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PotashCorp Reports Third-Quarter Earnings of $0.41 per Share


Symbol: POT Listed:  TSX, NYSE

Key Highlights


    --  Third-quarter earnings of $0.41 per share(1); nine-month total
        reaches $1.77 per share
    --  Weaker prices for all nutrients; market uncertainty leads to
        lower potash sales volumes
    --  Nine-month cash flow from operating activities second-highest
        in company history
    --  Full-year estimate revised to $2.00-$2.20 per share

SASKATOON, Oct. 24, 2013 /CNW/ - Potash Corporation of Saskatchewan Inc. 
(PotashCorp) today reported third-quarter earnings of $0.41 per share ($356 
million), down from $0.74 per share ($645 million) earned in the same period 
last year as a result of weaker prices for all three nutrients and lower 
potash sales volumes. With the benefit of stronger performance in the first 
half of the year, our nine-month earnings reached $1.77 per share ($1.6 
billion), down 6 percent from the $1.89 per share ($1.7 billion) in last 
year's comparative period.

Gross margin contributions from all three nutrients were negatively affected 
by a challenging fertilizer market. Our gross margin totals of $484 million 
during the third quarter and $2.3 billion for the first nine months trailed 
our performance in the comparative periods of 2012, when we generated $927 
million and $2.8 billion, respectively.

Earnings before finance costs, income taxes and depreciation and 
amortization(2) (EBITDA) of $654 million for the third quarter and $2.7 
billion for the first nine months were below the comparable previous-year 
totals. While cash flow from operating activities of $616 million in the 
period fell short of the $759 million realized in last year's third quarter, 
the nine-month total of $2.6 billion was the second highest in our history.

Our offshore investments in Arab Potash Company (APC) in Jordan, Sociedad 
Quimica y Minera de Chile S.A. (SQM) in Chile and Israel Chemical Ltd. (ICL) 
in Israel contributed $85 million to earnings for the quarter. The nine-month 
contribution from our offshore potash investments, including a dividend from 
Sinofert Holdings Limited (Sinofert) in China, reached $251 million. Both 
totals trailed those of the previous year. The market value of our investments 
in these publicly traded companies equated to approximately $6 billion, or $7 
per PotashCorp share, as of market close on October 23, 2013.

"The most recent quarter can best be characterized as a predictable response 
to an unpredicted event," said PotashCorp President and Chief Executive 
Officer Bill Doyle. "As we have seen in the past, fertilizer customers faced 
with uncertainty act with extreme caution. This was the case during the third 
quarter, particularly in offshore potash markets, where significant purchases 
were delayed as Russian producer pronouncements left buyers waiting in 
anticipation of weaker prices. While this volatility does not change the 
long-term underlying fundamentals of fertilizer demand, it did significantly 
slow market activity and our ability to deliver the results we expected."

Market Conditions
The need for proper crop nutrition fueled strong demand for potash through the 
first half of 2013, but an announced change in strategy by Uralkali in late 
July created considerable market uncertainty and stalled global demand. Key 
offshore markets - particularly large contract buyers in China and India - 
delayed purchases or were reluctant to accept major tonnage against existing 
contracts. Although Brazil continued to be a region of relative strength, with 
buyers procuring tonnes in preparation for their upcoming planting season, 
offshore shipments from North American producers fell to one of the lowest 
third-quarter totals in recent history. In North America, a pause in 
purchasing early in the quarter and a late crop resulted in shipments below 
the record achieved in 2012, a period when demand was pulled forward because 
an early harvest enabled strong fall applications. In both the offshore and 
North American markets, pricing weakened as the quarter progressed.

In nitrogen, US demand for ammonia, urea and nitrogen solutions was relatively 
flat compared to last year and production from low-cost domestic producers 
increased, reducing the need for higher-cost offshore imports. While this 
situation benefited domestic producers, the combination of typical seasonal 
slowness and increased availability of new supply from offshore exporting 
regions softened key global reference prices through the quarter.

Global phosphate markets were subdued during the quarter, as strong Latin 
American demand was offset by the continued absence of significant engagement 
from India and a delayed start to the US fall application season. Solid 
phosphate fertilizer shipments from US producers were slightly below those of 
both the third quarter and the first nine months of 2012. This environment 
put downward pressure on prices for most phosphate products.

Potash
The slowdown in global markets resulted in our third-quarter potash gross 
margin declining to $228 million from the $554 million generated during the 
comparative period of 2012. This quarter's result brought our nine-month total 
to $1.3 billion, compared to $1.7 billion in the same period last year.

With many buyers delaying purchases, our third-quarter sales volumes declined. 
In North America, sales volumes of 0.7 million tonnes were in line with 
historical levels but trailed the record 1 million tonnes sold in the third 
quarter of 2012. In offshore markets, the 0.8 million tonnes moved during the 
quarter fell short of the 1.1 million tonnes sold in the same period last year 
as a result of reduced sales to Canpotex(3) and fewer tonnes shipped from our 
New Brunswick facility. The majority of Canpotex shipments were directed to 
Other Asia (39 percent) and Latin America (34 percent) and, to a lesser 
extent, India (9 percent) and China (8 percent). Despite a weak demand 
environment during the quarter, our total sales volumes for the first nine 
months of 2013 reached 6.3 million tonnes, a 7 percent increase over the same 
period last year.

Buyer caution and competitive pressures in all key markets weakened the 
pricing environment and our average realized price of $307 per tonne for the 
third quarter was down from $429 per tonne during the same period last year.

Our third-quarter production of 1.2 million tonnes was down 27 percent from 
the same quarter of 2012. While both periods included normal maintenance 
downtime, this year's total was also affected by additional downtime at Cory 
(four weeks) and reduced operating rates at Lanigan and Rocanville. Lower 
production levels had a negative impact on our per-tonne cost of goods sold 
for the quarter, but this impact was offset by the absence of higher-cost 
tonnes from Esterhazy.

Nitrogen
The positive impact of higher sales volumes was more than offset by lower 
prices for all major nitrogen product categories and brought nitrogen gross 
margin for the quarter to $178 million, below the $251 million earned in last 
year's third quarter. For the first nine months, we generated gross margin of 
$725 million, compared to a record $772 million in the same period in 2012. 
With favorable natural gas costs and higher production levels, our US 
operations generated the majority of gross margin for the quarter ($116 
million), while our facility in Trinidad contributed the remainder ($62 
million).

Despite maintenance-related downtime in Trinidad, our third-quarter sales 
volumes increased to 1.4 million tonnes - well above the 1.1 million tonnes 
sold in the same period last year. The key driver of this increase was the 
restart of ammonia capacity at Geismar, which also helped raise our nine-month 
total to a record 4.3 million tonnes.

Our average realized nitrogen price of $327 per tonne for the third quarter 
fell below the $458 per tonne realized in the same period last year, as prices 
declined in all major product categories. Ammonia prices pulled back from the 
historically high levels of third-quarter 2012, while urea moved lower 
primarily due to increased supply pressures from key exporting countries. Our 
remaining nitrogen products - focused largely on more stable industrial 
markets - declined marginally compared to last year.

Including the impact of our hedge position, the total average natural gas cost 
included in production for the third quarter was $4.96 per MMBtu - 27 percent 
below the same period last year. This, along with the favorable impact of 
lower-cost production from Geismar, resulted in improved cost of goods sold 
for the quarter relative to the same period of 2012.

Phosphate
Phosphate gross margin of $78 million trailed the $122 million earned in the 
third quarter last year, primarily as a result of weaker prices. Feed and 
industrial products, which tend to deliver more stable margins, contributed 
$47 million for the quarter and demonstrated the value of our diversified 
phosphate product offerings, while fertilizer products generated $28 million. 
For the first nine months of 2013, our phosphate gross margin totaled $260 
million, which compared to $370 million earned in the same period last year.

Phosphate sales volumes of 0.9 million tonnes for the third quarter and 2.7 
million tonnes for the first nine months were comparable to 2012 levels.

Our average realized phosphate price for the quarter was $467 per tonne, down 
from $537 per tonne realized in the same period last year. This change was 
largely due to a 20 percent decline in prices for fertilizer products from 
third-quarter 2012; the decline in feed and industrial realizations was 4 
percent.

Per-tonne cost of goods sold for the quarter trended lower compared to the 
same period last year as a result of reduced input costs for sulfur and 
ammonia.

Financial
Provincial mining and other taxes totaled $10 million, compared to $62 million 
in the third quarter last year, primarily due to adjustments in our annual 
forecast and the resulting impact on potash production tax accruals. With 
lower earnings during the quarter, our income tax expense declined to $116 
million from $249 million in the comparative period of 2012.

Capital-related cash expenditures totaled $360 million in the quarter, down 
significantly from previous period spending levels, as we near completion of 
our major potash expansion program.

Through our announced share repurchase program (by way of a normal course 
issuers bid), we repurchased 6.3 million common shares during the third 
quarter at an average cost of $30.95 per share.

Market Outlook
Markets for all three nutrients faced challenges during the third quarter as 
near-term uncertainty overshadowed the long-term fundamentals that drive food 
and fertilizer demand. The impact was evident in equity market valuations 
across the sector and in the actions of fertilizer buyers around the world.

This was most pronounced in the potash market. However, as the quarter 
progressed, growers and distributors in Brazil and North America began to 
focus on the agronomic needs of their soils and the supportive economic 
motivators of high-yield agriculture. In other markets, the procurement of new 
supply continues to be limited or deferred - not necessarily due to lack of 
immediate need, but in anticipation of lower prices. Although this evolving 
situation led us to reduce our global potash demand estimates for 2013 and our 
pricing expectations, we believe the deferral will contribute to a more 
positive demand environment in the coming year.

In North America, potash buyers are beginning to take the necessary steps to 
place product in advance of the fall application season. In recent weeks, they 
have been moving more aggressively in drawing against summer-fill tonnage 
commitments and are purchasing additional product requirements. In regions 
where the harvest is complete, fertilizer application activity is reportedly 
strong, although an especially late crop across much of the US will likely 
shorten the fall application window and could push demand from the final 
quarter of the year into the first half of 2014.

With Latin America well into its key planting season, favorable crop economics 
and the agronomic need to replenish nutrients in its soils continue to support 
strong demand for all fertilizer products. Most of the immediate requirements 
are now in place for their planting season and we anticipate buyers will take 
a more measured approach through the balance of the year. Despite this 
potential slowdown, Brazilian demand for fertilizer, including potash, is on 
track to reach record levels for the year.

In China, potash inventories are expected to satisfy fall application 
requirements but are likely to be drawn down through the second half of the 
year. We anticipate Canpotex will have sales to this market in the fourth 
quarter, which is reflected in the upper end of our sales volume guidance 
range. Challenging growing conditions in key agricultural regions are expected 
to put pressure on the supply of domestic grain and oilseeds and create a 
greater need for crop imports. We expect China's desire to improve yields to 
keep pace with food requirements will increase future potash demand.

Challenges remain in India. Although potash contracts with major suppliers run 
through to March 2014, weak domestic demand caused by reduced government 
subsidies and currency volatility - as well as the desire to hold out for 
lower contract prices - could result in shipments and pricing falling short 
of our previous expectations.

Following limited potash movements during the third quarter, we anticipate 
buyers in Other Asian countries will engage more actively through the final 
quarter of 2013. With many customers entering their major tender season, 
supportive grower economics and limited inventories are expected to result in 
increased fourth-quarter shipments. Competition remains strong in this region.

Financial Outlook
In this environment, we have revised our 2013 potash gross margin forecast 
range to $1.5-$1.7 billion on expected shipment levels between 8 million and 
8.4 million tonnes. We anticipate our operating levels will remain below those 
of the first half of the year as we manage our inventory and position 
ourselves for a Canpotex allocation run at Allan early in 2014. We expect our 
per-tonne operating costs in the fourth quarter to improve relative to those 
of third-quarter 2013 as well as the comparable period last year.

In nitrogen, we remain on track to surpass previous-year annual sales volumes. 
While prices for most nitrogen products appear to have found support during 
the third quarter, they have weakened from our previous expectations and led 
us to reduce our gross margin estimate for the full year.

In phosphate, weak Indian demand is expected to pressure solid fertilizer 
realizations through the balance of the year, although a strong North American 
fall application season could provide some near-term support. The decline of 
costs for purchased inputs - specifically sulfur and ammonia - and the 
continued stability provided by our feed, industrial and specialty liquid 
fertilizer products are expected to keep our margins relatively close to 
previous expectations.

In this environment, we now forecast full-year 2013 combined gross margin for 
nitrogen and phosphate of $1.2 -$1.3 billion.

All other previously disclosed annual guidance assumptions for 2013 remain in 
place, with the exception of contributions from equity investments and 
dividend income, which are now anticipated to approximate $300 million.

Based on these factors and guidance items above, PotashCorp now forecasts 
full-year 2013 net income at $2.00-$2.20 per share.

Conclusion
"Throughout our history, PotashCorp has demonstrated the ability to 
outperform, during good times and in the face of adversity," said Doyle. "Our 
large, low-cost operations and distribution systems in each nutrient provide 
flexibility and competitive advantages during difficult market conditions. As 
we have in the past, we manage our assets to minimize the impact of short-term 
market volatility and position ourselves to respond as demand grows. By 
focusing on our competitive advantages in potash and our unique positions in 
nitrogen and phosphate, we will continue to maximize long-term value for our 
stakeholders."

Notes

  1. All references to per-share amounts pertain to diluted net income

per share. 2. See reconciliation and description of non-IFRS measures in the

attached section titled "Selected Non-IFRS Financial Measures and

Reconciliations." 3. Canpotex Limited (Canpotex), the offshore marketing company for


     Saskatchewan potash producers.

PotashCorp is the world's largest crop nutrient company and plays an integral 
role in global food production. The company produces the three essential 
nutrients required to help farmers grow healthier, more abundant crops. With 
global population rising and diets improving in developing countries, these 
nutrients offer a responsible and practical solution to meeting the long-term 
demand for food. PotashCorp is the largest producer, by capacity, of potash 
and third largest producer of nitrogen and phosphate. While agriculture is its 
primary market, the company also produces products for animal nutrition and 
industrial uses. Common shares of Potash Corporation of Saskatchewan Inc. are 
listed on the Toronto Stock Exchange and the New York Stock Exchange.

This release contains forward-looking statements or forward-looking 
information (forward-looking statements). These statements can be identified 
by expressions of belief, expectation or intention, as well as those 
statements that are not historical fact. These statements are based on certain 
factors and assumptions including with respect to: foreign exchange rates, 
expected growth, results of operations, performance, business prospects and 
opportunities and effective tax rates. While the company considers these 
factors and assumptions to be reasonable based on information currently 
available, they may prove to be incorrect. Forward-looking statements are 
subject to risks and uncertainties that are difficult to predict. The results 
or events set forth in forward-looking statements may differ materially from 
actual results or events. Several factors could cause actual results or events 
to differ materially from those expressed in the forward-looking statements, 
including, but not limited to the following: variations from our assumptions 
with respect to foreign exchange rates, expected growth, results of 
operations, performance, business prospects and opportunities, and effective 
tax rates; fluctuations in supply and demand in the fertilizer, sulfur, 
transportation and petrochemical markets; costs and availability of 
transportation and distribution for our raw materials and products, including 
railcars and ocean freight; changes in competitive pressures, including 
pricing pressures; adverse or uncertain economic conditions and changes in 
credit and financial markets; the results of sales contract negotiations 
within major markets; economic and political uncertainty around the world; 
timing and impact of capital expenditures; risks associated with natural gas 
and other hedging activities; changes in capital markets; unexpected or 
adverse weather conditions; changes in currency and exchange rates; unexpected 
geological or environmental conditions, including water inflows; imprecision 
in reserve estimates; adverse developments in new and pending legal 
proceedings or government investigations; acquisitions we may undertake; 
strikes or other forms of work stoppage or slowdowns; rates of return on and 
the risks associated with our investments; changes in, and the effects of, 
government policies and regulations; security risks related to our information 
technology systems; and earnings and the decisions of taxing authorities, 
which could affect our effective tax rates. Additional risks and uncertainties 
can be found in our Form 10-K for the fiscal year ended December 31, 2012 
under the captions "Forward-Looking Statements" and "Item 1A - Risk Factors" 
and in our other filings with the US Securities and Exchange Commission and 
the Canadian provincial securities commissions. Forward-looking statements are 
given only as at the date of this release and the company disclaims any 
obligation to update or revise the forward-looking statements, whether as a 
result of new information, future events or otherwise, except as required by 
law.

PotashCorp will host a Conference Call on Thursday, October 24, 2013 at 1:00 
pm Eastern Time.

Telephone Conference: Dial-in numbers:
    --  From Canada and the US: 1-877-881-1303
    --  From Elsewhere: 1-412-902-6510

Live Webcast:  Visit www.potashcorp.com
    --  Webcast participants can submit questions to management online
        from their audio player pop-up window.
                            Potash Corporation of Saskatchewan Inc.
            Condensed Consolidated Statements of Financial Position
                 (in millions of US dollars except share amounts)
                                             (unaudited)
                                                                       
                                           September 30,   December 31,

As at                                            2013            2012
                                                                       
       Assets                                                          
         Current assets                                                
           Cash and cash
           equivalents                   $           555 $          562
           Receivables                               853          1,089
           Inventories                               724            762
           Prepaid expenses and
           other current assets                       85             83
                                                   2,217          2,496
         Non-current assets                                            
           Property, plant and
           equipment                              12,043         11,505
           Investments in
           equity-accounted
           investees                               1,322          1,254
           Available-for-sale
           investments                             1,744          2,481
           Other assets                              390            344
           Intangible assets                         137            126
       Total Assets                      $        17,853 $       18,206
                                                                       
                                                                       
       Liabilities                                                     
         Current liabilities                                           
           Short-term debt and
           current portion of
           long-term debt (Note
           2)                            $           609 $          615
           Payables and accrued
           charges                                 1,108          1,188
           Current portion of
           derivative instrument
           liabilities                                43             51
                                                   1,760          1,854
         Non-current liabilities                                       
           Long-term debt (Note
           2)                                      2,969          3,466
           Derivative instrument
           liabilities                               138            167
           Deferred income tax
           liabilities                             1,915          1,482
           Pension and other
           post-retirement
           benefit liabilities                       421            569
           Asset retirement
           obligations and
           accrued environmental
           costs                                     574            645
           Other non-current
           liabilities and
           deferred credits                          142            111
       Total Liabilities                           7,919          8,294
                                                                       
       Shareholders' Equity                                            
         Share capital (Note 3)                    1,600          1,543
           Unlimited
           authorization of
           common shares without
           par value; issued and
           outstanding
           863,210,541 and
           864,900,513 at
           September 30, 2013
           and
           December 31, 2012,
           respectively                                                
         Contributed surplus                         221            299
         Accumulated other
         comprehensive income                        688          1,399
         Retained earnings                         7,425          6,671
       Total Shareholders'
       Equity                                      9,934          9,912
       Total Liabilities and
       Shareholders' Equity              $        17,853 $       18,206

(See Notes to the Condensed
Consolidated Financial
Statements)                                                            
    
                       Potash Corporation of Saskatchewan Inc.  
                 Condensed Consolidated Statements of Income  
          (in millions of US dollars except per-share amounts)  
                                         (unaudited)  
                                                                    
                             Three Months          Nine Months Ended
                             Ended                
                               September 30           September 30
                             2013      2012          2013      2012
                                                                    

Sales (Note 4)             $ 1,520 $   2,143     $   5,764 $   6,285

Freight, transportation
and distribution             (139)     (154)         (435)     (381)

Cost of goods sold           (897)   (1,062)       (2,999)   (3,080)

Gross Margin                   484       927         2,330     2,824

Selling and administrative
expenses                      (48)      (53)         (165)     (166)

Provincial mining and
other taxes                   (10)      (62)         (154)     (162)

Share of earnings of
equity-accounted investees      57        77           174       220

Dividend income                 31        39            85       106

Impairment of
available-for-sale
investment                       -         -             -     (341)

Other expenses                 (9)      (10)          (21)      (21)

Operating Income               505       918         2,249     2,460

Finance costs                 (33)      (24)         (107)      (89)

Income Before Income Taxes     472       894         2,142     2,371

Income taxes (Note 5)        (116)     (249)         (587)     (713)

Net Income                 $   356 $     645     $   1,555 $   1,658
                                                                    

Net Income per Share (Note
6)                                                                  
      Basic                $  0.41 $    0.75     $    1.80 $    1.93
      Diluted              $  0.41 $    0.74     $    1.77 $    1.89
                                                                    

Dividends Declared per
Share                      $  0.35 $    0.21     $    0.98 $    0.49

(See Notes to the
Condensed Consolidated
Financial Statements)                                               
                                                                    
                                                                    
                                                                    
                                                                    
                     Potash Corporation of Saskatchewan Inc.
        Condensed Consolidated Statements of Comprehensive Income
                              (in millions of US dollars)
                                          (unaudited)
                                                                    
                               Three Months
                                   Ended           Nine Months Ended
                               September 30           September 30

(Net of related income
taxes)                       2013      2012          2013      2012
                                                                    

Net Income                 $   356 $     645     $   1,555 $   1,658

Other comprehensive (loss)
income                                                              
      Items that will not
      be reclassified to
      net income:                                                   
        Net actuarial gain
        (loss) on defined
        benefit plans ((1)
        )                        -         -           150      (84)
      Items that may be
      reclassified
      subsequently to net
      income:                                                       
        Available-for-sale
        investments ((2) )                                          
          Net fair value
          (loss) gain
          during the
          period             (267)       303         (737)       169
          Reclassification
          to income of
          unrealized loss
          on impaired
          investment             -         -             -       341
        Cash flow hedges                                            
          Net fair value
          loss during the
          period ((3))           -       (1)             -      (16)
          Reclassification
          to income of net
          loss ((4))             6        11            25        36
        Other                    3         -             1       (2)

Other Comprehensive (Loss)
Income                       (258)       313         (561)       444

Comprehensive Income       $    98 $     958     $     994 $   2,102
                                                                    

((1)) Net of income taxes of $(87) (2012 - $48) for the nine months
ended September 30, 2013.

((2)) Available-for-sale investments are comprised of shares in
Israel Chemicals Ltd. and Sinofert Holdings Limited.

((3)) Cash flow hedges are comprised of natural gas derivative
instruments and were net of income taxes of $NIL (2012 - $1)

for the three months ended September 30, 2013 and $NIL (2012 - $11)
for the nine months ended September 30, 2013.

((4)) Net of income taxes of $(4) (2012 - $(8)) for the three months
ended September 30, 2013 and $(14) (2012 - $(24)) for

the nine months ended September 30, 2013.

(See Notes to the Condensed Consolidated Financial Statements)

 
                                                                   Potash Corporation of Saskatchewan Inc.
                                                         Condensed Consolidated Statement of Changes in Equity
                                                                            (in millions of US dollars)
                                                                                        (unaudited)
                                                                                                                        
         
                                                               Accumulated Other Comprehensive Income                   
         
                                            Net unrealized    Net loss on                                               
         
                                                                               Net
                                                                            actuarial               Total
                                                 gain on      derivatives     gain               Accumulated            
         
                                                              designated       on                   Other

Share Contributed available-for-sale as defined Comprehensive Retained Total


                                                                             benefit
                                                               cash flow     plans(

Capital Surplus investments hedges (1)) Other Income Earnings Equity

Balance - December 31, 2012 $ 1,543 $ 299 $ 1,539 $ (138) $ - $ (2) $ 1,399 $ 6,671 $ 9,912

Net income - - - - - - - 1,555 1,555

Other comprehensive (loss) income - - (737) 25 150 1 (561) -

(561)

Share repurchase (Note 3) (11) (79) - - - - - (105) (195)

Dividends declared - - - - - - - (846) (846)

Effect of share-based compensation

including issuance of common shares 42 1 - - - - - -

43

Shares issued for dividend

reinvestment plan 26 - - - - - - -

26

Transfer of net actuarial gain on


         

  defined
  benefit
  plans                -             -                    -             -       (150)       -           (150)        
150        -

Balance -
September 30,
2013           $   1,600 $         221 $                802 $       (113) $         - $   (1) $           688 $    
7,425 $  9,934
                                                                                                                        
         

((1)) Any amounts incurred during a period were closed out to retained earnings at each period-end. Therefore, no 
balance exists
at the beginning or end of period.

(See Notes to the Condensed Consolidated Financial Statements)  
    

 
                        Potash Corporation of Saskatchewan Inc.
                  Condensed Consolidated Statements of Cash Flow
                                 (in millions of US dollars)
                                             (unaudited)
                                                                       
                               Three Months Ended     Nine Months Ended
                                   September 30          September 30
                               2013        2012         2013      2012
                                                                       

Operating Activities                                                   

Net income                   $   356 $        645   $   1,555 $   1,658
                                                                       

Adjustments to reconcile net
 income to cash provided by
    operating activities                                               

Depreciation and

amortization 149 149 489 434

Share-based compensation 4 3 25 21

Impairment of

available-for-sale

investment - - - 341

Realized excess tax

benefit related to

share-based compensation 5 4 15 7

Provision for deferred

income tax 58 162 311 366

Net undistributed

earnings of

equity-accounted

investees (55) (74) (62) (90)

Pension and other

post-retirement benefits 12 (86) (10) (71)

Asset retirement

obligations and accrued

environmental costs (12) (6) (16) 4

Other long-term

liabilities and

miscellaneous 1 7 54 33


    Subtotal of adjustments       162          159         806     1,045
                                                                       

Changes in non-cash

operating working capital


    Receivables                    96         (90)         162      (84)
    Inventories                  (12)           19          29        63

Prepaid expenses and

other current assets (17) (5) (4) (21)

Payables and accrued

charges 31 31 8 (308)

Subtotal of changes in

non-cash operating

working capital 98 (45) 195 (350)

Cash provided by operating activities 616 759 2,556 2,353

Investing Activities

Additions to property, plant and equipment (360) (546) (1,210) (1,505)

Other assets and intangible assets 2 (23) (8) (37)

Cash used in investing activities (358) (569) (1,218) (1,542)

Financing Activities

Repayment of and finance costs on long-term debt obligations - - (254) (2)

Proceeds from (repayment of) short-term debt obligations 113 (117) (256) (501)

Dividends (290) (116) (700) (293)

Repurchase of common shares (166) - (166) -

Issuance of common shares 10 13 31 16

Cash used in financing activities (333) (220) (1,345) (780)

(Decrease) Increase in Cash and Cash Equivalents (75) (30) (7) 31

Cash and Cash Equivalents, Beginning of Period 630 491 562 430

Cash and Cash Equivalents, End of Period $ 555 $ 461 $ 555 $ 461


                                                                       

Cash and cash equivalents
comprised of:                                                          
    Cash                      $    59 $         69   $      59 $      69
    Short-term investments        496          392         496       392
                             $   555 $        461   $     555 $     461
                                                                       

Supplemental cash flow
disclosure                                                             
    Interest paid             $    23 $         12   $     123 $     114
    Income taxes paid         $     6 $         91   $     113 $     583

(See Notes to the Condensed
Consolidated Financial
Statements)                                                            

Potash Corporation of Saskatchewan Inc.
Notes to the Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2013
(in millions of US dollars except as otherwise noted)  
(unaudited)

1. Significant Accounting Policies

With its subsidiaries, Potash Corporation of Saskatchewan Inc. ("PCS") - 
together known as "PotashCorp" or "the company" except to the extent the 
context otherwise requires - forms an integrated fertilizer and related 
industrial and feed products company. The company's accounting policies are in 
accordance with International Financial Reporting Standards, as issued by the 
International Accounting Standards Board ("IFRS"). The accounting policies 
used in preparing these unaudited interim condensed consolidated financial 
statements are consistent with those used in the preparation of the company's 
2012 annual consolidated financial statements except as described in Note 1 of 
the company's 2013 First Quarter Quarterly Report on Form 10-Q.

These unaudited interim condensed consolidated financial statements include 
the accounts of PCS and its subsidiaries; however, they do not include all 
disclosures normally provided in annual consolidated financial statements and 
should be read in conjunction with the company's 2012 annual consolidated 
financial statements. Further, while the financial figures included in this 
preliminary interim results announcement have been computed in accordance with 
IFRS applicable to interim periods, this announcement does not contain 
sufficient information to constitute an interim financial report as that term 
is defined in International Accounting Standard ("IAS") 34, "Interim Financial 
Reporting". The company expects to publish an interim financial report that 
complies with IAS 34 in its Quarterly Report on Form 10-Q in October 2013.

In management's opinion, the unaudited interim condensed consolidated 
financial statements include all adjustments necessary to present fairly such 
information. Interim results are not necessarily indicative of the results 
expected for the fiscal year.

2. Long-Term Debt

During the first quarter of 2013, the company fully repaid $250 of 4.875 
percent 10-year senior notes at maturity. During the second quarter of 2013, 
the company classified as current the $500 aggregate principal amount of 5.250 
percent senior notes due May 15, 2014.

3. Share Capital

On July 24, 2013, the company's Board of Directors authorized a share 
repurchase program of up to $2,000 of PotashCorp's outstanding common shares 
(5 percent of its outstanding common shares) through a normal course issuer 
bid. Shares could be repurchased from time to time on the open market 
commencing August 2, 2013 through August 1, 2014 at prevailing market prices. 
The timing and amount of purchases under the program are dependent upon the 
availability and alternate uses of capital, market conditions, applicable US 
and Canadian regulations and other factors.

At September 30, 2013, the company had repurchased for cancellation 6,300,000 
common shares, at a cost of $195 and an average price per share of $30.95. The 
repurchase resulted in a reduction of share capital of $11, and the excess of 
net cost over the average book value of the shares was recorded as a reduction 
of contributed surplus of $79 and a reduction of retained earnings of $105.

4. Segment Information

The company has three reportable operating segments: potash, nitrogen and 
phosphate. Inter-segment sales are made under terms that approximate market 
value. The accounting policies of the segments are the same as those described 
in Note 1.
                                 Three Months Ended September 30, 2013
                                                       All
                      Potash   Nitrogen   Phosphate   Others   Consolidated
                                                                           

Sales               $    539 $      493 $       488 $      - $        1,520

Freight,
transportation
and
distribution            (57)       (26)        (56)        -          (139)

Net sales -
third party              482        467         432        -               

Cost of goods
sold                   (254)      (289)       (354)        -          (897)

Gross margin             228        178          78        -            484

Depreciation
and
amortization            (36)       (41)        (69)      (3)          (149)

Inter-segment
sales                      -         32           -        -              -

Cash flows for
additions to
property, plant
and equipment            259         40          56        5            360
                                                                           
                                 Three Months Ended September 30, 2012
                                                       All
                      Potash   Nitrogen   Phosphate   Others   Consolidated
                                                                           

Sales               $    963 $      612 $       568 $      - $        2,143

Freight,
transportation
and
distribution            (76)       (23)        (55)        -          (154)

Net sales -
third party              887        589         513        -               

Cost of goods
sold                   (333)      (338)       (391)        -        (1,062)

Gross margin             554        251         122        -            927

Depreciation
and
amortization            (49)       (33)        (64)      (3)          (149)

Inter-segment
sales                      -         72           -        -              -

Cash flows for
additions to
property, plant
and equipment            348        106          73       19            546
                                                                           
                                  Nine Months Ended September 30, 2013
                                                       All
                      Potash   Nitrogen   Phosphate   Others   Consolidated
                                                            

Sales               $  2,399 $    1,781 $     1,584 $      - $        5,764

Freight,
transportation
and
distribution           (196)       (78)       (161)        -          (435)

Net sales -
third party            2,203      1,703       1,423        -               

Cost of goods
sold                   (858)      (978)     (1,163)        -        (2,999)

Gross margin           1,345        725         260        -          2,330

Depreciation
and
amortization           (144)      (121)       (214)     (10)          (489)

Inter-segment
sales                      -        141           -        -              -

Cash flows for
additions to
property, plant
and equipment            872        112         178       48          1,210
                                                                           
                                  Nine Months Ended September 30, 2012
                                                       All
                      Potash   Nitrogen   Phosphate   Others   Consolidated
                                                                           

Sales               $  2,731 $    1,804 $     1,750 $      - $        6,285

Freight,
transportation
and
distribution           (165)       (76)       (140)        -          (381)

Net sales -
third party            2,566      1,728       1,610        -               

Cost of goods
sold                   (884)      (956)     (1,240)        -        (3,080)

Gross margin           1,682        772         370        -          2,824

Depreciation
and
amortization           (135)      (103)       (188)      (8)          (434)

Inter-segment
sales                      -        164           -        -              -

Cash flows for
additions to
property, plant
and equipment          1,029        261         172       43          1,505

 

5. Income Taxes

A separate estimated average annual effective tax rate was determined for each 
taxing jurisdiction and applied individually to the interim period pre-tax 
income of each jurisdiction.

Significant items to note include the following:

• In the first nine months of 2013, a tax expense of $9 (recovery of $7 in 
the third quarter) was recorded to adjust the 2012 income tax provision.

• In second-quarter 2013, a deferred tax expense of $11 was recorded as a 
result of a Canadian income tax rate increase.

• In the first nine months of 2012, a tax expense of $17 ($12 in the third 
quarter) was recorded to adjust the 2011 income tax provision.

• In second-quarter 2012, a non-tax deductible impairment of the company's 
available-for-sale investment in Sinofert Holdings Limited was recorded.

6. Net Income Per Share

Net income per share was calculated on the following weighted average number 
of shares:

Diluted net income per share was calculated based on the weighted average 
number of shares issued and outstanding during the period, incorporating the 
following adjustments. The denominator was: (1) increased by the total of the 
additional common shares that would have been issued assuming the exercise of 
all stock options with exercise prices at or below the average market price 
for the period; and (2) decreased by the number of shares that the company 
could have repurchased if it had used the assumed proceeds from the exercise 
of stock options to repurchase them on the open market at the average share 
price for the period. For performance-based stock option plans, the number of 
contingently issuable common shares included in the calculation was based on 
the number of shares, if any, that would be issuable if the end of the 
reporting period were the end of the performance period and the effect were 
dilutive.
                       Potash Corporation of Saskatchewan Inc.
                                  Selected Financial Data 
                                           (unaudited) 
                                                                      
                                                                      
                            Three Months Ended       Nine Months Ended
                                September 30            September 30
                            2013        2012         2013       2012
                                                                      

Potash Sales (tonnes -
thousands)                                                            
     Manufactured Product                                             
       North America          721          951       2,349       2,002
       Offshore               843        1,107       3,986       3,911
     Manufactured Product   1,564        2,058       6,335       5,913
                                                                      

Potash Net Sales                                                      
     (US $ millions)                                                  
       Sales              $   539  $       963     $ 2,399 $     2,731
       Freight,
       transportation and
       distribution          (57)         (76)       (196)       (165)
       Net Sales          $   482  $       887     $ 2,203 $     2,566
                                                                      
     Manufactured Product                                             
       North America      $   240  $       443     $   923 $       968
       Offshore               240          441       1,271       1,588
     Other miscellaneous
     and purchased
     product                    2            3           9          10
     Net Sales            $   482  $       887     $ 2,203 $     2,566
                                                                      

Manufactured Product                                                  
     Average Realized
     Sales Price per MT                                               
       North America      $   333  $       466     $   393 $       484
       Offshore           $   285  $       398     $   319 $       406
       Average            $   307  $       429     $   346 $       432
     Cost of Goods Sold
     per MT               $ (159)  $     (160)     $ (133) $     (148)
     Gross Margin per MT  $   148  $       269     $   213 $       284
                                                              
                                                              
                                                              
                       Potash Corporation of Saskatchewan Inc.
                                   Selected Financial Data
                                            (unaudited)
                                                                      
                            Three Months Ended       Nine Months Ended
                                September 30            September 30
                            2013        2012         2013       2012
                                                                      

Average Natural Gas Cost
in Production per MMBtu   $  4.96  $      6.76     $  5.58 $      5.58

Nitrogen Sales (tonnes -
thousands)                                                            
     Manufactured Product                                             
       Ammonia                455          466       1,484       1,499
       Urea                   218          241         800         870
       Solutions/Nitric
       acid/Ammonium
       nitrate                700          438       1,978       1,371
     Manufactured Product   1,373        1,145       4,262       3,740
                                                                      
     Fertilizer sales
     tonnes                   406          301       1,225       1,108
     Industrial/Feed
     sales tonnes             967          844       3,037       2,632
     Manufactured Product   1,373        1,145       4,262       3,740
                                                                      

Nitrogen Net Sales                                                    
     (US $ millions)                                                  
       Sales              $   493  $       612     $ 1,781 $     1,804
       Freight,
       transportation and
       distribution          (26)         (23)        (78)        (76)
       Net Sales          $   467  $       589     $ 1,703 $     1,728
                                                                      
     Manufactured Product                                             
       Ammonia            $   210  $       299     $   820 $       794
       Urea                    82          121         347         456
       Solutions/Nitric
       acid/Ammonium
       nitrate                158          104         489         338
     Other miscellaneous
     and purchased
     product                   17           65          47         140
     Net Sales            $   467  $       589     $ 1,703 $     1,728
                                                                      
     Fertilizer net sales $   126  $       137     $   487 $       525
     Industrial/Feed net
     sales                    324          387       1,169       1,063
     Other miscellaneous
     and purchased
     product                   17           65          47         140
     Net Sales            $   467  $       589     $ 1,703 $     1,728
                                                                      

Manufactured Product                                                  
     Average Realized
     Sales Price per MT                                               
       Ammonia            $   461  $       641     $   553 $       530
       Urea               $   376  $       504     $   433 $       525
       Solutions/Nitric
       acid/Ammonium
       nitrate            $   226  $       238     $   247 $       246
       Average            $   327  $       458     $   388 $       425
       Fertilizer average
       price per MT       $   309  $       455     $   397 $       474
       Industrial/Feed
       average price per
       MT                 $   335  $       459     $   385 $       404
       Average            $   327  $       458     $   388 $       425
     Cost of Goods Sold
     per MT               $ (199)  $     (254)     $ (220) $     (233)
     Gross Margin per MT  $   128  $       204     $   168 $       192
                                                              
                                                              
                                                              
                        Potash Corporation of Saskatchewan Inc.
                                   Selected Financial Data
                                            (unaudited)
                                                                      
                            Three Months Ended       Nine Months Ended
                                September 30            September 30
                            2013        2012         2013       2012
                                                                      

Phosphate Sales (tonnes -
thousands)                                                            
     Manufactured Product                                             
       Fertilizer             634          676       1,859       1,932
       Feed and
       Industrial             279          263         887         873
     Manufactured Product     913          939       2,746       2,805
                                                                      

Phosphate Net Sales                                                   
     (US $ millions)                                                  
       Sales              $   488  $       568     $ 1,584 $     1,750
       Freight,
       transportation and
       distribution          (56)         (55)       (161)       (140)
       Net Sales          $   432  $       513     $ 1,423 $     1,610
                                                                      
     Manufactured Product                                             
       Fertilizer         $   250  $       333     $   835 $     1,004
       Feed and
       Industrial             176          172         568         581
     Other miscellaneous
     and purchased
     product                    6            8          20          25
     Net Sales            $   432  $       513     $ 1,423 $     1,610
                                                                      

Manufactured Product                                                  
     Average Realized
     Sales Price per MT                                               
       Fertilizer         $   395  $       493     $   449 $       520
       Feed and
       Industrial         $   631  $       654     $   640 $       666
       Average            $   467  $       537     $   511 $       565
     Cost of Goods Sold
     per MT               $ (384)  $     (413)     $ (420) $     (438)
     Gross Margin per MT  $    83  $       124     $    91 $       127

 
                                                                       
                  Potash Corporation of Saskatchewan Inc.        
                             Selected Additional Data        
                                        (unaudited)      
                                                                       

Exchange Rate (Cdn$/US$)                                               
                                                       2013      2012
                                                                       

December 31                                                      0.9949

September 30                                          1.0285     0.9837

Third-quarter average
conversion rate                                       1.0376     1.0114
                                                                       
                               Three Months Ended     Nine Months Ended
                                   September 30          September 30
                               2013        2012        2013      2012
                                                                       

Production                                                             

Potash production (KCl Tonnes
- thousands)                   1,150        1,579      5,852      5,961

Potash shutdown weeks ((1))       12           15         32         55

Nitrogen production (N Tonnes
- thousands)                     705          651      2,155      2,029

Phosphate production (P(2)O(5
)Tonnes - thousands)             533          493      1,553      1,479

Phosphate P(2)O(5) operating
rate( )                          90%          83%        87%        83%
                                                                       

Shareholders                                                           

PotashCorp's total shareholder
return                          -17%           0%       -21%         6%
                                                                       

Customers                                                              

Product tonnes involved in         4                      16
customer complaints
(thousands)                                     7                    54
                                                                       

Community                                                              

Taxes and royalties ($
millions)( (2))                   83          171        484        521
                                                                       

Employees                                                              

Annualized turnover rate
(excluding retirements)           5%           8%         5%         6%
                                                                       

Safety                                                                 

Total site recordable injury
rate (per 200,000 work hours)
( (3))                          1.35         1.58       1.12       1.30
                                                                       

Environment                                                            

Environmental incidents( (4))      3            6         13         18
                                                                       
                                                                                September   December
                                                                                   30,        31,

As at                                                                              2013        2012
                                                                                                    

Number of
employees                                                                                           

Potash 2,874 2,759

Nitrogen 776 788

Phosphate 1,771 1,792

Other 449 440

Total 5,870 5,779


                                                                                                    

(1) Represents weeks of full production shutdown; excludes the
impact of any periods of reduced operating rates and planned
routine annual

maintenance shutdowns.      

(2) Taxes and royalties = current income tax expense - investment
tax credits - realized excess tax benefit related to share-based

compensation + potash production tax + resource surcharge +
royalties + municipal taxes + other miscellaneous taxes (calculated
on an accrual basis).      

(3) As defined in our 2012 Annual Integrated Report. Total site
includes PotashCorp employees, contractors and others on site.      

(4) Total of reportable quantity releases, permit excursions and
provincial reportable spills (as defined in our 2012 Annual
Integrated Report).    

 

Potash Corporation of Saskatchewan Inc.
Selected Non-IFRS Financial Measures and Reconciliations
(in millions of US dollars except percentage amounts)
(unaudited)  

The following information is included for convenience only. Generally, a 
non-IFRS financial measure is a numerical measure of a company's performance, 
financial position or cash flows that either excludes or includes amounts that 
are not normally excluded or included in the most directly comparable measure 
calculated and presented in accordance with IFRS. EBITDA, adjusted EBITDA, 
adjusted EBITDA margin, cash flow prior to working capital changes and free 
cash flow are not measures of financial performance (nor do they have 
standardized meanings) under IFRS. In evaluating these measures, investors 
should consider that the methodology applied in calculating such measures may 
differ among companies and analysts.

The company uses both IFRS and certain non-IFRS measures to assess 
performance. Management believes these non-IFRS measures provide useful 
supplemental information to investors in order that they may evaluate 
PotashCorp's financial performance using the same measures as management. 
Management believes that, as a result, the investor is afforded greater 
transparency in assessing the financial performance of the company. These 
non-IFRS financial measures should not be considered as a substitute for, nor 
superior to, measures of financial performance prepared in accordance with 
IFRS.

A. EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

Set forth below is a reconciliation of "EBITDA" and "adjusted EBITDA" to net 
income and "adjusted EBITDA margin" to net income as a percentage of sales, 
the most directly comparable financial measures calculated and presented in 
accordance with IFRS.
                                         Three Months
                                             Ended       Nine Months Ended
                                         September 30       September 30
                                       2013      2012      2013      2012

Net income                             $ 356   $   645   $ 1,555   $ 1,658

Finance costs                             33        24       107        89

Income taxes                             116       249       587       713

Depreciation and
amortization                             149       149       489       434

EBITDA                                 $ 654   $ 1,067   $ 2,738   $ 2,894

  Impairment of
available-for-sale
    investment                             -         -         -       341

Adjusted EBITDA                        $ 654   $ 1,067   $ 2,738   $ 3,235

EBITDA is calculated as earnings before finance costs, income taxes and 
depreciation and amortization. Adjusted EBITDA is calculated as earnings 
before finance costs, income taxes, depreciation and amortization, certain 
gains and losses on disposal of assets and certain impairment charges. 
PotashCorp uses EBITDA and adjusted EBITDA as supplemental financial measures 
of its operational performance. Management believes EBITDA and adjusted EBITDA 
to be important measures as they exclude the effects of items which primarily 
reflect the impact of long-term investment and financing decisions, rather 
than the performance of the company's day-to-day operations. As compared to 
net income according to IFRS, these measures are limited in that they do not 
reflect the periodic costs of certain capitalized tangible and intangible 
assets used in generating revenues. Management evaluates such items through 
other financial measures such as capital expenditures and cash flow provided 
by operating activities. The company believes that these measurements are 
useful to measure a company's ability to service debt and to meet other 
payment obligations or as a valuation measurement.
                                        Three Months
                                            Ended        Nine Months Ended
                                        September 30        September 30
                                       2013      2012      2013      2012

Sales                                $ 1,520   $ 2,143   $ 5,764   $ 6,285

Freight,
transportation
and
distribution                           (139)     (154)     (435)     (381)

Net sales                            $ 1,381   $ 1,989   $ 5,329   $ 5,904
                                                                          

Net income as                            23%       30%       27%       26%
a percentage
of sales                                                            

Adjusted                                 47%       54%       51%       55%
EBITDA margin                                                       

Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net sales 
(sales less freight, transportation and distribution). Management believes 
comparing the company's operations (excluding the impact of long-term 
investment decisions) to net sales earned (net of costs to deliver product) is 
an important indicator of efficiency. In addition to the limitations given 
above in using adjusted EBITDA as compared to net income, adjusted EBITDA 
margin as compared to net income as a percentage of sales is also limited in 
that freight, transportation and distribution costs are incurred and valued 
independently of sales; adjusted EBITDA also includes earnings from equity 
investees whose sales are not included in consolidated sales. Management 
evaluates these items individually on the consolidated statements of income.

Potash Corporation of Saskatchewan Inc. 
Selected Non-IFRS Financial Measures and Reconciliations 
(in millions of US dollars) 
(unaudited)

B. CASH FLOW

Set forth below is a reconciliation of "cash flow prior to working capital 
changes" and "free cash flow" to cash provided by operating activities, the 
most directly comparable financial measure calculated and presented in 
accordance with IFRS.
                             Three Months Ended      Nine Months Ended
                                 September 30           September 30
                               2013       2012       2013        2012

Cash flow prior to
working capital
changes                      $   518   $    804   $   2,361   $   2,703

Changes in non-cash
operating working
capital                                                                
    Receivables                    96       (90)         162        (84)
    Inventories                  (12)         19          29          63

Prepaid expenses

and other current

assets (17) (5) (4) (21)

Payables and

accrued charges 31 31 8 (308)

Changes in non-cash operating working capital 98 (45) 195 (350)

Cash provided by operating activities $ 616 $ 759 $ 2,556 $ 2,353

Additions to property, plant and equipment (360) (546) (1,210) (1,505)

Other assets and intangible assets 2 (23) (8) (37)

Changes in non-cash operating working capital (98) 45 (195) 350

Free cash flow $ 160 $ 235 $ 1,143 $ 1,161

The company uses cash flow prior to working capital changes as a supplemental financial measure in its evaluation of liquidity. Management believes that adjusting principally for the swings in non-cash working capital items due to seasonality or other timing issues assists management in making long-term liquidity assessments. The company also believes that this measurement is useful as a measure of liquidity or as a valuation measurement.

The company uses free cash flow as a supplemental financial measure in its evaluation of liquidity and financial strength.  Management believes that adjusting principally for the swings in non-cash operating working capital items due to seasonality or other timing issues, additions to property, plant and equipment, and changes to other assets assists management in the long-term assessment of liquidity and financial strength.  The company also believes that this measurement is useful as an indicator of its ability to service its debt, meet other payment obligations and make strategic investments.  Readers should be aware that free cash flow does not represent residual cash flow available for discretionary expenditures. 

SOURCE Potash Corporation of Saskatchewan Inc.

Investors Denita Stann Vice President, Investor and Public Relations Phone: (306) 933-8521 Fax: (306) 933-8844 Email: ir@potashcorp.com

Media  Bill Johnson Senior Director, Public Affairs Phone: (306) 933-8849 Fax: (306) 933-8844 Email: pr@potashcorp.com

Website: www.potashcorp.com

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2013/24/c5917.html

CO: Potash Corporation of Saskatchewan Inc. ST: Saskatchewan NI: MNG CHM ERN

-0- Oct/24/2013 10:00 GMT

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