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

Exhibit 99.2

The Mosaic Company—Summary

	Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13			Q2 FY13			Q3 FY13			Q4 FY13
Consolidated data(in millions, except per share)
Diluted net earnings per share	$	1.17		$	1.40		$	0.64		$	1.19		$	1.01		$	1.47		$	0.81		$	1.14
Foreign Currency (Loss)/Gain per diluted share(a)	$	(0.01	)	$	0.09		$	(0.08	)	$	0.02		$	(0.05	)	$	(0.03	)	$	0.06		$	(0.01	)
Diluted weighted average # of shares outstanding		447.9			444.7			426.7			426.7			426.7			427.0			427.1			427.2
Total Net Sales	$	3,083		$	3,015		$	2,190		$	2,821		$	2,505		$	2,536		$	2,241		$	2,692
Gross Margin	$	848		$	881		$	522		$	834		$	747		$	676		$	568		$	769
As % of Sales		28	%		29	%		24	%		30	%		30	%		27	%		25	%		29	%
SG&A	$	101		$	101		$	91		$	117		$	112		$	103		$	90		$	122
Foreign Currency (Loss)/Gain	$	(6	)	$	55		$	(44	)	$	12		$	(28	)	$	(17	)	$	32		$	(3	)
Effective Tax Rate(b)		28	%		27	%		25	%		27	%		28	%		(14	%)		24	%		24	%
Net Income	$	526		$	624		$	273		$	507		$	429		$	629		$	345		$	486
As % of Sales		17	%		21	%		12	%		18	%		17	%		25	%		15	%		18	%
Total Debt	$	825		$	1,551		$	1,093		$	1,053		$	1,029		$	1,033		$	1,073		$	1,079
Cash & cash equivalents		(4,038	)		(3,628	)		(3,202	)		(3,811	)		(3,595	)		(3,421	)		(3,323	)	$	(3,697	)
Net debt	$	(3,213	)	$	(2,077	)	$	(2,109	)	$	(2,758	)	$	(2,566	)	$	(2,388	)	$	(2,250	)	$	(2,618	)
Cash flow from operations	$	554		$	518		$	405		$	1,229		$	339		$	322		$	371		$	855
Cash flow from investments		(393	)		(385	)		(405	)		(446	)		(444	)		(396	)		(390	)	$	(360	)
Cash flow from financing		(29	)		(460	)		(480	)		(92	)		(132	)		(103	)		(66	)	$	(97	)
Effect of exchange rate changes on cash		(1	)		(83	)		54			(82	)		21			3			(13	)	$	(24	)
Net cash flow	$	131		$	(410	)	$	(426	)	$	609		$	(216	)	$	(174	)	$	(98	)	$	374
Cash dividends paid	$	(22	)	$	(22	)	$	(21	)	$	(53	)	$	(107	)	$	(106	)	$	(107	)	$	(107	)
Share repurchases	$	—		$	(1,163	)	$	—		$	—		$	—		$	—		$	—		$	—
Operating Earnings
Potash	$	402		$	358		$	234		$	464		$	416		$	316		$	216		$	445
Phosphates	$	333		$	432		$	190		$	224		$	208		$	245		$	197		$	198
Corporate(c)	$	(6	)	$	8		$	(10	)	$	(17	)	$	(14	)	$	(1	)	$	6		$	(22	)
Consolidated Op Earnings	$	729		$	798		$	414		$	671		$	610		$	560		$	419		$	621
Segment data(in millions, except per tonne)
Phosphates
Sales volumes (‘000 tonnes)(d)		3,158			3,196			2,591			2,890			2,662			2,963			2,642			2,939
Realized average DAP price/tonne(e)	$	576		$	611		$	536		$	494		$	529		$	544		$	496		$	483
Revenue	$	2,220		$	2,179		$	1,652		$	1,789		$	1,561		$	1,762		$	1,502		$	1,670
Segment Gross Margin	$	410		$	476		$	259		$	322		$	288		$	318		$	266		$	290
As % of Sales		18	%		22	%		16	%		18	%		18	%		18	%		18	%		17	%
Potash
Sales volumes (‘000 tonnes)(f)		1,820			1,760			1,091			2,049			1,931			1,494			1,771			2,574
Realized average MOP price/tonne(e)	$	446		$	440		$	453		$	455		$	444		$	443		$	385		$	368
Revenue	$	873		$	839		$	553		$	1,037		$	960		$	780		$	758		$	1,031
Segment Gross Margin	$	444		$	394		$	270		$	514		$	459		$	355		$	308		$	489
As % of Sales		51	%		47	%		49	%		50	%		48	%		46	%		41	%		47	%

Potash

	Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13			Q2 FY13			Q3 FY13			Q4 FY13
Net Sales and Gross Margin(in millions, except per tonne)
Segment income statement
North America	$	464		$	427		$	299		$	662		$	561		$	603		$	450		$	494
International		409			412			254			375			399			177			308			537
Net Sales	$	873		$	839		$	553		$	1,037		$	960		$	780		$	758		$	1,031
Cost of Goods Sold		429			445			283			523			501			425			450			542
Gross Margin	$	444		$	394		$	270		$	514		$	459		$	355		$	308		$	489
As % of Sales		51	%		47	%		49	%		50	%		48	%		46	%		41	%		47	%
Resources Taxes	$	80		$	50		$	48		$	80		$	70		$	67		$	41		$	72
Royalties		16			17			17			20			12			15			15			16
Total Resources Taxes & Royalties	$	96		$	67		$	65		$	100		$	82		$	82		$	56		$	88
Gross Margin (x Resources Taxes & Royalties)(g)	$	540		$	461		$	335		$	614		$	541		$	437		$	364		$	577
As % of Sales		62	%		55	%		61	%		59	%		56	%		56	%		48	%		56	%
Operating Earnings	$	402		$	358		$	234		$	464		$	416		$	316		$	216		$	445
As % of Sales		46	%		43	%		42	%		45	%		43	%		40	%		29	%		43	%
Cost of Goods Sold Detail(in millions)
COGS additional detail
Resource Taxes	$	80		$	50		$	48		$	80		$	70		$	67		$	41		$	72
Royalties		16			17			17			20			12			15			15			16
Brine Inflow Expenses		39			45			59			63			67			60			55			54
MTM (gain)/loss		9			15			(4	)		18			(34	)		2			24			(6	)
DD&A		53			54			58			68			65			72			77			88
Total costs	$	197		$	181		$	178		$	249		$	180		$	216		$	212		$	224
Operating Data
Sales volumes (‘000 tonnes)
Crop Nutrients North America(f)		613			525			291			921			751			839			681			868
Crop Nutrients International(f)		1,043			1,055			618			951			1,020			487			927			1,532
Non-Agricultural		164			180			182			177			160			168			163			174
Total(f)		1,820			1,760			1,091			2,049			1,931			1,494			1,771			2,574
Production Volumes (‘000 tonnes)
Production Volume		1,855			1,805			1,818			1,944			1,503			1,765			1,985			2,514
Operating rate		81	%		78	%		79	%		85	%		65	%		76	%		78	%		95	%
Realized prices (FOB plant, $/tonne)
MOP—North America crop nutrients(e)(h)	$	520		$	533		$	531		$	498		$	479		$	472		$	434		$	415
MOP—International(e)	$	400		$	393		$	411		$	403		$	404		$	352		$	325		$	328
MOP—Average(e)	$	446		$	440		$	453		$	455		$	444		$	443		$	385		$	368
Potash CAPEX($ in millions)	$	279		$	296		$	294		$	303		$	300		$	257		$	258		$	203

Phosphates

	Q1 FY12			Q2 FY12			Q3 FY12			Q4 FY12			Q1 FY13			Q2 FY13			Q3 FY13			Q4 FY13
Net Sales and Gross Margin(in millions, except per tonne)
Segment income statement
North America	$	630		$	648		$	604		$	672		$	556		$	648		$	624		$	640
International		1,590			1,531			1,048			1,117			1,005			1,114			878			1,030
Net Sales	$	2,220		$	2,179		$	1,652		$	1,789		$	1,561		$	1,762		$	1,502		$	1,670
Cost of Goods Sold		1,810			1,703			1,393			1,467			1,273			1,445			1,236			1,380
Gross Margin	$	410		$	476		$	259		$	322		$	288		$	318		$	266		$	290
As % of Sales		18	%		22	%		16	%		18	%		18	%		18	%		18	%		17	%
PhosChem sales of other member	$	233		$	130		$	125		$	156		$	47		$	9		$	8		$	28
Mosaic Sales (x PhosChem)(i)	$	1,987		$	2,049		$	1,527		$	1,633		$	1,514		$	1,753		$	1,494		$	1,642
Mosaic COGS (x PhosChem)(i)		1,577			1,573			1,268			1,311			1,226			1,436			1,228			1,352
Gross Margin (x PhosChem)(i)	$	410		$	476		$	259		$	322		$	288		$	318		$	266		$	290
As % of Sales (x PhosChem)(h)		21	%		23	%		17	%		20	%		19	%		18	%		18	%		18	%
Segment Operating Earnings	$	333		$	432		$	190		$	224		$	208		$	245		$	197		$	198
As % of Sales		15	%		20	%		12	%		13	%		13	%		14	%		13	%		12	%
DD&A	$	65		$	64		$	67		$	68		$	69		$	72		$	71		$	75
Operating Data
Sales volumes (‘000 tonnes)
Crop Nutrients
North America(d)		864			893			931			1,059			855			983			954			1,011
International(d)		1,000			994			857			959			603			721			858			944
Crop Nutrient Blends(j)		795			820			489			516			751			809			525			567
Feed Phosphates		152			147			169			153			132			131			135			136
Other(k)		347			342			145			203			321			319			170			281
Total(d)		3,158			3,196			2,591			2,890			2,662			2,963			2,642			2,939
Production Volumes (‘000 tonnes)
Total tonnes produced(l)		2,163			2,083			1,954			2,079			1,961			2,075			2,112			2,054
Operating rate		89	%		86	%		81	%		86	%		81	%		86	%		87	%		85	%
Realized prices ( $/tonne)
DAP (FOB plant)(e)	$	576		$	611		$	536		$	494		$	529		$	544		$	496		$	483
Blends (FOB destination)(j)	$	590		$	581		$	588		$	551		$	533		$	559		$	558		$	578
Realized costs($/tonne)
Ammonia (tonne)(m)	$	551		$	579		$	589		$	417		$	449		$	561		$	540		$	540
Sulfur (long ton)(n)	$	232		$	237		$	228		$	200		$	196		$	190		$	181		$	171
Average Market prices($/tonne)
Ammonia (tonne)(o)	$	560		$	652		$	524		$	486		$	683		$	709		$	665		$	598
Sulfur (long ton)(p)	$	220		$	220		$	204		$	175		$	176		$	165		$	157		$	152
Natural Gas(q)	$	4.3		$	3.7		$	2.8		$	2.3		$	2.8		$	3.4		$	3.4		$	4.0
Phosphates CAPEX($ in millions)	$	98		$	82		$	100		$	128		$	131		$	79		$	97		$	121

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).