The Mosaic Company (MOS) 8-K Results of Operations and Financial Condition

Exhibit 99.2

The Mosaic Company - Summary

	Q2 FY11			Q3 FY11			Q4 FY11			Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13
Consolidated data(in millions, except per share)
Diluted net earnings per share	$	2.29		$	1.21		$	1.45		$	1.17		$	1.40		$	0.64		$	1.19		$	1.01
Foreign Currency Gain/Loss per diluted share(a)	$	(0.05	)	$	(0.05	)	$	0.01		$	(0.01	)	$	0.09		$	(0.08	)	$	0.02		$	(0.05	)
Diluted weighted average # of shares outstanding		447.3			447.7			447.8			447.9			444.7			426.7			426.7			426.7
Total Net Sales	$	2,675		$	2,214		$	2,860		$	3,083		$	3,015		$	2,190		$	2,821		$	2,505
Gross Margin	$	768		$	854		$	995		$	848		$	881		$	522		$	834		$	747
Gross Profit Margin(As % of Sales)		29%			39%			35%			28%			29%			24%			30%			30%
SG&A	$	89		$	84		$	112		$	101		$	101		$	91		$	117		$	112
Foreign Currency Gain/(Loss)	$	(31	)	$	(32	)	$	4		$	(6	)	$	55		$	(44	)	$	12		$	(28	)
Effective Tax Rate(b)		22%			24%			22%			28%			27%			25%			27%			28%
Net Income	$	1,026		$	542		$	649		$	526		$	624		$	273		$	507		$	429
Net Income margin(As % of Sales)		38%			24%			23%			17%			21%			12%			18%			17%
Total Debt	$	1,309		$	887		$	833		$	825		$	1,551		$	1,093		$	1,053		$	1,029
Cash & cash equivalents		(3,659	)		(3,352	)		(3,906	)		(4,038	)		(3,628	)		(3,202	)		(3,811	)		(3,595	)
Net debt	$	(2,350	)	$	(2,465	)	$	(3,073	)	$	(3,213	)	$	(2,077	)	$	(2,109	)	$	(2,758	)	$	(2,566	)
Cash flow from operations	$	532		$	366		$	973		$	554		$	518		$	405		$	1,229		$	339
Cash flow from investments		740			(272	)		(359	)		(393	)		(385	)		(405	)		(446	)		(444	)
Cash flow from financing		(30	)		(452	)		(69	)		(29	)		(460	)		(480	)		(92	)		(132	)
Effect of exchange rate changes on cash		55			51			10			(1	)		(83	)		54			(82	)		21
Net cash flow	$	1,297		$	(307	)	$	555		$	131		$	(410	)	$	(426	)	$	609		$	(216	)
Cash dividends paid	$	(22	)	$	(22	)	$	(22	)	$	(22	)	$	(22	)	$	(21	)	$	(53	)	$	(107	)
Share repurchases	$	-		$	-		$	-		$	-		$	(1,163	)	$	-		$	-		$	-
Operating Earnings
Potash	$	252		$	414		$	469		$	402		$	358		$	234		$	464		$	416
Phosphates	$	402		$	372		$	370		$	333		$	432		$	190		$	224		$	208
Corporate(c)	$	4		$	(15	)	$	(14	)	$	(6	)	$	8		$	(10	)	$	(17	)	$	(14	)
Consolidated Op Earnings	$	658		$	771		$	825		$	729		$	798		$	414		$	671		$	610
Segment data(in millions, except per tonne)
Phosphates
Sales volumes (‘000 tonnes)(d)		3,673			2,371			2,841			3,158			3,196			2,591			2,890			2,662
Realized average DAP price/tonne(e)	$	461		$	543		$	574		$	576		$	611		$	536		$	494		$	529
Revenue	$	1,974		$	1,458		$	1,882		$	2,220		$	2,179		$	1,652		$	1,789		$	1,561
Segment Gross Profit	$	476		$	454		$	479		$	410		$	476		$	259		$	322		$	288
Gross Profit %		24%			31%			25%			18%			22%			16%			18%			18%
Potash
Sales volumes (‘000 tonnes)(f)		1,802			1,863			2,180			1,820			1,760			1,091			2,049			1,931
Realized average MOP price/tonne(e)	$	331		$	358		$	404		$	446		$	440		$	453		$	455		$	444
Revenue	$	699		$	758		$	982		$	873		$	839		$	553		$	1,037		$	960
Segment Gross Profit	$	285		$	412		$	516		$	444		$	394		$	270		$	514		$	459
Gross Profit %		41%			54%			53%			51%			47%			49%			50%			48%

Potash

	Q2 FY11			Q3 FY11			Q4 FY11			Q1 FY12		Q2 FY12		Q3 FY12			Q4 FY12		Q1 FY13
Net Sales and Gross Margin(in millions, except per tonne)
Segment income statement
Net Sales	$	699		$	758		$	982		$	873	$	839	$	553		$	1,037	$	960
Cost of Goods Sold		414			346			466			429		445		283			523		501
Gross Profit	$	285		$	412		$	516		$	444	$	394	$	270		$	514	$	459
As % of Sales		41%			54%			53%			51%		47%		49%			50%		48%
Resources Taxes	$	68		$	40		$	91		$	80	$	50	$	48		$	80	$	70
Royalties		11			15			17			16		17		17			20		12
Total Resources Taxes & Royalties	$	79		$	55		$	108		$	96	$	67	$	65		$	100	$	82
Gross Profit (x Resources Taxes & Royalties)	$	364		$	467		$	624		$	540	$	461	$	335		$	614	$	541
As % of Sales		52%			62%			64%			62%		55%		61%			59%		56%
Operating Earnings	$	252		$	414		$	469		$	402	$	358	$	234		$	464	$	416
As % of Sales		36%			55%			48%			46%		43%		42%			45%		43%
Cost of Goods Sold Detail(in millions)
COGS additional detail
Resource Taxes	$	68		$	40		$	91		$	80	$	50	$	48		$	80	$	70
Royalties		11			15			17			16		17		17			20		12
Brine Inflow Expenses		32			42			41			39		45		59			63		67
MTM (gain)/loss		(10	)		(7	)		(1	)		9		15		(4	)		18		(34	)
DD&A		45			49			55			53		54		58			68		65
Total	$	146		$	139		$	203		$	197	$	181	$	178		$	249	$	180
Operating Data
Sales volumes (‘000 tonnes)
Crop Nutrients North America(f)		910			757			919			613		525		291			921		751
Crop Nutrients International(f)		737			944			1,095			1,043		1,055		618			951		1,020
Non-Agricultural		155			162			166			164		180		182			177		160
Total(f)		1,802			1,863			2,180			1,820		1,760		1,091			2,049		1,931
Production Volumes (‘000 tonnes)
Production Volume		1,678			2,048			2,183			1,855		1,805		1,818			1,944		1,503
Operating rate		74%			90%			95%			81%		78%		79%			85%		65%
Realized prices (FOB plant, $/tonne)
MOP - North America crop nutrients(e)(g)	$	351		$	394		$	466		$	520	$	533	$	531		$	498	$	479
MOP - International(e)	$	281		$	316		$	347		$	400	$	393	$	411		$	403	$	404
MOP - Average(e)	$	331		$	358		$	404		$	446	$	440	$	453		$	455	$	444
Potash CAPEX ($ in millions)	$	231		$	213		$	236		$	279	$	296	$	294		$	303	$	300

Phosphates

	Q2  FY11			Q3  FY11			Q4  FY11			Q1  FY12			Q2  FY12			Q3  FY12			Q4FY12			Q1FY13
Net Sales and Gross Margin(in millions, except per tonne)
Segment income statement
Net Sales		$	1,974		$	1,458		$	1,882		$	2,220		$	2,179		$	1,652		$	1,789		$	1,561
Cost of Goods Sold			1,498			1,004			1,403			1,810			1,703			1,393			1,467			1,273
Gross Profit		$	476		$	454		$	479		$	410		$	476		$	259		$	322		$	288
As % of Sales			24%			31%			25%			18%			22%			16%			18%			18%
PhosChem sales of other member		$	119		$	97		$	137		$	233		$	130		$	125		$	156		$	47
PhosChem COGS for other member			119			97			137			233			130			125			156			47
Mosaic Sales (x PhosChem)(h)		$	1,855		$	1,361		$	1,745		$	1,987		$	2,049		$	1,527		$	1,633		$	1,514
Mosaic COGS (x PhosChem)(h)			1,379			907			1,266			1,577			1,573			1,268			1,311			1,226
Gross Profit (x PhosChem)(h)		$	476		$	454		$	479		$	410		$	476		$	259		$	322		$	288
As % of Sales (x PhosChem)(h)			26%			33%			27%			21%			23%			17%			20%			19%
Segment Operating Earnings		$	402		$	372		$	370		$	333		$	432		$	190		$	224		$	208
As % of Sales			20%			26%			20%			15%			20%			12%			13%			13%
DD&A		$	59		$	63		$	66		$	65		$	64		$	67		$	68		$	69
Operating Data
Sales volumes (‘000 tonnes)
Crop Nutrients
North America(d)			972			719			897			864			893			931			1,059			855
International(d)			1,264			807			962			1,000			994			857			959			603
Crop Nutrient Blends(i)			867			511			558			795			820			489			516			751
Feed Phosphates			149			162			134			152			147			169			153			132
Other(j)			421			172			290			347			342			145			203			321
Total(d)			3,673			2,371			2,841			3,158			3,196			2,591			2,890			2,662
Production Volumes (‘000 tonnes)
Total tonnes produced(k)			2,139			2,007			2,093			2,163			2,083			1,954			2,079			1,961
Operating rate			88%			83%			86%			89%			86%			81%			86%			81%
Realized prices( $/tonne)
DAP (FOB plant)(e)		$	461		$	543		$	574		$	576		$	611		$	536		$	494		$	529
Blends (FOB destination)(i)		$	459		$	503		$	560		$	590		$	581		$	588		$	551		$	533
Realized costs($/tonne)
Ammonia (tonne)(l)		$	361		$	406		$	476		$	551		$	579		$	589		$	417		$	449
Sulfur (long ton)(m)		$	134		$	166		$	197		$	232		$	237		$	228		$	200		$	196
Average Market prices($/tonne)
Ammonia (tonne)(n)		$	457		$	485		$	557		$	560		$	652		$	524		$	486		$	683
Sulfur (long ton)(o)		$	122		$	168		$	197		$	220		$	220		$	204		$	175		$	176
Natural Gas(p)		$	3.8		$	4.3		$	4.2		$	4.3		$	3.7		$	2.8		$	2.3		$	2.8
Phosphates CAPEX($ in millions)		$	57		$	77		$	109		$	98		$	82		$	100		$	128		$	131

Footnotes
(a)	Calculation for diluted foreign currency gain and loss applies effective tax rate.
(b)	Includes positive tax impact of approximately 5% from the gain on sale of Fosfertil in Q2 FY11.
(c)	Includes elimination of intersegment sales.
(d)	Phosphates volumes represent dry product tonnes. Excludes tonnes sold by PhosChem for its other member.
(e)	FOB Plant, sales to unrelated parties.
(f)	Potash volumes include intersegment sales, and exclude tonnes mined under a third party tolling arrangement.
(g)	This price excludes industrial and feed sales.
(h)	Excludes PhosChem quarterly sales for its other member, included in our financials. PhosChem is a consolidated subsidiary of Mosaic.
(i)	The average product mix in our Blends (by volumes) contains approximately 50% phosphate, 25% potash and 25% nitrogen, although this mix can differ based on seasonal and other factors.
(j)	Other volumes are primarily single superphosphate, potash and nitrogen products sold in countries outside North America.
(k)	Includes crop nutrient dry concentrates and animal feed ingredients.
(l)	Delivered Tampa, Florida. Amounts are representative of our average ammonia costs in cost of goods sold.
(m)	Amounts are representative of our average sulfur cost in cost of goods sold.
(n)	three point quarterly average (Fertecon)
(o)	three point quarterly average (Green Markets)
(p)	three point quarterly average (NYMEX)