Silver Eagle Mines Inc. (SEM) has announced a name and symbol change to Nevada Organic Phosphate Inc. (NOP).
Shares will begin trading under the new name and symbol and with a new CUSIP number on May 9, 2023.
Silver Eagle Mines Inc. (the "Company") (CSE:SEM) announces that it will complete a securities for debt, issuing an aggregate of 44,200 units at a price of $0.10 per unit to settle $4,420 in liabilities. Each unit will be comprised of a common share of the Company and one warrant exercisable at a price of $0.10 until May 25, 2024. The securities will be subject to a hold period of four months and a day following the date of issuance.
Completion of the transaction remains subject to the approval of the Canadian Securities Exchange.
By order of the Board "Robin Dow" Contact Information Robin Dow, CEO Email: robin@dowgroup.ca Telephone: 604.355.9986
About Silver Eagle Mines Inc.
Silver Eagle Mines is a junior exploration company with an organic sedimentary raw rock phosphate bed, 8 one-fourth km long, in NE Nevada. The only organic sedimentary phosphate bed in North America, it is situated close to the main highway to Montello/Elko, NV, and the rail head to California. "Blow it up, dig it up, grind it up, bag it up, and ship it out by rail"
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with Silver Eagle Mines Inc. (CSE:SEM), to receive an Investor Presentation
Silver Eagle Mines Inc. (SEM) has announced a name and symbol change to Nevada Organic Phosphate Inc. (NOP).
Shares will begin trading under the new name and symbol and with a new CUSIP number on May 9, 2023.
Disclosure documents are available at www.thecse.com.
Please note that all open orders will be canceled at the end of business on May 8, 2023. Dealers are reminded to re-enter their orders.
_________________________________
Silver Eagle Mines Inc. (SEM) a annoncé un changement de nom et de symbole pour Nevada Organic Phosphate Inc. (NOP).
Les actions commenceront à être négociées sous le nouveau nom et le nouveau symbole et avec un nouveau numéro CUSIP le 9 mai 2023.
Les documents d'information sont disponibles sur www.thecse.com.
Veuillez noter que toutes les commandes ouvertes seront annulées à la fin des activités le 8 mai 2023. Les concessionnaires sont priés de saisir à nouveau leurs commandes.
Effective Date/ Date Effective : | le 9 mai/May 2023 |
Old Symbol/Vieux Symbole : | SEM |
New Symbol/Nouveau Symbole : | NOP |
New CUSIP/ Nouveau CUSIP : | 641394 10 1 |
New ISIN/ Nouveau ISIN : | CA 641394 10 1 5 |
Old/Vieux CUSIP & ISIN : | 82770G100/CA82770G1000 |
If you have any questions or require further information, please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com.
Pour toute question, pour obtenir de l'information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l'adresse: Listings@thecse.com.
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Nutrien Ltd. (TSX and NYSE: NTR) announced today it is hosting an Investor Day in New York on June 12, 2024, at 10:00 a.m. ET.
Nutrien's Executive Leadership team will provide an update on the company's outlook, strategic plans and capital allocation priorities.
In-person attendance is reserved for institutional shareholders and sell-side analysts. The meeting will be webcast and a replay made available following the event. Registration is available on Nutrien's website at nutrien.com/events .
About Nutrien
Nutrien is a leading provider of crop inputs and services, helping to safely and sustainably feed a growing world. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240322743361/en/
Investor Relations
Jeff Holzman
Vice President, Investor Relations
(306) 933-8545
Media Relations
Megan Fielding
Vice President, Brand & Culture Communications
(403) 797-3015
Contact us at: www.nutrien.com
News Provided by Business Wire via QuoteMedia
Nutrien Ltd. (TSX and NYSE: NTR) released its Global Sustainability Report today, detailing Nutrien's performance and progress on its sustainability initiatives for the year ending 2023.
"Nutrien has a critical role to play in helping provide the food, fuel and fiber the world needs. In 2023, we continued to build strategic partnerships to help amplify our impact while refining our sustainability strategy to align with core business objectives that support both the environment and our people, customers, supply chain partners, communities and shareholders," said Tim Faveri, Vice President, Sustainability and Stakeholder Relations.
Key highlights from the Global Sustainability Report include:
As the world's largest provider of crop inputs and services, Nutrien is positioned to drive long-term value creation through the integration of sustainability initiatives, from fertilizer production to grower practices in the field. Through innovation and collaboration, we strive to improve our sustainability performance within our operations and provide sustainable agricultural solutions to support growers who are feeding a growing population.
To view Nutrien's Global Sustainability Report, please click here .
Forward Looking Statements
Certain statements and other information included in this news release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws. Such statements include, but are not limited to: Nutrien's sustainability (including climate) plans, strategies and initiatives (including targets, goals and commitments), and its expectations regarding the achievement thereof; and our expectations for CANZA.
Forward looking statements in this news release are based on certain key expectations and assumptions made by Nutrien, many of which are outside of our control including, but not limited to, that future business, regulatory and industry conditions and global economic conditions will be within the parameters expected by us. Although Nutrien believes that the expectations and assumptions on which such forward looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Nutrien can give no assurance that they will prove to be correct. Forward looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this news release including, not limited to: that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, and production mix; Nutrien's ability to develop and/or access technology; development and growth of end market demand for sustainable products and solutions; our expectations for partnerships and actions of third-parties; development and execution of our sustainability strategies and initiatives; government regulation, incentives, and initiatives; regulatory approvals; performance of third parties; and other unforeseen difficulties and risks.
For additional information on the assumptions made, and the risks and uncertainties that could cause actual results to differ from the anticipated results, refer to the Global Sustainability Report, Feeding the Future Plan, as well as the 2023 Annual Report dated February 22, 2024 and the Annual Information Form dated February 22, 2024 for the year ended December 31, 2023, filed under Nutrien's profile on SEDAR at www.sedarplus.ca and with the Securities and Exchange Commission in the US at www.sec.gov .
The forward-looking statements in this news release are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this news release, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.
About Nutrien
Nutrien is a leading provider of crop inputs and services, helping to safely and sustainably feed a growing world. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306562032/en/
Investor Relations
Jeff Holzman
Vice President, Investor Relations
(306) 933-8545
Media Relations
Megan Fielding
Vice President, Brand & Culture Communications
(403) 797-3015
Contact us at: www.nutrien.com
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Nutrien Ltd. (TSX and NYSE: NTR) announced today that its 2023 Annual Report, including Management's Discussion and Analysis and Audited Consolidated Financial Statements, as well as its Annual Information Form are available on the EDGAR section of the US Securities and Exchange Commission's website at www.sec.gov and the Canadian Securities Administrators' website at www.sedarplus.ca .
The 2023 Annual Report can be reviewed and downloaded from the Investor Relations section of Nutrien's website at https://www.nutrien.com/investors/financial-reporting .
About Nutrien
Nutrien is a leading provider of crop inputs and services, helping to safely and sustainably feed a growing world. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229821678/en/
Investor Relations
Jeff Holzman
Vice President, Investor Relations
(306) 933-8545
Investors@nutrien.com
Media Relations
Megan Fielding
Vice President, Brand & Culture Communications
(403) 797-3015
Contact us at: www.nutrien.com
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Cibus, Inc. (Nasdaq: CBUS) a leading agricultural technology company that develops and licenses Non-GMO plant traits to seed companies, today announced that it has entered into a US Development Agreement with Loveland Products Inc., a subsidiary of Nutrien Ltd. (TSX and NYSE: NTR). Cibus has agreed to collaborate with Loveland Products to provide traits into Loveland's elite rice seed genetics.
Under the terms of the agreement Loveland and Cibus will work toward commercializing herbicide tolerance in rice with a focus on the southern US market, where demand for novel approaches in weed control is most prevalent.
"Loveland Products is constantly striving to bring innovative solutions to the marketplace across the agricultural industry," says Rob Dunlop, Vice President of North America seed at Nutrien. "We are excited to collaborate with Cibus to help address some of the most pressing weed management challenges of US rice growers."
"We are thrilled to work with the Loveland Products and Dyna-Gro teams to deliver new herbicide management options to rice growers," stated Norm Sissons, Senior Vice President Commercial at Cibus. "Importantly, our recent results using our Trait Machine TM to add traits like herbicide tolerance in rice show we can provide collaborators with new traits in their elite genetics on an accelerated timescale."
About the Cibus RTDS ®-based High Throughput Breeding System
A key element of Cibus' technology breakthrough is its High Throughput Breeding Process (referred to as the Trait Machine™ system). The Trait Machine process is a crop specific application of Cibus' patented Rapid Trait Development System ™ ( RTDS ® ). The proprietary technologies in RTDS integrate crop specific cell biology platforms with a series of gene editing technologies to enable a system of end-to-end crop specific precision breeding. It is the core technology platform for Cibus' Trait Machine: the first standardized end-to-end semi-automated crop specific gene editing system that directly edits a seed company's elite germplasm. Each Trait Machine process requires a crop specific cell biology platform that enables Cibus to edit a single cell from a customers' elite germplasm and grow that edited cell into a plant with the Cibus edits. Cibus has Trait Machine platforms developed for canola and rice and has already begun transferring their elite germplasm with Cibus edits back to customers.
The traits from Cibus' RTDS -based High Throughput Breeding System are indistinguishable from traits developed using conventional breeding or from nature. RTDS does not integrate any foreign DNA or transgenes. Under the European Commission current proposals, it is expected that products from Cibus' RTDS gene editing platform such as its pod shatter reduction trait and Sclerotinia resistance traits for Canola and Winter Oilseed Rape would be considered ‘Conventional-like'.
Cibus believes that RTDS and the Trait Machine process represent the technological breakthrough in plant breeding that is the ultimate promise of plant gene editing: High Throughput Gene Editing Systems operating as an extension of seed company breeding programs.
About Cibus
Cibus is a leader in Gene Edited Productivity traits that address critical productivity and sustainability challenges for farmers such as diseases and pests which the United Nations estimates cost the global economy approximately $300 billion annually. Cibus is not a seed company. It is a technology company that uses gene editing to develop and license traits to seed companies in exchange for royalties on seed sales. Cibus' focus is productivity traits for the major global crops such as canola, rice, soybean, and wheat. Cibus is a technology leader in high throughput gene editing technology that enables Cibus to develop and commercialize plant traits at a fraction of the time and cost of conventional breeding. Cibus has developed a pipeline of five productivity traits including important traits for pod shatter reduction, Sclerotinia resistance and weed management. Its initial traits for pod shatter reduction and weed management are developed in collaborations with leading seed companies. Its other pipeline traits including Sclerotinia resistance are in advanced greenhouse and field trial stages.
About Nutrien
Nutrien is a leading provider of crop inputs and services, helping to safely and sustainably feed a growing world. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws, including The Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included herein, including statements regarding Cibus' operational and financial performance, Cibus' strategy, future operations, prospects and plans, including the anticipated regulatory environment are forward-looking statements. Forward-looking statements may be identified by words such as "anticipate," "believe," "intend," "expect," "plan," "scheduled," "could," "would" and "will," or the negative of these and similar expressions.
These forward-looking statements are based on the current expectations and assumptions of Cibus' management about future events, which are based on currently available information. These forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and beyond the control of Cibus. Cibus' actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: changes in expected or existing competition; challenges to Cibus' intellectual property protection and unexpected costs associated with defending intellectual property rights; increased or unanticipated time and resources required for Cibus' platform or trait product development efforts; Cibus' reliance on third parties in connection with its development activities; challenges associated with Cibus' ability to effectively license its productivity traits and sustainable ingredient products; the risk that farmers do not recognize the value in germplasm containing Cibus' traits or that farmers and processors fail to work effectively with crops containing Cibus' traits; challenges that arise in respect of Cibus' production of high-quality plants and seeds cost effectively on a large scale; Cibus' need for additional funding to finance its activities and challenges in obtaining additional capital on acceptable terms, or at all; Cibus' dependence on distributions from Cibus Global, LLC to pay taxes and cover its corporate and overhead expenses; regulatory developments that disfavor or impose significant burdens on gene-editing processes or products; Cibus' ability to achieve commercial success; commodity prices and other market risks facing the agricultural sector; technological developments that could render Cibus' technologies obsolete; changes in macroeconomic and market conditions, including inflation, supply chain constraints, and rising interest rates; dislocations in the capital markets and challenges in accessing liquidity and the impact of such liquidity challenges on Cibus' ability to execute on its business plan; the Company's assessment of the period of time through which its financial resources will be adequate to support operations; and other important factors discussed in "Risk Factors of Cibus, Inc." filed as Exhibit 99.3 with Cibus' Current Report on Form 8-K, which was filed with the Securities and Exchange Commission (the "SEC") on June 1, 2023, as updated by the supplemental risk factors included in the Company's Current Reports on Form 8-K filed on October 18, 2023 and December 12, 2023, each as may be updated by any additional "Risk Factors" identified in Cibus' subsequent reports on Forms 10-Q and 8-K filed with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Cibus' assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves such risks and uncertainties. Accordingly, the Company could use its available capital resources sooner than it currently expects.
In addition, the forward-looking statements included in this press release represent Cibus' views as of the date hereof. Cibus specifically disclaims any obligation to update such forward-looking statements in the future, except as required under applicable law. These forward-looking statements should not be relied upon as representing Cibus' views as of any date subsequent to the date hereof.
CIBUS CONTACTS:
Investor Relations
Karen Troeber
ktroeber@cibus.com
858-450-2636
Jeff Sonnek – ICR
jeff.sonnek@icrinc.com
Media Relations
Colin Sanford
colin@bioscribe.com
203-918-4347
NUTRIEN CONTACT:
Media Relations
Megan Fielding
megan.fielding@nutrien.com
403-225-7759
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Fourth quarter results reflect strong fertilizer market fundamentals in North America. Expect increased fertilizer sales volumes and growth in Retail earnings in 2024.
All amounts are in US dollars except as otherwise noted
Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2023 results, with net earnings of $176 million ($0.35 diluted net earnings per share). Fourth quarter 2023 adjusted net earnings per share 1 was $0.37 and adjusted EBITDA 1 was $1.1 billion.
"We saw a continuation of strong fertilizer market fundamentals in North America during the fourth quarter driven by improved affordability, an extended fall application season and low channel inventories. Utilizing the strengths of our integrated business, we achieved record fourth-quarter potash deliveries, increased crop nutrient sales volumes across our global Retail network and generated strong cash flow from operations," commented Ken Seitz, Nutrien's President and CEO.
"As we look ahead to 2024, we expect to deliver higher fertilizer sales volumes and Retail earnings, supported by increased crop input market stability and demand. We continue to prioritize strategic initiatives that enhance our capability to serve growers in our core markets, maintain the low-cost position and reliability of our assets, and position the Company for growth," added Mr. Seitz.
Highlights 2 :
1. | These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section for further information. |
2. | Our discussion of highlights set out on this page is a comparison of the results for the twelve months ended December 31, 2023 to the results for the twelve months ended December 31, 2022, unless otherwise noted. |
Market Outlook and Guidance
Agriculture and Retail
Crop Nutrient Markets
Financial Guidance
We have revised our guidance practice in 2024 to provide forward looking estimates on those metrics that we believe are of value to our shareholders and are less impacted by fertilizer commodity prices. We continue to provide guidance for Retail adjusted EBITDA, fertilizer sales volumes and other key financial modeling metrics as well as fertilizer pricing sensitivities.
All guidance numbers, including those noted above are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
2024 Guidance Ranges 1 as of February 21, 2024 | |||||
(billions of US dollars, except as otherwise noted) | Low | High | 2023 Actual | ||
Retail adjusted EBITDA | 1.65 | 1.85 | 1.5 | ||
Potash sales volumes (million tonnes) 2 | 13.0 | 13.8 | 13.2 | ||
Nitrogen sales volumes (million tonnes) 2 | 10.6 | 11.2 | 10.4 | ||
Phosphate sales volumes (million tonnes) 2 | 2.6 | 2.8 | 2.6 | ||
Depreciation and amortization | 2.2 | 2.3 | 2.2 | ||
Finance costs | 0.75 | 0.85 | 0.8 | ||
Effective tax rate on adjusted earnings (%) | 24.0 | 26.0 | 28.0 | ||
Capital expenditures 3 | 2.2 | 2.3 | 2.7 | ||
1 See the "Forward-Looking Statements" section. | |||||
2 Manufactured product only. | |||||
3 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures which are supplementary financial measures. See the "Other Financial Measures" section. |
2024 Annual Sensitivities 1 | Effect on | |
(millions of US dollars, except EPS amounts) | Adjusted EBITDA | Adjusted EPS 4 |
$25/tonne change in net realized potash selling prices | ± 270 | ± 0.40 |
$25/tonne change in net realized ammonia selling prices 2 | ± 40 | ± 0.05 |
$25/tonne change in net realized urea and ESN® selling prices | ± 80 | ± 0.10 |
$25/tonne change in net realized solutions, nitrates and sulfates selling prices | ± 130 | ± 0.20 |
$1/MMBtu change in NYMEX natural gas price 3 | ± 190 | ± 0.30 |
1 See the "Forward-Looking Statements" section. | ||
2 Includes related impact on natural gas costs in Trinidad, which is linked to benchmark ammonia pricing. | ||
3 Nitrogen related impact. | ||
4 Assumes 496 million shares outstanding for all earnings per share ("EPS") sensitivities. |
Consolidated Results
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||
(millions of US dollars, except as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Sales | 5,664 | 7,533 | (25 | ) | 29,056 | 37,884 | (23 | ) | |||||||||
Freight, transportation and distribution | 260 | 244 | 7 | 974 | 872 | 12 | |||||||||||
Cost of goods sold | 3,636 | 4,383 | (17 | ) | 19,608 | 21,588 | (9 | ) | |||||||||
Gross margin | 1,768 | 2,906 | (39 | ) | 8,474 | 15,424 | (45 | ) | |||||||||
Expenses | 1,475 | 1,247 | 18 | 5,729 | 4,615 | 24 | |||||||||||
Net earnings | 176 | 1,118 | (84 | ) | 1,282 | 7,687 | (83 | ) | |||||||||
Adjusted EBITDA 1 | 1,075 | 2,095 | (49 | ) | 6,058 | 12,170 | (50 | ) | |||||||||
Diluted net earnings per share | 0.35 | 2.15 | (84 | ) | 2.53 | 14.18 | (82 | ) | |||||||||
Adjusted net earnings per share 1 | 0.37 | 2.02 | (82 | ) | 4.44 | 13.19 | (66 | ) | |||||||||
Cash provided by operating activities | 4,150 | 4,736 | (12 | ) | 5,066 | 8,110 | (38 | ) | |||||||||
Cash used in investing activities | (733 | ) | (1,222 | ) | (40 | ) | (2,958 | ) | (2,901 | ) | 2 | ||||||
Cash used for dividends and share repurchases 2 | (262 | ) | (1,465 | ) | (82 | ) | (2,079 | ) | (5,551 | ) | (63 | ) | |||||
1 These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section. | |||||||||||||||||
2 This is a supplementary financial measure. See the "Other Financial Measures" section. |
Net earnings and adjusted EBITDA decreased in the fourth quarter and full year of 2023 compared to the same periods in 2022, mainly due to lower net realized selling prices across all segments and lower Retail earnings. This was partially offset by decreased cost of goods sold from lower natural gas and royalty costs, lower provincial mining taxes, higher sales volumes for Retail crop nutrients and increased Potash and Nitrogen sales volumes. For the full year of 2023, we recorded non-cash impairment of assets of $774 million in aggregate primarily related to Retail – South America goodwill and Nitrogen and Phosphate property, plant and equipment, resulting in lower net earnings. For the full year of 2022, we recorded a non-cash impairment reversal of an aggregate of $780 million related to our Phosphate assets. The decrease in cash provided by operating activities in the fourth quarter and full-year 2023 compared to the same periods in 2022 was primarily due to lower earnings across all segments.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three and twelve months ended December 31, 2023 to the results for the three and twelve months ended December 31, 2022, unless otherwise noted.
Nutrien Ag Solutions ("Retail")
Three Months Ended December 31 | |||||||||||||||||||||
(millions of US dollars, except | Dollars | Gross Margin | Gross Margin (%) | ||||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | |||||||||||||
Sales | |||||||||||||||||||||
Crop nutrients | 1,808 | 2,320 | (22 | ) | 346 | 349 | (1 | ) | 19 | 15 | |||||||||||
Crop protection products | 960 | 981 | (2 | ) | 333 | 413 | (19 | ) | 35 | 42 | |||||||||||
Seed | 202 | 251 | (20 | ) | 36 | 46 | (22 | ) | 18 | 18 | |||||||||||
Merchandise | 251 | 264 | (5 | ) | 41 | 41 | ‐ | 16 | 16 | ||||||||||||
Nutrien Financial | 70 | 62 | 13 | 70 | 62 | 13 | 100 | 100 | |||||||||||||
Services and other | 236 | 237 | ‐ | 188 | 194 | (3 | ) | 80 | 82 | ||||||||||||
Nutrien Financial elimination 1 | (25 | ) | (28 | ) | (11 | ) | (25 | ) | (28 | ) | (11 | ) | 100 | 100 | |||||||
3,502 | 4,087 | (14 | ) | 989 | 1,077 | (8 | ) | 28 | 26 | ||||||||||||
Cost of goods sold | 2,513 | 3,010 | (17 | ) | |||||||||||||||||
Gross margin | 989 | 1,077 | (8 | ) | |||||||||||||||||
Expenses 2 | 973 | 888 | 10 | ||||||||||||||||||
Earnings before finance costs and taxes ("EBIT") | 16 | 189 | (92 | ) | |||||||||||||||||
Depreciation and amortization | 201 | 202 | ‐ | ||||||||||||||||||
EBITDA | 217 | 391 | (45 | ) | |||||||||||||||||
Adjustments 3 | 12 | ‐ | n/m | ||||||||||||||||||
Adjusted EBITDA | 229 | 391 | (41 | ) | |||||||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. | |||||||||||||||||||||
2 Includes selling expenses of $841 million (2022 – $836 million). | |||||||||||||||||||||
3 See Note 2 to the unaudited condensed consolidated financial statements. |
Twelve Months Ended December 31 | |||||||||||||||||||||
(millions of US dollars, except | Dollars | Gross Margin | Gross Margin (%) | ||||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | |||||||||||||
Sales | |||||||||||||||||||||
Crop nutrients | 8,379 | 10,060 | (17 | ) | 1,378 | 1,766 | (22 | ) | 16 | 18 | |||||||||||
Crop protection products | 6,750 | 7,067 | (4 | ) | 1,553 | 1,936 | (20 | ) | 23 | 27 | |||||||||||
Seed | 2,295 | 2,112 | 9 | 427 | 428 | ‐ | 19 | 20 | |||||||||||||
Merchandise | 1,001 | 1,019 | (2 | ) | 172 | 174 | (1 | ) | 17 | 17 | |||||||||||
Nutrien Financial | 322 | 267 | 21 | 322 | 267 | 21 | 100 | 100 | |||||||||||||
Services and other | 927 | 966 | (4 | ) | 710 | 749 | (5 | ) | 77 | 78 | |||||||||||
Nutrien Financial elimination | (132 | ) | (141 | ) | (6 | ) | (132 | ) | (141 | ) | (6 | ) | 100 | 100 | |||||||
19,542 | 21,350 | (8 | ) | 4,430 | 5,179 | (14 | ) | 23 | 24 | ||||||||||||
Cost of goods sold | 15,112 | 16,171 | (7 | ) | |||||||||||||||||
Gross margin | 4,430 | 5,179 | (14 | ) | |||||||||||||||||
Expenses 1,2 | 4,215 | 3,621 | 16 | ||||||||||||||||||
EBIT | 215 | 1,558 | (86 | ) | |||||||||||||||||
Depreciation and amortization | 759 | 752 | 1 | ||||||||||||||||||
EBITDA | 974 | 2,310 | (58 | ) | |||||||||||||||||
Adjustments 2 | 485 | (17 | ) | n/m | |||||||||||||||||
Adjusted EBITDA | 1,459 | 2,293 | (36 | ) | |||||||||||||||||
1 Includes selling expenses of $3,375 million (2022 – $3,392 million). | |||||||||||||||||||||
2 Includes non-cash impairment of assets of $465 million (2022 – nil). See Notes 2 and 3 to the unaudited condensed consolidated financial statements. |
Potash
Three Months Ended December 31 | |||||||||||||||||||
(millions of US dollars, except | Dollars | Tonnes (thousands) | Average per Tonne | ||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||
Manufactured product | |||||||||||||||||||
Net sales | |||||||||||||||||||
North America | 372 | 536 | (31 | ) | 1,089 | 959 | 14 | 342 | 560 | (39 | ) | ||||||||
Offshore | 404 | 841 | (52 | ) | 2,214 | 1,659 | 33 | 182 | 506 | (64 | ) | ||||||||
776 | 1,377 | (44 | ) | 3,303 | 2,618 | 26 | 235 | 526 | (55 | ) | |||||||||
Cost of goods sold | 349 | 310 | 13 | 106 | 118 | (10 | ) | ||||||||||||
Gross margin – total | 427 | 1,067 | (60 | ) | 129 | 408 | (68 | ) | |||||||||||
Expenses 1 | 82 | 198 | (59 | ) | Depreciation and amortization | 36 | 34 | 6 | |||||||||||
EBIT | 345 | 869 | (60 | ) | Gross margin excluding depreciation | ||||||||||||||
Depreciation and amortization | 118 | 89 | 33 | and amortization – manufactured 2 | 165 | 442 | (63 | ) | |||||||||||
EBITDA / Adjusted EBITDA | 463 | 958 | (52 | ) | Potash controllable cash cost of | ||||||||||||||
product manufactured 2 | 56 | 65 | (14 | ) | |||||||||||||||
1 Includes provincial mining taxes of $79 million (2022 – $190 million). | |||||||||||||||||||
2 These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section. |
Twelve Months Ended December 31 | ||||||||||||||||||||
(millions of US dollars, except | Dollars | Tonnes (thousands) | Average per Tonne | |||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Manufactured product | ||||||||||||||||||||
Net sales | ||||||||||||||||||||
North America | 1,683 | 2,485 | (32 | ) | 4,843 | 3,729 | 30 | 348 | 667 | (48 | ) | |||||||||
Offshore | 2,076 | 5,414 | (62 | ) | 8,373 | 8,808 | (5 | ) | 248 | 615 | (60 | ) | ||||||||
3,759 | 7,899 | (52 | ) | 13,216 | 12,537 | 5 | 284 | 630 | (55 | ) | ||||||||||
Cost of goods sold | 1,396 | 1,400 | ‐ | 105 | 112 | (6 | ) | |||||||||||||
Gross margin – total | 2,363 | 6,499 | (64 | ) | 179 | 518 | (65 | ) | ||||||||||||
Expenses ¹ | 422 | 1,173 | (64 | ) | Depreciation and amortization | 35 | 35 | ‐ | ||||||||||||
EBIT | 1,941 | 5,326 | (64 | ) | Gross margin excluding depreciation | |||||||||||||||
Depreciation and amortization | 463 | 443 | 5 | and amortization – manufactured | 214 | 553 | (61 | ) | ||||||||||||
EBITDA / Adjusted EBITDA | 2,404 | 5,769 | (58 | ) | Potash controllable cash cost of | |||||||||||||||
product manufactured | 58 | 58 | ‐ | |||||||||||||||||
1 Includes provincial mining taxes of $398 million (2022 – $1,149 million). |
Canpotex Sales by Market
(percentage of sales volumes, except as | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||
otherwise noted) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||
Latin America | 32 | 28 | 4 | 47 | 34 | 13 | |||
Other Asian markets 1 | 28 | 35 | (7 | ) | 28 | 34 | (6 | ) | |
Other markets | 10 | 10 | ‐ | 11 | 10 | 1 | |||
China | 19 | 16 | 3 | 9 | 14 | (5 | ) | ||
India | 11 | 11 | ‐ | 5 | 8 | (3 | ) | ||
100 | 100 | 100 | 100 | ||||||
1 All Asian markets except China and India. |
Nitrogen
Three Months Ended December 31 | ||||||||||||||||||||
(millions of US dollars, except | Dollars | Tonnes (thousands) | Average per Tonne | |||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Manufactured product | ||||||||||||||||||||
Net sales | ||||||||||||||||||||
Ammonia | 271 | 689 | (61 | ) | 651 | 776 | (16 | ) | 416 | 887 | (53 | ) | ||||||||
Urea and ESN ® 1 | 316 | 510 | (38 | ) | 739 | 764 | (3 | ) | 428 | 666 | (36 | ) | ||||||||
Solutions, nitrates and sulfates | 290 | 389 | (25 | ) | 1,344 | 1,056 | 27 | 215 | 368 | (42 | ) | |||||||||
877 | 1,588 | (45 | ) | 2,734 | 2,596 | 5 | 321 | 611 | (47 | ) | ||||||||||
Cost of goods sold 1 | 595 | 892 | (33 | ) | 218 | 343 | (36 | ) | ||||||||||||
Gross margin – manufactured | 282 | 696 | (59 | ) | 103 | 268 | (62 | ) | ||||||||||||
Gross margin – other 1,2 | 3 | 3 | ‐ | Depreciation and amortization 1 | 53 | 60 | (12 | ) | ||||||||||||
Gross margin – total | 285 | 699 | (59 | ) | Gross margin excluding depreciation | |||||||||||||||
Expenses 3,4 | 116 | 13 | 792 | and amortization – manufactured 5 | 156 | 328 | (52 | ) | ||||||||||||
EBIT | 169 | 686 | (75 | ) | Ammonia controllable cash cost of | |||||||||||||||
Depreciation and amortization | 146 | 155 | (6 | ) | product manufactured 5 | 59 | 57 | 4 | ||||||||||||
EBITDA | 315 | 841 | (63 | ) | ||||||||||||||||
Adjustments 4 | 76 | ‐ | n/m | |||||||||||||||||
Adjusted EBITDA | 391 | 841 | (54 | ) | ||||||||||||||||
1 Certain immaterial 2022 figures have been reclassified. | ||||||||||||||||||||
2 Includes other nitrogen and purchased products and comprises net sales of $79 million (2022 – $204 million) less cost of goods sold of $76 million (2022 – $201 million). | ||||||||||||||||||||
3 Includes (loss) earnings from equity-accounted investees of $(1) million (2022 – $41 million). | ||||||||||||||||||||
4 Includes a non-cash impairment of assets of $76 million (2022 – nil). See Notes 2 and 3 to the unaudited condensed consolidated financial statements. | ||||||||||||||||||||
5 These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section. |
Twelve Months Ended December 31 | ||||||||||||||||||||||
(millions of US dollars, except | Dollars | Tonnes (thousands) | Average per Tonne | |||||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||
Manufactured product | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||
Ammonia | 1,144 | 2,641 | (57 | ) | 2,436 | 2,715 | (10 | ) | 469 | 973 | (52 | ) | ||||||||||
Urea and ESN ® 1 | 1,499 | 2,134 | (30 | ) | 3,125 | 3,014 | 4 | 480 | 708 | (32 | ) | |||||||||||
Solutions, nitrates and sulfates | 1,187 | 1,829 | (35 | ) | 4,862 | 4,551 | 7 | 244 | 402 | (39 | ) | |||||||||||
3,830 | 6,604 | (42 | ) | 10,423 | 10,280 | 1 | 367 | 642 | (43 | ) | ||||||||||||
Cost of goods sold 1 | 2,435 | 3,370 | (28 | ) | 233 | 327 | (29 | ) | ||||||||||||||
Gross margin – manufactured | 1,395 | 3,234 | (57 | ) | 134 | 315 | (57 | ) | ||||||||||||||
Gross margin – other 1,2 | (16 | ) | 47 | n/m | Depreciation and amortization | 55 | 54 | 2 | ||||||||||||||
Gross margin – total | 1,379 | 3,281 | (58 | ) | Gross margin excluding depreciation | |||||||||||||||||
Expenses (income) 3,4 | 97 | (92 | ) | n/m | and amortization – manufactured | 189 | 369 | (49 | ) | |||||||||||||
EBIT | 1,282 | 3,373 | (62 | ) | Ammonia controllable cash cost of | |||||||||||||||||
Depreciation and amortization | 572 | 558 | 3 | product manufactured | 60 | 59 | 2 | |||||||||||||||
EBITDA | 1,854 | 3,931 | (53 | ) | ||||||||||||||||||
Adjustments 4 | 76 | ‐ | n/m | |||||||||||||||||||
Adjusted EBITDA | 1,930 | 3,931 | (51 | ) | ||||||||||||||||||
1 Certain immaterial 2022 figures have been reclassified. | ||||||||||||||||||||||
2 Includes other nitrogen and purchased products and comprises net sales of $377 million (2022 – $929 million) less cost of goods sold of $393 million (2022 – $882 million). | ||||||||||||||||||||||
3 Includes earnings from equity-accounted investees of $90 million (2022 – $233 million). | ||||||||||||||||||||||
4 Includes a non-cash impairment of assets of $76 million (2022 – nil). See Notes 2 and 3 to the unaudited condensed consolidated financial statements. |
1 Excludes Trinidad and Joffre. |
Natural Gas Prices in Cost of Production
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||
(US dollars per MMBtu, except as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Overall natural gas cost excluding realized derivative impact | 3.35 | 7.49 | (55 | ) | 3.51 | 7.82 | (55 | ) | |||||||||
Realized derivative impact | (0.05 | ) | (0.05 | ) | ‐ | (0.02 | ) | (0.05 | ) | (60 | ) | ||||||
Overall natural gas cost | 3.30 | 7.44 | (56 | ) | 3.49 | 7.77 | (55 | ) | |||||||||
Average NYMEX | 2.88 | 6.26 | (54 | ) | 2.74 | 6.64 | (59 | ) | |||||||||
Average AECO | 1.94 | 4.11 | (53 | ) | 2.17 | 4.28 | (49 | ) |
Phosphate
Three Months Ended December 31 | ||||||||||||||||||||
(millions of US dollars, except | Dollars | Tonnes (thousands) | Average per Tonne | |||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Manufactured product | ||||||||||||||||||||
Net sales | ||||||||||||||||||||
Fertilizer | 322 | 274 | 18 | 579 | 391 | 48 | 557 | 700 | (20 | ) | ||||||||||
Industrial and feed | 150 | 155 | (3 | ) | 174 | 140 | 24 | 860 | 1,107 | (22 | ) | |||||||||
472 | 429 | 10 | 753 | 531 | 42 | 627 | 807 | (22 | ) | |||||||||||
Cost of goods sold | 402 | 405 | (1 | ) | 535 | 762 | (30 | ) | ||||||||||||
Gross margin – manufactured | 70 | 24 | 192 | 92 | 45 | 104 | ||||||||||||||
Gross margin – other 1 | ‐ | (8 | ) | (100 | ) | Depreciation and amortization | 108 | 109 | (1 | ) | ||||||||||
Gross margin – total | 70 | 16 | 338 | Gross margin excluding depreciation | ||||||||||||||||
Expenses | 21 | 46 | (54 | ) | and amortization – manufactured 2 | 200 | 154 | 30 | ||||||||||||
EBIT | 49 | (30 | ) | n/m | ||||||||||||||||
Depreciation and amortization | 81 | 58 | 40 | |||||||||||||||||
EBITDA / Adjusted EBITDA | 130 | 28 | 364 | |||||||||||||||||
1 Includes other phosphate and purchased products and comprises net sales of $61 million (2022 – $72 million) less cost of goods sold of $61 million (2022 – $80 million). | ||||||||||||||||||||
2 This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section. |
Twelve Months Ended December 31 | ||||||||||||||||||||||
(millions of US dollars, except | Dollars | Tonnes (thousands) | Average per Tonne | |||||||||||||||||||
as otherwise noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||
Manufactured product | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||
Fertilizer | 1,085 | 1,367 | (21 | ) | 1,912 | 1,696 | 13 | 568 | 806 | (30 | ) | |||||||||||
Industrial and feed | 645 | 706 | (9 | ) | 639 | 682 | (6 | ) | 1,010 | 1,035 | (2 | ) | ||||||||||
1,730 | 2,073 | (17 | ) | 2,551 | 2,378 | 7 | 678 | 872 | (22 | ) | ||||||||||||
Cost of goods sold | 1,487 | 1,562 | (5 | ) | 583 | 657 | (11 | ) | ||||||||||||||
Gross margin – manufactured | 243 | 511 | (52 | ) | 95 | 215 | (56 | ) | ||||||||||||||
Gross margin – other 1 | (10 | ) | (18 | ) | (44 | ) | Depreciation and amortization | 115 | 79 | 46 | ||||||||||||
Gross margin – total | 233 | 493 | (53 | ) | Gross margin excluding depreciation | |||||||||||||||||
Expenses (income) ² | 290 | (693 | ) | n/m | and amortization – manufactured | 210 | 294 | (29 | ) | |||||||||||||
EBIT | (57 | ) | 1,186 | n/m | ||||||||||||||||||
Depreciation and amortization | 294 | 188 | 56 | |||||||||||||||||||
EBITDA | 237 | 1,374 | (83 | ) | ||||||||||||||||||
Adjustments 2 | 233 | (780 | ) | n/m | ||||||||||||||||||
Adjusted EBITDA | 470 | 594 | (21 | ) | ||||||||||||||||||
1 Includes other phosphate and purchased products and comprises net sales of $263 million (2022 – $304 million) less cost of goods sold of $273 million (2022 – $322 million). | ||||||||||||||||||||||
2 Includes non-cash impairment of assets of $233 million (2022 - reversal of non-cash impairment of assets of $780 million). See Notes 2 and 3 to the unaudited condensed consolidated financial statements. |
Corporate and Others
(millions of US dollars, except as otherwise | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||
noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Selling expense (recovery) | 7 | 5 | 40 | ‐ | (1 | ) | n/m | ||||||||||
General and administrative expenses | 104 | 99 | 5 | 364 | 326 | 12 | |||||||||||
Share-based compensation (recovery) expense | (7 | ) | (59 | ) | (88 | ) | (14 | ) | 63 | n/m | |||||||
Other expenses | 161 | 67 | 140 | 348 | 227 | 53 | |||||||||||
EBIT | (265 | ) | (112 | ) | 137 | (698 | ) | (615 | ) | 13 | |||||||
Depreciation and amortization | 19 | 16 | 19 | 81 | 71 | 14 | |||||||||||
EBITDA | (246 | ) | (96 | ) | 156 | (617 | ) | (544 | ) | 13 | |||||||
Adjustments 1 | 129 | (84 | ) | n/m | 350 | 146 | 140 | ||||||||||
Adjusted EBITDA | (117 | ) | (180 | ) | (35 | ) | (267 | ) | (398 | ) | (33 | ) | |||||
1 See Note 2 to the unaudited condensed consolidated financial statements. |
Eliminations
Finance Costs, Income Taxes and Other Comprehensive Income (Loss)
(millions of US dollars, except as otherwise | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||
noted) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||
Finance costs | 213 | 188 | 13 | 793 | 563 | 41 | |||||||||||
Income tax (recovery) expense | (96 | ) | 353 | n/m | 670 | 2,559 | (74 | ) | |||||||||
Actual effective tax rate including discrete items (%) | (120 | ) | 24 | n/m | 34 | 25 | 9 | ||||||||||
Other comprehensive income (loss) | 97 | 119 | (18 | ) | 81 | (177 | ) | n/m |
Forward-Looking Statements
Certain statements and other information included in this document, including within the "Market Outlook and Guidance" section, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", "forecast", "expect", "believe", "may", "will", "should", "estimate", "project", "intend" or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's business strategies, plans, prospects and opportunities; Nutrien's 2024 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted earnings and capital expenditures; our projections to generate strong cash from operations; expectations regarding our capital allocation intentions and strategies; our ability to advance strategic initiatives and high value growth investments, including expectations regarding our ability to serve growers, maintain a low-cost position of fertilizer production assets and increase free cash flow; capital spending expectations for 2024 and beyond, including spending related to advancement of proprietary products, network optimization and digital capabilities in Retail, automation in Potash mining, and brownfield expansions in Nitrogen; expectations regarding our ability to generate free cash flow and return capital to our shareholders, including our expectations regarding stable and growing dividends; expectations regarding Retail inventory levels in North America; expectations regarding performance of our operating segments in 2024, including increased fertilizer sales volumes and growth in Retail earnings; our operating segment market outlooks and our expectations for market conditions and fundamentals in 2024 and beyond, and the anticipated supply and demand for our products and services, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, grower crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the expected impacts and timing of new supply from additional gas fields in Trinidad; the resulting outlook of higher expected natural gas costs and lower near-term availability from the new natural gas contract related to our Trinidad property, plant and equipment in our Nitrogen segment; the negotiation of sales contracts; timing and impacts of plant turnarounds; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.
All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. The additional key assumptions that have been made include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and to realize the expected synergies on the anticipated timeline or at all; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, including the current El Niño weather pattern, supplier agreements, availability, inventory levels, exports, crop development and cost of labor and interest, exchange and effective tax rates; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2024 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets, including in relation to our Retail - South America group of CGUs goodwill and intangible asset impairment and the impairment of our Nitrogen and Phosphate property, plant and equipment; assumptions with respect to the timing and benefits of additional gas fields in Trinidad; assumptions with respect to our intention to complete share repurchases under our normal course issuer bid programs, including Toronto Stock Exchange approval, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and the ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives or results of operations; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality; climate change and weather conditions, including the current El Niño weather pattern, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including tariffs, trade restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; political risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism; the occurrence of a major environmental or safety incident; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States.
The purpose of our Retail adjusted EBITDA, sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted earnings and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.
The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.
Terms and Definitions
For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the "Terms & Definitions" section of our 2022 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, "n/m" indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted.
About Nutrien
Nutrien is a leading provider of crop inputs and services, helping to safely and sustainably feed a growing world. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.
More information about Nutrien can be found at www.nutrien.com .
Selected financial data for download can be found in our data tool at www.nutrien.com/investors/interactive-datatool
Such data is not incorporated by reference herein.
Nutrien will host a Conference Call on Thursday, February 22, 2024 at 10:00 a.m. Eastern Time.
Telephone conference dial-in numbers:
Live Audio Webcast: Visit https://www.nutrien.com/investors/events/2023-q4-earnings-conference-call
Appendix A – Selected Additional Financial Data
Selected Retail Measures | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||
2023 | 2022 | 2023 | 2022 | ||||||
Proprietary products gross margin (millions of US dollars) | |||||||||
Crop nutrients | 44 | 55 | 391 | 370 | |||||
Crop protection products | 27 | 58 | 461 | 675 | |||||
Seed | (3 | ) | (7 | ) | 168 | 166 | |||
Merchandise | 3 | 5 | 11 | 12 | |||||
All products | 71 | 111 | 1,031 | 1,223 | |||||
Proprietary products margin as a percentage of product line margin (%) | |||||||||
Crop nutrients | 12 | 16 | 28 | 21 | |||||
Crop protection products | 10 | 14 | 30 | 35 | |||||
Seed | (9 | ) | (7 | ) | 39 | 39 | |||
Merchandise | 6 | 11 | 6 | 7 | |||||
All products | 8 | 11 | 23 | 24 | |||||
Crop nutrients sales volumes (tonnes – thousands) | |||||||||
North America | 2,073 | 1,819 | 8,985 | 8,106 | |||||
International | 790 | 675 | 3,647 | 3,407 | |||||
Total | 2,863 | 2,494 | 12,632 | 11,513 | |||||
Crop nutrients selling price per tonne | |||||||||
North America | 620 | 942 | 697 | 916 | |||||
International | 661 | 896 | 581 | 774 | |||||
Total | 631 | 930 | 663 | 874 | |||||
Crop nutrients gross margin per tonne | |||||||||
North America | 118 | 151 | 127 | 182 | |||||
International | 127 | 108 | 65 | 86 | |||||
Total | 120 | 139 | 109 | 153 |
Financial performance measures | 2023 | 2022 | |
Retail adjusted EBITDA margin (%) 1, 2 | 7 | 11 | |
Retail adjusted EBITDA per US selling location (thousands of US dollars) 1, 2, 3 | 1,394 | 1,923 | |
Retail adjusted average working capital to sales (%) 1, 4 | 19 | 17 | |
Retail adjusted average working capital to sales excluding Nutrien Financial (%) 1, 4 | 1 | 2 | |
Nutrien Financial adjusted net interest margin (%) 1, 4 | 5.2 | 6.8 | |
Retail cash operating coverage ratio (%) 1, 4 | 68 | 55 | |
1 Rolling four quarters ended December 31, 2023 and 2022. | |||
2 These are supplementary financial measures. See the "Other Financial Measures" section. | |||
3 Excluding acquisitions. | |||
4 These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section. |
Nutrien Financial | As at December 31, 2023 | As at December 31, 2022 | |||||||
(millions of US dollars) | Current | Past Due | 31–90 Days Past Due | >90 Days Past Due | Gross Receivables | Allowance 1 | Net Receivables | Net Receivables | |
North America | 1,736 | 327 | 89 | 94 | 2,246 | (40 | ) | 2,206 | 2,007 |
International | 560 | 56 | 22 | 59 | 697 | (10 | ) | 687 | 662 |
Nutrien Financial receivables | 2,296 | 383 | 111 | 153 | 2,943 | (50 | ) | 2,893 | 2,669 |
1 Bad debt expense on the above receivables for the twelve months ended December 31, 2023 was $35 million (2022 – $10 million) in the Retail segment. |
Selected Nitrogen Measures | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||
2023 | 2022 | 2023 | 2022 | ||||
Sales volumes (tonnes – thousands) | |||||||
Fertilizer 1 | 1,648 | 1,467 | 6,067 | 5,628 | |||
Industrial and feed | 1,086 | 1,129 | 4,356 | 4,652 | |||
Net sales (millions of US dollars) | |||||||
Fertilizer 1 | 533 | 901 | 2,450 | 3,726 | |||
Industrial and feed | 344 | 687 | 1,380 | 2,878 | |||
Net selling price per tonne | |||||||
Fertilizer 1 | 323 | 614 | 404 | 662 | |||
Industrial and feed | 317 | 608 | 317 | 619 | |||
1 Certain immaterial 2022 figures have been reclassified. |
Production Measures | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||
2023 | 2022 | 2023 | 2022 | ||||
Potash production (Product tonnes – thousands) | 3,386 | 2,941 | 12,998 | 13,007 | |||
Potash shutdown weeks 1 | ‐ | 3 | 5 | 18 | |||
Ammonia production – total 2 | 1,362 | 1,400 | 5,357 | 5,759 | |||
Ammonia production – adjusted 2, 3 | 1,022 | 920 | 3,902 | 3,935 | |||
Ammonia operating rate (%) 3 | 91 | 83 | 88 | 90 | |||
P 2 O 5 production (P 2 O 5 tonnes – thousands) | 380 | 288 | 1,406 | 1,351 | |||
P 2 O 5 operating rate (%) | 89 | 67 | 83 | 79 | |||
1 Represents weeks of full production shutdown, including inventory adjustments and unplanned events, excluding the impact of any periods of reduced operating rates, planned routine annual maintenance shutdowns and announced workforce reductions. | |||||||
2 All figures are provided on a gross production basis in thousands of product tonnes. | |||||||
3 Excludes Trinidad and Joffre. |
Appendix B – Non-GAAP Financial Measures
We use both International Financial Reporting Standards ("IFRS") measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that (a) depict historical or expected future financial performance, financial position or cash flow of the Company, (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company, (c) are not disclosed in the financial statements of the Company and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.
These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.
The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.
Adjusted EBITDA (Consolidated)
Most directly comparable IFRS financial measure: Net earnings (loss).
Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and certain foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: integration and restructuring related costs, impairment or reversal of impairment of assets, COVID-19 related expenses, gain or loss on disposal of certain businesses and investments, asset retirement obligations ("ARO") and accrued environmental costs ("ERL") related to our non-operating sites, and loss on remitting cash from certain foreign jurisdictions (e.g., Blue Chip Swaps). In 2023, we amended our calculation of adjusted EBITDA to adjust for the asset retirement obligations and accrued environmental costs related to our non-operating sites and the loss on remitting cash from certain foreign jurisdictions. We do not consider these to be part of our day-to-day operations. There were no similar income and expense in the comparative periods.
Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||
(millions of US dollars) | 2023 | 2022 | 2023 | 2022 | |||||||
Net earnings | 176 | 1,118 | 1,282 | 7,687 | |||||||
Finance costs | 213 | 188 | 793 | 563 | |||||||
Income tax (recovery) expense | (96 | ) | 353 | 670 | 2,559 | ||||||
Depreciation and amortization | 565 | 520 | 2,169 | 2,012 | |||||||
EBITDA 1 | 858 | 2,179 | 4,914 | 12,821 | |||||||
Adjustments: | |||||||||||
Integration and restructuring related costs | 20 | 11 | 49 | 46 | |||||||
Share-based compensation (recovery) expense | (7 | ) | (59 | ) | (14 | ) | 63 | ||||
Impairment (reversal of impairment) of assets | 76 | ‐ | 774 | (780 | ) | ||||||
ARO/ERL expense for non-operating sites | 142 | ‐ | 152 | ‐ | |||||||
Foreign exchange (gain) loss, net of related derivatives | (14 | ) | (36 | ) | 91 | 31 | |||||
Loss on Blue Chip Swaps | ‐ | ‐ | 92 | ‐ | |||||||
Gain on disposal of investment | ‐ | ‐ | ‐ | (19 | ) | ||||||
COVID-19 related expenses ² | ‐ | ‐ | ‐ | 8 | |||||||
Adjusted EBITDA | 1,075 | 2,095 | 6,058 | 12,170 | |||||||
1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization. | |||||||||||
2 COVID-19 related expenses primarily consist of increased cleaning and sanitization costs, the purchase of personal protective equipment, discretionary supplemental employee costs, and costs related to construction delays from access limitations and other government restrictions. |
Adjusted Net Earnings and Adjusted Net Earnings Per Share
Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.
Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and certain foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, COVID-19 related expenses (including those recorded under finance costs), gain or loss on disposal of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss on remitting cash from certain foreign jurisdictions (e.g., Blue Chip Swaps), change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations in Switzerland ("Swiss Tax Reform adjustment") resulting in an income tax recovery from the recognition of a deferred tax asset. In 2023, we amended our calculation of adjusted net earnings and adjusted net earnings per share to adjust for the asset retirement obligations and accrued environmental costs related to our non-operating sites, the loss on remitting cash from certain foreign jurisdictions, the change in recognition of Retail – South America tax losses and deductible temporary differences and the Swiss Tax Reform adjustment. We do not consider these to be part of our day-to-day operations. There were no similar income and expense in the comparative periods. We generally apply the annual forecasted effective tax rate to our adjustments during the year, and at year-end, we apply the actual effective tax rate. Prior to December 31, 2023, we applied a specific tax rate for material adjustments. Effective December 31, 2023, we applied a tax rate specific to each adjustment.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.
Three Months Ended December 31, 2023 | Twelve Months Ended December 31, 2023 | ||||||||||||||||
Per | Per | ||||||||||||||||
(millions of US dollars, except as otherwise | Increases | Diluted | Increases | Diluted | |||||||||||||
noted) | (Decreases) | Post-Tax | Share | (Decreases) | Post-Tax | Share | |||||||||||
Net earnings attributable to equity holders of Nutrien | 172 | 0.35 | 1,258 | 2.53 | |||||||||||||
Adjustments: | |||||||||||||||||
Share-based compensation recovery | (7 | ) | (5 | ) | (0.01 | ) | (14 | ) | (11 | ) | (0.02 | ) | |||||
Foreign exchange (gain) loss, net of related derivatives | (14 | ) | (16 | ) | (0.03 | ) | 91 | 83 | 0.17 | ||||||||
Integration and restructuring related costs | 20 | 16 | 0.03 | 49 | 40 | 0.08 | |||||||||||
Impairment of assets | 76 | 49 | 0.10 | 774 | 702 | 1.42 | |||||||||||
ARO/ERL expense for non-operating sites | 142 | 102 | 0.20 | 152 | 110 | 0.22 | |||||||||||
Loss on Blue Chip Swaps | ‐ | ‐ | ‐ | 92 | 92 | 0.18 | |||||||||||
Swiss Tax Reform adjustment | (134 | ) | (134 | ) | (0.27 | ) | (134 | ) | (134 | ) | (0.27 | ) | |||||
Change in recognition of deferred tax assets | ‐ | ‐ | ‐ | 66 | 66 | 0.13 | |||||||||||
Adjusted net earnings | 184 | 0.37 | 2,206 | 4.44 | |||||||||||||
Three Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | ||||||||||||||||
Per | Per | ||||||||||||||||
(millions of US dollars, except as otherwise | Increases | Diluted | Increases | Diluted | |||||||||||||
noted) | (Decreases) | Post-Tax | Share | (Decreases) | Post-Tax | Share | |||||||||||
Net earnings attributable to equity holders of Nutrien | 1,112 | 2.15 | 7,660 | 14.18 | |||||||||||||
Adjustments: | |||||||||||||||||
Share-based compensation (recovery) expense | (59 | ) | (45 | ) | (0.09 | ) | 63 | 47 | 0.10 | ||||||||
Foreign exchange (gain) loss, net of related derivatives | (36 | ) | (27 | ) | (0.05 | ) | 31 | 23 | 0.05 | ||||||||
Integration and restructuring related costs | 11 | 8 | 0.01 | 46 | 35 | 0.06 | |||||||||||
Reversal of impairment of assets | ‐ | ‐ | ‐ | (780 | ) | (619 | ) | (1.15 | ) | ||||||||
COVID-19 related expenses | ‐ | ‐ | ‐ | 8 | 6 | 0.01 | |||||||||||
Gain on disposal of investment | ‐ | ‐ | ‐ | (19 | ) | (14 | ) | (0.03 | ) | ||||||||
Gain on settlement of discontinued hedge accounting derivative | ‐ | ‐ | ‐ | (18 | ) | (14 | ) | (0.03 | ) | ||||||||
Adjusted net earnings | 1,048 | 2.02 | 7,124 | 13.19 |
Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured
Most directly comparable IFRS financial measure: Gross margin.
Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the "Segment Results" section.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.
Potash Controllable Cash Cost of Product Manufactured ("COPM") Per Tonne
Most directly comparable IFRS financial measure: Cost of goods sold ("COGS") for the Potash segment.
Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.
Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||
(millions of US dollars, except as otherwise noted) | 2023 | 2022 | 2023 | 2022 | |||||||
Total COGS – Potash | 349 | 310 | 1,396 | 1,400 | |||||||
Change in inventory | 7 | 38 | (40 | ) | 58 | ||||||
Other adjustments 1 | (7 | ) | (12 | ) | (26 | ) | (41 | ) | |||
COPM | 349 | 336 | 1,330 | 1,417 | |||||||
Depreciation and amortization in COPM | (124 | ) | (89 | ) | (427 | ) | (406 | ) | |||
Royalties in COPM | (23 | ) | (40 | ) | (100 | ) | (190 | ) | |||
Natural gas costs and carbon taxes in COPM | (12 | ) | (17 | ) | (46 | ) | (62 | ) | |||
Controllable cash COPM | 190 | 190 | 757 | 759 | |||||||
Production tonnes (tonnes – thousands) | 3,386 | 2,941 | 12,998 | 13,007 | |||||||
Potash controllable cash COPM per tonne | 56 | 65 | 58 | 58 | |||||||
1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances. |
Ammonia Controllable Cash COPM Per Tonne
Most directly comparable IFRS financial measure: Total manufactured COGS for the Nitrogen segment.
Definition: Total Nitrogen COGS excluding depreciation and amortization expense included in COGS, cash COGS for products other than ammonia, other adjustments, and natural gas and steam costs, divided by net ammonia production tonnes.
Why we use the measure and why it is useful to investors: To assess operational performance. Ammonia controllable cash COPM excludes the effects of production from other periods, the costs of natural gas and steam, and long-term investment decisions, supporting a focus on the performance of our day-to-day operations.
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||
(millions of US dollars, except as otherwise noted) | 2023 | 2022 | 2023 | 2022 | |||||||
Total Manufactured COGS – Nitrogen 1 | 595 | 892 | 2,435 | 3,370 | |||||||
Total Other COGS – Nitrogen 1 | 76 | 201 | 393 | 882 | |||||||
Total COGS – Nitrogen | 671 | 1,093 | 2,828 | 4,252 | |||||||
Depreciation and amortization in COGS | (123 | ) | (131 | ) | (474 | ) | (465 | ) | |||
Cash COGS for products other than ammonia | (367 | ) | (648 | ) | (1,693 | ) | (2,560 | ) | |||
Ammonia | |||||||||||
Total cash COGS before other adjustments | 181 | 314 | 661 | 1,227 | |||||||
Other adjustments 2 | (76 | ) | (65 | ) | (222 | ) | (210 | ) | |||
Total cash COPM | 105 | 249 | 439 | 1,017 | |||||||
Natural gas and steam costs in COPM | (73 | ) | (212 | ) | (304 | ) | (855 | ) | |||
Controllable cash COPM | 32 | 37 | 135 | 162 | |||||||
Production tonnes (net tonnes 3 – thousands) | 564 | 655 | 2,276 | 2,754 | |||||||
Ammonia controllable cash COPM per tonne | 59 | 57 | 60 | 59 | |||||||
1 Certain immaterial 2022 figures have been reclassified. | |||||||||||
2 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances. | |||||||||||
3 Ammonia tonnes available for sale, as not upgraded to other nitrogen products. |
Retail Adjusted Average Working Capital to Sales and Retail Adjusted Average Working Capital to Sales Excluding Nutrien Financial
Definition: Retail adjusted average working capital divided by Retail adjusted sales for the last four rolling quarters. We exclude in our calculations the sales and working capital of certain acquisitions during the first year following the acquisition. We also look at this metric excluding Nutrien Financial revenue and working capital.
Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio.
Rolling four quarters ended December 31, 2023 | |||||||||||||
(millions of US dollars, except as otherwise noted) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Average/Total | ||||||||
Current assets | 13,000 | 11,983 | 10,398 | 10,498 | |||||||||
Current liabilities | (8,980 | ) | (8,246 | ) | (5,228 | ) | (8,210 | ) | |||||
Working capital | 4,020 | 3,737 | 5,170 | 2,288 | 3,804 | ||||||||
Working capital from certain recent acquisitions | ‐ | ‐ | ‐ | ‐ | |||||||||
Adjusted working capital | 4,020 | 3,737 | 5,170 | 2,288 | 3,804 | ||||||||
Nutrien Financial working capital | (2,283 | ) | (4,716 | ) | (4,353 | ) | (2,893 | ) | |||||
Adjusted working capital excluding Nutrien Financial | 1,737 | (979 | ) | 817 | (605 | ) | 243 | ||||||
Sales | 3,422 | 9,128 | 3,490 | 3,502 | |||||||||
Sales from certain recent acquisitions | ‐ | ‐ | ‐ | ‐ | |||||||||
Adjusted sales | 3,422 | 9,128 | 3,490 | 3,502 | 19,542 | ||||||||
Nutrien Financial revenue | (57 | ) | (122 | ) | (73 | ) | (70 | ) | |||||
Adjusted sales excluding Nutrien Financial | 3,365 | 9,006 | 3,417 | 3,432 | 19,220 | ||||||||
Adjusted average working capital to sales (%) | 19 | ||||||||||||
Adjusted average working capital to sales excluding Nutrien Financial (%) | 1 |
Rolling four quarters ended December 31, 2022 | |||||||||||||
(millions of US dollars, except as otherwise noted) | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Average/Total | ||||||||
Current assets | 12,392 | 12,487 | 11,262 | 11,668 | |||||||||
Current liabilities | (9,223 | ) | (9,177 | ) | (5,889 | ) | (8,708 | ) | |||||
Working capital | 3,169 | 3,310 | 5,373 | 2,960 | 3,703 | ||||||||
Working capital from certain recent acquisitions | ‐ | ‐ | ‐ | ‐ | |||||||||
Adjusted working capital | 3,169 | 3,310 | 5,373 | 2,960 | 3,703 | ||||||||
Nutrien Financial working capital | (2,274 | ) | (4,404 | ) | (3,898 | ) | (2,669 | ) | |||||
Adjusted working capital excluding Nutrien Financial | 895 | (1,094 | ) | 1,475 | 291 | 392 | |||||||
Sales | 3,861 | 9,422 | 3,980 | 4,087 | |||||||||
Sales from certain recent acquisitions | ‐ | ‐ | ‐ | ‐ | |||||||||
Adjusted sales | 3,861 | 9,422 | 3,980 | 4,087 | 21,350 | ||||||||
Nutrien Financial revenue | (49 | ) | (91 | ) | (65 | ) | (62 | ) | |||||
Adjusted sales excluding Nutrien Financial | 3,812 | 9,331 | 3,915 | 4,025 | 21,083 | ||||||||
Adjusted average working capital to sales (%) | 17 | ||||||||||||
Adjusted average working capital to sales excluding Nutrien Financial (%) | 2 |
Nutrien Financial Adjusted Net Interest Margin
Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.
Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.
Rolling four quarters ended December 31, 2023 | |||||||||||||
(millions of US dollars, except as otherwise noted) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Total/Average | ||||||||
Nutrien Financial revenue | 57 | 122 | 73 | 70 | |||||||||
Deemed interest expense 1 | (20 | ) | (39 | ) | (41 | ) | (36 | ) | |||||
Net interest | 37 | 83 | 32 | 34 | 186 | ||||||||
Average Nutrien Financial net receivables | 2,283 | 4,716 | 4,353 | 2,893 | 3,561 | ||||||||
Nutrien Financial adjusted net interest margin (%) | 5.2 | ||||||||||||
Rolling four quarters ended December 31, 2022 | |||||||||||||
(millions of US dollars, except as otherwise noted) | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Total/Average | ||||||||
Nutrien Financial revenue | 49 | 91 | 65 | 62 | |||||||||
Deemed interest expense 1 | (6 | ) | (12 | ) | (12 | ) | (11 | ) | |||||
Net interest | 43 | 79 | 53 | 51 | 226 | ||||||||
Average Nutrien Financial net receivables | 2,274 | 4,404 | 3,898 | 2,669 | 3,311 | ||||||||
Nutrien Financial adjusted net interest margin (%) | 6.8 | ||||||||||||
1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial. |
Retail Cash Operating Coverage Ratio
Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.
Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate free cash flow.
Rolling four quarters ended December 31, 2023 | ||||||||||||||
(millions of US dollars, except as otherwise noted) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Total | |||||||||
Selling expenses | 765 | 971 | 798 | 841 | 3,375 | |||||||||
General and administrative expenses | 50 | 55 | 57 | 55 | 217 | |||||||||
Other expenses | 15 | 29 | 37 | 77 | 158 | |||||||||
Operating expenses | 830 | 1,055 | 892 | 973 | 3,750 | |||||||||
Depreciation and amortization in operating expenses | (179 | ) | (185 | ) | (186 | ) | (199 | ) | (749 | ) | ||||
Operating expenses excluding depreciation and amortization | 651 | 870 | 706 | 774 | 3,001 | |||||||||
Gross margin | 615 | 1,931 | 895 | 989 | 4,430 | |||||||||
Depreciation and amortization in cost of goods sold | 2 | 3 | 3 | 2 | 10 | |||||||||
Gross margin excluding depreciation and amortization | 617 | 1,934 | 898 | 991 | 4,440 | |||||||||
Cash operating coverage ratio (%) | 68 | |||||||||||||
Rolling four quarters ended December 31, 2022 | ||||||||||||||
(millions of US dollars, except as otherwise noted) | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Total | |||||||||
Selling expenses | 722 | 1,013 | 821 | 836 | 3,392 | |||||||||
General and administrative expenses | 45 | 54 | 50 | 51 | 200 | |||||||||
Other expenses (income) | (12 | ) | 21 | 19 | 1 | 29 | ||||||||
Operating expenses | 755 | 1,088 | 890 | 888 | 3,621 | |||||||||
Depreciation and amortization in operating expenses | (167 | ) | (171 | ) | (204 | ) | (198 | ) | (740 | ) | ||||
Operating expenses excluding depreciation and amortization | 588 | 917 | 686 | 690 | 2,881 | |||||||||
Gross margin | 845 | 2,340 | 917 | 1,077 | 5,179 | |||||||||
Depreciation and amortization in cost of goods sold | 2 | 4 | 2 | 4 | 12 | |||||||||
Gross margin excluding depreciation and amortization | 847 | 2,344 | 919 | 1,081 | 5,191 | |||||||||
Cash operating coverage ratio (%) | 55 |
Appendix C – Other Financial Measures
Supplementary Financial Measures
Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios.
The following section provides an explanation of the composition of those supplementary financial measures if not previously provided.
Retail adjusted EBITDA margin: Retail adjusted EBITDA divided by Retail sales for the last four rolling quarters.
Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.
Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures excludes capital outlays for business acquisitions and equity-accounted investees.
Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.
Retail adjusted EBITDA per US selling location: Calculated as total Retail US adjusted EBITDA for the last four rolling quarters, representing the organic EBITDA component, which excludes acquisitions in those quarters, divided by the number of US locations that have generated sales in the last four rolling quarters, adjusted for acquired locations in those quarters.
Cash used for dividends and share repurchases (shareholder returns): Calculated as dividends paid to Nutrien's shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of capital to shareholders.
Condensed Consolidated Financial Statements
Unaudited in millions of US dollars except as otherwise noted
Condensed Consolidated Statements of Earnings
Three Months Ended | Twelve Months Ended | |||||||||||
December 31 | December 31 | |||||||||||
Note | 2023 | 2022 | 2023 | 2022 | ||||||||
SALES | 2 | 5,664 | 7,533 | 29,056 | 37,884 | |||||||
Freight, transportation and distribution | 260 | 244 | 974 | 872 | ||||||||
Cost of goods sold | 3,636 | 4,383 | 19,608 | 21,588 | ||||||||
GROSS MARGIN | 1,768 | 2,906 | 8,474 | 15,424 | ||||||||
Selling expenses | 849 | 844 | 3,397 | 3,414 | ||||||||
General and administrative expenses | 173 | 162 | 626 | 565 | ||||||||
Provincial mining taxes | 79 | 190 | 398 | 1,149 | ||||||||
Share-based compensation (recovery) expense | (7 | ) | (59 | ) | (14 | ) | 63 | |||||
Impairment (reversal of impairment) of assets | 3 | 76 | ‐ | 774 | (780 | ) | ||||||
Other expenses | 4 | 305 | 110 | 548 | 204 | |||||||
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES | 293 | 1,659 | 2,745 | 10,809 | ||||||||
Finance costs | 213 | 188 | 793 | 563 | ||||||||
EARNINGS BEFORE INCOME TAXES | 80 | 1,471 | 1,952 | 10,246 | ||||||||
Income tax (recovery) expense | 5 | (96 | ) | 353 | 670 | 2,559 | ||||||
NET EARNINGS | 176 | 1,118 | 1,282 | 7,687 | ||||||||
Attributable to | ||||||||||||
Equity holders of Nutrien | 172 | 1,112 | 1,258 | 7,660 | ||||||||
Non-controlling interest | 4 | 6 | 24 | 27 | ||||||||
NET EARNINGS | 176 | 1,118 | 1,282 | 7,687 | ||||||||
NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN ("EPS") | ||||||||||||
Basic | 0.35 | 2.15 | 2.53 | 14.22 | ||||||||
Diluted | 0.35 | 2.15 | 2.53 | 14.18 | ||||||||
Weighted average shares outstanding for basic EPS | 494,545,000 | 516,810,000 | 496,381,000 | 538,475,000 | ||||||||
Weighted average shares outstanding for diluted EPS | 494,878,000 | 517,964,000 | 496,994,000 | 540,010,000 | ||||||||
Condensed Consolidated Statements of Comprehensive Income
Three Months Ended | Twelve Months Ended | |||||||||
December 31 | December 31 | |||||||||
(Net of related income taxes) | 2023 | 2022 | 2023 | 2022 | ||||||
NET EARNINGS | 176 | 1,118 | 1,282 | 7,687 | ||||||
Other comprehensive income (loss) | ||||||||||
Items that will not be reclassified to net earnings: | ||||||||||
Net actuarial (loss) gain on defined benefit plans | (14 | ) | 22 | (17 | ) | 83 | ||||
Net fair value (loss) gain on investments | (1 | ) | 17 | 4 | (44 | ) | ||||
Items that have been or may be subsequently reclassified to net earnings: | ||||||||||
Gain (loss) on currency translation of foreign operations | 103 | 73 | 89 | (199 | ) | |||||
Other | 9 | 7 | 5 | (17 | ) | |||||
OTHER COMPREHENSIVE INCOME (LOSS) | 97 | 119 | 81 | (177 | ) | |||||
COMPREHENSIVE INCOME | 273 | 1,237 | 1,363 | 7,510 | ||||||
Attributable to | ||||||||||
Equity holders of Nutrien | 268 | 1,230 | 1,338 | 7,484 | ||||||
Non-controlling interest | 5 | 7 | 25 | 26 | ||||||
COMPREHENSIVE INCOME | 273 | 1,237 | 1,363 | 7,510 | ||||||
(See Notes to the Condensed Consolidated Financial Statements) |
Condensed Consolidated Statements of Cash Flows
Three Months Ended | Twelve Months Ended | |||||||||||
December 31 | December 31 | |||||||||||
Note | 2023 | 2022 | 2023 | 2022 | ||||||||
Note 1 | Note 1 | |||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net earnings | 176 | 1,118 | 1,282 | 7,687 | ||||||||
Adjustments for: | ||||||||||||
Depreciation and amortization | 565 | 520 | 2,169 | 2,012 | ||||||||
Share-based compensation (recovery) expense | (7 | ) | (59 | ) | (14 | ) | 63 | |||||
Impairment (reversal of impairment) of assets | 3 | 76 | ‐ | 774 | (780 | ) | ||||||
(Recovery of) provision for deferred income tax | (169 | ) | 30 | 7 | 182 | |||||||
Net distributed (undistributed) earnings of equity-accounted investees | 5 | (42 | ) | 117 | (181 | ) | ||||||
Gain on amendments to other post-retirement pension plans | ‐ | ‐ | (80 | ) | ‐ | |||||||
Loss on Blue Chip Swaps | 4 | ‐ | ‐ | 92 | ‐ | |||||||
Long-term income tax receivables and payables | 24 | 72 | (65 | ) | 273 | |||||||
Other long-term assets, liabilities and miscellaneous | 153 | (29 | ) | 277 | 2 | |||||||
Cash from operations before working capital changes | 823 | 1,610 | 4,559 | 9,258 | ||||||||
Changes in non-cash operating working capital: | ||||||||||||
Receivables | 2,370 | 2,683 | 879 | (919 | ) | |||||||
Inventories and prepaid expenses and other current assets | (1,990 | ) | (1,841 | ) | 1,376 | (1,167 | ) | |||||
Payables and accrued charges | 2,947 | 2,284 | (1,748 | ) | 938 | |||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 4,150 | 4,736 | 5,066 | 8,110 | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Capital expenditures 1 | (781 | ) | (986 | ) | (2,671 | ) | (2,475 | ) | ||||
Business acquisitions, net of cash acquired | (37 | ) | (329 | ) | (153 | ) | (407 | ) | ||||
Proceeds from sales of Blue Chip Swaps, net of purchases | 4 | ‐ | ‐ | (92 | ) | ‐ | ||||||
Net changes in non-cash working capital | 46 | 33 | (22 | ) | (44 | ) | ||||||
Other | 39 | 60 | (20 | ) | 25 | |||||||
CASH USED IN INVESTING ACTIVITIES | (733 | ) | (1,222 | ) | (2,958 | ) | (2,901 | ) | ||||
FINANCING ACTIVITIES | ||||||||||||
(Repayment of) proceeds from short-term debt, net | (2,671 | ) | (2,338 | ) | (458 | ) | 529 | |||||
Proceeds from long-term debt | ‐ | 1,004 | 1,500 | 1,045 | ||||||||
Repayment of long-term debt | (13 | ) | (511 | ) | (648 | ) | (561 | ) | ||||
Repayment of principal portion of lease liabilities | (97 | ) | (85 | ) | (375 | ) | (341 | ) | ||||
Dividends paid to Nutrien's shareholders | 6 | (262 | ) | (251 | ) | (1,032 | ) | (1,031 | ) | |||
Repurchase of common shares | 6 | ‐ | (1,214 | ) | (1,047 | ) | (4,520 | ) | ||||
Issuance of common shares | 1 | ‐ | 33 | 168 | ||||||||
Other | ‐ | (17 | ) | (34 | ) | (20 | ) | |||||
CASH USED IN FINANCING ACTIVITIES | (3,042 | ) | (3,412 | ) | (2,061 | ) | (4,731 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH | ||||||||||||
EQUIVALENTS | 12 | (24 | ) | (7 | ) | (76 | ) | |||||
INCREASE IN CASH AND CASH EQUIVALENTS | 387 | 78 | 40 | 402 | ||||||||
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD | 554 | 823 | 901 | 499 | ||||||||
CASH AND CASH EQUIVALENTS – END OF PERIOD | 941 | 901 | 941 | 901 | ||||||||
Cash and cash equivalents is composed of: | ||||||||||||
Cash | 909 | 775 | 909 | 775 | ||||||||
Short-term investments | 32 | 126 | 32 | 126 | ||||||||
941 | 901 | 941 | 901 | |||||||||
SUPPLEMENTAL CASH FLOWS INFORMATION | ||||||||||||
Interest paid | 267 | 202 | 729 | 482 | ||||||||
Income taxes paid | 42 | 379 | 1,764 | 1,882 | ||||||||
Total cash outflow for leases | 128 | 120 | 501 | 459 | ||||||||
1 Includes additions to property, plant and equipment, and intangible assets for the three months ended December 31, 2023 of $731 and $50 (2022 – $919 and $67), respectively, and for the twelve months ended December 31, 2023 of $2,465 and $206 (2022 – $2,253 and $222), respectively. | ||||||||||||
(See Notes to the Condensed Consolidated Financial Statements) |
Condensed Consolidated Statements of Changes in Shareholders' Equity
Accumulated Other Comprehensive | |||||||||||||||||||||||||||||
(Loss) Income ("AOCI") | |||||||||||||||||||||||||||||
(Loss) Gain | |||||||||||||||||||||||||||||
on Currency | Equity | ||||||||||||||||||||||||||||
Number of | Translation | Holders | Non- | ||||||||||||||||||||||||||
Common | Share | Contributed | of Foreign | Total | Retained | of | Controlling | Total | |||||||||||||||||||||
Shares | Capital | Surplus | Operations | Other | AOCI | Earnings | Nutrien | Interest | Equity | ||||||||||||||||||||
BALANCE – DECEMBER 31, 2021 | 557,492,516 | 15,457 | 149 | (176 | ) | 30 | (146 | ) | 8,192 | 23,652 | 47 | 23,699 | |||||||||||||||||
Net earnings | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 7,660 | 7,660 | 27 | 7,687 | |||||||||||||||||||
Other comprehensive (loss) income | ‐ | ‐ | ‐ | (198 | ) | 22 | (176 | ) | ‐ | (176 | ) | (1 | ) | (177 | ) | ||||||||||||||
Shares repurchased | (53,312,559 | ) | (1,487 | ) | (22 | ) | ‐ | ‐ | ‐ | (2,987 | ) | (4,496 | ) | ‐ | (4,496 | ) | |||||||||||||
Dividends declared | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (1,019 | ) | (1,019 | ) | ‐ | (1,019 | ) | ||||||||||||||||
Non-controlling interest transactions | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (1 | ) | (1 | ) | (28 | ) | (29 | ) | |||||||||||||||
Effect of share-based compensation including issuance of common shares | 3,066,148 | 202 | (18 | ) | ‐ | ‐ | ‐ | ‐ | 184 | ‐ | 184 | ||||||||||||||||||
Transfer of net loss on cash flow hedges | ‐ | ‐ | ‐ | ‐ | 14 | 14 | ‐ | 14 | ‐ | 14 | |||||||||||||||||||
Transfer of net actuarial gain on defined benefit plans | ‐ | ‐ | ‐ | ‐ | (83 | ) | (83 | ) | 83 | ‐ | ‐ | ‐ | |||||||||||||||||
BALANCE – DECEMBER 31, 2022 | 507,246,105 | 14,172 | 109 | (374 | ) | (17 | ) | (391 | ) | 11,928 | 25,818 | 45 | 25,863 | ||||||||||||||||
Net earnings | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 1,258 | 1,258 | 24 | 1,282 | |||||||||||||||||||
Other comprehensive income (loss) | ‐ | ‐ | ‐ | 88 | (8 | ) | 80 | ‐ | 80 | 1 | 81 | ||||||||||||||||||
Shares repurchased | (13,378,189 | ) | (374 | ) | (26 | ) | ‐ | ‐ | ‐ | (600 | ) | (1,000 | ) | ‐ | (1,000 | ) | |||||||||||||
Dividends declared | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (1,050 | ) | (1,050 | ) | ‐ | (1,050 | ) | ||||||||||||||||
Non-controlling interest transactions | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (2 | ) | (2 | ) | (25 | ) | (27 | ) | |||||||||||||||
Effect of share-based compensation including issuance of common shares | 683,814 | 40 | ‐ | ‐ | ‐ | ‐ | ‐ | 40 | ‐ | 40 | |||||||||||||||||||
Transfer of net gain on sale of investment | ‐ | ‐ | ‐ | ‐ | (14 | ) | (14 | ) | 14 | ‐ | ‐ | ‐ | |||||||||||||||||
Transfer of net loss on cash flow hedges | ‐ | ‐ | ‐ | ‐ | 12 | 12 | ‐ | 12 | ‐ | 12 | |||||||||||||||||||
Transfer of net actuarial loss on defined benefit plans | ‐ | ‐ | ‐ | ‐ | 17 | 17 | (17 | ) | ‐ | ‐ | ‐ | ||||||||||||||||||
BALANCE – DECEMBER 31, 2023 | 494,551,730 | 13,838 | 83 | (286 | ) | (10 | ) | (296 | ) | 11,531 | 25,156 | 45 | 25,201 | ||||||||||||||||
(See Notes to the Condensed Consolidated Financial Statements) |
Condensed Consolidated Balance Sheets
December 31 | December 31 | |||||
As at | Note | 2023 | 2022 | |||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 941 | 901 | ||||
Receivables | 5,398 | 6,194 | ||||
Inventories | 6,336 | 7,632 | ||||
Prepaid expenses and other current assets | 1,495 | 1,615 | ||||
14,170 | 16,342 | |||||
Non-current assets | ||||||
Property, plant and equipment | 22,461 | 21,767 | ||||
Goodwill | 12,114 | 12,368 | ||||
Intangible assets | 2,217 | 2,297 | ||||
Investments | 736 | 843 | ||||
Other assets | 1,051 | 969 | ||||
TOTAL ASSETS | 52,749 | 54,586 | ||||
LIABILITIES | ||||||
Current liabilities | ||||||
Short-term debt | 1,815 | 2,142 | ||||
Current portion of long-term debt | 512 | 542 | ||||
Current portion of lease liabilities | 327 | 305 | ||||
Payables and accrued charges | 9,467 | 11,291 | ||||
12,121 | 14,280 | |||||
Non-current liabilities | ||||||
Long-term debt | 8,913 | 8,040 | ||||
Lease liabilities | 999 | 899 | ||||
Deferred income tax liabilities | 3,574 | 3,547 | ||||
Pension and other post-retirement benefit liabilities | 252 | 319 | ||||
Asset retirement obligations and accrued environmental costs | 1,489 | 1,403 | ||||
Other non-current liabilities | 200 | 235 | ||||
TOTAL LIABILITIES | 27,548 | 28,723 | ||||
SHAREHOLDERS' EQUITY | ||||||
Share capital | 6 | 13,838 | 14,172 | |||
Contributed surplus | 83 | 109 | ||||
Accumulated other comprehensive loss | (296 | ) | (391 | ) | ||
Retained earnings | 11,531 | 11,928 | ||||
Equity holders of Nutrien | 25,156 | 25,818 | ||||
Non-controlling interest | 45 | 45 | ||||
TOTAL SHAREHOLDERS' EQUITY | 25,201 | 25,863 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 52,749 | 54,586 | ||||
(See Notes to the Condensed Consolidated Financial Statements) |
Notes to the Condensed Consolidated Financial Statements
As at and for the Three and Twelve Months Ended December 31, 2023
NOTE 1 BASIS OF PRESENTATION
Nutrien Ltd. (collectively with its subsidiaries, "Nutrien", "we", "us", "our" or "the Company") is the world's largest provider of crop inputs and services. Nutrien plays a critical role in helping growers around the globe increase food production in a sustainable manner.
These unaudited interim condensed consolidated financial statements ("interim financial statements") are based on International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, "Interim Financial Reporting". The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2022 annual consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual consolidated financial statements and should be read in conjunction with our 2022 annual consolidated financial statements.
Certain immaterial 2022 figures have been reclassified in the condensed consolidated statements of cash flows. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year.
In management's opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects.
These interim financial statements were authorized by the Audit Committee of the Board of Directors for issue on February 21, 2024.
NOTE 2 SEGMENT INFORMATION
The Company has four reportable operating segments: Nutrien Ag Solutions ("Retail"), Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise. Retail provides services directly to growers through a network of farm centers in North America, South America and Australia. The Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces.
Three Months Ended December 31, 2023 | |||||||||||||||||||
Corporate | |||||||||||||||||||
Retail | Potash | Nitrogen | Phosphate | and Others | Eliminations | Consolidated | |||||||||||||
Sales | – third party | 3,504 | 734 | 895 | 531 | ‐ | ‐ | 5,664 | |||||||||||
– intersegment | (2 | ) | 129 | 223 | 84 | ‐ | (434 | ) | ‐ | ||||||||||
Sales | – total | 3,502 | 863 | 1,118 | 615 | ‐ | (434 | ) | 5,664 | ||||||||||
Freight, transportation and distribution | ‐ | 87 | 162 | 82 | ‐ | (71 | ) | 260 | |||||||||||
Net sales | 3,502 | 776 | 956 | 533 | ‐ | (363 | ) | 5,404 | |||||||||||
Cost of goods sold | 2,513 | 349 | 671 | 463 | ‐ | (360 | ) | 3,636 | |||||||||||
Gross margin | 989 | 427 | 285 | 70 | ‐ | (3 | ) | 1,768 | |||||||||||
Selling expenses | 841 | 3 | 4 | 1 | 7 | (7 | ) | 849 | |||||||||||
General and administrative expenses | 55 | 3 | 10 | 1 | 104 | ‐ | 173 | ||||||||||||
Provincial mining taxes | ‐ | 79 | ‐ | ‐ | ‐ | ‐ | 79 | ||||||||||||
Share-based compensation recovery | ‐ | ‐ | ‐ | ‐ | (7 | ) | ‐ | (7 | ) | ||||||||||
Impairment of assets | ‐ | ‐ | 76 | ‐ | ‐ | ‐ | 76 | ||||||||||||
Other expenses (income) | 77 | (3 | ) | 26 | 19 | 161 | 25 | 305 | |||||||||||
Earnings (loss) before finance costs and income taxes | 16 | 345 | 169 | 49 | (265 | ) | (21 | ) | 293 | ||||||||||
Depreciation and amortization | 201 | 118 | 146 | 81 | 19 | ‐ | 565 | ||||||||||||
EBITDA 1 | 217 | 463 | 315 | 130 | (246 | ) | (21 | ) | 858 | ||||||||||
Integration and restructuring related costs | 12 | ‐ | ‐ | ‐ | 8 | ‐ | 20 | ||||||||||||
Share-based compensation recovery | ‐ | ‐ | ‐ | ‐ | (7 | ) | ‐ | (7 | ) | ||||||||||
Impairment of assets | ‐ | ‐ | 76 | ‐ | ‐ | ‐ | 76 | ||||||||||||
ARO/ERL expense for non-operating sites 2 | ‐ | ‐ | ‐ | ‐ | 142 | ‐ | 142 | ||||||||||||
Foreign exchange gain, net of related derivatives | ‐ | ‐ | ‐ | ‐ | (14 | ) | ‐ | (14 | ) | ||||||||||
Adjusted EBITDA | 229 | 463 | 391 | 130 | (117 | ) | (21 | ) | 1,075 | ||||||||||
Assets – at December 31, 2023 | 23,056 | 13,571 | 11,466 | 2,438 | 2,818 | (600 | ) | 52,749 | |||||||||||
1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization. | |||||||||||||||||||
2 ARO/ERL refers to asset retirement obligations and accrued environmental costs. |
Three Months Ended December 31, 2022 | |||||||||||||||||||
Corporate | |||||||||||||||||||
Retail | Potash | Nitrogen | Phosphate | and Others | Eliminations | Consolidated | |||||||||||||
Sales | – third party | 4,089 | 1,255 | 1,677 | 512 | ‐ | ‐ | 7,533 | |||||||||||
– intersegment | (2 | ) | 203 | 272 | 54 | ‐ | (527 | ) | ‐ | ||||||||||
Sales | – total | 4,087 | 1,458 | 1,949 | 566 | ‐ | (527 | ) | 7,533 | ||||||||||
Freight, transportation and distribution | ‐ | 81 | 157 | 65 | ‐ | (59 | ) | 244 | |||||||||||
Net sales | 4,087 | 1,377 | 1,792 | 501 | ‐ | (468 | ) | 7,289 | |||||||||||
Cost of goods sold | 3,010 | 310 | 1,093 | 485 | ‐ | (515 | ) | 4,383 | |||||||||||
Gross margin | 1,077 | 1,067 | 699 | 16 | ‐ | 47 | 2,906 | ||||||||||||
Selling expenses | 836 | 1 | 6 | 2 | 5 | (6 | ) | 844 | |||||||||||
General and administrative expenses | 51 | 3 | 5 | 4 | 99 | ‐ | 162 | ||||||||||||
Provincial mining taxes | ‐ | 190 | ‐ | ‐ | ‐ | ‐ | 190 | ||||||||||||
Share-based compensation recovery | ‐ | ‐ | ‐ | ‐ | (59 | ) | ‐ | (59 | ) | ||||||||||
Other expenses (income) | 1 | 4 | 2 | 40 | 67 | (4 | ) | 110 | |||||||||||
Earnings (loss) before finance costs and income taxes | 189 | 869 | 686 | (30 | ) | (112 | ) | 57 | 1,659 | ||||||||||
Depreciation and amortization | 202 | 89 | 155 | 58 | 16 | ‐ | 520 | ||||||||||||
EBITDA | 391 | 958 | 841 | 28 | (96 | ) | 57 | 2,179 | |||||||||||
Integration and restructuring related costs | ‐ | ‐ | ‐ | ‐ | 11 | ‐ | 11 | ||||||||||||
Share-based compensation recovery | ‐ | ‐ | ‐ | ‐ | (59 | ) | ‐ | (59 | ) | ||||||||||
Foreign exchange gain, net of related derivatives | ‐ | ‐ | ‐ | ‐ | (36 | ) | ‐ | (36 | ) | ||||||||||
Adjusted EBITDA | 391 | 958 | 841 | 28 | (180 | ) | 57 | 2,095 | |||||||||||
Assets – at December 31, 2022 | 24,451 | 13,921 | 11,807 | 2,661 | 2,622 | (876 | ) | 54,586 |
Twelve Months Ended December 31, 2023 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Retail | Potash | Nitrogen | Phosphate | and Others | Eliminations | Consolidated | ||||||||||||||
Sales | – third party | 19,542 | 3,735 | 3,804 | 1,975 | ‐ | ‐ | 29,056 | ||||||||||||
– intersegment | ‐ | 431 | 931 | 288 | ‐ | (1,650 | ) | ‐ | ||||||||||||
Sales | – total | 19,542 | 4,166 | 4,735 | 2,263 | ‐ | (1,650 | ) | 29,056 | |||||||||||
Freight, transportation and distribution | ‐ | 407 | 528 | 270 | ‐ | (231 | ) | 974 | ||||||||||||
Net sales | 19,542 | 3,759 | 4,207 | 1,993 | ‐ | (1,419 | ) | 28,082 | ||||||||||||
Cost of goods sold | 15,112 | 1,396 | 2,828 | 1,760 | ‐ | (1,488 | ) | 19,608 | ||||||||||||
Gross margin | 4,430 | 2,363 | 1,379 | 233 | ‐ | 69 | 8,474 | |||||||||||||
Selling expenses | 3,375 | 12 | 27 | 6 | ‐ | (23 | ) | 3,397 | ||||||||||||
General and administrative expenses | 217 | 13 | 21 | 11 | 364 | ‐ | 626 | |||||||||||||
Provincial mining taxes | ‐ | 398 | ‐ | ‐ | ‐ | ‐ | 398 | |||||||||||||
Share-based compensation recovery | ‐ | ‐ | ‐ | ‐ | (14 | ) | ‐ | (14 | ) | |||||||||||
Impairment of assets | 465 | ‐ | 76 | 233 | ‐ | ‐ | 774 | |||||||||||||
Other expenses (income) | 158 | (1 | ) | (27 | ) | 40 | 348 | 30 | 548 | |||||||||||
Earnings (loss) before finance costs and income taxes | 215 | 1,941 | 1,282 | (57 | ) | (698 | ) | 62 | 2,745 | |||||||||||
Depreciation and amortization | 759 | 463 | 572 | 294 | 81 | ‐ | 2,169 | |||||||||||||
EBITDA | 974 | 2,404 | 1,854 | 237 | (617 | ) | 62 | 4,914 | ||||||||||||
Integration and restructuring related costs | 20 | ‐ | ‐ | ‐ | 29 | ‐ | 49 | |||||||||||||
Share-based compensation recovery | ‐ | ‐ | ‐ | ‐ | (14 | ) | ‐ | (14 | ) | |||||||||||
Impairment of assets | 465 | ‐ | 76 | 233 | ‐ | ‐ | 774 | |||||||||||||
ARO/ERL expense for non-operating sites | ‐ | ‐ | ‐ | ‐ | 152 | ‐ | 152 | |||||||||||||
Foreign exchange loss, net of related derivatives | ‐ | ‐ | ‐ | ‐ | 91 | ‐ | 91 | |||||||||||||
Loss on Blue Chip Swaps | ‐ | ‐ | ‐ | ‐ | 92 | ‐ | 92 | |||||||||||||
Adjusted EBITDA | 1,459 | 2,404 | 1,930 | 470 | (267 | ) | 62 | 6,058 | ||||||||||||
Assets – at December 31, 2023 | 23,056 | 13,571 | 11,466 | 2,438 | 2,818 | (600 | ) | 52,749 |
Twelve Months Ended December 31, 2022 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Retail | Potash | Nitrogen | Phosphate | and Others | Eliminations | Consolidated | ||||||||||||||
Sales | – third party | 21,266 | 7,600 | 6,755 | 2,263 | ‐ | ‐ | 37,884 | ||||||||||||
– intersegment | 84 | 599 | 1,293 | 357 | ‐ | (2,333 | ) | ‐ | ||||||||||||
Sales | – total | 21,350 | 8,199 | 8,048 | 2,620 | ‐ | (2,333 | ) | 37,884 | |||||||||||
Freight, transportation and distribution | ‐ | 300 | 515 | 243 | ‐ | (186 | ) | 872 | ||||||||||||
Net sales | 21,350 | 7,899 | 7,533 | 2,377 | ‐ | (2,147 | ) | 37,012 | ||||||||||||
Cost of goods sold | 16,171 | 1,400 | 4,252 | 1,884 | ‐ | (2,119 | ) | 21,588 | ||||||||||||
Gross margin | 5,179 | 6,499 | 3,281 | 493 | ‐ | (28 | ) | 15,424 | ||||||||||||
Selling expenses | 3,392 | 10 | 28 | 7 | (1 | ) | (22 | ) | 3,414 | |||||||||||
General and administrative expenses | 200 | 9 | 17 | 13 | 326 | ‐ | 565 | |||||||||||||
Provincial mining taxes | ‐ | 1,149 | ‐ | ‐ | ‐ | ‐ | 1,149 | |||||||||||||
Share-based compensation expense | ‐ | ‐ | ‐ | ‐ | 63 | ‐ | 63 | |||||||||||||
Reversal of impairment of assets | ‐ | ‐ | ‐ | (780 | ) | ‐ | ‐ | (780 | ) | |||||||||||
Other expenses (income) | 29 | 5 | (137 | ) | 67 | 227 | 13 | 204 | ||||||||||||
Earnings (loss) before finance costs and income taxes | 1,558 | 5,326 | 3,373 | 1,186 | (615 | ) | (19 | ) | 10,809 | |||||||||||
Depreciation and amortization | 752 | 443 | 558 | 188 | 71 | ‐ | 2,012 | |||||||||||||
EBITDA | 2,310 | 5,769 | 3,931 | 1,374 | (544 | ) | (19 | ) | 12,821 | |||||||||||
Integration and restructuring related costs | 2 | ‐ | ‐ | ‐ | 44 | ‐ | 46 | |||||||||||||
Share-based compensation expense | ‐ | ‐ | ‐ | ‐ | 63 | ‐ | 63 | |||||||||||||
Reversal of impairment of assets | ‐ | ‐ | ‐ | (780 | ) | ‐ | ‐ | (780 | ) | |||||||||||
COVID-19 related expenses | ‐ | ‐ | ‐ | ‐ | 8 | ‐ | 8 | |||||||||||||
Foreign exchange loss, net of related derivatives | ‐ | ‐ | ‐ | ‐ | 31 | ‐ | 31 | |||||||||||||
Gain on disposal of investment | (19 | ) | ‐ | ‐ | ‐ | ‐ | ‐ | (19 | ) | |||||||||||
Adjusted EBITDA | 2,293 | 5,769 | 3,931 | 594 | (398 | ) | (19 | ) | 12,170 | |||||||||||
Assets – at December 31, 2022 | 24,451 | 13,921 | 11,807 | 2,661 | 2,622 | (876 | ) | 54,586 |
For our disaggregated revenue from contracts with customers by product line or geographic location, refer to the "Segment Results" section of our news release dated February 21, 2024.
NOTE 3 IMPAIRMENT OF ASSETS
Nitrogen
During the three and twelve months ended December 31, 2023, we identified an impairment trigger for our Trinidad cash generating unit ("CGU"), part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026.
Trinidad | ||
Recoverable amount ($) | 676 | |
Carrying amount before impairment loss ($) | 752 | |
Pre-tax impairment loss ($) | 76 | |
Impairment recorded to | Property, plant and equipment | |
Valuation methodology | Fair value less costs of disposal ("FVLCD"), a Level 3 measurement | |
Valuation technique | Five-year discounted cash flows plus a terminal value | |
Key assumptions | ||
Long-term growth rate (%) | 2.3 | |
Post-tax discount rate 1 (%) | 13.0 | |
Forecasted EBITDA 2, 3 ($) | 1,145 | |
1 Discount rate used in the previous measurement in 2020 was 12.6 percent. | ||
2 First five years of the forecast period. | ||
3 Includes key assumptions relating to net selling price based on forecasted future natural gas contracting and availability. |
The recoverable amount estimate used the following key assumptions: our forecasted EBITDA, discount rate and long-term growth rate. We used key assumptions that were based on historical data and estimates of future results from internal sources, independent third-party price benchmarks, as well as industry and market information.
The following table highlights sensitivities to the recoverable amount of our Trinidad CGU, which could result in additional impairment losses or reversals of the previously recorded losses.
Key Assumptions | Change in Assumption | Change to Recoverable Amount ($) | |||
Long-term growth rate (%) | + / - 1.0 percent | + / - | 55 | ||
Post-tax discount rate (%) | + / - 1.0 percent | - / + | 95 | ||
Forecasted EBITDA over forecast period ($) | + / - 5.0 percent | + / - | 100 |
Goodwill Impairment Testing
Goodwill by CGU or Group of CGUs | 2023 | 2022 | |
Retail – North America | 6,981 | 6,898 | |
Retail – International 1 | 590 | 927 | |
Potash | 154 | 154 | |
Nitrogen | 4,389 | 4,389 | |
12,114 | 12,368 | ||
1 Includes Retail – South America group of CGUs, which had goodwill of nil as at December 31, 2023 (2022 – $348). |
During the three months ended June 30, 2023, we recorded an impairment of goodwill and intangible assets of $422 and $43, respectively, relating to our Retail – South America group of CGUs.
During the three and twelve months ended December 31, 2023, we performed our annual goodwill impairment testing (excluding the Retail – South America group of CGUs, which was fully impaired during the three months ended June 30, 2023) and did not identify any further impairment; however, the recoverable amount for Retail – North America group of CGUs did not substantially exceed its carrying amount. In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on after-tax discounted cash flows (five-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply, including considerations related to climate-change initiatives. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization and comparative market multiples to ensure discounted cash flow results are reasonable.
The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.
The Retail – North America group of CGUs recoverable amount exceeds its carrying amount by $570. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below.
Key Assumption | Change Required for Carrying Amount | |||
2023 Annual Impairment Testing | Used in Impairment Model | to Equal Recoverable Amount | ||
Terminal growth rate (%) | 2.5 | 0.4 percent decrease | ||
Discount rate 1 (%) | 8.6 | 0.2 percent increase | ||
Forecasted EBITDA over forecast period ($) | 8,040 | 3.0 percent decrease | ||
1 The discount rate used in the previous measurement was 8.5 percent. |
The following table indicates the key assumptions used in testing the remaining groups of CGUs:
Terminal Growth Rate (%) | Discount Rate (%) | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Retail – International 1 | 2.1 | 2.0 | – | 6.0 | 9.0 | 8.9 | – | 16.0 | ||||
Potash | 2.5 | 2.5 | 7.6 | 8.3 | ||||||||
Nitrogen | 2.3 | 2.0 | 8.3 | 9.3 | ||||||||
1 The discount rates reflect the country risk premium and size for our international groups of CGUs. The terminal growth rate and discount rate ranges in 2022 included our Retail – South America group of CGUs, which are no longer included in 2023 as goodwill for this group of CGUs is nil. |
NOTE 4 OTHER EXPENSES (INCOME)
Three Months Ended | Twelve Months Ended | ||||||||||
December 31 | December 31 | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Integration and restructuring related costs | 20 | 11 | 49 | 46 | |||||||
Foreign exchange (gain) loss, net of related derivatives | (14 | ) | (36 | ) | 91 | 31 | |||||
Earnings of equity-accounted investees | (1 | ) | (47 | ) | (101 | ) | (247 | ) | |||
Bad debt expense (recovery) | 4 | (6 | ) | 55 | 12 | ||||||
COVID-19 related expenses | ‐ | ‐ | ‐ | 8 | |||||||
Gain on disposal of investment | ‐ | ‐ | ‐ | (19 | ) | ||||||
Project feasibility costs | 33 | 22 | 86 | 79 | |||||||
Customer prepayment costs | 11 | 7 | 47 | 42 | |||||||
Legal expenses | 16 | 8 | 34 | 21 | |||||||
Consulting expenses | 3 | 15 | 21 | 29 | |||||||
Employee special recognition award | ‐ | 61 | ‐ | 61 | |||||||
Loss on Blue Chip Swaps | ‐ | ‐ | 92 | ‐ | |||||||
ARO/ERL expense for non-operating sites | 142 | ‐ | 152 | ‐ | |||||||
Gain on amendments to other post-retirement pension plans | ‐ | ‐ | (80 | ) | ‐ | ||||||
Other expenses | 91 | 75 | 102 | 141 | |||||||
305 | 110 | 548 | 204 |
The Central Bank of Argentina maintains certain currency controls that limit our ability to remit cash from Argentina. Blue Chip Swaps are trade transactions that effectively allow companies to transfer US dollars out of Argentina. Through this mechanism, we incurred a loss of $92 from the purchase of securities denominated in Argentine peso and corresponding sale in US dollars during the twelve months ended December 31, 2023. The loss is a result of the significant divergence between the Blue Chip Swap market exchange rate and the official Argentinian Central Bank rate.
NOTE 5 INCOME TAXES
Three Months Ended | Twelve Months Ended | |||||||
December 31 | December 31 | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Income tax (recovery) expense | (96 | ) | 353 | 670 | 2,559 | |||
Actual effective tax rate on earnings (%) | 39 | 23 | 33 | 25 | ||||
Actual effective tax rate including discrete items (%) | (120 | ) | 24 | 34 | 25 | |||
Discrete tax adjustments that impacted the tax rate | (127 | ) | 22 | 28 | 30 |
During the three and twelve months ended December 31, 2023, we recorded a deferred tax asset of $134 related to an increase in the tax basis of our Swiss assets as a result of changes to our Switzerland tax declarations.
NOTE 6 SHARE CAPITAL
Share Repurchase Programs
On February 21, 2024, our Board of Directors approved a share repurchase program for up to five percent of our outstanding common shares. The 2024 normal course issuer bid, which is subject to the acceptance by the Toronto Stock Exchange, will expire after a one-year period, if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.
Dividends Declared
We declared a dividend per share of $0.53 (2022 – $0.48) during the three months ended December 31, 2023, payable on January 12, 2024 to shareholders of record on December 29, 2023.
On February 21, 2024, our Board of Directors declared and increased our quarterly dividend to $0.54 per share payable on April 11, 2024, to shareholders of record on March 28, 2024. The total estimated dividend to be paid is $265.
NOTE 7 RELATED PARTY TRANSACTIONS
We sell potash outside Canada and the United States exclusively through Canpotex. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed upon prices. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. Sales to Canpotex for the three months ended December 31, 2023 were $404 (2022 – $841) and the twelve months ended December 31, 2023 were $2,076 (2022 – $5,414). Purchases from Canpotex for the three months ended December 31, 2023 were $32 (2022 – $24) and the twelve months ended December 31, 2023 were $92 (2022 – $415).
As at | December 31, 2023 | December 31, 2022 | |
Receivables from Canpotex | 162 | 866 | |
Payables to Canpotex | 64 | 203 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240216205375/en/
Investor Relations:
Jeff Holzman
Vice President, Investor Relations
(306) 933-8545
Investors@nutrien.com
Media Relations:
Megan Fielding
Vice President, Brand & Culture Communications
(403) 797-3015
News Provided by Business Wire via QuoteMedia
Nutrien Ltd. (TSX and NYSE: NTR) announced today that Mr. Mark Thompson, Nutrien's Executive Vice President and Chief Commercial Officer, and Mr. Jeff Tarsi, Nutrien's Executive Vice President and President, Global Retail, will be speaking at the BofA 2024 Securities Global Agriculture and Materials Conference on Wednesday, February 28 at 9:50 a.m. EST.
The fireside chat will be video cast and available on the Company's website at https://www.nutrien.com/investors/events .
About Nutrien
Nutrien is a leading provider of crop inputs and services, helping to safely and sustainably feed a growing world. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215939685/en/
Investor Relations
Jeff Holzman
Vice President, Investor Relations
(306) 933-8545
Media Relations
Megan Fielding
Vice President, Brand & Culture Communications
(403) 797-3015
Contact us at: www.nutrien.com
News Provided by Business Wire via QuoteMedia
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