Graphs
Graphs 2012 annual Integrated Report
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 2
CEO Letter POTASHCORP NET INCOME PER SHARE – DILUTED Third-highest earnings on record
WORLD POTASH SHIPMENTS Inventory destocking and reduced Indian demand impacted shipments
US$/Share
4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 -0.50
Million Tonnes KCl
80
North America Latin America China
70 60
India Other Asia Other
50 40 30 20 10 03
04
05
06
07
08
09
10
11
12
0
Source: PotashCorp
1996 1998 2000 2002 2004 2006 2008 2010 2012E Source: Fertecon, CRU, IFA, industry publications, PotashCorp
TOTAL SITE 1 RECORDABLE INJURY R ATE 2 Focus on safety leading to reduced injury rates
POTASHCORP CAPITAL SPENDING Expenditures expected to decline significantly
Per 200,000 Hours Worked
US$ Billions
2.5
2.0
2.0
1.5
1.5 1.0 1.0 0.5 0.0
0.5 06
07
08
09
10
11
12
13F 14F 15F
0.0
2008
Excluding capitalized interest and major repairs and maintenance
1
Source: PotashCorp
2
Source: PotashCorp
POTASHCORP DIVIDEND PER SHARE 1 Dividend more than eight times higher than at the beginning of 2011 US$/Share
0.30
0.28
0.25
0.21 0.21
0.20 0.14 0.14
0.15 0.10
0.07 0.07 0.07 0.07
0.05 0.03 0.00
Q4 2 Q1 Q2 2010 2011
Q3
Q4
Q1 Q2 2012
Q3
1 Dividends declared each quarter and adjusted for stock splits 2 Figure rounded to nearest cent 3 As at February 19, 2013 Source: PotashCorp
Q4 Q1 3 2013
2009
2010
2011
2012
Total site includes PotashCorp employees, contractors and others on site. Total recordable injuries multiplied by 200,000 hours worked divided by the actual number of hours worked
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 3
comparison to our peers NET INCOME 860LOOLRQV
CAPITAL EXPENDITURES * 860LOOLRQV
216#5*%142 /15#+% ;#4# %(+0&7564+'5 74#.-#.+ +%. #)4+7/ - 5 53/ #2% +064'2+&
216#5*%142 /15#+% #)4+7/ +%. ;#4# 74#.-#.+ 53/ %(+0&7564+'5 - 5 +064'2+& #2%
CASH FLOW FROM OPERATIONS (US$ Millions) POTASHCORP 1 MOSAIC 2 YARA 1 AGRIUM 3 URALKALI 4 CF INDUSTRIES 3 ICL 3 SQM 3 K+S 3 APC 3 INTREPID 1
3,225 2,296 2,275 2,236 2,175 2,078 1,662 718 613 407 188
our company and operations Our Business Segments (2012) Global Position 1
Share of Gross Margin
Sales Volumes by Product Category
SALES VOLUMES BY SEGMENT SALES VOLUMES BY REGION
POTASH
20%
Sales Volumes by Region
Fertilizer
57%
Industrial
11%
64%
Feed
89%
36%
of Global Capacity (#1 in the world) SALES VOLUMES BY SEGMENT SALES VOLUMES BY REGION
)HUWLOL]HU
PHOSPHATE
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,QGXVWULDO
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2IIVKRUH
Fertilizer Feed & Industrial
14%
32%
34%
68%
66%
of Global Capacity (#3 in the world) SALES VOLUMES BY SEGMENT SALES VOLUMES BY REGION
)HUWLOL]HU
NITROGEN
2%
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,QGXVWULDO
1RUWK$PHULFD
2IIVKRUH
Fertilizer Feed & Industrial
29%
71%
18%
29%
82%
of Global Capacity (#3 in the world) )HUWLOL]HU Fertilizer
)HHG
,QGXVWULDO
Feed & Industrial
1RUWK$PHULFD North America
2IIVKRUH Offshore
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 4
SIX competitive Strengths that drive our value potential WORLD POTASH PRODUCER PROFILE Largest potash producer by capacity
CASH PROVIDED BY OPER ATING ACTIVITIES Generating strong operating cash flow despite lower potash volumes
Million Tonnes KCl – 2012-2016F
PotashCorp Uralkali (Russia) Mosaic (Canada, US) Belaruskali (Belarus) ICL (Israel, Spain, UK)* K+S (Germany) China* Agrium (Canada) APC (Jordan)* SQM (Chile)* Intrepid (US) Vale (Brazil)
US$ Millions
3,500 Announced Expansions Through 2016 3,000 Other Producers (Capacity) 2,500 PotashCorp Investments (Capacity) 2,000 PotashCorp (Operational Capability) 1,500
PotashCorp (Operational Capability) PotashCorp Investments (Capacity) Other Producers (Capacity) Announced Expansions Through 2016 0
5
10
15
1,000 500 0
20
* PotashCorp investments: ICL (14%), APC (28%), SQM (32%) and Sinofert (22%)
02
03
04
05
Source: PotashCorp
Note: PotashCorp based on operational capability (estimated annual achievable production) while competitor capacity is stated nameplate, which may exceed operational capability Source: Fertecon, CRU, IFA, PotashCorp
potash: a vital nutrient GROWTH IN GLOBAL FERTILIZER CONSUMPTION (VWLPDWHG$QQXDO,QFUHDVH
3.5
2.7
Potash
1.3
Phosphate
Nitrogen
6RXUFH ,)$
Expanding our impact through partnership and investment POTASHCORP COMMUNITY INVESTMENT 860LOOLRQV
10 2009 6RXUFH 3RWDVK&RUS
17 2010
21 2011
28
2012
31
2013F
06
07
08
09
10
11
12
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 5
our value model
COMPETITIVE STRENGTHS
CORE VALUES Financial health
No harm to people or environment
Supplier of choice
VALUE
Community engagement
Engaged employees
KEY RELATIONSHIPS
EXTERNAL FACTORS
delivering value with business strategy GROSS MARGIN PERCENTAGE BY NUTRIENT 1PUBTIQSPWJEFTHSFBUFTUNBSHJO
GREENFIELD DEVELOPMENT TIMELINE Significant time required to build new potash supply Years to Develop
3HUFHQWDJHRI1HW6DOHVÁ
Minimum 3 years
US$2.1-2.3 billion** per 1MMT P2O5
Phosphate
3-4 years
US$1.8-2.0 billion* per 1MMT NH3
Nitrogen
1PUBTI 6RXUFH 3RWDVK&RUS
1IPTQIBUF
CDN$4.7-6.3 billion*** per 2MMT KCl
Potash
/JUSPHFO
0
1
2
3
Minimum 7 years 4
5
6
7
* Cost of ammonia/urea complex ** Includes phosphate rock mine, sulfuric acid plant, phosphoric acid plant and DAP/MAP granulation plant *** Estimated time and cost for a conventional greenfield mine in Saskatchewan. Includes rail, utility systems, port facilities and, if applicable, cost of deposit Source: Fertecon, CRU, AMEC, PotashCorp
8
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 6
delivering value with business strategy POTASHCORP OPER ATIONAL CAPABILIT Y Potential for significant growth in sales
CONTRIBUTIONS TO INCOME* FROM INVESTMENTS Potash-related investments provide increased financial value
Million Tonnes KCl
18 16 14 12 10 8 6 4 2 0
US$ Millions
2,100 1,800 1,500 1,200 900 600 300 2012
2013F
2014F
2015F
Total 2015F
0
2008**
2009**
2010
2011
Source: PotashCorp
2012 Total Since Acquisition
* Includes share of equity earnings from SQM and APC and dividend income from ICL and Sinofert ** Figures were prepared in accordance with previous Canadian GAAP. Source: PotashCorp
Stability through a diversified fertilizer business PHOSPHATE PRODUCT SALES DISTRIBUTION (2012) Industry’s most diversified product mix PotashCorp
Mosaic
OCP (Morocco)
POTASHCORP’S SALES BY NITROGEN PL ANT Target more stable industrial markets Thousand Tonnes Product – 2012
2,500
Industrial
Fertilizer
Feed & IndustrialFeed & IndustrialFeed & Industrial
2,000 Fertilizer
Fertilizer
Fertilizer
1,500 1,000 500 Fertilizer
Feed & Industrial
Source: Fertecon, public filings, PotashCorp
0
Trinidad Source: PotashCorp
Geismar
Augusta
Lima
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 7
RISKS to our strategy PotashCorp Risk Management Ranking Methodology Severity of Consequence
Likelihood or Frequency
Risk Ranking Matrix
1
2
3
4
5
Negligible
Low
Acceptable
Major
Extreme
5 Probable (0-6 months)
C
B
B
A
A
4
D
C
B
B
A
3 Medium (2-10 years)
D
D
C
B
B
2 Low (10-50 years)
E
D
D
C
B
1
E
E
D
D
C
High (6 months-2 years)
Remote (> 50 years)
financial performance highlights POTASH GROSS MARGIN
PHOSPHATE GROSS MARGIN
NITROGEN GROSS MARGIN
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 8
Goals and Targets POTASHCORP CAPITAL SPENDING 86%LOOLRQV
2.0
1.0
0.0 2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2015F
([FOXGLQJFDSLWDOL]HGLQWHUHVWDQGPDMRUUHSDLUVDQGPDLQWHQDQFH 6RXUFH 3RWDVK&RUS
POTASH RAIL LOADING CAPACITY 300
Post Expansions
3HUFHQWDJHRI3UH([SDQVLRQ
Current Prior to Expansions
200 100 0
Prior to Expansions
Current
After Expansions
6RXUFH 3RWDVK&RUS
POTASHCORP COMMUNITY INVESTMENT 860LOOLRQV
2013F
40
2012
30
2011 2010
20
2009
10
2008
0
2008 6RXUFH 3RWDVK&RUS
2009
2010
2011
2012
2013F
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 9
EMPLOYEES AT OUR POTASH OPERATIONS 4,000
1XPEHURI(PSOR\HHV
2013F 2012 2011 2010
2,000
2009 2008
0 2008
2009
2010
2011
2012
2013F
6RXUFH 3RWDVK&RUS
LOST-TIME INJURY RATES (Benchmark Comparison)* 2.0
Potash
5DWHÁ3HU+RXUV:RUNHG
SMA (
IFA (20
OSHA
1.0
Sask W
OSHA 0 OSHA1 Mining (2011)
SK WCB 2 Mining (2011)
3RWDVK&RUSILJXUHUHSUHVHQWVWRWDOVLWH RWKHUVDVUHSRUWHG 2FFXSDWLRQDO6DIHW\DQG+HDOWK$GPLQLVWUDWLRQ 86 6DVNDWFKHZDQ:RUNHUVÄ&RPSHQVDWLRQ%RDUG ,QWHUQDWLRQDO)HUWLOL]HU,QGXVWU\$VVRFLDWLRQ 6DVNDWFKHZDQ0LQLQJ$VVRFLDWLRQ
OSHA1 Chem (2011)
IFA3 (2010)
SMA4 (2012)
PotashCorp (2012)
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 10
year in review SELECTED CROPS STOCKS-TO -USE R ATIO Historically low stocks for many global crops
WORLD GR AIN PRODUCTION AND CONSUMPTION Demand for grain outstripped production
Percent of 25-Year Average
Billion Tonnes
1.9
120 Production 100 Consumption
Consumption Production
1.8
80
1.7
60 1.6
40
1.5 1.4
20 0
00 01 02 03 04 05 06 07 08 09 10 11 12F
Soybeans Palm Oil
Sugar
Wheat
Rice
Source: USDA
Based on crop year data. For example, 12F refers to the 2012/13 crop year. Light bars represent years when consumption exceeded production. Source: USDA
2012 MONTHLY POT STOCK PRICE – NYSE COMPOSITE 86
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*OEJB
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$IJOB
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 11
business outlook FERTILIZER IMPACT ON CROP YIELD AND RETURN Balanced fertilization can provide a significant economic return
WORLD GRAIN AND OILSEED SUPPLY/DEMAND /FFEGPSIJTUPSJDBMMZMBSHFQSPEVDUJPOJODSFBTFUPBWPJEBEEJUJPOBMTIPSUGBMM
Yield Attributed to Fertilizer* – Percent
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$POTVNQUJPO 1SPEVDUJPO
8
4
20
2
10
2012 5-Year Average
6
40 Consumption 30
10
80 6% 70 4% 60 Production 50
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Return per Dollar Spent on Fertilizer* – US$
0 0 e at n rn m lm an rn ice eat Pal oybea S Co na Ric Whe l l Pa oybe US Co ina R a Wh i i U Chi dia Ch Indi ia Orazil S ia Orazil S n s s I y y la B la B Ma Ma
'
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* Based on long-term yield trials Source: IPNI, Bloomberg, industry publications, PotashCorp
WORLD POTASH SHIPMENTS &' 0LOOLRQ7RQQHV.&O
&
*OEJB
6KLSPHQWVIRU)EDVHGRQPLGSRLQWRIIRUHFDVWUDQJH 6RXUFH )HUWHFRQ&58,)$LQGXVWU\SXEOLFDWLRQV3RWDVK&RUS
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 12
2013 earnings per share and related sensitivities POTASHCORP GUIDANCE (VJEBODFWT"DUVBM3FTVMUT *XLGDQFH
$FWXDO5HVXOWV
1PUBTITBMFTWPMVNFT JODMVEFEJOQPUBTIHSPTTNBSHJOCFMPX
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%
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Our nutrients CONTRIBUTION TO GROSS MARGIN 2012
TOTAL SITE SEVERITY INJURY RATE
PERCENTAGE OF EMPLOYEES* 2012
1FS )PVST
0
$3.4
BILLION 2
/JUSPHFO 3KRVSKDWH 1LWURJHQ 1IPTQIBUF
0
$DDD #CCC "BBB
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2
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 13
potash WORLD POTASH RESERVES* Economically mineable deposits are geographically concentrated
SASK ATCHEWAN BROWNFIELD AND GREENFIELD POTASH COSTS Our brownfield expansion advantage Light Condensed
Canada 46% US 1%
Germany 1% Israel 0.5%
Russia 35% Belarus 8% Jordan 0.5% China 2%
Capital Cost per Tonne – (CDN$) Cccc 3,500Bbbb Greenfield Aaaa (Including infrastructure and reserve costs) 3,000 Greenfield 2,500 (Excluding infrastructure and reserve costs) 2,000
1,500 Brazil 3%
1,000 500
Chile 2%
0 * Share of world’s potash reserves; reserves as defined by the US Geological Survey Other countries total 1 percent
POT Projects POT Projects MOS Projects AGU SK Greenfield** Completed in Progress* in Progress Project * New Brunswick cost per tonne based on new 2MMT mine (net addition totals 1.2MMT). ** Based on 2MMT conventional greenfield mine constructed in Saskatchewan. PotashCorp project costs exclude infrastructure outside the plant gate. Assuming US$/CDN$ at par
Source: US Geological Survey
Source: AMEC, public filings, PotashCorp
WORLD POTASH FERTILIZER CONSUMPTION GROW TH Large developing markets driving growth in consumption
BROWNFIELD POTASH EXPANSION PROFILE Greatest potential for relative growth in volumes Million Tonnes KCl – Capacity* Growth 2012-2016F
Million Tonnes K2O
40
6
30
4
Other North America India
25 20
3
15
2
10
1 0
China Other Asia Latin America
35
5
5 POT
MOS URKA QSLI
AGU
ICL
SQM
IPI
* PotashCorp based on operational capability (estimated achievable production). Competitor capacity changes based on announced capital projects and estimated construction completion dates, which do not include ramp-up and may exceed operational capability. Source: Fertecon, CRU, public filings, PotashCorp
0
02
04
06
Source: Fertecon, IFA, PotashCorp
08
10
12E
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 14
potash performance 860LOOLRQV
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NET SALES PRICES PER QUARTER 1SJDFTTUBSUFESFTFUUJOHUPXBSETUIFFOEPG 867RQQH
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 15
potash performance SALES VOLUMES PER QUARTER (MPCBMEJTUSJCVUPSEFTUPDLJOHSFTVMUFEJOMPXFSTBMFTWPMVNFT
POTASH PRODUCTION TONNES PER QUARTER $POUJOVFEPVSMPOHIFMETUSBUFHZPGNBUDIJOHQSPEVDUJPOUPEFNBOE 7KRXVDQG7RQQHV
7KRXVDQG7RQQHV
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0GGTIPSF /PSUI"NFSJDB
2 2 2 2
2 2 2 2
2 2 2 2
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S+VO FQ FD BS+VO FQ FD BS+VO FQ FD 4 % 4 % . 4 % .
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 16
PHOSphate COST OF DAP PRODUCTION (ESTIMATED) Non-integrated producer costs rise primarily on higher rock prices
WORLD DAP/MAP IMPORTS Indian demand has a major impact on trade Total Imports – Million Tonnes
US$/Tonne
1,200 1,000
Indian Share of Imports – Percent
25 Other Non-Integrated India Integrated 20
Integrated Non-Integrated
800
India Share
15
600 10
400
5
200 0
2006
2007
2008
2009
2010
2011
0
2012
Source: Fertecon, CRU, PotashCorp
POTASHCORP PHOSPHATE ROCK PROFILE Access to long-lived, high-quality phosphate rock reserves Reserve Years*
Annual Capacity – Million Tonnes Rock
35
7
30
6
25
30
5
20
6
3.6
3 14
10 5 0
Cccc Bbbb Aaaa
4
15
2 1
Aurora
White Springs
0
Aurora
White Springs
* Proven and probable reserves permitted and to be permitted as of December 31, 2012. Including deposits classified as resources, the mine life at Aurora would be about 48 years. Mine life is based on average annual production rate for the past three years. Source: PotashCorp
2002
2004
Source: Fertecon
2006
2008
2010
2012E
45 40 35 30 25 20 15 10 5 0
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 17
phosphate performance 860LOOLRQV
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 18
NITROGEN US NITROGEN SUPPLY PROFILE Trinidad is the major offshore ammonia supplier to the US market
US MIDWEST DELIVERED AMMONIA COST US producers are lower-cost ammonia suppliers US$/Tonne – 2012
Cash Costs Freight to US Gulf Freight & Handling to US Midwest
US Midwest Producer US Gulf Producer
Trinidad
Middle East
Ammonia Freight and Handling to US Midwest Other FSU Other Freight to US Gulf Russia Cash Costs Egypt
Urea US
Russia – Yuzhnyy US
Trinidad
Canada
Middle East
Ukraine Port Plant 0
100
200
300
400
500
600
700
Source: Fertecon; Blue, Johnson; PotashCorp
Source: Blue, Johnson; USDOC; IFA; PotashCorp
POTASHCORP ANNUAL AMMONIA CAPACIT Y Increasing capacity in 2013 Estimated Ammonia Capacity* – Million Tonnes
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0
Trinidad
Augusta
Lima
Geismar
Geismar Lima Augusta Trinidad
2012 * All estimated capacity amounts as at beginning of year Source: PotashCorp
2013F
Canada
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 19
nitrogen performance 860LOOLRQV
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2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 20
Quarterly Results SEGMENT GROSS MARGIN 860LOOLRQV
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$VVHWV'HFHPEHU $BTIBOEDBTIFRVJWBMFOUT 3FDFJWBCMFT 1SPQFSUZ QMBOUBOEFRVJQNFOU *OWFTUNFOUT "MMPUIFSBTTFUT $VVHWV'HFHPEHU /LDELOLWLHVDQG(TXLW\'HFHPEHU 4IPSUUFSNEFCUBOEDVSSFOUQPSUJPOMPOHUFSNEFCU 1BZBCMFTBOEBDDSVFEDIBSHFT -POHUFSNEFCU %FGFSSFEJODPNFUBYMJBCJMJUJFT "DDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNF 3FUBJOFEFBSOJOHT "MMPUIFSMJBCJMJUJFTBOEFRVJUZ /LDELOLWLHVDQG(TXLW\'HFHPEHU 6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 21
Liquidity and Capital Resources GROSS MARGIN, CASH FLOW RETURN AND WEIGHTED AVERAGE COST OF CAPITAL Gross Margin
4,000
Percentage
60
Potash Phosphate Nitrogen
3,500 3,000
Cash Flow Return 1 Weighted Average Cost of Capital
50 40
2,500
Nitrogen
WACC
Phosphate
CFR
Potash
30
2,000 1,500
20
1,000
10
500 0
2010 1
2011
2012
0
2010
2011
2012
See reconciliation and description of certain non-IFRS measures on Page 94
Source: PotashCorp
Capital Structure and Management CREDIT FACILITIES 1 At December 31, 2012
LINE OF CREDIT At December 31, 2012
US$ Millions
US$ Millions
$3,131
$56
$19 $369 $0
$3,500
Amount Outstanding and Committed
Amount Available
Source: PotashCorp
$0
$75
Amount Outstanding and Committed 2
Amount Available
Source: PotashCorp
(space)
(space)
Amount Available
Amount Available
Amount Outstanding and Committed
Amount Outstanding and Committed
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 22
executive compensation
2012 EXECUTIVE COMPENSATION &(2ÄV&RPSHQVDWLRQ
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affordability and alignment with company goals
PERCENTAGE OF OPTIONS EXPECTED TO VEST BY PERFORMANCE OPTION PL AN
MTIP PERFORMANCE AS A PERCENTAGE OF MA XIMUM
Percentage
100
100%
STIP AS A PERCENTAGE OF MA XIMUM 1
Percentage
100%
100%
100%
100%
80
Percentage
100
100
80
80
60
75%
60
40
40
20
20
87%
52%
63%
40
47%
20 0%
0
2008A
2009A
2010A
2011E
2012E
81%
60
0
2009-2011 Plan 2012-2014 Plan 2012-2014 Plan (Actual) – Fair Value 1 – Intrinsic Value 2 (Expected)
A = Actual, E = Estimated
1
Source: PotashCorp
2
Based on fair value at the end of 2012 As at December 31, 2012
Source: PotashCorp
16% 0
2008
1
2009
2010
2011
2012
Maximum is two times target; described more fully on Page 90
Source: PotashCorp
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 23
NOTE 6
NOTE 4 FINISHED PRODUCT INVENTORIES – BY SEGMENT 6OBVEJUFE 860LOOLRQV
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NOTE 13
DEBT MATURITIES 6OBVEJUFE
ANNUAL PENSION AND OTHER POST-RETIREMENT BENEFIT PLAN CONTRIBUTIONS 6OBVEJUFE 4VCTFRVFOU 860LOOLRQV
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 24
Note 16 CASH FLOWS FOR ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT BY SEGMENT 6OBVEJUFE
SALES AND GROSS MARGIN BY SEGMENT 6OBVEJUFE 860LOOLRQV
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2012
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Note 22 NET INCOME PER SHARE 6OBVEJUFE 86SHU6KDUH
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Net income per share – diluted Net income per share - basic
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 25
shareholder information YEARLY POT STOCK PRICE SINCE INCEPTION* – NYSE COMPOSITE 86
)JHI $MPTF -PX
6RXUFH 7KRPVRQ5HXWHUV
'DWDDUHDGMXVWHGIRUDWZRIRURQHVWRFNVSOLWLQ$XJXVWDWKUHHIRURQHVWRFNVSOLWLQ0D\DQGDWKUHHIRURQHVWRFNVSOLWLQ)HEUXDU\
PotashCorp2012AR.com
PotashCorp.com Visit us online Facebook.com/PotashCorp Find us on Facebook
Twitter.com/PotashCorp Follow us on Twitter
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 2
CEO Letter POTASHCORP NET INCOME PER SHARE – DILUTED Third-highest earnings on record
WORLD POTASH SHIPMENTS Inventory destocking and reduced Indian demand impacted shipments
US$/Share
4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 -0.50
Million Tonnes KCl
80
North America Latin America China
70 60
India Other Asia Other
50 40 30 20 10 03
04
05
06
07
08
09
10
11
12
0
Source: PotashCorp
1996 1998 2000 2002 2004 2006 2008 2010 2012E Source: Fertecon, CRU, IFA, industry publications, PotashCorp
TOTAL SITE 1 RECORDABLE INJURY R ATE 2 Focus on safety leading to reduced injury rates
POTASHCORP CAPITAL SPENDING Expenditures expected to decline significantly
Per 200,000 Hours Worked
US$ Billions
2.5
2.0
2.0
1.5
1.5 1.0 1.0 0.5 0.0
0.5 06
07
08
09
10
11
12
13F 14F 15F
0.0
2008
Excluding capitalized interest and major repairs and maintenance
1
Source: PotashCorp
2
Source: PotashCorp
POTASHCORP DIVIDEND PER SHARE 1 Dividend more than eight times higher than at the beginning of 2011 US$/Share
0.30
0.28
0.25
0.21 0.21
0.20 0.14 0.14
0.15 0.10
0.07 0.07 0.07 0.07
0.05 0.03 0.00
Q4 2 Q1 Q2 2010 2011
Q3
Q4
Q1 Q2 2012
Q3
1 Dividends declared each quarter and adjusted for stock splits 2 Figure rounded to nearest cent 3 As at February 19, 2013 Source: PotashCorp
Q4 Q1 3 2013
2009
2010
2011
2012
Total site includes PotashCorp employees, contractors and others on site. Total recordable injuries multiplied by 200,000 hours worked divided by the actual number of hours worked
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 3
comparison to our peers NET INCOME 860LOOLRQV
CAPITAL EXPENDITURES * 860LOOLRQV
216#5*%142 /15#+% ;#4# %(+0&7564+'5 74#.-#.+ +%. #)4+7/ - 5 53/ #2% +064'2+&
216#5*%142 /15#+% #)4+7/ +%. ;#4# 74#.-#.+ 53/ %(+0&7564+'5 - 5 +064'2+& #2%
CASH FLOW FROM OPERATIONS (US$ Millions) POTASHCORP 1 MOSAIC 2 YARA 1 AGRIUM 3 URALKALI 4 CF INDUSTRIES 3 ICL 3 SQM 3 K+S 3 APC 3 INTREPID 1
3,225 2,296 2,275 2,236 2,175 2,078 1,662 718 613 407 188
our company and operations Our Business Segments (2012) Global Position 1
Share of Gross Margin
Sales Volumes by Product Category
SALES VOLUMES BY SEGMENT SALES VOLUMES BY REGION
POTASH
20%
Sales Volumes by Region
Fertilizer
57%
Industrial
11%
64%
Feed
89%
36%
of Global Capacity (#1 in the world) SALES VOLUMES BY SEGMENT SALES VOLUMES BY REGION
)HUWLOL]HU
PHOSPHATE
5%
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2IIVKRUH
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14%
32%
34%
68%
66%
of Global Capacity (#3 in the world) SALES VOLUMES BY SEGMENT SALES VOLUMES BY REGION
)HUWLOL]HU
NITROGEN
2%
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Fertilizer Feed & Industrial
29%
71%
18%
29%
82%
of Global Capacity (#3 in the world) )HUWLOL]HU Fertilizer
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Feed & Industrial
1RUWK$PHULFD North America
2IIVKRUH Offshore
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 4
SIX competitive Strengths that drive our value potential WORLD POTASH PRODUCER PROFILE Largest potash producer by capacity
CASH PROVIDED BY OPER ATING ACTIVITIES Generating strong operating cash flow despite lower potash volumes
Million Tonnes KCl – 2012-2016F
PotashCorp Uralkali (Russia) Mosaic (Canada, US) Belaruskali (Belarus) ICL (Israel, Spain, UK)* K+S (Germany) China* Agrium (Canada) APC (Jordan)* SQM (Chile)* Intrepid (US) Vale (Brazil)
US$ Millions
3,500 Announced Expansions Through 2016 3,000 Other Producers (Capacity) 2,500 PotashCorp Investments (Capacity) 2,000 PotashCorp (Operational Capability) 1,500
PotashCorp (Operational Capability) PotashCorp Investments (Capacity) Other Producers (Capacity) Announced Expansions Through 2016 0
5
10
15
1,000 500 0
20
* PotashCorp investments: ICL (14%), APC (28%), SQM (32%) and Sinofert (22%)
02
03
04
05
Source: PotashCorp
Note: PotashCorp based on operational capability (estimated annual achievable production) while competitor capacity is stated nameplate, which may exceed operational capability Source: Fertecon, CRU, IFA, PotashCorp
potash: a vital nutrient GROWTH IN GLOBAL FERTILIZER CONSUMPTION (VWLPDWHG$QQXDO,QFUHDVH
3.5
2.7
Potash
1.3
Phosphate
Nitrogen
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Expanding our impact through partnership and investment POTASHCORP COMMUNITY INVESTMENT 860LOOLRQV
10 2009 6RXUFH 3RWDVK&RUS
17 2010
21 2011
28
2012
31
2013F
06
07
08
09
10
11
12
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 5
our value model
COMPETITIVE STRENGTHS
CORE VALUES Financial health
No harm to people or environment
Supplier of choice
VALUE
Community engagement
Engaged employees
KEY RELATIONSHIPS
EXTERNAL FACTORS
delivering value with business strategy GROSS MARGIN PERCENTAGE BY NUTRIENT 1PUBTIQSPWJEFTHSFBUFTUNBSHJO
GREENFIELD DEVELOPMENT TIMELINE Significant time required to build new potash supply Years to Develop
3HUFHQWDJHRI1HW6DOHVÁ
Minimum 3 years
US$2.1-2.3 billion** per 1MMT P2O5
Phosphate
3-4 years
US$1.8-2.0 billion* per 1MMT NH3
Nitrogen
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CDN$4.7-6.3 billion*** per 2MMT KCl
Potash
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0
1
2
3
Minimum 7 years 4
5
6
7
* Cost of ammonia/urea complex ** Includes phosphate rock mine, sulfuric acid plant, phosphoric acid plant and DAP/MAP granulation plant *** Estimated time and cost for a conventional greenfield mine in Saskatchewan. Includes rail, utility systems, port facilities and, if applicable, cost of deposit Source: Fertecon, CRU, AMEC, PotashCorp
8
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 6
delivering value with business strategy POTASHCORP OPER ATIONAL CAPABILIT Y Potential for significant growth in sales
CONTRIBUTIONS TO INCOME* FROM INVESTMENTS Potash-related investments provide increased financial value
Million Tonnes KCl
18 16 14 12 10 8 6 4 2 0
US$ Millions
2,100 1,800 1,500 1,200 900 600 300 2012
2013F
2014F
2015F
Total 2015F
0
2008**
2009**
2010
2011
Source: PotashCorp
2012 Total Since Acquisition
* Includes share of equity earnings from SQM and APC and dividend income from ICL and Sinofert ** Figures were prepared in accordance with previous Canadian GAAP. Source: PotashCorp
Stability through a diversified fertilizer business PHOSPHATE PRODUCT SALES DISTRIBUTION (2012) Industry’s most diversified product mix PotashCorp
Mosaic
OCP (Morocco)
POTASHCORP’S SALES BY NITROGEN PL ANT Target more stable industrial markets Thousand Tonnes Product – 2012
2,500
Industrial
Fertilizer
Feed & IndustrialFeed & IndustrialFeed & Industrial
2,000 Fertilizer
Fertilizer
Fertilizer
1,500 1,000 500 Fertilizer
Feed & Industrial
Source: Fertecon, public filings, PotashCorp
0
Trinidad Source: PotashCorp
Geismar
Augusta
Lima
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 7
RISKS to our strategy PotashCorp Risk Management Ranking Methodology Severity of Consequence
Likelihood or Frequency
Risk Ranking Matrix
1
2
3
4
5
Negligible
Low
Acceptable
Major
Extreme
5 Probable (0-6 months)
C
B
B
A
A
4
D
C
B
B
A
3 Medium (2-10 years)
D
D
C
B
B
2 Low (10-50 years)
E
D
D
C
B
1
E
E
D
D
C
High (6 months-2 years)
Remote (> 50 years)
financial performance highlights POTASH GROSS MARGIN
PHOSPHATE GROSS MARGIN
NITROGEN GROSS MARGIN
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 8
Goals and Targets POTASHCORP CAPITAL SPENDING 86%LOOLRQV
2.0
1.0
0.0 2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2015F
([FOXGLQJFDSLWDOL]HGLQWHUHVWDQGPDMRUUHSDLUVDQGPDLQWHQDQFH 6RXUFH 3RWDVK&RUS
POTASH RAIL LOADING CAPACITY 300
Post Expansions
3HUFHQWDJHRI3UH([SDQVLRQ
Current Prior to Expansions
200 100 0
Prior to Expansions
Current
After Expansions
6RXUFH 3RWDVK&RUS
POTASHCORP COMMUNITY INVESTMENT 860LOOLRQV
2013F
40
2012
30
2011 2010
20
2009
10
2008
0
2008 6RXUFH 3RWDVK&RUS
2009
2010
2011
2012
2013F
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 9
EMPLOYEES AT OUR POTASH OPERATIONS 4,000
1XPEHURI(PSOR\HHV
2013F 2012 2011 2010
2,000
2009 2008
0 2008
2009
2010
2011
2012
2013F
6RXUFH 3RWDVK&RUS
LOST-TIME INJURY RATES (Benchmark Comparison)* 2.0
Potash
5DWHÁ3HU+RXUV:RUNHG
SMA (
IFA (20
OSHA
1.0
Sask W
OSHA 0 OSHA1 Mining (2011)
SK WCB 2 Mining (2011)
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OSHA1 Chem (2011)
IFA3 (2010)
SMA4 (2012)
PotashCorp (2012)
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 10
year in review SELECTED CROPS STOCKS-TO -USE R ATIO Historically low stocks for many global crops
WORLD GR AIN PRODUCTION AND CONSUMPTION Demand for grain outstripped production
Percent of 25-Year Average
Billion Tonnes
1.9
120 Production 100 Consumption
Consumption Production
1.8
80
1.7
60 1.6
40
1.5 1.4
20 0
00 01 02 03 04 05 06 07 08 09 10 11 12F
Soybeans Palm Oil
Sugar
Wheat
Rice
Source: USDA
Based on crop year data. For example, 12F refers to the 2012/13 crop year. Light bars represent years when consumption exceeded production. Source: USDA
2012 MONTHLY POT STOCK PRICE – NYSE COMPOSITE 86
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 11
business outlook FERTILIZER IMPACT ON CROP YIELD AND RETURN Balanced fertilization can provide a significant economic return
WORLD GRAIN AND OILSEED SUPPLY/DEMAND /FFEGPSIJTUPSJDBMMZMBSHFQSPEVDUJPOJODSFBTFUPBWPJEBEEJUJPOBMTIPSUGBMM
Yield Attributed to Fertilizer* – Percent
0LOOLRQ7RQQHV
3URGXFWLRQ *URZWK5DWH6FHQDULR
$POTVNQUJPO 1SPEVDUJPO
8
4
20
2
10
2012 5-Year Average
6
40 Consumption 30
10
80 6% 70 4% 60 Production 50
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Return per Dollar Spent on Fertilizer* – US$
0 0 e at n rn m lm an rn ice eat Pal oybea S Co na Ric Whe l l Pa oybe US Co ina R a Wh i i U Chi dia Ch Indi ia Orazil S ia Orazil S n s s I y y la B la B Ma Ma
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* Based on long-term yield trials Source: IPNI, Bloomberg, industry publications, PotashCorp
WORLD POTASH SHIPMENTS &' 0LOOLRQ7RQQHV.&O
&
*OEJB
6KLSPHQWVIRU)EDVHGRQPLGSRLQWRIIRUHFDVWUDQJH 6RXUFH )HUWHFRQ&58,)$LQGXVWU\SXEOLFDWLRQV3RWDVK&RUS
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 12
2013 earnings per share and related sensitivities POTASHCORP GUIDANCE (VJEBODFWT"DUVBM3FTVMUT *XLGDQFH
$FWXDO5HVXOWV
1PUBTITBMFTWPMVNFT JODMVEFEJOQPUBTIHSPTTNBSHJOCFMPX
007 007WR 007
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%
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WR
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Our nutrients CONTRIBUTION TO GROSS MARGIN 2012
TOTAL SITE SEVERITY INJURY RATE
PERCENTAGE OF EMPLOYEES* 2012
1FS )PVST
0
$3.4
BILLION 2
/JUSPHFO 3KRVSKDWH 1LWURJHQ 1IPTQIBUF
0
$DDD #CCC "BBB
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2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 13
potash WORLD POTASH RESERVES* Economically mineable deposits are geographically concentrated
SASK ATCHEWAN BROWNFIELD AND GREENFIELD POTASH COSTS Our brownfield expansion advantage Light Condensed
Canada 46% US 1%
Germany 1% Israel 0.5%
Russia 35% Belarus 8% Jordan 0.5% China 2%
Capital Cost per Tonne – (CDN$) Cccc 3,500Bbbb Greenfield Aaaa (Including infrastructure and reserve costs) 3,000 Greenfield 2,500 (Excluding infrastructure and reserve costs) 2,000
1,500 Brazil 3%
1,000 500
Chile 2%
0 * Share of world’s potash reserves; reserves as defined by the US Geological Survey Other countries total 1 percent
POT Projects POT Projects MOS Projects AGU SK Greenfield** Completed in Progress* in Progress Project * New Brunswick cost per tonne based on new 2MMT mine (net addition totals 1.2MMT). ** Based on 2MMT conventional greenfield mine constructed in Saskatchewan. PotashCorp project costs exclude infrastructure outside the plant gate. Assuming US$/CDN$ at par
Source: US Geological Survey
Source: AMEC, public filings, PotashCorp
WORLD POTASH FERTILIZER CONSUMPTION GROW TH Large developing markets driving growth in consumption
BROWNFIELD POTASH EXPANSION PROFILE Greatest potential for relative growth in volumes Million Tonnes KCl – Capacity* Growth 2012-2016F
Million Tonnes K2O
40
6
30
4
Other North America India
25 20
3
15
2
10
1 0
China Other Asia Latin America
35
5
5 POT
MOS URKA QSLI
AGU
ICL
SQM
IPI
* PotashCorp based on operational capability (estimated achievable production). Competitor capacity changes based on announced capital projects and estimated construction completion dates, which do not include ramp-up and may exceed operational capability. Source: Fertecon, CRU, public filings, PotashCorp
0
02
04
06
Source: Fertecon, IFA, PotashCorp
08
10
12E
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 14
potash performance 860LOOLRQV
860LOOLRQV
0U IF S
0G GTI PSF
/P SUI " NF SJD B
0U IF S
0G GTI PSF
/P SUI " NF SJD B
4B MFT 7P /F MVN U4 F $P BMFT T TU PG 1SJD FT (P PE T4 PME 0U IF S 4B MFT 7 /F PMV NF U4 $P BMFT T TU 1S PG J (P DFT PE T4 PME 0U IF S
6RXUFH 3RWDVK&RUS
POTASH GROSS MARGIN (SPTTNBSHJOEFDMJOFEPOMPXFSWPMVNFT EVFUPHMPCBMEFTUPDLJOH
NET SALES PRICES PER QUARTER 1SJDFTTUBSUFESFTFUUJOHUPXBSETUIFFOEPG 867RQQH
860LOOLRQV
0GGTIPSF /PSUI"NFSJDB
Offshore American North
2 2 22 :FBS 2 2 22 :FBS 2 2 2 2 :FBS 6RXUFH 3RWDVK&RUS
/PSUI"NFSJDB 0GGTIPSF .JTD1VSDIBTFE1SPEVDU
2 2 2 2 2 2 2 2 2 2 2 2 6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 15
potash performance SALES VOLUMES PER QUARTER (MPCBMEJTUSJCVUPSEFTUPDLJOHSFTVMUFEJOMPXFSTBMFTWPMVNFT
POTASH PRODUCTION TONNES PER QUARTER $POUJOVFEPVSMPOHIFMETUSBUFHZPGNBUDIJOHQSPEVDUJPOUPEFNBOE 7KRXVDQG7RQQHV
7KRXVDQG7RQQHV
Offshore North American
0GGTIPSF /PSUI"NFSJDB
2 2 2 2
2 2 2 2
2 2 2 2
POTASH ENDING INVENTORY TONNES *OWFOUPSJFTSPTFBTSFEVDFEEFNBOEPVUQBDFEEFDSFBTFEQSPEVDUJPO 7KRXVDQG7RQQHV
S+VO FQ FD BS+VO FQ FD BS+VO FQ FD 4 % 4 % . 4 % .
6RXUFH 3RWDVK&RUS
2 2 2 2 6RXUFH 3RWDVK&RUS
6RXUFH 3RWDVK&RUS
.B
2 2 2 2
2 2 2 2
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 16
PHOSphate COST OF DAP PRODUCTION (ESTIMATED) Non-integrated producer costs rise primarily on higher rock prices
WORLD DAP/MAP IMPORTS Indian demand has a major impact on trade Total Imports – Million Tonnes
US$/Tonne
1,200 1,000
Indian Share of Imports – Percent
25 Other Non-Integrated India Integrated 20
Integrated Non-Integrated
800
India Share
15
600 10
400
5
200 0
2006
2007
2008
2009
2010
2011
0
2012
Source: Fertecon, CRU, PotashCorp
POTASHCORP PHOSPHATE ROCK PROFILE Access to long-lived, high-quality phosphate rock reserves Reserve Years*
Annual Capacity – Million Tonnes Rock
35
7
30
6
25
30
5
20
6
3.6
3 14
10 5 0
Cccc Bbbb Aaaa
4
15
2 1
Aurora
White Springs
0
Aurora
White Springs
* Proven and probable reserves permitted and to be permitted as of December 31, 2012. Including deposits classified as resources, the mine life at Aurora would be about 48 years. Mine life is based on average annual production rate for the past three years. Source: PotashCorp
2002
2004
Source: Fertecon
2006
2008
2010
2012E
45 40 35 30 25 20 15 10 5 0
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 17
phosphate performance 860LOOLRQV
860LOOLRQV
0U IF S
'F SUJ 'F MJ[ FE FS *O EV TUS JBM
0U IF S
'F SUJ 'F MJ[ FE FS *O EV TUS JBM
4B MFT 7P /F MVN U4 F $P BMFT T TU PG 1SJD FT (P PE T4 PME 0U IF S 4B MFT 7 /F PMV NF U4 $P BMFT T TU 1S PG J (P DFT PE T4 PME 0U IF S
6RXUFH 3RWDVK&RUS
GROSS MARGIN PER PRODUCT *NQBDUFENBJOMZCZGBMMJOHGFSUJMJ[FSTBMFTWPMVNFTBOEQSJDFT
NET SALES PRICES PER QUARTER 'FSUJMJ[FSQSJDFTSFTFUEVSJOH 867RQQH
860LOOLRQV
Fertilzer 'FFE*OEVTUSJBM 'FSUJMJ[FS & Industrial Feed
'FSUJMJ[FS 'FFE*OEVTUSJBM .JTD1VSDIBTFE1SPEVDU
Miscellaneous and Purchased Product
2 2 22:FBS 2 2 22:FBS 2 2 22:FBS 6RXUFH 3RWDVK&RUS
2 2 2 2 2 2 2 2 2 2 2 2 6RXUFH 3RWDVK&RUS
SALES VOLUMES PER QUARTER .JOJOHJTTVFTDBVTFEMPXFSGPVSUIRVBSUFSWPMVNFT 7KRXVDQG7RQQHV
'FSUJMJ[FS 'FFE*OEVTUSJBM
Fertilizer Feed & Industrial
2 2 2 2 6RXUFH 3RWDVK&RUS
2 2 2 2
2 2 2 2
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 18
NITROGEN US NITROGEN SUPPLY PROFILE Trinidad is the major offshore ammonia supplier to the US market
US MIDWEST DELIVERED AMMONIA COST US producers are lower-cost ammonia suppliers US$/Tonne – 2012
Cash Costs Freight to US Gulf Freight & Handling to US Midwest
US Midwest Producer US Gulf Producer
Trinidad
Middle East
Ammonia Freight and Handling to US Midwest Other FSU Other Freight to US Gulf Russia Cash Costs Egypt
Urea US
Russia – Yuzhnyy US
Trinidad
Canada
Middle East
Ukraine Port Plant 0
100
200
300
400
500
600
700
Source: Fertecon; Blue, Johnson; PotashCorp
Source: Blue, Johnson; USDOC; IFA; PotashCorp
POTASHCORP ANNUAL AMMONIA CAPACIT Y Increasing capacity in 2013 Estimated Ammonia Capacity* – Million Tonnes
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0
Trinidad
Augusta
Lima
Geismar
Geismar Lima Augusta Trinidad
2012 * All estimated capacity amounts as at beginning of year Source: PotashCorp
2013F
Canada
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 19
nitrogen performance 860LOOLRQV
860LOOLRQV
"N NP OJB
4B MFT 7P /F MVN U4 F $P BMFT T TU PG 1SJD FT (P PE T4 PME 0U IF S 4B MFT 7 /F PMV NF U4 $P BMFT T TU 1S PG J (P DFT PE T4 PME 0U IF S
4P MVU 6 JPO SFB T/ )F "" / EH F 0U IF S "N NP OJB 4P MVU 6 JPO SFB T/ " " )F / EH F 0U IF S
6RXUFH 3RWDVK&RUS
NET SALES PRICES PER QUARTER 5JHIUTVQQMZBOEJODSFBTFEEFNBOEESPWFVQQSJDFT
NITROGEN GROSS MARGIN 3FDPSEBOOVBMHSPTTNBSHJO
867RQQH
860LOOLRQV
Trinidad "NNPOJB Trinidad 6SFB US Excluding Hedge US Excluding Hedge /JUSPHFO4PMVUJPOT /JUSJD"DJE "NNPOJVN/JUSBUF Hedge Hedge
5SJOJEBE 64 )FEHF
2 2 22 :FBS 2 2 22 :FBS 2 2 22 :FBS
2 2 2 2 2 2 2 2 2 2 2 2 6RXUFH 3RWDVK&RUS
6RXUFH 3RWDVK&RUS
SALES VOLUMES PER QUARTER 4BMFTGFMMEVFUPMPXFS64QMBOUQSPEVDUJPOBOEMJNJUFEOBUVSBMHBT TVQQMJFTJO5SJOJEBE
AVERAGE NATURAL GAS COSTS IN PRODUCTION )JHIFS5BNQBBNNPOJBQSJDFTQVTIFEVQHBTDPTUTJO5SJOJEBE
7KRXVDQG7RQQHV
"NNPOJB
8600%WX LQFOXGLQJKHGJHV
6SFB
/JUSPHFO4PMVUJPOT /JUSJD"DJE "NNPOJVN/JUSBUF
NA/AN/Solutions
Urea Ammonia
2 2 2 2 6RXUFH 3RWDVK&RUS
2 2 2 2
2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 20
Quarterly Results SEGMENT GROSS MARGIN 860LOOLRQV
1PUBTI
1IPTQIBUF
/JUSPHFO
/JUSPHFO 1IPTQIBUF
1PUBTI
2 2
2
2
2 2
2
2
6RXUFH 3RWDVK&RUS
Financial Condition Review CHANGES IN BALANCES %FDFNCFS UP%FDFNCFS 860LOOLRQV
$VVHWV'HFHPEHU $BTIBOEDBTIFRVJWBMFOUT 3FDFJWBCMFT 1SPQFSUZ QMBOUBOEFRVJQNFOU *OWFTUNFOUT "MMPUIFSBTTFUT $VVHWV'HFHPEHU /LDELOLWLHVDQG(TXLW\'HFHPEHU 4IPSUUFSNEFCUBOEDVSSFOUQPSUJPOMPOHUFSNEFCU 1BZBCMFTBOEBDDSVFEDIBSHFT -POHUFSNEFCU %FGFSSFEJODPNFUBYMJBCJMJUJFT "DDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNF 3FUBJOFEFBSOJOHT "MMPUIFSMJBCJMJUJFTBOEFRVJUZ /LDELOLWLHVDQG(TXLW\'HFHPEHU 6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 21
Liquidity and Capital Resources GROSS MARGIN, CASH FLOW RETURN AND WEIGHTED AVERAGE COST OF CAPITAL Gross Margin
4,000
Percentage
60
Potash Phosphate Nitrogen
3,500 3,000
Cash Flow Return 1 Weighted Average Cost of Capital
50 40
2,500
Nitrogen
WACC
Phosphate
CFR
Potash
30
2,000 1,500
20
1,000
10
500 0
2010 1
2011
2012
0
2010
2011
2012
See reconciliation and description of certain non-IFRS measures on Page 94
Source: PotashCorp
Capital Structure and Management CREDIT FACILITIES 1 At December 31, 2012
LINE OF CREDIT At December 31, 2012
US$ Millions
US$ Millions
$3,131
$56
$19 $369 $0
$3,500
Amount Outstanding and Committed
Amount Available
Source: PotashCorp
$0
$75
Amount Outstanding and Committed 2
Amount Available
Source: PotashCorp
(space)
(space)
Amount Available
Amount Available
Amount Outstanding and Committed
Amount Outstanding and Committed
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 22
executive compensation
2012 EXECUTIVE COMPENSATION &(2ÄV&RPSHQVDWLRQ
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2011 EXECUTIVE COMPENSATION &(2ÄV&RPSHQVDWLRQ
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affordability and alignment with company goals
PERCENTAGE OF OPTIONS EXPECTED TO VEST BY PERFORMANCE OPTION PL AN
MTIP PERFORMANCE AS A PERCENTAGE OF MA XIMUM
Percentage
100
100%
STIP AS A PERCENTAGE OF MA XIMUM 1
Percentage
100%
100%
100%
100%
80
Percentage
100
100
80
80
60
75%
60
40
40
20
20
87%
52%
63%
40
47%
20 0%
0
2008A
2009A
2010A
2011E
2012E
81%
60
0
2009-2011 Plan 2012-2014 Plan 2012-2014 Plan (Actual) – Fair Value 1 – Intrinsic Value 2 (Expected)
A = Actual, E = Estimated
1
Source: PotashCorp
2
Based on fair value at the end of 2012 As at December 31, 2012
Source: PotashCorp
16% 0
2008
1
2009
2010
2011
2012
Maximum is two times target; described more fully on Page 90
Source: PotashCorp
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 23
NOTE 6
NOTE 4 FINISHED PRODUCT INVENTORIES – BY SEGMENT 6OBVEJUFE 860LOOLRQV
'HFHPEHU
'HFHPEHU
0KVTQIGP
0KVTQIGP
2QVCUJ
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INVESTMENTS – MARKET VALUE "U%FDFNCFS 6OBVEJUFE 860LOOLRQV
/JUSPHFO 6LQRIHUW /JUSPHFO 640 $3& ,&/ 1IPTQIBUF 1IPTQIBUF 1PUBTI 1PUBTI
6RXUFH 3RWDVK&RUS 640 2ZQHUVKLSZDVDSSUR[LPDWHO\ DW'HFHPEHUWKURXJK $3& 2ZQHUVKLSZDVDSSUR[LPDWHO\ DW'HFHPEHUWKURXJK ,&/ 2ZQHUVKLSZDVDSSUR[LPDWHO\ DW'HFHPEHUWKURXJK DW'HFHPEHUWKURXJK 6LQRIHUW 2ZQHUVKLSZDVDSSUR[LPDWHO\ DW'HFHPEHUWKURXJK 6RXUFH 3RWDVK&RUS
NOTE 12
NOTE 13
DEBT MATURITIES 6OBVEJUFE
ANNUAL PENSION AND OTHER POST-RETIREMENT BENEFIT PLAN CONTRIBUTIONS 6OBVEJUFE 4VCTFRVFOU 860LOOLRQV
4VCTFRVFOU
¾
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6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 24
Note 16 CASH FLOWS FOR ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT BY SEGMENT 6OBVEJUFE
SALES AND GROSS MARGIN BY SEGMENT 6OBVEJUFE 860LOOLRQV
860LOOLRQV
1PUBTI
1IPTQIBUF
/JUSPHFO
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6RXUFH 3RWDVK&RUS
2011 2010
2012
4BMFT *OTFU#BST (SPTT.BSHJO
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1RWH )LJXUHVIURPWKURXJK ZHUHSUHSDUHGLQDFFRUGDQFHZLWKSUHYLRXV &DQDGLDQ*$$3 6RXUFH 3RWDVK&RUS
Note 22 NET INCOME PER SHARE 6OBVEJUFE 86SHU6KDUH
/FUJODPNFQFSTIBSF¾CBTJD /FUJODPNFQFSTIBSF¾EJMVUFE
Net income per share – diluted Net income per share - basic
)LJXUHVZHUHSUHSDUHGLQDFFRUGDQFHZLWKSUHYLRXV&DQDGLDQ*$$3 6RXUFH 3RWDVK&RUS
2012 PotashCorp ONLINE ANNUAL INTEGRATED REPORT – GRAPHS
Page 25
shareholder information YEARLY POT STOCK PRICE SINCE INCEPTION* – NYSE COMPOSITE 86
)JHI $MPTF -PX
6RXUFH 7KRPVRQ5HXWHUV
'DWDDUHDGMXVWHGIRUDWZRIRURQHVWRFNVSOLWLQ$XJXVWDWKUHHIRURQHVWRFNVSOLWLQ0D\DQGDWKUHHIRURQHVWRFNVSOLWLQ)HEUXDU\
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