APC) in Jordan and Sociedad Quimica y Minera de Chile S.A. (SQM)
in Chile contributed a total of $23.4 million to other income
during the quarter, up from $13.0 million in the first quarter of
2007. These investments, along with our positions in Israel
Chemicals Ltd. (ICL) in Israel and Sinofert Holdings Limited
(Sinofert) in China, currently have a total market value of $8.6
billion, equating to $26.50 per PotashCorp share. "Another record
quarter for our company reflects the ongoing growth in global
demand for food and the fertilizers that are essential to
maximizing crop production," said PotashCorp President and Chief
Executive Officer Bill Doyle. "This is especially true of potash,
where we have unmatched assets that continue to elevate our
performance. In this environment, we are demonstrating the
increasing value of our company - as an essential part of the
solution to concerns about the world's food supply." Market
Conditions Continued rising world grain demand reduced the expected
global stocks-to-use ratio for wheat and coarse grains to a record
low in the first quarter of 2008. Low inventories of grains and
oilseeds, a long-standing problem, finally started to attract
attention from the United Nations, governments and the general
public. Some Asian and Latin American countries have now changed
their export policies to ensure crops will be available for their
own domestic use. This has put further pressure on distribution of
the world's grain supply. This tight supply has resulted in higher
prices for grain and other crops which, in turn, have raised global
demand for fertilizers. Combined with product supply constraints
and higher raw material input costs, particularly for phosphate and
nitrogen, prices for all three nutrients were pushed to record
levels in the first quarter. Although the expiration of contracts
for seaborne potash to China at the end of 2007 resulted in reduced
shipments to the world's largest potash importer in the first
quarter of 2008, rising demand in other markets more than offset
this reduction. At quarter-end, North American potash producer
inventories remained 37 percent below the previous five-year
average. In phosphate, tight supply and rising costs for key inputs
led to higher prices. Spot prices for phosphate rock and sulfur
rose fourfold and sevenfold, respectively, over the same quarter
last year, putting pressure on producers that do not own their own
rock supply and resulting in significant price increases for
downstream phosphate products. In nitrogen, global energy demand
raised prices for oil and natural gas. As the natural gas industry
continued to become more global, nitrogen producers in regions that
had benefited from lower-cost gas, including Russia and Ukraine,
faced higher input costs, raising the floor price for nitrogen
globally. Natural gas costs also continued to rise in the US and,
by the end of the quarter, NYMEX contracts for the next 12 months
carried an average price of more than $10 per MMBtu. Strong
industrial and agricultural demand supported higher nitrogen
prices, particularly for ammonia, which by March exceeded $600 per
tonne on a delivered basis to the US Gulf. Potash Strong demand in
all key markets, tight global supply and a sharp upturn in prices
resulted in record potash gross margin of $514.6 million for the
quarter. This is 195 percent higher than the $174.2 million
generated in the first quarter of 2007 and more than half the
record gross margin for the entire year of 2007. Potash gross
margin as a percentage of net sales rose to 71 percent from 53
percent in the first quarter last year. Record quarterly
performance demonstrated the impact of higher prices, as Canpotex
Limited (Canpotex), the offshore marketing company for Saskatchewan
potash producers, realized substantial spot-market price increases
to Southeast Asia and Brazil. As a result, our first-quarter
offshore realized prices were 105 percent ($141 per tonne) higher
than in the same quarter last year. In North America, PotashCorp
fully realized the benefits of $30- and $50-per-short-ton price
increases announced in late December 2007 and January 2008,
respectively, and began to realize a further $80 increase announced
for March 1, 2008. These increases helped raise our North American
realized prices by 76 percent ($130 per tonne) from last year's
first quarter. Compared to the fourth quarter of 2007, offshore
prices were up 61 percent ($105 per tonne) and North American
prices 41 percent ($87 per tonne). The pricing gap between the
distinct offshore and North American markets narrowed from 27
percent in the first quarter of 2007 to 9 percent in the first
quarter this year. Offshore sales volumes of 1.6 million tonnes
were 23 percent above last year's first quarter, as Canpotex
increased shipments to India by 88 percent (180,000 tonnes) and
other Asian countries - excluding China - by 48 percent (364,000
tonnes). Canpotex volumes to Brazil were up 35 percent (160,000
tonnes) quarter over quarter. This strong demand more than offset a
57 percent reduction in shipments to China, which did not reach a
price settlement until after the end of the first quarter of 2008.
In North America, first-quarter sales volumes of approximately 1
million tonnes represented an 8 percent increase over the first
quarter of 2007, as rail shipment disruptions experienced last year
were largely eliminated. Our North American customers continued to
receive potash on the established allocation basis, as supply
remained extremely tight. Potash per-tonne cost of goods sold
increased substantially compared to the first quarter of 2007, as a
much stronger Canadian dollar added almost $11 per tonne to our
costs. Higher brine inflow costs at New Brunswick added a further
$6 per tonne to all tonnes versus the same period last year, but
were comparable to the trailing quarter. Nitrogen Nitrogen gross
margin reached a record $185.4 million in the quarter, up from
$131.3 million in the first quarter of 2007, driven by higher
prices for all our nitrogen products and particularly strong
performance from our US facilities. Our Trinidad operations, which
benefit from long-term, lower-cost natural gas contracts, continued
to provide the strong foundation, delivering $96.0 million (52
percent) of nitrogen gross margin. Our US operations generated
$81.5 million (44 percent), while our natural gas hedging program
contributed $7.9 million. Higher global natural gas costs and
strong world demand for agricultural and industrial nitrogen drove
up realized ammonia prices by 56 percent from last year's first
quarter and 61 percent from the trailing quarter. The impact was
also evident in urea prices, which rose 32 percent from the first
quarter of 2007 and 17 percent from the fourth quarter of 2007. The
increased demand also affected prices for downstream nitrogen
products, such as nitrogen solutions; its price was 39 percent
higher than in the first quarter of 2007. Ammonia sales volumes for
the first quarter were 9 percent below the same quarter last year
as Trinidad production was reduced by approximately 80,000 tonnes
due to required plant maintenance. This was partially offset by our
US plants producing approximately 35,000 additional tonnes. Urea
sales volumes were down 12 percent from the first quarter of 2007,
as less inventory was available to sell following a strong sales
push in the fourth quarter of last year, and due to a slow start to
the spring season, particularly in the US Southeast. Sales volumes
for nitrogen solutions were up 37 percent quarter over quarter, as
we continued to use our Geismar facility to meet increasing US
demand for liquids. Our total costs for natural gas for both
Trinidad and US operations rose to $6.72 per MMBtu, up 52 percent
from last year's first quarter. Higher global and US gas prices and
strong demand contributed to higher Tampa and NOLA ammonia prices,
which was a significant net positive for this segment's performance
but increased our Trinidad gas costs in the quarter. Phosphate
Significant price increases pushed phosphate gross margin to a
record $156.0 million, up from $64.2 million in the first quarter
of 2007. The impact of higher prices was most evident in solid
fertilizers, which generated $85.3 million in gross margin - more
than four times their contribution in the same period last year.
Liquid fertilizers added $20.0 million, while feed and industrial
products contributed $32.6 million and $15.4 million, respectively.
Our realized prices for solid fertilizers in the quarter reached
$660 per tonne, a 134 percent increase from last year's first
quarter and 55 percent more than in the trailing quarter. While
significant, pricing gains were not as substantial for our other
phosphate businesses, which have historically benefited from
contract pricing in weaker markets. Liquid fertilizer and feed
prices rose 47 percent and 48 percent, respectively, from the same
quarter last year, while industrial prices were up 30 percent
quarter over quarter. Solid phosphate fertilizer sales volumes were
37 percent below those in last year's first quarter, largely as a
result of lower beginning inventories and the delayed spring
season. Sales volumes for liquid fertilizer and feed each rose 3
percent from the first quarter of 2007 on continued strong demand,
while industrial sales volumes were up 11 percent. Rising costs for
key inputs continued to have a major impact; our sulfur costs rose
249 percent from last year's first quarter and ammonia costs were
up 42 percent. This was more than offset by rising phosphate
prices. Financial A number of items affected specific components of
our consolidated financial statements, but were largely offsetting
in nature, as discussed below. Income tax recoveries of $42.0
million, related to an increase in permanent deductions in the US,
reduced our reported income tax rate to 23 percent of before-tax
earnings. Additionally, we purchased 194.3 million shares of
Sinofert under a forward-purchase contract denominated in Hong Kong
dollars that saw a change in the fair value of the contract from
December 31, 2007 to settlement date, allowing us to acquire the
shares for $173.7 million. This generated a tax-exempt gain of
$25.3 million, which was reflected in our previous 2008
first-quarter guidance. In addition, sequential changes in the
Canada/US dollar exchange rate contributed to a $27.7 million
foreign exchange gain, although that is primarily non-cash. These
gains were offset by an additional $43.1 million charge in the
first quarter (included in other income) related to investments in
certain auction rate securities assessed as being
other-than-temporarily impaired. Substantially higher-than-forecast
potash prices and gross margin in first-quarter 2008 raised
provincial mining and other taxes to 19 percent of potash gross
margin, for a total amount 206 percent higher than in the first
quarter of 2007. Capital expenditures on property, plant and
equipment were $196.5 million, 61 percent of which was spent in
potash. This was principally related to our various debottlenecking
and expansion projects at Lanigan, Patience Lake, Cory, New
Brunswick and Rocanville, and loadout expansions at Rocanville and
Allan. Under the share repurchase program approved by our Board of
Directors in January 2008, the company purchased for cancellation
approximately 3.4 million shares at a net cost of $516.3 million.
Outlook The ongoing growth in global food demand has brought issues
of food security and food inflation to the forefront around the
world. In contrast to the slowdown in the US economy, China, India
and other Asian countries are continuing to experience significant,
long-term population and economic growth. Because of this growth,
people in these countries require more food and can afford a more
nutritious diet that includes protein from meat sources. This
requires an ever-increasing number of animals for food production
and millions of additional tonnes of feed grains. These factors
have increased pressure on the world's food supply, as global grain
consumption is expected to exceed production again this year - for
the eighth time in the past nine crop years - and has left only
enough supply to meet global needs for less than two months. The
problem has been masked for nearly a decade by the world's ability
to draw grains from long-held inventories, keeping crop prices
artificially low and giving farmers little incentive to
significantly increase production. In order to have stocks today
equivalent to what they were at the start of this decade, an
additional 225 million harvested acres would have been required
over the past eight years, or 28 million acres per year, based on
the average yield over this period. Now crop prices are moving up
sharply, with wheat, corn, soybeans, rice and palm oil recently
reaching record levels. These higher prices are driven by the
substantial growth in demand for food, which is expected to consume
95 percent of global grain production this year. With grain
consumption expected to increase by approximately 30 million tonnes
per year going forward, record crops are necessary each year just
to match the anticipated demand. The intense competition for global
crops is giving rise to a new concern: food inflation. Even in
North America, where food has been plentiful for generations and
competition for crops from developing nations has been minimal, the
effect on grocery store prices is becoming evident. While higher
crop prices are among the factors behind rising food costs, the
impact is minimal as farm costs make up less than 20 percent of the
end-cost of processed food in the US. Similarly, biofuels have been
targeted as part of the problem, but in reality, they consume only
5 percent of the world's grains. The primary driver of food
inflation is the ever-increasing demand created by hundreds of
millions of consumers choosing more nutritious diets in nations
with growing populations and wealth. The most practical solution to
issues of food supply and food inflation is to increase crop
production. The world's farmers can do this, and fertilizers will
be integral to helping them achieve higher yields. With food demand
driving up crop prices, farmers in all countries have the incentive
to increase acreage, if available, as well as the money to purchase
the inputs needed to maximize production. Our products - especially
potash - can and will play a pivotal role in satisfying the
increasing global demand for grain over the long term, and ensuring
affordable food remains available. With the push for increased food
production, the growth in demand for fertilizers has accelerated
beyond historical levels. This is especially true of potash, which
has been under-applied for years in many regions. A soil fertility
shortfall in any of the primary nutrients lessens the impact of the
others, so many farmers are now attempting to improve the potassium
levels in their soil to increase the benefits of all three
nutrients. As a result, the compound annual growth rate in potash
consumption has exceeded 5 percent annually over the past five
years. In North America, PotashCorp announced delivered potash
price increases effective June 1, 2008 that range between $150 and
$175 per short ton. Offshore, Canpotex recently entered into a new
price and volume contract with India that included a 36 percent
increase in volumes and a $355-per-tonne increase in delivered
pricing from the previous base of $270 per tonne. Following that,
Canpotex entered into a new 2008 agreement with China that included
a $400-per-tonne increase, although that builds from a lower base
price in China's previous contract. Given the late signing of this
contract, Canpotex is stretching to provide 1 million tonnes to
China through the remainder of 2008 - a reduction of 1.5 million
tonnes from last year - and is in a sold-out position for the
remainder of the year. Canpotex also announced that, effective June
1, 2008, delivered prices to Brazil and Southeast Asia would rise
to $750 per tonne for granular potash and $725 per tonne for
standard grade. We expect to realize these higher prices in the
third quarter. Compared to the first quarter of 2008, we expect to
see a 30 percent increase in total potash realized prices in the
second quarter and now expect 2008 potash gross margin to be more
than three-and-a-half times higher than last year's levels. As
demand continues to rise, our Lanigan and Patience Lake projects
will be the only major new sources of global potash production
available for 2009. Even by ramping up approximately 1.9 million
additional tonnes from these projects over the next two years, we
anticipate it will be challenging to supply the full requirements
of the market. Starting from a production base of 10.2 million
tonnes this year, we are investing approximately $4.5 billion in a
series of projects at our facilities in Saskatchewan and New
Brunswick to raise our operational capacity in incremental steps to
a total of 15.7 million tonnes by the end of 2012. We expect to
develop an additional 1.5 million tonnes of potential capacity in
Saskatchewan by 2015, further enhancing our ability to keep pace
with expected annual growth in potash demand. If, for any reason,
demand is less than anticipated, we will continue our practice of
matching production to meet market demand to minimize downside
risk. In nitrogen, global supply grew even tighter when China
recently announced that it will apply an export tax of 135 percent
on urea between April 20 and September 30, 2008. During that period
in 2007, it exported close to 1.8 million tonnes of urea. The
market reacted immediately to this news, with global urea prices
rising more than $150 per tonne within the last two weeks. Combined
with higher prices for oil and natural gas and strong agricultural
demand, the current conditions could reduce the traditional impact
of seasonal weakening in nitrogen pricing that often occurs late in
the second quarter. The same export tax applies to China's export
of solid phosphate fertilizers. Last year it exported almost 2.2
million tonnes of DAP and MAP during that period. This news,
combined with rising prices for global prilled sulfur and phosphate
rock, could increase offshore delivered DAP prices beyond the
current $1,200 per tonne. Other downstream phosphate product
pricing is expected to adjust significantly upward over the next
quarters. In feed, we have announced two $250-per-short-ton
increases effective April 1 and May 1, 2008. In our liquid
fertilizer business, PhosChem recently concluded pricing with India
at $1,985 per tonne of phosphoric acid through the end of June
2008, a $1,419 increase over the annual contract that expired March
31. All our prices for our North American liquid fertilizer
business are similarly expected to adjust upward as the new
fertilizer year begins. In our industrial business, where we have
longer-term contracts, we expect to see price increases over the
balance of 2008 and into 2009. Given these conditions, we now
expect total nitrogen and phosphate gross margin to exceed
prior-year levels by more than 85 percent, almost $700 million
higher than our previous forecast. In phosphate alone, we expect to
generate about $800 million in gross margin in the second half of
2008. For 2008, we anticipate capital expenditures (excluding
capitalized interest) of approximately $1.3 billion, of which $200
million will relate to sustaining and environmental capital. Our
consolidated reported income tax rate should be 28-29 percent. Due
to higher expected potash prices and margins, provincial mining and
other taxes are forecast to be 15 percent of total potash gross
margin for the year, but could fall within a range of 14-18 percent
depending on price realizations, the Canadian/US exchange rate, and
the timing and amount of capital spending on potash projects in
Saskatchewan. Due to higher expected overall gross margin,
partially offset by higher provincial mining taxes, and assuming a
Canadian dollar at parity with the US dollar, we are raising
full-year net income guidance from $6.25-$7.25 per share to
$9.50-$10.50 per share. We expect second-quarter net income per
share to be in the range of $2.20-$2.50. In the current trading
range of the Canadian dollar relative to the US dollar, each
one-cent change in the Canadian dollar typically impacts our
foreign exchange line by approximately $7.0 million, or $0.015 per
share on an after-tax basis, and is primarily a non-cash item.
Conclusion "The global need to increase food production is real and
immediate, and it will be a part of our world for the foreseeable
future," said Doyle. "It took nearly a decade to empty the global
grain cupboard and we can't refill it overnight. The good news is
that the world is more than capable of producing enough food, but
improved farming and fertilization practices will be required. With
our unique ability to incrementally raise our potash production to
meet world demand over the next several years, we look forward to
helping farmers increase food production as we deliver continued
growth for our shareholders." Notes: ------ 1. All references to
per-share amounts pertain to diluted net income per share. 2. See
reconciliation and description of non-GAAP measures in the attached
section titled "Selected Non-GAAP Financial Measures and
Reconciliations." Potash Corporation of Saskatchewan Inc. is the
world's largest fertilizer enterprise producing the three primary
plant nutrients and a leading supplier to three distinct market
categories: agriculture, with the largest capacity in the world in
potash, second largest in nitrogen and third largest in phosphate;
animal nutrition, with the world's largest capacity in phosphate
feed ingredients; and industrial chemicals, as the largest global
producer of industrial nitrogen products and the world's largest
capacity for production of purified industrial phosphoric acid.
This release contains forward-looking statements. These statements
are based on certain factors and assumptions including foreign
exchange rates, expected growth, results of operations,
performance, business prospects and opportunities and effective
income tax rates. While the company considers these factors and
assumptions to be reasonable based on information currently
available, they may prove to be incorrect. A number of factors
could cause actual results to differ materially from those in the
forward-looking statements, including, but not limited to:
fluctuations in supply and demand in fertilizer, sulfur,
transportation and petrochemical markets; changes in competitive
pressures, including pricing pressures; timing and amount of
capital expenditures; risks associated with natural gas and other
hedging activities; changes in capital markets and corresponding
effects on the company's investments; changes in currency and
exchange rates; unexpected geological or environmental conditions,
including water inflow; strikes and other forms of work stoppage or
slowdowns; changes in and the effects of, government policy and
regulations; and earnings, exchange rates and the decisions of
taxing authorities, all of which could affect our effective tax
rates. Additional risks and uncertainties can be found in our Form
10-K for the fiscal year ended December 31, 2007 under captions
"Forward-Looking Statements" and "Item 1A - Risk Factors" and in
our filings with the US Securities and Exchange Commission and
Canadian provincial securities commissions. Forward-looking
statements are given only as at the date of this presentation and
the company disclaims any obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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PotashCorp will host a conference call on Thursday, April 24, 2008,
at 1:00 p.m. Eastern Time. To join the call, dial (416) 640-1907 at
least 10 minutes prior to the start time. Use reservation ID #
21257506. Alternatively, visit http://www.potashcorp.com/ for a
live webcast of the conference call. Webcast participants can
submit questions to management online from their audio player
pop-up window. This news release is also available at this same
website. Potash Corporation of Saskatchewan Inc. Condensed
Consolidated Statements of Financial Position (in millions of US
dollars except share amounts) (unaudited) March 31, December 31,
2008 2007
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Assets Current assets Cash and cash equivalents $ 364.6 $ 719.5
Accounts receivable 807.7 596.2 Inventories 534.4 428.1 Prepaid
expenses and other current assets 58.6 36.7 Current portion of
derivative instrument assets 51.1 30.8
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1,816.4 1,811.3 Derivative instrument assets 129.4 104.2 Property,
plant and equipment 3,997.3 3,887.4 Investments (Note 2) 3,947.2
3,581.5 Other assets 217.4 210.7 Intangible assets 23.3 24.5
Goodwill 97.0 97.0
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$ 10,228.0 $ 9,716.6
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Liabilities Current liabilities Short-term debt $ 103.5 $ 90.0
Accounts payable and accrued charges 1,152.6 911.7 Current portion
of long-term debt 0.2 0.2
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1,256.3 1,001.9 Long-term debt 1,339.5 1,339.4 Future income tax
liability 1,015.5 988.1 Accrued pension and other post-retirement
benefits 249.1 244.8 Accrued environmental costs and asset
retirement obligations 120.2 121.0 Other non-current liabilities
and deferred credits 2.7 2.7
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3,983.3 3,697.9
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Shareholders' Equity Share capital 1,462.4 1,461.3 Unlimited
authorization of common shares without par value; issued and
outstanding 313,608,196 and 316,411,209 at March 31, 2008 and
December 31, 2007, respectively Contributed surplus 101.4 98.9
Accumulated other comprehensive income 2,367.9 2,178.9 Retained
earnings 2,313.0 2,279.6
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6,244.7 6,018.7
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$ 10,228.0 $ 9,716.6
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(See Notes to the Condensed Consolidated Financial Statements)
Potash Corporation of Saskatchewan Inc. Condensed Consolidated
Statements of Operations and Retained Earnings (in millions of US
dollars except per-share amounts) (unaudited) Three Months Ended
March 31 2008 2007
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Sales (Note 6) $ 1,890.6 $ 1,154.7 Less: Freight 102.4 81.9
Transportation and distribution 32.3 31.0 Cost of goods sold 899.9
672.1
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Gross Margin 856.0 369.7
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Selling and administrative 47.2 40.6 Provincial mining and other
taxes 99.4 32.5 Foreign exchange (gain) loss (27.7) 2.0 Other
income (Note 8) (11.9) (13.7)
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107.0 61.4
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Operating Income 749.0 308.3 Interest Expense 11.2 25.5
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Income Before Income Taxes 737.8 282.8 Income Taxes (Note 4) 171.8
84.8
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Net Income 566.0 198.0 Retained Earnings, Beginning of Period
2,279.6 1,286.4 Repurchase of Common Shares (Note 3) (500.6) -
Change in Accounting Policy - 0.2 Dividends (32.0) (15.7)
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Retained Earnings, End of Period $ 2,313.0 $ 1,468.9
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Net Income Per Share (Note 5) Basic $ 1.79 $ 0.63 Diluted $ 1.74 $
0.62
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Dividends Per Share $ 0.10 $ 0.05
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(See Notes to the Condensed Consolidated Financial Statements)
Potash Corporation of Saskatchewan Inc. Condensed Consolidated
Statements of Cash Flow (in millions of US dollars) (unaudited)
Three Months Ended March 31 2008 2007
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Operating Activities Net income $ 566.0 $ 198.0
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Adjustments to reconcile net income to cash provided by operating
activities Depreciation and amortization 79.9 72.7 Stock-based
compensation 2.8 2.7 Loss (gain) on disposal of property, plant and
equipment 0.1 (0.1) Provision for auction rate securities 43.1 -
Foreign exchange on future income tax (4.7) 2.7 (Recovery of)
provision for future income tax (20.6) 25.4 Undistributed earnings
of equity investees (23.4) (13.0) Gain on derivative instruments
(17.1) (6.3) Other long-term liabilities (0.6) 0.9
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Subtotal of adjustments 59.5 85.0
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Changes in non-cash operating working capital Accounts receivable
(211.4) (50.8) Inventories (123.1) (10.6) Prepaid expenses and
other current assets (24.2) (11.4) Accounts payable and accrued
charges 175.5 109.4
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Subtotal of changes in non-cash operating working capital (183.2)
36.6
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Cash provided by operating activities 442.3 319.6
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Investing Activities Additions to property, plant and equipment
(196.5) (109.0) Purchase of long-term investments (174.5) (9.7)
Proceeds from disposal of property, plant and equipment 0.3 0.3
Other assets and intangible assets (4.0) (1.8)
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Cash used in investing activities (374.7) (120.2)
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Cash before financing activities 67.6 199.4
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Financing Activities Repayment and issue costs of long-term debt
obligations - (3.4) Proceeds from (repayment of) short-term debt
obligations 13.5 (61.8) Dividends (31.8) (15.7) Repurchase of
common shares (420.5) - Issuance of common shares 16.3 10.3
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Cash used in financing activities (422.5) (70.6)
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(Decrease) Increase in Cash and Cash Equivalents (354.9) 128.8 Cash
and Cash Equivalents, Beginning of Period 719.5 325.7
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Cash and Cash Equivalents, End of Period $ 364.6 $ 454.5
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Cash and cash equivalents comprised of: Cash $ 71.5 $ 17.7
Short-term investments 293.1 436.8
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$ 364.6 $ 454.5
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Supplemental cash flow disclosure Interest paid $ 14.3 $ 14.2
Income taxes paid $ 158.5 $ 32.1
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(See Notes to the Condensed Consolidated Financial Statements)
Potash Corporation of Saskatchewan Inc. Condensed Consolidated
Statements of Comprehensive Income (in millions of US dollars)
(unaudited) Three Months Ended March 31, 2008 Before Net of Income
Income Income Taxes Taxes Taxes
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Net income $ 737.8 $ 171.8 $ 566.0
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Other comprehensive income Net increase in unrealized gains on
available-for-sale securities(1) 179.4 30.4 149.0 Net gains on
derivatives designated as cash flow hedges(2) 63.0 18.9 44.1
Reclassification to income of net gains on cash flow hedges(2)
(8.2) (2.5) (5.7) Unrealized foreign exchange gains on translation
of self-sustaining foreign operations 1.6 - 1.6
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Other comprehensive income 235.8 46.8 189.0
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Comprehensive income $ 973.6 $ 218.6 $ 755.0
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Three Months Ended March 31, 2007 Before Net of Income Income
Income Taxes Taxes Taxes
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Net income $ 282.8 $ 84.8 $ 198.0
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Other comprehensive income Net increase in unrealized gains on
available-for-sale securities(1) 245.0 12.7 232.3 Net gains on
derivatives designated as cash flow hedges(2) 35.1 10.5 24.6
Reclassification to income of net gains on cash flow hedges(2)
(17.2) (5.1) (12.1) Unrealized foreign exchange gains on
translation of self-sustaining foreign operations 4.6 - 4.6
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Other comprehensive income 267.5 18.1 249.4
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Comprehensive income $ 550.3 $ 102.9 $ 447.4
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(1) Available-for-sale securities are comprised of shares in Israel
Chemicals Ltd., Sinofert Holdings Limited and investments in
auction rate securities. (2) Cash flow hedges are comprised of
natural gas derivative instruments. Potash Corporation of
Saskatchewan Inc. Condensed Consolidated Statements of Accumulated
Other Comprehensive Income (in millions of US dollars) (unaudited)
Unrealized foreign Net Unrealized exchange unrealized gains on
gains on gains on derivatives self- available- designated
sustaining (Net of related income for-sale as cash foreign taxes)
securities flow hedges operations Total
-------------------------------------------------------------------------
Accumulated other comprehensive income, December 31, 2007 $ 2,098.7
$ 73.5 $ 6.7 $ 2,178.9 Increase for the three months ended March
31, 2008 149.0 38.4 1.6 189.0
-------------------------------------------------------------------------
Accumulated other comprehensive income, March 31, 2008 $ 2,247.7 $
111.9 $ 8.3 $ 2,367.9
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(See Notes to the Condensed Consolidated Financial Statements)
Potash Corporation of Saskatchewan Inc. Notes to the Condensed
Consolidated Financial Statements For the Three Months Ended March
31, 2008 (in millions of US dollars except share and per-share
amounts) (unaudited) 1. Significant Accounting Policies With its
subsidiaries, Potash Corporation of Saskatchewan Inc. ("PCS") -
together known as "PotashCorp" or "the company" except to the
extent the context otherwise requires - forms an integrated
fertilizer and related industrial and feed products company. The
company's accounting policies are in accordance with accounting
principles generally accepted in Canada ("Canadian GAAP"). The
accounting policies used in preparing these condensed consolidated
financial statements are consistent with those used in the
preparation of the 2007 annual consolidated financial statements,
except as described below. These interim condensed consolidated
financial statements include the accounts of PCS and its
subsidiaries; however, they do not include all disclosures normally
provided in annual consolidated financial statements and should be
read in conjunction with the 2007 annual consolidated financial
statements. In management's opinion, the unaudited financial
statements include all adjustments (consisting solely of normal
recurring adjustments) necessary to present fairly such
information. Interim results are not necessarily indicative of the
results expected for the fiscal year. Inventories In June 2007, the
CICA issued Section 3031, "Inventories", which replaces Section
3030 and harmonizes the Canadian standard related to inventories
with International Financial Reporting Standards. This Section
provides more extensive guidance on the determination of cost,
including allocation of overhead; narrows the permitted cost
formulas; restricts the classification of spare and replacement
parts as inventory; requires impairment testing; and expands the
disclosure requirements to increase transparency. This Section
applies to interim and annual financial statements relating to
fiscal years beginning on or after January 1, 2008. This standard
has been applied prospectively; accordingly comparative amounts for
prior periods have not been restated. The adoption of this standard
resulted in a reclassification of certain spare and replacement
parts to property, plant and equipment. The effects of the
adjustment were to decrease inventory by $21.1 and $21.5 at March
31, 2008 and January 1, 2008 respectively, and an increase in
property, plant and equipment in the same amount. Since there was
no difference in the measurement of the assets, no adjustment to
opening retained earnings was necessary. 2. Investments In January
2008 the company settled its forward purchase contract, which was
denominated in Hong Kong dollars, to acquire an additional
194,290,175 shares of Sinofert Holdings Limited ("Sinofert") for
cash consideration of $173.7. A tax exempt gain of $25.3 was
recognized during 2008 as a result of the change in fair value of
the contract from December 31, 2007 to the settlement date. The
acquisition increases the company's ownership interest in Sinofert
to approximately 20 percent. Investments include auction rate
securities that are classified as available-for-sale. The company
has determined that the fair value of the auction rate securities
was $43.1 at March 31, 2008 (face value $132.5). Of the $89.4
impairment, $19.8 was considered temporary and $69.6 was considered
other-than-temporary. This represents an increase of $12.9 from the
$76.5 impairment at December 31, 2007, of which $50.0 was
considered temporary and $26.5 was considered other-than-temporary.
Market conditions that existed at the end of 2007 which caused the
investments to be illiquid continued into the first quarter of
2008. The company is able to hold these investments until liquidity
improves, but does not expect this to occur in the upcoming year.
3. Share Repurchase On January 23, 2008, the Board of Directors of
PCS authorized a share repurchase program of up to 15,820,000
common shares (approximately 5 percent of the company's issued and
outstanding common shares) through a normal course issuer bid. If
considered advisable, shares may be repurchased from time to time
on the open market through January 30, 2009 at prevailing market
prices. The timing and amount of purchases, if any, under the
program will be dependent upon the availability and alternative
uses of capital, market conditions and other factors. During the
first quarter of 2008, the company repurchased for cancellation
3,398,800 common shares under the program, at a net cost of $516.3
and an average price per share of $151.90. The repurchase resulted
in a reduction of share capital of $15.7, and the excess of net
cost over the average book value of the shares of $500.6 has been
recorded as a reduction of retained earnings. Of the $516.3 of
common shares repurchased with trade dates through March 31, 2008,
only $420.5 had settled in cash by the close of the quarter. 4.
Income Taxes The company's consolidated reported income tax rate
for the three months ended March 31, 2008 was approximately 23
percent (2007 - 30 percent). For the three months ended March 31,
2008, the consolidated effective income tax rate was 30 percent
(2007 - 30 percent). Items to note include the following: - A
scheduled one and a half percentage point reduction in the Canadian
federal income tax rate applicable to resource companies along with
the elimination of the one percent surtax became effective at the
beginning of 2008. This was offset by higher taxes in the US. -
During the first quarter of 2008, an income tax recovery of $42.0
was recorded that related to an increase in permanent deductions in
the US from prior years. - The $25.3 gain recognized as a result of
the change in fair value of the forward purchase contract for
shares in Sinofert was not taxable. 5. Net Income Per Share Basic
net income per share for the quarter is calculated on the weighted
average shares issued and outstanding for the three months ended
March 31, 2008 of 315,662,000 (2007 - 314,895,000). Diluted net
income per share is calculated based on the weighted average number
of shares issued and outstanding during the period. The denominator
is: (1) increased by the total of the additional common shares that
would have been issued assuming exercise of all stock options with
exercise prices at or below the average market price for the
period; and (2) decreased by the number of shares that the company
could have repurchased if it had used the assumed proceeds from the
exercise of stock options to repurchase them on the open market at
the average share price for the period. The weighted average number
of shares outstanding for the diluted net income per share
calculation for the three months ended March 31, 2008 was
326,081,000 (2007 - 321,773,000). 6. Segment Information The
company has three reportable business segments: potash, nitrogen
and phosphate. These business segments are differentiated by the
chemical nutrient contained in the product that each produces.
Inter-segment sales are made under terms that approximate market
value. The accounting policies of the segments are the same as
those described in Note 1. Three Months Ended March 31, 2008
-------------------------------------------------------------------------
Consol- Potash Nitrogen Phosphate All Others idated
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Sales $ 796.2 $ 581.2 $ 513.2 $ - $1,890.6 Freight 55.3 15.0 32.1 -
102.4 Transportation and distribution 11.4 12.9 8.0 - 32.3 Net
sales - third party 729.5 553.3 473.1 - Cost of goods sold 214.9
367.9 317.1 - 899.9 Gross margin 514.6 185.4 156.0 - 856.0
Depreciation and amortization 22.8 22.6 32.6 1.9 79.9 Inter-segment
sales - 42.0 4.2 - - Three Months Ended March 31, 2007
-------------------------------------------------------------------------
Consol- Potash Nitrogen Phosphate All Others idated
-------------------------------------------------------------------------
Sales $ 380.5 $ 419.6 $ 354.6 $ - $1,154.7 Freight 43.5 11.3 27.1 -
81.9 Transportation and distribution 9.6 13.6 7.8 - 31.0 Net sales
- third party 327.4 394.7 319.7 - Cost of goods sold 153.2 263.4
255.5 - 672.1 Gross margin 174.2 131.3 64.2 - 369.7 Depreciation
and amortization 17.9 21.7 29.6 3.5 72.7 Inter-segment sales - 33.0
0.9 - - 7. Pension and Other Post-Retirement Expenses Defined
Benefit Pension Plans Three Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Service cost $ 3.8 $ 3.8 Interest cost 10.0 9.1 Expected return on
plan assets (13.0) (10.7) Net amortization and change in valuation
allowance 2.1 3.2
-------------------------------------------------------------------------
Net expense $ 2.9 $ 5.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Other Post-Retirement Plans Three Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Service cost $ 1.4 $ 1.4 Interest cost 4.0 3.5 Net amortization 0.1
0.2
-------------------------------------------------------------------------
Net expense $ 5.5 $ 5.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For the three months ended March 31, 2008, the company contributed
$6.2 to its defined benefit pension plans, $8.1 to its defined
contribution pension plans and $2.1 to its other post-retirement
plans. Total 2008 contributions to these plans are not expected to
differ significantly from the amounts previously disclosed in the
consolidated financial statements for the year ended December 31,
2007. 8. Other Income Three Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Share of earnings of equity investees $ 23.4 $ 13.0 Gain on forward
purchase contract for shares in Sinofert (Note 2) 25.3 - Other 6.3
0.7 Provision for auction rate securities (43.1) -
-------------------------------------------------------------------------
$ 11.9 $ 13.7
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Potash Corporation of Saskatchewan Inc. Selected Operating and
Revenue Data (unaudited) Three Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Potash Operating Data Production (KCl Tonnes - thousands) 2,526
2,303 Shutdown weeks - 2.0 Sales (tonnes - thousands) Manufactured
Product North America 967 892 Offshore 1,569 1,273
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Manufactured Product 2,536 2,165
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Potash Net Sales (US $ millions) Sales $796.2 $380.5 Less: Freight
55.3 43.5 Transportation and distribution 11.4 9.6
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Net Sales $729.5 $327.4
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Manufactured Product North America $291.6 $152.7 Offshore 432.0
171.0 Other miscellaneous and purchased product 5.9 3.7
-------------------------------------------------------------------------
Net Sales $729.5 $327.4
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Potash Average Price per MT North America $301.36 $171.15 Offshore
$275.36 $134.28
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Manufactured Product $285.28 $149.47
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Potash Corporation of Saskatchewan Inc. Selected Operating and
Revenue Data (unaudited) Three Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Nitrogen Operating Data Production (N Tonnes - thousands) 720 747
Average Natural Gas Cost per MMBtu $6.72 $4.41 Sales (tonnes -
thousands) Manufactured Product Ammonia 474 520 Urea 297 339
Nitrogen solutions/Nitric acid/Ammonium nitrate 555 478
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Manufactured Product 1,326 1,337
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Fertilizer sales tonnes 439 432 Industrial/Feed sales tonnes 887
905
-------------------------------------------------------------------------
1,326 1,337
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Nitrogen Net Sales (US $ millions) Sales $581.2 $419.6 Less:
Freight 15.0 11.3 Transportation and distribution 12.9 13.6
-------------------------------------------------------------------------
Net Sales $553.3 $394.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Manufactured Product Ammonia $240.6 $169.3 Urea 131.9 113.9
Nitrogen solutions/Nitric acid/Ammonium nitrate 130.7 86.5 Other
miscellaneous and purchased product 50.1 25.0
-------------------------------------------------------------------------
Net Sales $553.3 $394.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Fertilizer net sales $160.7 $125.2 Industrial/Feed net sales 342.5
244.5 Other miscellaneous and purchased product 50.1 25.0
-------------------------------------------------------------------------
Net Sales $553.3 $394.7
-------------------------------------------------------------------------
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Nitrogen Average Price per MT Ammonia $507.43 $325.73 Urea $444.77
$336.54 Nitrogen solutions/Nitric acid/Ammonium nitrate $235.35
$180.80
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Manufactured Product $379.47 $276.84
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Fertilizer average price per MT $366.34 $289.85 Industrial/Feed
average price per MT $385.95 $270.63
-------------------------------------------------------------------------
Manufactured Product $379.47 $276.84
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Potash Corporation of Saskatchewan Inc. Selected Operating and
Revenue Data (unaudited) Three Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Phosphate Operating Data Production (P2O5 Tonnes - thousands) 511
525 P2O5 Operating Rate 89% 92% Sales (tonnes - thousands)
Manufactured Product Fertilizer - Liquid phosphates 259 251
Fertilizer - Solid phosphates 267 427 Feed 214 207 Industrial 192
173
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Manufactured Product 932 1,058
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Phosphate Net Sales (US $ millions) Sales $513.2 $354.6 Less:
Freight 32.1 27.1 Transportation and distribution 8.0 7.8
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Net Sales $473.1 $319.7
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-------------------------------------------------------------------------
Manufactured Product Fertilizer - Liquid phosphates $94.9 $62.7
Fertilizer - Solid phosphates 176.3 120.4 Feed 95.5 62.7 Industrial
91.2 63.2 Other miscellaneous and purchased product 15.2 10.7
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Net Sales $473.1 $319.7
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Phosphate Average Price per MT Fertilizer - Liquid phosphates
$365.97 $249.36 Fertilizer - Solid phosphates $659.64 $281.98 Feed
$446.90 $302.79 Industrial $474.90 $365.86
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Manufactured Product $491.12 $291.99
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Exchange Rate (Cdn$/US$) 2008 2007
-------------------------------------------------------------------------
December 31 0.9881 March 31 1.0279 1.1529 First-quarter average
conversion rate 1.0044 1.1665 Potash Corporation of Saskatchewan
Inc. Selected Non-GAAP Financial Measures and Reconciliations (in
millions of US dollars) (unaudited) The following information is
included for convenience only. Generally, a non-GAAP financial
measure is a numerical measure of a company's performance,
financial position or cash flows that either excludes or includes
amounts that are not normally excluded or included in the most
directly comparable measure calculated and presented in accordance
with generally accepted accounting principles ("GAAP"). EBITDA,
adjusted EBITDA, cash flow prior to working capital changes and
free cash flow are not measures of financial performance (nor do
they have standardized meanings) under either Canadian GAAP or US
GAAP. In evaluating these measures, investors should consider that
the methodology applied in calculating such measures may differ
among companies and analysts. The company uses both GAAP and
certain non-GAAP measures to assess performance. The company's
management believes these non-GAAP measures provide useful
supplemental information to investors in order that they may
evaluate PotashCorp's financial performance using the same measures
as management. PotashCorp's management believes that, as a result,
the investor is afforded greater transparency in assessing the
financial performance of the company. These non-GAAP financial
measures should not be considered as a substitute for, nor superior
to, measures of financial performance prepared in accordance with
GAAP. A. EBITDA AND ADJUSTED EBITDA -------------------------- Set
forth below is a reconciliation of "EBITDA" and "adjusted EBITDA"
to net income, the most directly comparable financial measure
calculated and presented in accordance with Canadian GAAP. Three
Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Net income $ 566.0 $ 198.0 Income taxes 171.8 84.8 Interest expense
11.2 25.5 Depreciation and amortization 79.9 72.7
-------------------------------------------------------------------------
EBITDA 828.9 381.0 Provision for auction rate securities 43.1 -
-------------------------------------------------------------------------
Adjusted EBITDA $ 872.0 $ 381.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EBITDA is calculated as earnings before interest, income taxes,
depreciation and amortization. Adjusted EBITDA is calculated as
earnings before interest, income taxes, depreciation and
amortization, and impairment charges. PotashCorp uses EBITDA and
adjusted EBITDA as supplemental financial measures of its
operational performance. Management believes EBITDA and adjusted
EBITDA to be important measures as they exclude the effects of
items which primarily reflect the impact of long-term investment
decisions, rather than the performance of the company's day-to-day
operations. As compared to net income according to GAAP, these
measures are limited in that they do not reflect the periodic costs
of certain capitalized tangible and intangible assets used in
generating revenues in the company's business, or the non-cash
charges associated with impairments. Management evaluates such
items through other financial measures such as capital expenditures
and cash flow provided by operating activities. The company
believes that these measurements are useful to measure a company's
ability to service debt and to meet other payment obligations or as
a valuation measurement. Potash Corporation of Saskatchewan Inc.
Selected Non-GAAP Financial Measures and Reconciliations (in
millions of US dollars) (unaudited) B. CASH FLOW --------- Set
forth below is a reconciliation of "cash flow prior to working
capital changes" and "free cash flow" to cash provided by operating
activities, the most directly comparable financial measure
calculated and presented in accordance with Canadian GAAP. Three
Months Ended March 31 2008 2007
-------------------------------------------------------------------------
Cash flow prior to working capital changes(1) $ 625.5 $ 283.0
-------------------------------------------------------------------------
Changes in non-cash operating working capital Accounts receivable
(211.4) (50.8) Inventories (123.1) (10.6) Prepaid expenses and
other current assets (24.2) (11.4) Accounts payable and accrued
charges 175.5 109.4
-------------------------------------------------------------------------
Changes in non-cash operating working capital (183.2) 36.6
-------------------------------------------------------------------------
Cash provided by operating activities $ 442.3 $ 319.6
-------------------------------------------------------------------------
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Free cash flow(2) $ 250.5 $ 162.5 Additions to property, plant and
equipment 196.5 109.0 Purchase of long-term investments 174.5 9.7
Other assets and intangible assets 4.0 1.8 Changes in non-cash
operating working capital (183.2) 36.6
-------------------------------------------------------------------------
Cash provided by operating activities $ 442.3 $ 319.6
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) The company uses cash flow prior to working capital changes as
a supplemental financial measure in its evaluation of liquidity.
Management believes that adjusting principally for the swings in
non- cash working capital items due to seasonality assists
management in making long-term liquidity assessments. The company
also believes that this measurement is useful as a measure of
liquidity or as a valuation measurement. (2) The company uses free
cash flow as a supplemental financial measure in its evaluation of
liquidity and financial strength. Management believes that
adjusting principally for the swings in non-cash operating working
capital items due to seasonality, additions to property, plant and
equipment, purchases of long-term investments, and changes to other
assets assists management in the long-term assessment of liquidity
and financial strength. The company also believes that this
measurement is useful as an indicator of the company's ability to
service its debt, meet other payment obligations and make strategic
investments. Readers should be aware that free cash flow does not
represent residual cash flow available for discretionary
expenditures. DATASOURCE: Potash Corporation of Saskatchewan Inc.
CONTACT: Investors: Denita Stann, Director, Investor Relations,
Phone: (847) 849-4277, Fax: (847) 849-4691, Email: ; Media: Rhonda
Speiss, Manager, Public Relations, Phone: (306) 933-8544, Fax:
(306) 933-8844, , Web Site: http://www.potashcorp.com/
Copyright