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

Exhibit 99.2

The Mosaic Company - Summary

	Q4 FY11			Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13			Q2 FY13			Q3 FY13
Consolidated data(in millions, except per share)
Diluted net earnings per share	$	1.45		$	1.17		$	1.40		$	0.64		$	1.19		$	1.01		$	1.47		$	0.81
Foreign Currency Gain/Loss per diluted share(a)	$	0.01		$	(0.01	)	$	0.09		$	(0.08	)	$	0.02		$	(0.05	)	$	(0.05	)	$	0.06
Diluted weighted average # of shares outstanding		447.8			447.9			444.7			426.7			426.7			426.7			427.0			427.1
Total Net Sales	$	2,860		$	3,083		$	3,015		$	2,190		$	2,821		$	2,505		$	2,536		$	2,241
Gross Margin	$	995		$	848		$	881		$	522		$	834		$	747		$	676		$	568
Gross Profit Margin(As % of Sales)		35	%		28	%		29	%		24	%		30	%		30	%		27	%		25	%
SG&A	$	112		$	101		$	101		$	91		$	117		$	112		$	103		$	90
Foreign Currency Gain/(Loss)	$	4		$	(6	)	$	55		$	(44	)	$	12		$	(28	)	$	(17	)	$	32
Effective Tax Rate(b)		22	%		28	%		27	%		25	%		27	%		28	%		(14	%)		24	%
Net Income	$	649		$	526		$	624		$	273		$	507		$	429		$	629		$	345
Net Income margin(As % of Sales)		23	%		17	%		21	%		12	%		18	%		17	%		25	%		15	%
Total Debt	$	833		$	825		$	1,551		$	1,093		$	1,053		$	1,029		$	1,033		$	1,073
Cash & cash equivalents		(3,906	)		(4,038	)		(3,628	)		(3,202	)		(3,811	)		(3,595	)		(3,421	)	$	(3,323	)
Net debt	$	(3,073	)	$	(3,213	)	$	(2,077	)	$	(2,109	)	$	(2,758	)	$	(2,566	)	$	(2,388	)	$	(2,250	)
Cash flow from operations	$	973		$	554		$	518		$	405		$	1,229		$	339		$	322		$	371
Cash flow from investments		(359	)		(393	)		(385	)		(405	)		(446	)		(444	)		(396	)	$	(390	)
Cash flow from financing		(69	)		(29	)		(460	)		(480	)		(92	)		(132	)		(103	)	$	(66	)
Effect of exchange rate changes on cash		10			(1	)		(83	)		54			(82	)		21			3		$	(13	)
Net cash flow	$	555		$	131		$	(410	)	$	(426	)	$	609		$	(216	)	$	(174	)	$	(98	)
Cash dividends paid	$	(22	)	$	(22	)	$	(22	)	$	(21	)	$	(53	)	$	(107	)	$	(106	)	$	(107	)
Share repurchases	$	—		$	—		$	(1,163	)	$	—		$	—		$	—		$	—		$	—
Operating Earnings
Potash	$	469		$	402		$	358		$	234		$	464		$	416		$	316		$	216
Phosphates	$	370		$	333		$	432		$	190		$	224		$	208		$	245		$	197
Corporate(c)	$	(14	)	$	(6	)	$	8		$	(10	)	$	(17	)	$	(14	)	$	(1	)	$	6
Consolidated Op Earnings	$	825		$	729		$	798		$	414		$	671		$	610		$	560		$	419
Segment data(in millions, except per tonne)
Phosphates
Sales volumes (‘000 tonnes)(d)		2,841			3,158			3,196			2,591			2,890			2,662			2,963			2,642
Realized average DAP price/tonne(e)	$	574		$	576		$	611		$	536		$	494		$	529		$	544		$	496
Revenue	$	1,882		$	2,220		$	2,179		$	1,652		$	1,789		$	1,561		$	1,762		$	1,502
Segment Gross Profit	$	479		$	410		$	476		$	259		$	322		$	288		$	318		$	266
Gross Profit %		25	%		18	%		22	%		16	%		18	%		18	%		18	%		18	%
Potash
Sales volumes (‘000 tonnes)(f)		2,180			1,820			1,760			1,091			2,049			1,931			1,494			1,771
Realized average MOP price/tonne(e)	$	404		$	446		$	440		$	453		$	455		$	444		$	443		$	385
Revenue	$	982		$	873		$	839		$	553		$	1,037		$	960		$	780		$	758
Segment Gross Profit	$	516		$	444		$	394		$	270		$	514		$	459		$	355		$	308
Gross Profit %		53	%		51	%		47	%		49	%		50	%		48	%		46	%		41	%

Potash

	Q4 FY11			Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13			Q2 FY13			Q3 FY13
Net Sales and Gross Margin(in millions, except per tonne)
Segment income statement
North America	$	605		$	464		$	427		$	299		$	662		$	561		$	603		$	450
International		377			409			412			254			375			399			177			308
Net Sales	$	982		$	873		$	839		$	553		$	1,037		$	960		$	780		$	758
Cost of Goods Sold		466			429			445			283			523			501			425			450
Gross Profit	$	516		$	444		$	394		$	270		$	514		$	459		$	355		$	308
As % of Sales		53	%		51	%		47	%		49	%		50	%		48	%		46	%		41	%
Resources Taxes	$	91		$	80		$	50		$	48		$	80		$	70		$	67		$	41
Royalties		17			16			17			17			20			12			15			15
Total Resources Taxes & Royalties	$	108		$	96		$	67		$	65		$	100		$	82		$	82		$	56
Gross Profit (x Resources Taxes & Royalties)(g)	$	624		$	540		$	461		$	335		$	614		$	541		$	437		$	364
As % of Sales		64	%		62	%		55	%		61	%		59	%		56	%		56	%		48	%
Operating Earnings	$	469		$	402		$	358		$	234		$	464		$	416		$	316		$	216
As % of Sales		48	%		46	%		43	%		42	%		45	%		43	%		40	%		29	%
Cost of Goods Sold Detail(in millions)
COGS additional detail
Resource Taxes	$	91		$	80		$	50		$	48		$	80		$	70		$	67		$	41
Royalties		17			16			17			17			20			12			15			15
Brine Inflow Expenses		41			39			45			59			63			67			60			55
MTM (gain)/loss		(1	)		9			15			(4	)		18			(34	)		2			24
DD&A		55			53			54			58			68			65			72			77
Total costs	$	203		$	197		$	181		$	178		$	249		$	180		$	216		$	212
Operating Data
Sales volumes (‘000 tonnes)
Crop Nutrients North America(f)		919			613			525			291			921			751			839			681
Crop Nutrients International(f)		1,095			1,043			1,055			618			951			1,020			487			927
Non-Agricultural		166			164			180			182			177			160			168			163
Total(f)		2,180			1,820			1,760			1,091			2,049			1,931			1,494			1,771
Production Volumes (‘000 tonnes)
Production Volume		2,183			1,855			1,805			1,818			1,944			1,503			1,765			1,985
Operating rate		95	%		81	%		78	%		79	%		85	%		65	%		76	%		78	%
Realized prices (FOB plant, $/tonne)
MOP - North America crop nutrients(e)(h)	$	466		$	520		$	533		$	531		$	498		$	479		$	472		$	434
MOP - International(e)	$	347		$	400		$	393		$	411		$	403		$	404		$	352		$	325
MOP - Average(e)	$	404		$	446		$	440		$	453		$	455		$	444		$	443		$	385
Potash CAPEX($ in millions)	$	236		$	279		$	296		$	294		$	303		$	300		$	257		$	258

Phosphates

	Q4 FY11			Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13			Q2 FY13			Q3 FY13
Net Sales and Gross Margin(in millions, except per tonne)
Segment income statement
North America	$	638		$	630		$	648		$	604		$	672		$	556		$	648		$	624
International		1,244			1,590			1,531			1,048			1,117			1,005			1,114			878
Net Sales	$	1,882		$	2,220		$	2,179		$	1,652		$	1,789		$	1,561		$	1,762		$	1,502
Cost of Goods Sold		1,403			1,810			1,703			1,393			1,467			1,273			1,445			1,236
Gross Profit	$	479		$	410		$	476		$	259		$	322		$	288		$	318		$	266
As % of Sales		25	%		18	%		22	%		16	%		18	%		18	%		18	%		18	%
PhosChem sales of other member	$	137		$	233		$	130		$	125		$	156		$	47		$	9		$	8
Mosaic Sales (x PhosChem)(i)	$	1,745		$	1,987		$	2,049		$	1,527		$	1,633		$	1,514		$	1,753		$	1,494
Mosaic COGS (x PhosChem)(i)		1,266			1,577			1,573			1,268			1,311			1,226			1,436			1,228
Gross Profit (x PhosChem)(i)	$	479		$	410		$	476		$	259		$	322		$	288		$	318		$	266
As % of Sales (x PhosChem)(h)		27	%		21	%		23	%		17	%		20	%		19	%		18	%		18	%
Segment Operating Earnings	$	370		$	333		$	432		$	190		$	224		$	208		$	245		$	197
As % of Sales		20	%		15	%		20	%		12	%		13	%		13	%		14	%		13	%
DD&A	$	66		$	65		$	64		$	67		$	68		$	69		$	72		$	71
Operating Data
Sales volumes (‘000 tonnes)
Crop Nutrients
North America(d)		897			864			893			931			1,059			855			983			954
International(d)		962			1,000			994			857			959			603			721			858
Crop Nutrient Blends(j)		558			795			820			489			516			751			809			525
Feed Phosphates		134			152			147			169			153			132			131			135
Other(k)		290			347			342			145			203			321			319			170
Total(d)		2,841			3,158			3,196			2,591			2,890			2,662			2,963			2,642
Production Volumes (‘000 tonnes)
Total tonnes produced(l)		2,093			2,163			2,083			1,954			2,079			1,961			2,075			2,112
Operating rate		86	%		89	%		86	%		81	%		86	%		81	%		86	%		87	%
Realized prices ( $/tonne)
DAP (FOB plant)(e)	$	574		$	576		$	611		$	536		$	494		$	529		$	544		$	496
Blends (FOB destination)(j)	$	560		$	590		$	581		$	588		$	551		$	533		$	559		$	558
Realized costs($/tonne)
Ammonia (tonne)(m)	$	476		$	551		$	579		$	589		$	417		$	449		$	561		$	540
Sulfur (long ton)(n)	$	197		$	232		$	237		$	228		$	200		$	196		$	190		$	181
Average Market prices($/tonne)
Ammonia (tonne)(o)	$	557		$	560		$	652		$	524		$	486		$	683		$	709		$	665
Sulfur (long ton)(p)	$	197		$	220		$	220		$	204		$	175		$	176		$	165		$	157
Natural Gas(q)	$	4.2		$	4.3		$	3.7		$	2.8		$	2.3		$	2.8		$	3.4		$	3.4
Phosphates CAPEX($ in millions)	$	109		$	98		$	82		$	100		$	128		$	131		$	79		$	97

Footnotes

^(a)  Calculation for diluted foreign currency gain and loss applies effective tax rate.

^(b) Includes a discrete income tax benefit of approximately $180 million in Q2 FY13.

^(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 through December 31, 2012.

^(g)  Gross margin excluding Canadian resource taxes and royalties (“CRT”) provides a measure that the Company believes enhances the reader’s ability to compare the Company’s gross margin with that of other companies which incur CRT expense and classify it in a manner different than the Company in their statement of earnings. Because securities analysts, investors, lenders and others use gross margin excluding CRT, the Company’s management believes that Mosaic’s presentation of gross margin excluding CRT for Potash affords them greater transparency in assessing Mosaic’s financial performance against competitors.

^(h)  This price excludes industrial and feed sales.

⁽ⁱ⁾ Excludes PhosChem quarterly sales for its other member, included in our financials. PhosChem is a consolidated subsidiary of Mosaic. Management believes that Mosaic Sales, Mosaic COGS, Gross Profit and Gross Profit as a % of Sales is useful to investors as it increases the transparency of information about the Company’s financial performance without performance attributable entirely to the other member of PhosChem.

^(j)  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.

^(k)  Other volumes are primarily single superphosphate, potash and nitrogen products sold in countries outside North America.

^(l)  Includes crop nutrient dry concentrates and animal feed ingredients.

^(m)  Delivered Tampa, Florida. Amounts are representative of our average ammonia costs in cost of goods sold.

⁽ⁿ⁾  Amounts are representative of our average sulfur cost in cost of goods sold.

^(o)  Three point quarterly average (Fertecon).

^(p)  Three point quarterly average (Green Markets).

^(q)  Three point quarterly average (NYMEX).