- First quarter results supported by strong grower demand for
crop inputs, increased potash shipments to key global markets,
higher fertilizer operating rates and lower costs.
- Maintaining full-year 2024 Retail adjusted EBITDA and
fertilizer sales volume guidance ranges.
All amounts are in US dollars except as otherwise noted
Nutrien Ltd. (TSX and NYSE: NTR) announced today its first
quarter 2024 results, with net earnings of $165 million ($0.32
diluted net earnings per share). First quarter 2024 adjusted
EBITDA1 was $1.1 billion and adjusted net earnings per share1 was
$0.46.
“We continued to see strong crop input demand, a normalization
of product margins for our North American Retail business and
increased global potash shipments in the first quarter. Our results
highlighted the capabilities of our flexible, low-cost production
assets and downstream distribution network to efficiently supply
our customers’ needs,” commented Ken Seitz, Nutrien’s President and
CEO.
“We expect growth in Retail earnings and fertilizer sales
volumes compared to the prior year and have maintained our 2024
guidance ranges. Our focus remains on strengthening our capability
to serve growers and enhancing our core businesses to improve the
quality of our earnings and free cash flow,” added Mr. Seitz.
Highlights2:
- Generated net earnings of $165 million and adjusted EBITDA of
$1.1 billion in the first quarter of 2024, down from the same
period in 2023 primarily due to lower net fertilizer selling
prices. This was partially offset by increased Retail earnings,
higher fertilizer sales volumes and lower natural gas costs.
- Nutrien Ag Solutions (“Retail”) adjusted EBITDA increased to
$77 million in the first quarter of 2024 primarily due to higher
gross margin for crop nutrients and crop protection products
supported by strong grower demand and a normalization of product
margins in North America.
- Potash adjusted EBITDA declined to $530 million in the first
quarter of 2024 due to lower net selling prices, which more than
offset higher sales volumes. We increased potash production,
supported by continued advancement of mine automation initiatives,
and reduced our controllable cash cost of product manufactured per
tonne.
- Nitrogen adjusted EBITDA declined to $464 million in the first
quarter of 2024 due to lower net selling prices for all major
nitrogen products, which more than offset higher sales volumes and
lower natural gas costs. Ammonia production increased in the first
quarter, driven by higher utilization rates in Trinidad.
- Initiated a process to divest our Retail assets in Argentina,
Chile, and Uruguay to provide greater focus on our core Retail
businesses and enhance the quality of earnings and free cash
flow.
- This is a non-GAAP financial measure. See the “Non-GAAP
Financial Measures” section.
- Our discussion of highlights set out on this page is a
comparison of the results for the three months ended March 31, 2024
to the results for the three months ended March 31, 2023, unless
otherwise noted.
Management’s Discussion and Analysis
The following management’s discussion and analysis (“MD&A”)
is the responsibility of management and is dated as of May 8, 2024.
The Board of Directors (“Board”) of Nutrien carries out its
responsibility for review of this disclosure principally through
its Audit Committee, composed entirely of independent directors.
The Audit Committee reviews and, prior to its publication, approves
this disclosure pursuant to the authority delegated to it by the
Board. The term “Nutrien” refers to Nutrien Ltd. and the terms
“we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien
and, as applicable, Nutrien and its direct and indirect
subsidiaries on a consolidated basis. Additional information
relating to Nutrien (which, except as otherwise noted, is not
incorporated by reference herein), including our annual report
dated February 22, 2024 (“2023 Annual Report”), which includes our
annual audited consolidated financial statements and MD&A, and
our annual information form dated February 22, 2024, each for the
year ended December 31, 2023, can be found on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided
to the disclosure in our 2023 annual MD&A except for material
information since the date of our annual MD&A. The Company is a
foreign private issuer under the rules and regulations of the US
Securities and Exchange Commission (the “SEC”).
This MD&A is based on and should be read in conjunction with
the Company’s unaudited interim condensed consolidated financial
statements as at and for the three months ended March 31, 2024
(“interim financial statements”) based on International Financial
Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board and prepared in accordance with
International Accounting Standard (“IAS”) 34 “Interim Financial
Reporting”, unless otherwise noted. This MD&A contains certain
non-GAAP financial measures and ratios and forward-looking
statements, which are described in the “Non-GAAP Financial
Measures” and the “Forward-Looking Statements” sections,
respectively.
Market Outlook and Guidance
Agriculture and Retail Markets
- We expect US corn plantings of approximately 90 million acres
in 2024 and soybean plantings of approximately 87 million acres. US
planting progress is in line with historical average levels and
fertilizer application rates have been strong. Wet weather has
recently delayed planting progress and fertilizer application in
the Corn Belt.
- Brazilian growers are finalizing their soybean harvest, and
favorable weather conditions resulted in safrinha corn planted area
exceeding initial expectations. Soybean margins are expected to
improve from the compressed levels in 2023 and support growth in
planted acreage and crop input demand in the second half of
2024.
- Australian soil moisture conditions vary regionally but remain
supportive for this upcoming growing season and the Indian monsoon
is projected to produce average to above-average precipitation,
supporting yield potential and grower demand for crop inputs.
Crop Nutrient Markets
- Global potash supply and demand has been relatively balanced as
increased shipments have been required to meet historically strong
demand in the first quarter. We have maintained our 2024 full-year
potash shipment forecast of 68 to 71 million tonnes.
- We are seeing strong potash demand in North America for the
spring application season as channel inventories were tight to
start 2024. Potash demand in Southeast Asia has been supported by
lower inventory levels compared to the prior year and favorable
economics for key crops such as oil palm and rice. China’s potash
imports remained strong in the first quarter of 2024 supported by a
step-change in domestic consumption but are expected to decline on
a full-year basis compared to the record levels in 2023.
- Global nitrogen markets have fluctuated in 2024 driven by
seasonal buying patterns, production outages and uncertainty over
Chinese urea export restrictions and India’s urea import
requirements. The US nitrogen supply and demand balance remains
relatively tight, in particular for ammonia and UAN, with net
nitrogen imports down 21 percent on a fertilizer year basis
compared to the historical average.
- Phosphate fertilizer prices remained firm through the first
quarter of 2024 due to strong demand in the Northern Hemisphere,
supportive Indian DAP purchases, Chinese export restrictions and
production outages. Prices have softened in the second quarter
driven primarily by lower seasonal demand.
Financial and Operational Guidance
- We are maintaining our Retail adjusted EBITDA and fertilizer
sales volume guidance ranges as market fundamentals and operational
performance have been in line with our previous expectations.
- Retail adjusted EBITDA guidance of $1.65 to $1.85 billion
reflects expectations for increased crop nutrient sales volumes and
margins for our North American business in the first half of 2024
and improved crop input margins in Brazil during the second half of
the year. Guidance assumes a full year of earnings from our Retail
assets in Argentina, Chile and Uruguay.
- Potash sales volumes guidance of 13.0 to 13.8 million tonnes
assumes a more even split between first and second half volumes
compared to the prior year. Nitrogen sales volumes guidance of 10.6
to 11.2 million tonnes assumes higher operating rates at our North
American and Trinidad plants and growth in sales of upgraded
products such as urea and nitrogen solutions.
- Effective tax rate on adjusted earnings guidance was lowered
primarily due to a change to our expected geographic mix of
earnings.
All guidance numbers, including those noted above are outlined
in the table below. Refer to page 65 of Nutrien’s 2023 Annual
Report for related assumptions and sensitivities.
2024 Guidance Ranges 1 as
of
May 8, 2024
February 21, 2024
(billions of US dollars, except as
otherwise noted)
Low
High
Low
High
Retail adjusted EBITDA
1.65
1.85
1.65
1.85
Potash sales volumes (million tonnes)
2
13.0
13.8
13.0
13.8
Nitrogen sales volumes (million tonnes)
2
10.6
11.2
10.6
11.2
Phosphate sales volumes (million tonnes)
2
2.6
2.8
2.6
2.8
Depreciation and amortization
2.2
2.3
2.2
2.3
Finance costs
0.75
0.85
0.75
0.85
Effective tax rate on adjusted earnings
(%)
23.0
25.0
24.0
26.0
Capital expenditures 3
2.2
2.3
2.2
2.3
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.
Consolidated Results
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Sales
5,389
6,107
(12)
Gross margin
1,537
1,913
(20)
Expenses
1,118
974
15
Net earnings
165
576
(71)
Adjusted EBITDA 1
1,055
1,421
(26)
Diluted net earnings per share
0.32
1.14
(72)
Adjusted net earnings per share 1
0.46
1.11
(59)
1 This is a non-GAAP financial measure.
See the “Non-GAAP Financial Measures” section.
Net earnings and adjusted EBITDA decreased in the first quarter
of 2024 compared to the same period in 2023, primarily due to lower
net fertilizer selling prices. This was partially offset by
increased Retail earnings, higher fertilizer sales volumes and
lower natural gas costs. Expenses increased mainly due to higher
foreign exchange losses primarily from our Retail – South America
region in the first quarter of 2024 and an $80 million gain
recognized in the first quarter of 2023 due to post-retirement
benefit plan amendments.
Segment Results
Our discussion of segment results set out on the following pages
is a comparison of the results for the three months ended March 31,
2024 to the results for the three months ended March 31, 2023,
unless otherwise noted.
Nutrien Ag Solutions (“Retail”)
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Sales
3,308
3,422
(3)
Cost of goods sold
2,561
2,807
(9)
Gross margin
747
615
21
Adjusted EBITDA 1
77
(34)
n/m
1 See Note 2 to the interim financial
statements.
- Retail adjusted EBITDA increased in the first quarter of
2024 primarily due to higher gross margin for crop nutrients and
crop protection products supported by strong grower demand and a
normalization of product margins in North America. Gross margin of
our proprietary products increased in the first quarter driven
primarily by our crop nutritional and biostimulant product lines,
as we continued to expand our differentiated product offering and
manufacturing capacity.
Three Months Ended March
31
Sales
Gross Margin
(millions of US dollars)
2024
2023
2024
2023
Crop nutrients
1,309
1,335
254
141
Crop protection products
1,114
1,154
234
208
Seed
485
507
59
72
Services and other
156
148
125
118
Merchandise
200
246
31
44
Nutrien Financial
66
57
66
57
Nutrien Financial elimination
(22)
(25)
(22)
(25)
Total
3,308
3,422
747
615
- Crop nutrients sales decreased in the first quarter of
2024 due to lower selling prices, partially offset by higher sales
volumes across all regions. Gross margin increased in the first
quarter due to higher per-tonne margins and higher sales volumes
resulting from a more typical start to spring applications in the
US compared to 2023.
- Crop protection products sales were lower in the first
quarter of 2024 primarily due to lower selling prices. Gross margin
increased compared to the first quarter of 2023, which was impacted
by the sell through of higher cost inventory.
- Seed sales and gross margin decreased in the first
quarter of 2024 primarily due to lower sales volumes and
competitive market prices in the US, as growers delayed crop
selection decisions in some regions.
- Nutrien Financial sales and gross margin increased in
the first quarter of 2024 due to higher financing offering rates
and expanded program participation from growers in the US and
Australia.
Supplemental Data
Three Months Ended March
31
Gross Margin
% of Product Line 1
(millions of US dollars, except as
otherwise noted)
2024
2023
2024
2023
Proprietary products
Crop nutrients
70
54
28
38
Crop protection products
83
74
36
36
Seed
17
30
29
42
Merchandise
3
3
9
6
Total
173
161
23
26
1 Represents percentage of proprietary
product margins over total product line gross margin.
Sales Volumes (tonnes -
thousands)
Gross Margin / Tonne
(US dollars)
2024
2023
2024
2023
Crop nutrients
North America
1,464
1,195
139
94
International
918
845
55
35
Total
2,382
2,040
106
69
(percentages)
March 31, 2024
December 31, 2023
Financial performance measures 1, 2
Cash operating coverage ratio
66
68
Adjusted average working capital to
sales
19
19
Adjusted average working capital to sales
excluding Nutrien Financial
nil
1
Nutrien Financial adjusted net interest
margin
5.2
5.2
1 Rolling four quarters.
2 These are non-GAAP financial measures.
See the “Non-GAAP Financial Measures” section.
Potash
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Net sales
813
1,002
(19)
Cost of goods sold
358
305
17
Gross margin
455
697
(35)
Adjusted EBITDA 1
530
676
(22)
1 See Note 2 to the interim financial
statements.
- Potash adjusted EBITDA declined in the first quarter of
2024 due to lower net selling prices, which more than offset higher
sales volumes. We increased potash production in the first quarter,
supported by continued advancement of mine automation initiatives,
which helped to meet customer demand and reduced our controllable
cash cost of product manufactured1 to $56 per tonne.
Manufactured product
Three Months Ended March
31
($ / tonne, except as otherwise noted)
2024
2023
Sales volumes (tonnes - thousands)
North America
1,307
854
Offshore
2,106
1,782
Total sales volumes
3,413
2,636
Net selling price
North America
310
401
Offshore
193
370
Average selling price
238
380
Cost of goods sold
105
115
Gross margin
133
265
Depreciation and amortization
43
37
Gross margin excluding depreciation and
amortization 1
176
302
1 This is a non-GAAP financial measure.
See the “Non-GAAP Financial Measures” section.
- Sales volumes increased in North America in the first
quarter of 2024 due to low channel inventory and more normal buying
behaviors compared to the same period in 2023. Offshore sales
volumes were higher compared to the same period in the prior year
driven by increased demand in major offshore markets.
- Net selling price per tonne decreased in the
first quarter of 2024 due to a decline in benchmark prices compared
to the strong prices in the first quarter of 2023.
- Cost of goods sold per tonne decreased in the first
quarter of 2024 mainly due to higher production volumes and lower
royalties.
Supplemental Data
Three Months Ended March
31
2024
2023
Production volumes (tonnes –
thousands)
3,565
3,088
Potash controllable cash cost of product
manufactured per tonne 1
56
62
Canpotex sales by market (percentage of
sales volumes)
Latin America
32
35
Other Asian markets 2
33
38
China
20
12
India
3
2
Other markets
12
13
Total
100
100
1 This is a non-GAAP financial measure.
See the “Non-GAAP Financial Measures” section.
2 All Asian markets except China and
India.
Nitrogen
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Net sales
911
1,312
(31)
Cost of goods sold
604
771
(22)
Gross margin
307
541
(43)
Adjusted EBITDA 1
464
676
(31)
1 See Note 2 to the interim financial
statements.
- Nitrogen adjusted EBITDA declined in the first quarter
of 2024 due to lower net selling prices for all major nitrogen
products, which more than offset higher sales volumes and lower
natural gas costs. Ammonia production increased in the first
quarter supporting product mix optimization and increased
downstream urea and UAN production.
Manufactured product
Three Months Ended March
31
($ / tonne, except as otherwise noted)
2024
2023
Sales volumes (tonnes - thousands)
Ammonia
517
534
Urea and ESN®
775
747
Solutions, nitrates and sulfates
1,215
1,076
Total sales volumes
2,507
2,357
Net selling price
Ammonia
403
721
Urea and ESN®
432
617
Solutions, nitrates and sulfates
226
310
Average net selling price
326
500
Cost of goods sold
207
275
Gross margin
119
225
Depreciation and amortization
54
57
Gross margin excluding depreciation and
amortization 1
173
282
1 This is a non-GAAP financial measure.
See the “Non-GAAP Financial Measures” section.
- Sales volumes were higher in the first quarter of 2024
primarily due to higher urea and UAN production and strong
fertilizer demand, partially offset by lower ammonia sales due to
product mix optimization.
- Net selling price per tonne was lower in the first
quarter of 2024 for all major nitrogen products primarily due to
weaker benchmark prices resulting from lower energy prices in key
nitrogen producing regions.
- Cost of goods sold per tonne decreased in the first
quarter of 2024 mainly due to lower natural gas costs.
Supplemental Data
Three Months Ended March
31
2024
2023
Sales volumes (tonnes – thousands)
Fertilizer
1,423
1,248
Industrial and feed
1,084
1,109
Production volumes (tonnes –
thousands)
Ammonia production – total 1
1,452
1,431
Ammonia production – adjusted 1, 2
1,018
1,037
Ammonia operating rate (%) 2
92
95
Natural gas costs (US dollars per
MMBtu)
Overall natural gas cost excluding
realized derivative impact
3.16
4.85
Realized derivative impact 3
0.04
‐
Overall natural gas cost
3.20
4.85
1 All figures are provided on a gross
production basis in thousands of product tonnes.
2 Excludes Trinidad and Joffre.
3 Includes realized derivative impacts
recorded as part of cost of goods sold or other income and
expenses. Refer to Note 3 to the interim financial statements.
Phosphate
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Net sales
437
514
(15)
Cost of goods sold
372
427
(13)
Gross margin
65
87
(25)
Adjusted EBITDA 1
121
137
(12)
1 See Note 2 to the interim financial
statements.
- Phosphate adjusted EBITDA decreased in the first quarter
of 2024 primarily due to lower net selling prices, partially offset
by higher sales volumes and lower ammonia and sulfur input costs.
Production increased in the first quarter due to improved
reliability at our Aurora plant.
Manufactured product
Three Months Ended March
31
($ / tonne, except as otherwise noted)
2024
2023
Sales volumes (tonnes - thousands)
Fertilizer
447
388
Industrial and feed
173
160
Total sales volumes
620
548
Net selling price
Fertilizer
627
682
Industrial and feed
848
1,136
Average net selling price
689
814
Cost of goods sold
580
651
Gross margin
109
163
Depreciation and amortization
113
122
Gross margin excluding depreciation and
amortization 1
222
285
1 This is a non-GAAP financial measure.
See the “Non-GAAP Financial Measures” section.
- Sales volumes increased in the first quarter of 2024 due
to higher production and strong demand across fertilizer,
industrial and feed products.
- Net selling price per tonne decreased in the first
quarter of 2024 due to lower fertilizer benchmark prices and lower
industrial and feed net selling prices which reflect the typical
lag in price realizations relative to benchmark prices.
- Cost of goods sold per tonne decreased in the first
quarter of 2024 mainly due to lower ammonia and sulfur input
costs.
Supplemental Data
Three Months Ended March
31
2024
2023
Production volumes (P2O5 tonnes –
thousands)
352
341
P2O5 operating rate (%)
83
81
Corporate and Others and Eliminations
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Corporate and Others
Selling expenses (recovery)
(2)
(2)
‐
General and administrative expenses
89
84
6
Share-based compensation expense
6
15
(60)
Other expenses (income)
97
(81)
n/m
Adjusted EBITDA 1
(101)
(13)
677
Eliminations
Gross margin
(37)
(27)
37
Adjusted EBITDA 1
(36)
(21)
71
1 See Note 2 to the interim financial
statements.
- Other expenses (income) was an expense in the first
quarter of 2024 compared to income in the same period in 2023 due
to higher foreign exchange losses primarily from our Retail – South
America region in the first quarter of 2024 and an $80 million gain
recognized in the first quarter of 2023 due to post-retirement
benefit plan amendments.
Finance Costs, Income Taxes and Other Comprehensive (Loss)
Income
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Finance costs
179
170
5
Income tax expense
75
193
(61)
Actual effective tax rate including
discrete items (%)
31
25
24
Other comprehensive (loss) income
(102)
2
n/m
- Income tax expense was lower in the first quarter
of 2024 primarily as a result of lower earnings compared to the
same period in 2023. We did not record the tax benefit on South
America losses in the first quarter of 2024 as the recognition
criteria to record deferred tax assets was not met. This resulted
in a higher effective tax rate for the first quarter of 2024.
- Other comprehensive (loss) income was a loss in the
first quarter of 2024 primarily driven by changes in the currency
translation of our Retail foreign operations primarily due to
depreciation of Australian and Canadian currencies relative to the
US dollar.
Liquidity and Capital Resources
Sources and Uses of Liquidity
We continued to manage our capital in accordance with our
capital allocation strategy. We believe that our internally
generated cash flow, supplemented by available borrowings under new
or existing financing sources, if necessary, will be sufficient to
meet our anticipated capital expenditures, planned growth and
development activities, and other cash requirements for the
foreseeable future. Refer to the “Capital Structure and Management”
section for details on our existing long-term debt and credit
facilities.
Sources and Uses of Cash
Three Months Ended March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
% Change
Cash used in operating activities
(487)
(858)
(43)
Cash used in investing activities
(494)
(694)
(29)
Cash provided by financing activities
548
2,129
(74)
Cash used for dividends and share
repurchases 1
(261)
(1,143)
(77)
1 This is a supplementary financial
measure. See the “Other Financial Measures” section.
Cash used in operating
activities
- Reduced cash outflow in the first quarter of 2024 compared to
the same period in 2023 due to a decrease in income taxes paid and
other working capital movements. Typically, in the first quarter of
the year, we have lower cash payments to our suppliers and have
lower cash receipts from our grower customers as our receivables
build during the planting and application season. In the first
quarter of 2023, we experienced global supply chain challenges and
higher benchmark prices compared to the first quarter of 2024,
resulting in higher than usual payments to our suppliers offsetting
the higher receivables we collected from our customers.
Cash used in investing
activities
- Lower in the first quarter of 2024 compared to the same period
in 2023 due to lower capital expenditures and fewer business
acquisitions.
Cash provided by financing
activities
- Lower in the first quarter of 2024 compared to the same period
in 2023 due to the issuance of $1,500 million of senior notes in
the first quarter of 2023.
- The proceeds from our short-term debt decreased by $947 million
compared to the first quarter of 2023; however, we also did not
repurchase any shares in the first quarter of 2024.
Cash used for dividends and share
repurchases
- Lower in the first quarter of 2024 compared to the same period
in 2023 as we did not repurchase any shares in the first quarter of
2024, compared to $897 million of share repurchases in the first
quarter of 2023.
Financial Condition Review
The following is a comparison of balance sheet categories that
are considered material:
As at
(millions of US dollars, except as
otherwise noted)
March 31, 2024
December 31, 2023
$ Change
% Change
Assets
Cash and cash equivalents
496
941
(445)
(47)
Receivables
5,561
5,398
163
3
Inventories
8,188
6,336
1,852
29
Prepaid expenses and other current
assets
905
1,495
(590)
(39)
Property, plant and equipment
22,410
22,461
(51)
‐
Liabilities and Equity
Short-term debt
2,835
1,815
1,020
56
Payables and accrued charges
9,431
9,467
(36)
‐
Retained earnings
11,423
11,531
(108)
(1)
- Explanations for changes in Cash and cash equivalents
are in the “Sources and Uses of Cash” section.
- Receivables remained consistent as the increase in
receivables due to the seasonality of our Retail sales was offset
by faster collection of our Potash receivables.
- Inventories increased due to the seasonality of our
Retail segment and the larger portion of its operations in North
America. Our inventory levels build up in the last quarter of the
year and peaks in the first quarter of the year, while we draw
inventories in the succeeding quarters.
- Prepaid expenses and other current assets decreased due
to Retail taking delivery of prepaid inventories in preparation for
the spring planting and application seasons in North America.
- Property, plant and equipment decreased due to
depreciation more than offsetting capital expenditures in the first
quarter of 2024.
- Short-term debt increased due to higher drawdowns on our
credit facilities based on our working capital requirements driven
by the seasonality of our business.
- Payables and accrued charges remained consistent, as we
have higher customer prepayment balances which were partially
offset by lower costs to purchase and produce our inventories and
lower capital expenditures accruals.
- Retained earnings decreased as dividends declared
exceeded net earnings.
Capital Structure and Management
Principal Debt Instruments
As part of the normal course of business, we closely monitor our
liquidity position. We use a combination of cash generated from
operations and short-term and long-term debt to finance our
operations. We continually evaluate various financing arrangements
and may seek to engage in transactions from time to time when
market and other conditions are favorable. We were in compliance
with our debt covenants and did not have any changes to our credit
ratings for the three months ended March 31, 2024.
Capital Structure (Debt and Equity)
(millions of US dollars)
March 31, 2024
December 31, 2023
Short-term debt
2,835
1,815
Current portion of long-term debt
513
512
Current portion of lease liabilities
346
327
Long-term debt
8,910
8,913
Lease liabilities
1,034
999
Shareholders' equity
24,996
25,201
Commercial Paper, Credit Facilities and Other Debt
We have several credit facilities available in the jurisdictions
where we operate. We also have a commercial paper program, which is
limited to the undrawn amount under our $4,500 million unsecured
revolving term credit facility and excess cash invested in highly
liquid securities. As at March 31, 2024, we had $1,963 million of
commercial paper outstanding.
As at March 31, 2024, $240 million in letters of credit were
outstanding and committed, with $118 million of remaining credit
available under our dedicated letter of credit facilities.
On March 7, 2024, we entered into an uncommitted $500 million
accounts receivable repurchase facility, under which we drew
borrowings of $100 million as at March 31, 2024. See Note 6 to the
interim financial statements for a further description of this
facility.
In March 2024, we filed a base shelf prospectus in Canada and
the US qualifying the issuance, subject to approval of the Board of
Directors, of common shares, debt securities and other securities
during a period of 25 months from March 22, 2024.
Outstanding Share Data
As at May 7, 2024
Common shares
494,628,434
Options to purchase common shares
3,752,004
For more information on our capital structure and management,
see Note 24 to the consolidated financial statements in our 2023
Annual Report.
Quarterly Results
(millions of US dollars, except as
otherwise noted)
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Sales
5,389
5,664
5,631
11,654
6,107
7,533
8,188
14,506
Net earnings
165
176
82
448
576
1,118
1,583
3,601
Net earnings attributable to equity
holders of Nutrien
158
172
75
440
571
1,112
1,577
3,593
Net earnings per share attributable to
equity holders of Nutrien
Basic
0.32
0.35
0.15
0.89
1.14
2.15
2.95
6.53
Diluted
0.32
0.35
0.15
0.89
1.14
2.15
2.94
6.51
Our quarterly earnings are significantly affected by the
seasonality of our business, fertilizer benchmark prices, which
have been volatile over the last two years and are affected by
demand-supply conditions, grower affordability and weather. See
Note 8 to the interim financial statements.
The following table describes certain items that impacted our
quarterly earnings:
Quarter
Transaction or Event
Q2 2023
$698 million non-cash impairment of assets
comprised of a $233 million non-cash impairment of our Phosphate
White Springs property, plant and equipment due to a decrease in
our forecasted phosphate margins and a $465 million non-cash
impairment of our Retail – South America assets primarily related
to goodwill mainly due to the impact of crop input price
volatility, more moderate long-term growth assumptions and higher
interest rates which lowered our forecasted earnings.
Q3 2022
$330 million reversal of non-cash
impairment of our Phosphate White Springs property, plant and
equipment related to higher forecasted global prices and a more
favorable outlook for phosphate margins.
Q2 2022
$450 million reversal of non-cash
impairment of our Phosphate Aurora property, plant and equipment
related to higher forecasted global prices and a more favorable
outlook for phosphate margins.
Critical Accounting Estimates
Our significant accounting policies are disclosed in our 2023
Annual Report. We have discussed the development, selection and
application of our key accounting policies, and the critical
accounting estimates and assumptions they involve, with the Audit
Committee of the Board. Our critical accounting estimates are
discussed on pages 72 to 74 of our 2023 Annual Report. There were
no material changes to our critical accounting estimates for the
three months ended March 31, 2024.
Controls and Procedures
Management is responsible for establishing and maintaining
adequate internal control over financial reporting, as defined in
Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of
1934, as amended, and National Instrument 52-109 Certification of
Disclosure in Issuers’ Annual and Interim Filings. Internal control
over financial reporting is designed to provide reasonable
assurance regarding the reliability of financial reporting and
preparation of financial statements for external purposes in
accordance with IFRS. Any system of internal control over financial
reporting, no matter how well designed, has inherent limitations.
Therefore, even those systems determined to be effective can
provide only reasonable assurance with respect to financial
statement preparation and presentation.
There has been no change in our internal control over financial
reporting during the three months ended March 31, 2024 that has
materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting.
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
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;
expectations regarding our ability to generate and enhance free
cash flow; 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 negotiation of
sales contracts; 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 in relation
to the operation of our business as currently planned and our
ability to achieve our business objectives 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, product
distribution agreements, inventory levels, exports, crop
development and cost of labor and interest, exchange and effective
tax rates; potash demand growth in offshore markets and
normalization of Canpotex port operations; 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 impairments; assumptions related to the calculation of
recoverable amount of our Aurora and White Springs CGUs, including
internal sales and input price forecasts, discount rate, long-term
growth rate and end of expected mine life; 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 assumptions
related to our 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; assumptions
regarding future markets for clean ammonia; 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; our ability to successfully negotiate sales and other
contracts and our ability to successfully implement new initiatives
and programs.
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 (and
transition to El Niña 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, antitrust and other laws or regulations and the
interpretation thereof; political or military risks, including
civil unrest, actions by armed groups or conflict and malicious
acts including terrorism and industrial espionage; our ability to
access sufficient, cost-effective and timely transportation,
distribution and storage of products (including potential rail
transportation and port disruptions due to labor strikes and/or
work stoppages or other similar actions); the occurrence of a major
environmental or safety incident or becoming subject to legal or
regulatory proceedings; 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, depreciation and
amortization, finance costs, effective tax rate 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
2023 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, May 9, 2024
at 10:00 a.m. Eastern Time.
Telephone conference dial-in numbers:
- From Canada and the US 1-800-717-1738
- International 1-646-307-1865
- No access code required. Please dial in 15 minutes prior to
ensure you are placed on the call in a timely manner.
Live Audio Webcast: Visit
https://www.nutrien.com/investors/events/2024-q1-earnings-conference-call
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, 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).
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 March
31
(millions of US dollars)
2024
2023
Net earnings
165
576
Finance costs
179
170
Income tax expense
75
193
Depreciation and amortization
565
496
EBITDA 1
984
1,435
Adjustments:
Share-based compensation expense
6
15
Foreign exchange loss (gain), net of
related derivatives
43
(34)
ARO/ERL expense for non-operating
sites
3
‐
Loss on Blue Chip Swaps
19
‐
Integration and restructuring related
costs
‐
5
Adjusted EBITDA
1,055
1,421
1 EBITDA is calculated as net earnings
before finance costs, income taxes, and depreciation and
amortization.
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, 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
(e.g., “Swiss Tax Reform adjustment”). We generally apply the
annual forecasted effective tax rate to specific adjustments during
the year, and at year-end, we apply the actual effective tax
rate.
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
March 31, 2024
Per
Increases
Diluted
(millions of US dollars, except as
otherwise noted)
(Decreases)
Post-Tax
Share
Net earnings attributable to equity
holders of Nutrien
158
0.32
Adjustments:
Share-based compensation expense
6
5
0.01
Foreign exchange loss, net of related
derivatives
43
46
0.09
ARO/ERL expense for non-operating
sites
3
2
‐
Loss on Blue Chip Swaps
19
19
0.04
Adjusted net earnings
230
0.46
Three Months Ended
March 31, 2023
Per
Increases
Diluted
(millions of US dollars, except as
otherwise noted)
(Decreases)
Post-Tax
Share
Net earnings attributable to equity
holders of Nutrien
571
1.14
Adjustments:
Share-based compensation expense
15
11
0.01
Foreign exchange gain, net of related
derivatives
(34)
(25)
(0.05)
Integration and restructuring related
costs
5
4
0.01
Adjusted net earnings
561
1.11
Gross Margin Excluding Depreciation and Amortization Per
Tonne – Manufactured Product
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 March
31
(millions of US dollars, except as
otherwise noted)
2024
2023
Total COGS – Potash
358
305
Change in inventory
28
40
Other adjustments 1
(3)
(8)
COPM
383
337
Depreciation and amortization in COPM
(153)
(100)
Royalties in COPM
(19)
(31)
Natural gas costs and carbon taxes in
COPM
(12)
(16)
Controllable cash COPM
199
190
Production tonnes (tonnes – thousands)
3,565
3,088
Potash controllable cash COPM per
tonne
56
62
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.
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
March 31, 2024
(millions of US dollars, except as
otherwise noted)
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Total/Average
Nutrien Financial revenue
122
73
70
66
Deemed interest expense 1
(39)
(41)
(36)
(27)
Net interest
83
32
34
39
188
Average Nutrien Financial net
receivables
4,716
4,353
2,893
2,489
3,613
Nutrien Financial adjusted net interest
margin (%)
5.2
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
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
March 31, 2024
(millions of US dollars, except as
otherwise noted)
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Total
Selling expenses
971
798
841
790
3,400
General and administrative expenses
55
57
55
52
219
Other expenses
29
37
77
22
165
Operating expenses
1,055
892
973
864
3,784
Depreciation and amortization in operating
expenses
(185)
(186)
(199)
(190)
(760)
Operating expenses excluding depreciation
and amortization
870
706
774
674
3,024
Gross margin
1,931
895
989
747
4,562
Depreciation and amortization in cost of
goods sold
3
3
2
4
12
Gross margin excluding depreciation and
amortization
1,934
898
991
751
4,574
Cash operating coverage ratio (%)
66
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
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
March 31, 2024
(millions of US dollars, except as
otherwise noted)
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Average/Total
Current assets
11,983
10,398
10,498
11,821
Current liabilities
(8,246)
(5,228)
(8,210)
(8,401)
Working capital
3,737
5,170
2,288
3,420
3,654
Working capital from certain recent
acquisitions
‐
‐
‐
‐
Adjusted working capital
3,737
5,170
2,288
3,420
3,654
Nutrien Financial working capital
(4,716)
(4,353)
(2,893)
(2,489)
Adjusted working capital excluding Nutrien
Financial
(979)
817
(605)
931
41
Sales
9,128
3,490
3,502
3,308
Sales from certain recent acquisitions
‐
‐
‐
‐
Adjusted sales
9,128
3,490
3,502
3,308
19,428
Nutrien Financial revenue
(122)
(73)
(70)
(66)
Adjusted sales excluding Nutrien
Financial
9,006
3,417
3,432
3,242
19,097
Adjusted average working capital to sales
(%)
19
Adjusted average working capital to sales
excluding Nutrien Financial (%)
nil
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
Other Financial Measures
Selected Additional Financial Data
Nutrien Financial
As at March 31, 2024
As at December 31, 2023
(millions of US dollars)
Current
<31 Days Past
Due
31–90 Days Past
Due
>90 Days Past
Due
Gross Receivables
Allowance 1
Net Receivables
Net Receivables
North America
1,275
91
254
146
1,766
(48)
1,718
2,206
International
598
47
78
58
781
(10)
771
687
Nutrien Financial receivables
1,873
138
332
204
2,547
(58)
2,489
2,893
1 Bad debt expense on the above
receivables for the three months ended March 31, 2024 and 2023 were
$9 million and $1 million, respectively, in the Retail segment.
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.
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.
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
Condensed Consolidated Statements of Earnings
Three Months Ended
March 31
(millions of US dollars, except as
otherwise noted)
Note
2024
2023
SALES
2, 9
5,389
6,107
Freight, transportation and
distribution
238
199
Cost of goods sold
3,614
3,995
GROSS MARGIN
1,537
1,913
Selling expenses
794
770
General and administrative expenses
154
145
Provincial mining taxes
68
119
Share-based compensation expense
6
15
Other expenses (income)
3
96
(75)
EARNINGS BEFORE FINANCE COSTS AND
INCOME TAXES
419
939
Finance costs
179
170
EARNINGS BEFORE INCOME TAXES
240
769
Income tax expense
4
75
193
NET EARNINGS
165
576
Attributable to
Equity holders of Nutrien
158
571
Non-controlling interest
7
5
NET EARNINGS
165
576
NET EARNINGS PER SHARE ATTRIBUTABLE TO
EQUITY HOLDERS OF NUTRIEN ("EPS")
Basic
0.32
1.14
Diluted
0.32
1.14
Weighted average shares outstanding for
basic EPS
494,570,000
501,175,000
Weighted average shares outstanding for
diluted EPS
494,792,000
502,220,000
Condensed Consolidated Statements of Comprehensive
Income
Three Months Ended
March 31
(millions of US dollars)
2024
2023
NET EARNINGS
165
576
Other comprehensive (loss) income
Items that will not be reclassified to net
earnings:
Net actuarial loss on defined benefit
plans
‐
(3)
Net fair value (loss) gain on
investments
(18)
5
Items that have been or may be
subsequently reclassified to net earnings:
(Loss) gain on currency translation of
foreign operations
(66)
1
Other
(18)
(1)
OTHER COMPREHENSIVE (LOSS)
INCOME
(102)
2
COMPREHENSIVE INCOME
63
578
Attributable to
Equity holders of Nutrien
57
573
Non-controlling interest
6
5
COMPREHENSIVE INCOME
63
578
(See Notes to the Condensed Consolidated
Financial Statements)
Condensed Consolidated Statements of Cash Flows
Three Months Ended
March 31
(millions of US dollars)
Note
2024
2023
Note 1
OPERATING ACTIVITIES
Net earnings
165
576
Adjustments for:
Depreciation and amortization
565
496
Share-based compensation expense
6
15
Provision for deferred income tax
28
21
Net (undistributed) distributed earnings
of equity-accounted investees
(50)
163
Gain on amendments to other
post-retirement pension plans
3
‐
(80)
Loss on Blue Chip Swaps
3
19
‐
Long-term income tax receivables and
payables
43
(72)
Other long-term assets, liabilities and
miscellaneous
64
7
Cash from operations before working
capital changes
840
1,126
Changes in non-cash operating working
capital:
Receivables
(257)
535
Inventories and prepaid expenses and other
current assets
(1,330)
(1,493)
Payables and accrued charges
260
(1,026)
CASH USED IN OPERATING
ACTIVITIES
(487)
(858)
INVESTING ACTIVITIES
Capital expenditures 1
(373)
(465)
Business acquisitions, net of cash
acquired
‐
(111)
Proceeds from sales of Blue Chip Swaps,
net of purchases
3
(19)
‐
Net changes in non-cash working
capital
(90)
(100)
Other
(12)
(18)
CASH USED IN INVESTING
ACTIVITIES
(494)
(694)
FINANCING ACTIVITIES
Proceeds from debt with maturity periods
within three months, net
926
1,873
Proceeds from debt
‐
1,500
Repayment of debt
(14)
(17)
Repayment of principal portion of lease
liabilities
(96)
(87)
Dividends paid to Nutrien's
shareholders
(261)
(246)
Repurchase of common shares
‐
(897)
Issuance of common shares
1
28
Other
(8)
(25)
CASH PROVIDED BY FINANCING
ACTIVITIES
548
2,129
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS
(12)
(5)
(DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS
(445)
572
CASH AND CASH EQUIVALENTS – BEGINNING
OF PERIOD
941
901
CASH AND CASH EQUIVALENTS – END OF
PERIOD
496
1,473
Cash and cash equivalents is composed
of:
Cash
422
361
Short-term investments
74
1,112
496
1,473
SUPPLEMENTAL CASH FLOWS
INFORMATION
Interest paid
132
98
Income taxes paid
50
1,319
Total cash outflow for leases
131
119
1 Includes additions to property, plant
and equipment, and intangible assets for the three months ended
March 31, 2024 of $338 million and $35 million (2023 – $422 million
and $43 million).
(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
(millions of US dollars, except as
otherwise noted)
Shares
Capital
Surplus
Operations
Other
AOCI
Earnings
Nutrien
Interest
Equity
BALANCE – DECEMBER 31, 2022
507,246,105
14,172
109
(374)
(17)
(391)
11,928
25,818
45
25,863
Net earnings
‐
‐
‐
‐
‐
‐
571
571
5
576
Other comprehensive income
‐
‐
‐
1
1
2
‐
2
‐
2
Shares repurchased
(11,751,290)
(328)
‐
‐
‐
‐
(571)
(899)
‐
(899)
Dividends declared - $0.53/share
‐
‐
‐
‐
‐
‐
(265)
(265)
‐
(265)
Non-controlling interest transactions
‐
‐
‐
‐
‐
‐
‐
‐
(6)
(6)
Effect of share-based compensation
including issuance of
common shares
579,208
34
(3)
‐
‐
‐
‐
31
‐
31
Transfer of net loss on cash flow
hedges
‐
‐
‐
‐
5
5
‐
5
‐
5
Transfer of net actuarial loss on defined
benefit plans
‐
‐
‐
‐
3
3
(3)
‐
‐
‐
Other
‐
‐
‐
(2)
‐
(2)
‐
(2)
‐
(2)
BALANCE – MARCH 31, 2023
496,074,023
13,878
106
(375)
(8)
(383)
11,660
25,261
44
25,305
BALANCE – DECEMBER 31, 2023
494,551,730
13,838
83
(286)
(10)
(296)
11,531
25,156
45
25,201
Net earnings
‐
‐
‐
‐
‐
‐
158
158
7
165
Other comprehensive loss
‐
‐
‐
(65)
(36)
(101)
‐
(101)
(1)
(102)
Dividends declared - $0.54/share
‐
‐
‐
‐
‐
‐
(266)
(266)
‐
(266)
Non-controlling interest transactions
‐
‐
‐
‐
‐
‐
‐
‐
(8)
(8)
Effect of share-based compensation
including issuance of
common shares
37,199
2
2
‐
‐
‐
‐
4
‐
4
Transfer of net loss on cash flow
hedges
‐
‐
‐
‐
2
2
‐
2
‐
2
BALANCE – MARCH 31, 2024
494,588,929
13,840
85
(351)
(44)
(395)
11,423
24,953
43
24,996
(See Notes to the Condensed Consolidated
Financial Statements)
Condensed Consolidated Balance Sheets
March 31
December 31
As at (millions of US dollars)
Note
2024
2023
2023
ASSETS
Current assets
Cash and cash equivalents
496
1,473
941
Receivables
6, 9
5,561
6,009
5,398
Inventories
8,188
9,852
6,336
Prepaid expenses and other current
assets
905
937
1,495
15,150
18,271
14,170
Non-current assets
Property, plant and equipment
22,410
21,832
22,461
Goodwill
12,083
12,433
12,114
Intangible assets
2,165
2,292
2,217
Investments
768
686
736
Other assets
999
1,078
1,051
TOTAL ASSETS
53,575
56,592
52,749
LIABILITIES
Current liabilities
Short-term debt
6
2,835
4,013
1,815
Current portion of long-term debt
513
545
512
Current portion of lease liabilities
346
306
327
Payables and accrued charges
9,431
10,611
9,467
13,125
15,475
12,121
Non-current liabilities
Long-term debt
8,910
9,510
8,913
Lease liabilities
1,034
880
999
Deferred income tax liabilities
3,601
3,603
3,574
Pension and other post-retirement benefit
liabilities
246
242
252
Asset retirement obligations and accrued
environmental costs
1,485
1,389
1,489
Other non-current liabilities
178
188
200
TOTAL LIABILITIES
28,579
31,287
27,548
SHAREHOLDERS’ EQUITY
Share capital
13,840
13,878
13,838
Contributed surplus
85
106
83
Accumulated other comprehensive loss
(395)
(383)
(296)
Retained earnings
11,423
11,660
11,531
Equity holders of Nutrien
24,953
25,261
25,156
Non-controlling interest
43
44
45
TOTAL SHAREHOLDERS’ EQUITY
24,996
25,305
25,201
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
53,575
56,592
52,749
(See Notes to the Condensed Consolidated
Financial Statements)
Notes to the Condensed Consolidated Financial
Statements
As at and for the Three Months Ended March 31, 2024
Note 1 Basis of presentation
Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”,
“we”, “us”, “our” or “the Company”) is a leading 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 2023 annual audited
consolidated financial statements, as well as any amended standards
adopted in 2024 that we previously disclosed. These interim
financial statements include the accounts of Nutrien and its
subsidiaries; however, they do not include all disclosures normally
provided in annual audited consolidated financial statements and
should be read in conjunction with our 2023 annual audited
consolidated financial statements. Certain immaterial 2023 figures
have been reclassified in the condensed consolidated statements of
cash flows.
In management’s opinion, the interim financial statements
include all adjustments necessary to fairly present such
information in all material respects. Interim results are not
necessarily indicative of the results expected for any other
interim period or the fiscal year. These interim financial
statements were authorized by the Audit Committee of the Board of
Directors for issue on May 8, 2024.
Note 2 Segment information
We have 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 March 31,
2024
Corporate
(millions of US dollars)
Retail
Potash
Nitrogen
Phosphate
and Others
Eliminations
Consolidated
Sales
– third party
3,308
821
846
414
‐
‐
5,389
– intersegment
‐
106
182
85
‐
(373)
‐
Sales
– total
3,308
927
1,028
499
‐
(373)
5,389
Freight, transportation and distribution
1
‐
114
117
62
‐
(55)
238
Net sales
3,308
813
911
437
‐
(318)
5,151
Cost of goods sold
2,561
358
604
372
‐
(281)
3,614
Gross margin
747
455
307
65
‐
(37)
1,537
Selling expenses
790
3
7
2
(2)
(6)
794
General and administrative expenses
52
4
5
4
89
‐
154
Provincial mining taxes
‐
68
‐
‐
‐
‐
68
Share-based compensation expense
‐
‐
‐
‐
6
‐
6
Other expenses (income)
22
(3)
(33)
8
97
5
96
(Loss) earnings before finance costs and
income taxes
(117)
383
328
51
(190)
(36)
419
Depreciation and amortization
194
147
136
70
18
‐
565
EBITDA 2
77
530
464
121
(172)
(36)
984
Share-based compensation expense
‐
‐
‐
‐
6
‐
6
ARO/ERL expense for non-operating sites
3
‐
‐
‐
‐
3
‐
3
Foreign exchange loss, net of related
derivatives
‐
‐
‐
‐
43
‐
43
Loss on Blue Chip Swaps
‐
‐
‐
‐
19
‐
19
Adjusted EBITDA
77
530
464
121
(101)
(36)
1,055
Assets – as at March 31, 2024
24,273
13,562
11,606
2,420
2,326
(612)
53,575
1 Potash freight, transportation and
distribution only applies to our North American potash sales
volumes.
2 EBITDA is calculated as net earnings
(loss) before finance costs, income taxes, and depreciation and
amortization.
3 ARO/ERL refers to asset retirement
obligations and accrued environmental costs.
Three Months Ended March 31,
2023
Corporate
(millions of US dollars)
Retail
Potash
Nitrogen
Phosphate
and Others
Eliminations
Consolidated
Sales
– third party
3,422
1,023
1,154
508
‐
‐
6,107
– intersegment
‐
54
264
64
‐
(382)
‐
Sales
– total
3,422
1,077
1,418
572
‐
(382)
6,107
Freight, transportation and
distribution
‐
75
106
58
‐
(40)
199
Net sales
3,422
1,002
1,312
514
‐
(342)
5,908
Cost of goods sold
2,807
305
771
427
‐
(315)
3,995
Gross margin
615
697
541
87
‐
(27)
1,913
Selling expenses
765
3
8
2
(2)
(6)
770
General and administrative expenses
50
3
5
3
84
‐
145
Provincial mining taxes
‐
119
‐
‐
‐
‐
119
Share-based compensation expense
‐
‐
‐
‐
15
‐
15
Other expenses (income)
15
(7)
(14)
12
(81)
‐
(75)
(Loss) earnings before finance costs and
income taxes
(215)
579
542
70
(16)
(21)
939
Depreciation and amortization
181
97
134
67
17
‐
496
EBITDA
(34)
676
676
137
1
(21)
1,435
Integration and restructuring related
costs
‐
‐
‐
‐
5
‐
5
Share-based compensation expense
‐
‐
‐
‐
15
‐
15
Foreign exchange gain, net of related
derivatives
‐
‐
‐
‐
(34)
‐
(34)
Adjusted EBITDA
(34)
676
676
137
(13)
(21)
1,421
Assets – as at December 31, 2023
23,056
13,571
11,466
2,438
2,818
(600)
52,749
Three Months Ended
March 31
(millions of US dollars)
2024
2023
Retail sales by product line
Crop nutrients
1,309
1,335
Crop protection products
1,114
1,154
Seed
485
507
Services and other
156
148
Merchandise
200
246
Nutrien Financial
66
57
Nutrien Financial elimination 1
(22)
(25)
3,308
3,422
Potash sales by geography
Manufactured product
North America
520
417
Offshore 2
407
660
927
1,077
Nitrogen sales by product line
Manufactured product
Ammonia
244
416
Urea and ESN®
366
491
Solutions, nitrates and sulfates
319
371
Other nitrogen and purchased products
99
140
1,028
1,418
Phosphate sales by product line
Manufactured product
Fertilizer
321
302
Industrial and feed
167
195
Other phosphate and purchased products
11
75
499
572
1 Represents elimination of the interest
and service fees charged by Nutrien Financial to Retail
branches.
2 Relates to Canpotex Limited (“Canpotex”)
(see Note 9) and includes provisional pricing adjustments for the
three months ended March 31, 2024 of $12 million (2023 – $(147)
million).
Note 3 Other expenses (income)
Three Months Ended
March 31
(millions of US dollars)
2024
2023
Integration and restructuring related
costs
‐
5
Foreign exchange loss (gain), net of
related derivatives
43
(34)
Earnings of equity-accounted investees
(51)
(37)
Bad debt expense
13
9
Project feasibility costs
15
13
Customer prepayment costs
16
14
Loss on natural gas derivatives not
designated as hedge ¹
3
‐
Loss on Blue Chip Swaps
19
‐
ARO/ERL expense for non-operating
sites
3
‐
Gain on amendments to other
post-retirement pension plans
‐
(80)
Other expenses
35
35
96
(75)
1 Relates to unrealized loss for the three
months ended March 31, 2024 (2023 – $nil).
Argentina has certain currency controls in place that limit our
ability to settle our foreign currency-denominated obligations or
remit cash out of Argentina. A Blue Chip Swap is a financial
mechanism in Argentina that effectively allows companies to
transact in US dollars. In the first quarter of 2024, we incurred a
loss on these transactions due to the significant divergence
between the Blue Chip Swap market exchange rate and the official
Argentinian Central Bank rate.
Note 4 Income taxes
A separate estimated average annual effective income tax rate
was determined and applied individually to the interim period
pre-tax earnings for each taxing jurisdiction.
Three Months Ended
March 31
(millions of US dollars, except as
otherwise noted)
2024
2023
Actual effective tax rate on earnings
(%)
30
23
Actual effective tax rate including
discrete items (%)
31
25
Discrete tax adjustments that impacted the
tax rate
3
18
Note 5 Financial instruments
Natural Gas Derivatives
In 2024, we increased our use of natural gas derivatives to
lock-in commodity prices. Our risk management strategies and
accounting policies for derivatives that are designated and qualify
as cash flow hedges are consistent with those disclosed in Note 10
and Note 30 of our annual consolidated financial statements,
respectively. For derivatives that do not quality as cash flow
hedges, any gains or losses are recorded in net earnings in the
current period.
We assess whether our derivative hedging transactions are
expected to be or were highly effective, both at the hedge’s
inception and on an ongoing basis, in offsetting changes in fair
values of hedged items.
Hedging Transaction
Measurement of Ineffectiveness
Potential Sources of
Ineffectiveness
New York Mercantile Exchange
(“NYMEX”) natural gas hedges
Assessed on a prospective and
retrospective basis using regression analyses
Changes in:
• timing of forecast
transactions
• volume delivered
• our credit risk or the credit
risk of a counterparty
As at March 31, 2024
Maturities
Average
Fair Value of
(millions of US dollars, except as
otherwise noted)
Notional 1
(year)
Contract Price 2
Assets (Liabilities)
Derivatives not designated as
hedges
NYMEX call options
43
2024
2.77
7
Derivatives designated as
hedges
NYMEX swaps
36
2024
2.64
(9)
1 In millions of Metric Million British
Thermal Units (“MMBtu”).
2 US dollars per MMBtu.
Note 6 Short-term debt
On March 7, 2024, we entered into an uncommitted $500 million
accounts receivable repurchase facility (the “repurchase
facility”), where we may sell certain receivables from customers to
a financial institution and agree to repurchase those receivables
at a future date. When we draw under this repurchase facility, the
receivables from customers remain on our condensed consolidated
balance sheet as we control and retain substantially all of the
risks and rewards associated with the receivables. As at March 31,
2024, $111 million in receivables from customers were pledged to
the repurchase facility and $100 million of borrowings were
included in short-term debt with variable interest accruing based
on a margin and the Secured Overnight Financing Rate.
Note 7 Capital management
In March 2024, we filed a base shelf prospectus in Canada and
the US qualifying the issuance, subject to the approval of the
Board of Directors, of common shares, debt securities and other
securities during a period of 25 months from March 22, 2024.
Note 8 Seasonality
Seasonality in our business results from increased demand for
products during planting season. Crop input sales are generally
higher in the spring and fall application seasons. Crop input
inventories are normally accumulated leading up to each application
season. The results of this seasonality have a corresponding effect
on receivables from customers and rebates receivables, inventories,
prepaid expenses and other current assets, and trade payables. Our
short-term debt also fluctuates during the year to meet working
capital requirements. Our cash collections generally occur after
the application season is complete, while customer prepayments made
to us are typically concentrated in December and January and
inventory prepayments paid to our suppliers are typically
concentrated in the period from November to January. Feed and
industrial sales are more evenly distributed throughout the
year.
Note 9 Related party transactions
We sell potash outside Canada and the US 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.
As at (millions of US dollars)
March 31, 2024
December 31, 2023
Receivables from Canpotex
148
162
Note 10 Accounting policies, estimates and judgments
IFRS 18, “Presentation and Disclosure in Financial Statements”
(“IFRS 18”), which was issued on April 9, 2024, would supersede IAS
1, “Presentation of Financial Statements” and increase the
comparability of financial statements by enhancing principles on
aggregation and disaggregation. IFRS 18 will be effective January
1, 2027, and will also apply to comparative information. We are
reviewing the standard to determine the potential impact.
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version on businesswire.com: https://www.businesswire.com/news/home/20240503690845/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
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