Agrium Reports Fourth Quarter; Retail Delivers Record Results

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Agrium Inc. 
TSX SYMBOL:  AGU
NYSE SYMBOL:  AGU 
FEBRUARY 20, 2014 
Agrium Reports Fourth Quarter; Retail Delivers Record Results 
CALGARY, ALBERTA--(Marketwired - Feb. 20, 2014) -  
ALL AMOUNTS ARE STATED IN U.S.$ 
Agrium Inc. (TSX:AGU)(NYSE:AGU) announced today consolidated net earnings
("net earnings") from continuing operations of $110-million ($0.74
diluted earnings per share) for the fourth quarter of 2013, compared with net
earnings from continuing operations of $358-million in the fourth quarter of
2012 ($2.37 diluted earnings per share). Net earnings were $99-million ($0.66
diluted earnings per share) for the fourth quarter of 2013, compared to net
earnings of $354-million ($2.34 diluted earnings per share) in the fourth
quarter of 2012. 
Our net earnings from continuing operations, excluding the fourth quarter
guidance exclusions mentioned below, were $126-million ($0.87 diluted earnings
per share).(1) This excludes a purchase gain of $257-million related to the
acquisition of the Viterra Inc. Agri-product assets ("Viterra
acquisition") ($1.35 diluted earnings per share) and a fourth quarter
pre-tax loss for the acquired Viterra operations of $27-million ($0.14 diluted
earnings per share, includes $8-million of integration costs). The Viterra
acquisition results were excluded from the original fourth quarter guidance
provided in November 2013. Also excluded were $6-million of Corporate legal and
other costs ($0.03 diluted earnings per share) incurred in the period related
to the Viterra acquisition and a goodwill impairment of $220-million ($1.16 in
diluted earnings per share) for the Landmark acquisition due to synergy delays
and reduced expectations for sales, gross margins and long-term growth.
Share-based payment expenses in the fourth quarter were $28-million ($0.15
diluted earnings per share).  
Discontinued operations reported a net loss of $11-million ($0.08 diluted loss
per share) for the fourth quarter and included a $75-million ($0.52 diluted
earnings per share) insurance recovery for the resolution of a long-standing
litigation case pertaining to soybean shipments and a $60-million post-tax
write-down ($0.42 diluted earnings per share), primarily of goodwill, as a
result of the previously announced strategic review of the Agrium Advanced
Technologies business unit ("AAT").(1) 
On an annual basis, 2013 net earnings from continuing operations were
$1.08-billion ($7.31 diluted earnings per share), down from net earnings from
continuing operations of $1.52-billion ($9.67 diluted earnings per share) in
2012. 2013 net earnings were $1.06-billion ($7.20 diluted earnings per share),
compared to $1.50-billion ($9.55 diluted earnings per share) in 2012.  
"Agrium's Retail results were excellent this quarter, particularly
considering the decline in nutrient prices that occurred and the compressed
fall application season in the U.S.," commented Chuck Magro, Agrium's
President & CEO. "Retail achieved record fourth quarter results due to
increased margins across almost all shelves. Our Wholesale business unit, which
has more direct exposure to volatility in nutrient markets, saw their results
impacted by lower global prices across all nutrients. Global nitrogen and
phosphate markets have firmed significantly in early 2014 in response to what
we expect will be a strong spring season," continued Mr. Magro. 
"In a quarter where price instability and a compressed application window
were a challenge, we delivered record results for Retail, which helped generate
$1.2-billion in cash flow from operations for the quarter. This is one
illustration of the benefits of our integrated strategy and why we remain
confident in our ability to generate strong results over the coming years and
deliver on our long-term targets," added Mr. Magro. 
(1) The $0.87 EPS = $0.74 EPS (net earnings from continuing operations) + $1.16
EPS (Landmark goodwill impairment) + $0.15 EPS (share based payments) + 0.17
EPS (Viterra operations) - $1.35 EPS (Viterra purchase gain). Fourth quarter
effective tax rate of 24 percent from continuing operations was used for
adjusted diluted earnings per share calculations. 
All dollar amounts refer to United States ("U.S.") dollars except
where otherwise stated. Certain financial measures in this press release are
not prescribed by International Financial Reporting Standards
("IFRS"), and are defined in the Additional IFRS and Non-IFRS
Financial Measures section of this press release. 
The segmented financial reporting included in this press release differs from
our 2012 annual financial statements due to changes in segmented reporting
adopted in our 2013 annual financial statements. Comparative figures for AAT in
this press release have not been restated to reflect changes in segmented
financial reporting. 
2013 Fourth Quarter Operating Results 
CONSOLIDATED NET EARNINGS 
We have restated 2012 comparative figures as a result of adopting IFRS 11 Joint
Arrangements whereby the classification and accounting of our investment in
Profertil S.A. and other joint arrangements previously accounted for using the
proportionate consolidation method are accounted for using the equity method. 
Management has commenced with a divestment process for components of the AAT
business unit that were not transitioned to Wholesale. We have classified these
net assets as held for sale and have classified the related results of
operations (including comparative 2012 results) as discontinued. See pages 6
and 8 of this press release for further details. 
Agrium's 2013 fourth quarter net earnings from continuing operations were
$110-million, or $0.74 diluted earnings per share from continuing operations,
compared to net earnings from continuing operations of $358-million, or $2.36
diluted earnings per share from continuing operations, for the same quarter of
2012. 
/T/ 
Financial Overview                                                           
---------------------------------------------------------------------------- 
Three months ended December 31, 
(millions of U.S. dollars, except per                                       
 share amounts and where noted)             2013     2012   Change % Change 
----------------------------------------------------------------------------
Sales                                      2,867    3,093     (226)      (7)
----------------------------------------------------------------------------
Gross profit                                 740      974     (234)     (24)
----------------------------------------------------------------------------
Expenses                                     557      445      112       25 
----------------------------------------------------------------------------
Earnings from continuing operations                                         
 before finance costs and income taxes                                      
 ("EBIT")                                    183      529     (346)     (65)
----------------------------------------------------------------------------
Net earnings from continuing                                                
 operations                                  110      358     (248)     (69)
----------------------------------------------------------------------------
Net loss from discontinued operations        (11)      (4)      (7)     175 
----------------------------------------------------------------------------
Net earnings                                  99      354     (255)     (72)
----------------------------------------------------------------------------
Diluted earnings per share from                                             
 continuing operations                      0.74     2.36    (1.62)     (69)
----------------------------------------------------------------------------
Diluted loss per share from                                                 
 discontinued operations                   (0.08)   (0.02)   (0.06)     300 
----------------------------------------------------------------------------
Diluted earnings per share                  0.66     2.34    (1.68)     (72)
----------------------------------------------------------------------------
Effective tax rate (%)                        24       27      N/A       (3)
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
/T/ 
Sales 
Sales decreased by $226-million to $2.9-billion for the fourth quarter of 2013.
Factors that affected our performance during the fourth quarter of 2013
compared to the fourth quarter of 2012 include the following: 
/T/ 
--  Wholesale sales decreased by 24 percent to $963-million due to lower 
realized sales prices across all product lines and lower nitrogen 
volumes; and  
--  Retail sales increased by 6 percent to $2.1-billion largely due to 
Viterra which accounted for $276-million in sales during the current 
quarter. Crop nutrient sales decreased as colder weather impacted North 
American sales.  
/T/ 
Gross Profit 
Our gross profit for the fourth quarter of 2013 was $740-million, a decrease of
$234-million compared to the fourth quarter of 2012. The main drivers of this
variance consisted of: 
/T/ 
--  Wholesale's gross profit decreased by $283-million to $170-million for 
the fourth quarter of 2013, compared to the fourth quarter of 2012 
primarily as a result of weaker realized sales prices across all product 
lines and lower urea sales volumes due to outages at our Redwater and 
Carseland nitrogen facilities; and  
--  Retail's gross profit increased by $77-million to $586-million for the 
fourth quarter of 2013, compared to the fourth quarter of 2012 due to 
the inclusion of results from Viterra coupled with favorable nutrient 
cost positions and higher seed rebates from suppliers.  
/T/ 
Expenses 
Expenses increased by $112-million for the fourth quarter of 2013 compared to
the fourth quarter of 2012. This difference is primarily a result of the
following items: 
/T/ 
--  A $220-million goodwill impairment was recorded in Retail - Australia as 
a result of reduced expectations for sales, gross margins and long-term 
growth in Retail - Australia; 
--  An increase in Retail selling expenses of $73-million driven by 
increased costs associated with Viterra and other recent acquisitions 
(see section "Retail" for further discussion); and 
--  A $46-million unfavorable change in share-based payments, with a $28-    million share-based payments expense in the current quarter compared to 
a $18-million share-based payments recovery in the same period last year 
(see section "Other" for further discussion). 
The above increases were partially offset by a $257-million purchase 
gain reported in the fourth quarter of 2013. This represents the 
difference between the fair value of acquired net assets and the 
purchase price. 
/T/ 
The following table is a summary of our other expenses (income) for the fourth
quarters of 2013 and 2012, respectively.  
/T/ 
---------------------------------------------------------------------------- 
Three months ended  
December 31, 
(millions of U.S. dollars)                                2013         2012 
----------------------------------------------------------------------------
Realized loss (gain) on derivative financial                                
 instruments                                                 1           (2)
----------------------------------------------------------------------------
Unrealized gain on derivative financial                                     
 instruments                                                (1)           - 
----------------------------------------------------------------------------
Interest income                                            (25)         (26)
----------------------------------------------------------------------------
Foreign exchange loss                                       16            9 
----------------------------------------------------------------------------
Environmental remediation and asset retirement                              
 obligations                                                 2            2 
----------------------------------------------------------------------------
Bad debt recovery                                          (11)          (8)
----------------------------------------------------------------------------
Potash profit and capital tax                                6            3 
----------------------------------------------------------------------------
Other                                                        8            2 
---------------------------------------------------------------------------- 
(4)         (20)
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
/T/ 
Effective Tax Rate 
The effective tax rate on continuing operations was 24 percent for the fourth
quarter compared to 27 percent for the same period last year due to permanent
differences between tax and accounting on the Viterra purchase gain and the
Retail - Australia goodwill impairment. 
BUSINESS SEGMENT PERFORMANCE 
Retail  
Retail reported record fourth quarter sales of $2.1-billion up from
$2.0-billion reported in the same quarter last year. Gross profit was
$586-million in the fourth quarter of 2013, a 15 percent increase from last
year's fourth quarter of $509-million. Retail reported EBITDA of
$195-million, up $71-million from the fourth quarter of last year. Included in
this quarter's results is a $257-million purchase gain for the Viterra
acquisition, a $220-million goodwill impairment for the Landmark business in
Australia, and results from the recently acquired Viterra business (fourth
quarter EBITDA loss of $12-million), which included $8-million of integration
costs. Excluding all Viterra-related items and the Landmark impairment, EBITDA
would have been $170-million, the highest fourth quarter Retail EBITDA in our
history. These excellent results were achieved due to increased margins for
nutrients, seed and services and other product lines, which more than offset
the headwinds of lower crop nutrient sales volumes (excluding Viterra volumes),
lower nutrient prices and the compressed fall application season. On a full
year basis, and excluding the items listed above for the fourth quarter, EBITDA
reached $961-million in 2013, surpassing last year's record $951-million.  
Total crop nutrient sales were $1.1-billion this quarter, on par with the
fourth quarter of 2012. Incremental sales from the Viterra business were offset
by lower nutrient sales volumes in the U.S. in the fourth quarter, due to the
shortened fall application season. Gross profit for crop nutrients was
$178-million this quarter, an increase of $23-million compared to the
$155-million reported in the fourth quarter of 2012. Excluding the results from
Viterra in the current quarter, gross profit increased by $4-million in 2013.
Total crop nutrient margins as a percentage of sales were 17 percent in the
fourth quarter of 2013, higher than the 14 percent reported in the same quarter
last year. Although nutrient prices declined during the second half of 2013,
increased prescription blend and proprietary nutrient sales resulted in higher
dollar per tonne margins than 2012. 
Crop protection sales were $511-million in the fourth quarter of 2013, compared
to $491-million in sales in the same period last year. The increase was driven
primarily by incremental sales from Viterra and higher sales of glyphosates in
the quarter. Gross profit was $205-million this quarter, compared to
$203-million reported in the fourth quarter of 2012. Crop protection margins as
a percentage of sales were 40 percent this quarter. The 1 percent decline in
margins in the fourth quarter of 2013 relative to the same period last year was
due to a higher product mix of wholesale volumes, which traditionally represent
lower margins than retail sales.  
Seed sales were $95-million in the fourth quarter of 2013, down from the
$105-million reported in the fourth quarter of last year. The reduction in
North American seed sales was due to the late fall season, which particularly
impacted wheat seed sales. Gross profit was $60-million this quarter, up from
the $43-million reported last year. Seed margins as a percentage of sales were
63 percent in the fourth quarter of 2013, significantly higher than the 41
percent reported in the fourth quarter of 2012. The increase in gross profit
and margins in the fourth quarter of 2013 is related to higher annual seed
volume, which resulted in higher rebates for seed from suppliers this quarter.
The continued sales growth in our proprietary Dyna-Gro branded seed versus
national brand sales mix also supported higher average seed margins both in the
quarter and on an annual basis. Our proprietary product line of seeds once
again demonstrated solid growth in sales and gross profit for both the fourth
quarter and the 2013 year, relative to the same periods last year. Proprietary
seed accounted for approximately 18 percent of our total seed sales and
approximately 26 percent of our seed gross profit for calendar year 2013.  
Sales of merchandise in the fourth quarter of 2013 were $228-million, compared
to $132-million in the same period last year. Gross profit for this product
line was $30-million this quarter, compared to $21-million reported in the
fourth quarter of 2012. The increase is related to incremental earnings from
Viterra and additional sales volumes of animal health and other
livestock-related products in Australia. 
Services and other sales were $216-million this quarter, compared to the
$151-million reported in the fourth quarter of 2012. Gross profit was
$113-million in the fourth quarter of 2013, compared to $87-million for the
same period last year. The increases in the current quarter relate to
incremental gross profit from the purchased Viterra locations and increased
Australian livestock sales commissions. 
Selling expenses as a percentage of sales was 24 percent in the fourth quarter
of 2013 which is up marginally from the 22 percent reported in the same period
last year. Retail selling expenses were $504-million for the fourth quarter,
compared to $431-million in the same period last year. The majority of the
variance was due to increased costs associated with Viterra operating in a
traditionally slower sales period than other Retail geographies. On a full-year
basis, selling expenses as a percentage of sales remained similar to 2012 at
approximately 15 percent. 
In the fourth quarter of 2013, we recorded the Viterra acquisition within
Retail. This resulted in a $257-million purchase gain, representing the
difference between the fair value of acquired net assets and the purchase
price. During the quarter, we also recorded goodwill impairment in Retail -
Australia of $220-million due to synergy delays and reduced expectations for
sales, gross margins and long-term growth. 
Wholesale  
Wholesale's 2013 fourth quarter sales were $963-million, down $310-million
from the same quarter last year. Gross profit was $170-million this quarter,
compared to $453-million in the fourth quarter of 2012. Wholesale reported
EBITDA of $210-million in the fourth quarter of 2013, down from the
$495-million reported in the same period last year. Wholesale's Adjusted
EBITDA(2) was $234-million this quarter, compared to $516-million reported in
the same period last year. Wholesale's results this quarter were
principally impacted by significantly lower global crop nutrient prices.  
(2 ) Adjusted EBITDA is defined as earnings (loss) before finance costs, income
taxes, depreciation and amortization and before finance costs, income taxes,
depreciation and amortization of joint ventures. 
Nitrogen gross profit in the fourth quarter of 2013 was $129-million, compared
to $293-million in the same quarter last year. Nitrogen sales volumes were
907,000 tonnes in the fourth quarter of 2013, down 59,000 tonnes from the same
period last year. The lower sales volumes were primarily due to reduced product
availability resulting from plant outages in the fourth quarter, accompanied by
a shorter fall application season in the U.S. Realized sales prices for all
nitrogen products were lower than the fourth quarter of 2012, with urea
realized sales prices down 27 percent, or $148 per tonne year-over-year.
Nitrogen cost of product sold was $314 per tonne this quarter, compared to $257
per tonne reported in the fourth quarter of 2012. The increase was due to
higher North American gas prices and costs associated with outages at our
Carseland and Redwater nitrogen facilities in the quarter. These outages
lowered production by approximately 130,000 tonnes of nitrogen products and
impacted per tonne costs, as fixed costs were spread across lower sales
volumes. Our average nitrogen gross margins were $144 per tonne this quarter,
compared to $304 per tonne in the same period last year.  
Agrium's average natural gas cost included in cost of product sold was
$3.51/MMBtu this quarter ($3.39/MMBtu including the impact of realized gains on
natural gas derivatives), compared to $3.26/MMBtu for the same period in 2012
($3.35/MMBtu including the impact of realized losses on natural gas
derivatives). Hedging gains or losses are included in other expenses and not
cost of product sold, thus are not part of the calculation of gross profit. The
U.S. benchmark (NYMEX) natural gas price for the fourth quarter of 2013 was
$3.63/MMBtu, compared to $3.36/MMBtu in the same quarter last year. The AECO
(Alberta) basis differential was a $0.62/MMBtu discount to NYMEX in the fourth
quarter of 2013, an increase from the $0.28/MMBtu discount in the fourth
quarter of 2012.  
Potash gross profit for the fourth quarter of 2013 was $39-million, compared to
$79-million reported in the same quarter last year. The year-over-year decline
was principally due to lower realized international and North American sales
prices. Prices came under pressure due to weaker demand from India, delayed
negotiations for second half Chinese supply contracts and uncertainty created
by the breakup of the Belarusian Potash Company. International sales volumes
were 89,000 tonnes this quarter, in line with 86,000 tonnes reported in the
fourth quarter of last year. North American sales volumes this quarter were
255,000 tonnes, also consistent with the volumes achieved for the same period
last year. Potash cost of product sold was $201 per tonne this quarter,
compared to $216 per tonne reported in the fourth quarter of 2012. The decrease
was due to a higher proportion of sales shipped directly to end customers
compared to last year, which lowered the average freight cost. Gross margin was
$112 per tonne in the fourth quarter of 2013, compared to the $233 per tonne in
the same quarter of 2012. In the second half of 2014, Agrium will take an
extended 14 week turnaround at our Vanscoy potash mine to tie in the one
million tonne expansion project. 
Phosphate gross profit was a loss of $4-million in the fourth quarter of 2013,
compared to a $47-million profit in the same quarter last year. The decrease
was primarily a result of lower realized sales prices derived from weak
international market conditions in the fourth quarter. Phosphate sales volumes
this quarter were 285,000 tonnes, slightly higher than the 279,000 tonnes sold
in the fourth quarter of 2012. Realized phosphate sales prices were $560 per
tonne this quarter, a $162 per tonne decrease from the same quarter last year.
Phosphate cost of product sold was $576 per tonne in the fourth quarter of
2013, a $20 per tonne increase from the same period last year. The increase was
due to higher costs at both of our phosphate facilities, partially due to
higher ammonia costs resulting from higher natural gas costs. The increase in
costs at the Redwater facility was largely due to higher rock input costs
associated with the transition to imported rock, after economic reserves of
this input from our Kapuskasing, Ontario mine were depleted in the second
quarter of 2013. Gross margin was a loss of $16 per tonne in the fourth quarter
of 2013, compared to a positive margin of $166 per tonne in the same period in
2012.  
Gross profit from ammonium sulfate and other products was $12-million this
quarter, a reduction of $14-million from the same period last year. This was
due to lower realized sales prices and lower customer sales resulting from
limited customer storage available this quarter. Product purchased for resale
gross profit was a loss of $6-million this quarter, compared to a profit of
$8-million in the fourth quarter of 2012 as a result of lower North American
demand and lower global sales prices for nutrients. 
Advanced Technologies  
After conducting a strategic review of AAT in 2013, a decision was made in
December 2013 to transition the Agriculture business of AAT back into our
Wholesale business unit. The Agriculture business includes Environmentally
Smart Nitrogen ("ESN") and Micronutrient products. Management has
commenced with a divestment process for the Turf and Ornamental and Direct
Solutions businesses. These businesses have been reported within discontinued
operations. As a result, in 2013 we moved to two core strategic business units,
Retail and Wholesale. The results reported for AAT in this press release
represent only the Agriculture business that will be reported within Wholesale
in the 2014 results; consequently these results are not directly comparable to
years prior to 2012 as restated in this press release.  
AAT reported a quarterly gross profit of $2-million in the fourth quarter of
2013, a decrease of $21-million from the $23-million reported in the same
period last year. EBITDA was $3-million in the fourth quarter, a $15-million
decrease from the same period last year. The lower year-over-year results were
primarily due to lower than forecasted sales resulting from the later than
expected fall application window and weak urea markets that impacted ESN
margins.  
Other 
EBITDA for our Other non-operating business unit for the fourth quarter of 2013
was a loss of $94-million, compared to a loss of $2-million for the fourth
quarter of 2012. The unfavorable change was primarily driven by: 
/T/ 
--  A $46-million unfavorable change in share-based payments, where there 
was a $28-million expense in the fourth quarter of 2013 compared to an 
$18-million recovery in the fourth quarter of 2012. This was largely 
caused by an appreciation of our share price during the fourth quarter 
of 2013 compared to a depreciation of our share price during the fourth 
quarter of 2012; 
--  A $7-million increase in gross profit elimination for the three months 
ended December 31, 2013 compared to the three months ended December 31, 
2012 which reflected more inter-segment inventory held in our Retail 
business unit not yet sold to external customers; 
--  A $6-million unfavorable change on foreign exchange losses; and 
--  $6-million in Viterra acquisition costs.  
/T/ 
OUTSTANDING SHARE DATA 
The number of Agrium's outstanding shares at January 31, 2014 was
approximately 144 million. At January 31, 2014, the number of shares issuable
pursuant to stock options outstanding (issuable assuming full exercise, where
each option granted can be exercised for one common share) was approximately
nil. 
/T/ 
SELECTED QUARTERLY INFORMATION                                               
----------------------------------------------------------------------------
(millions of U.S.                                                           
 dollars, except                                                            
 per share             2013   2013   2013  2013   2012   2012   2012   2012 
 amounts)                Q4     Q3     Q2    Q1     Q4     Q3     Q2     Q1 
----------------------------------------------------------------------------
Sales                 2,867  2,796  6,908 3,156  3,093  2,768  6,669  3,494 
----------------------------------------------------------------------------
Gross profit            740    629  1,699   705    974    730  1,831    773 
----------------------------------------------------------------------------
Net earnings from                                                           
 continuing                                                                 
 operations             110     80    744   146    358    140    859    159 
----------------------------------------------------------------------------
Net (loss)                                                                  
 earnings from                                                              
 discontinued                                                               
 operations             (11)    (4)     3    (5)    (4)   (11)     1     (4)
----------------------------------------------------------------------------
Net earnings             99     76    747   141    354    129    860    155 
----------------------------------------------------------------------------
Earnings per share                                                          
 from continuing                                                            
 operations                                                                 
 attributable to                                                            
 equity holders of                                                          
 Agrium:                                                                    
----------------------------------------------------------------------------
  Basic                0.74   0.54   5.00  0.98   2.37   0.87   5.44   0.99 
----------------------------------------------------------------------------
  Diluted              0.74   0.54   5.00  0.98   2.36   0.87   5.43   0.99 
----------------------------------------------------------------------------
(Loss) earnings                                                             
 per share from                                                             
 discontinued                                                               
 operations                                                                 
 attributable to                                                            
 equity holders of                                                          
 Agrium:                                                                    
----------------------------------------------------------------------------
  Basic               (0.08) (0.02)  0.02 (0.04) (0.03) (0.07)     -  (0.02)
----------------------------------------------------------------------------
  Diluted             (0.08) (0.02)  0.02 (0.04) (0.02) (0.07)  0.01  (0.02)
----------------------------------------------------------------------------
Earnings per share                                                          
 attributable to                                                            
 equity holders of                                                          
 Agrium:                                                                    
----------------------------------------------------------------------------
  Basic                0.66   0.52   5.02  0.94   2.34   0.80   5.44   0.97 
----------------------------------------------------------------------------
  Diluted              0.66   0.52   5.02  0.94   2.34   0.80   5.44   0.97 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
/T/ 
The agricultural products business is seasonal in nature. Consequently,
comparisons made on a year-over-year basis are more appropriate than
quarter-over-quarter comparisons. Crop input sales are primarily concentrated
in the spring and fall crop input application seasons, which are in the second
quarter and fourth quarter. Crop nutrient inventories are normally accumulated
leading up to each application season. Our cash collections generally occur
after the application season is complete. 
BUSINESS ACQUISITION 
We completed the acquisition of 100 percent of certain Retail Canadian and
Australian agri-products assets of Viterra from Glencore International plc
("Glencore") on October 1, 2013. The acquired assets form part of our
Retail business unit and include over 200 farm centers in Canada as well as
distribution assets in Australia. Benefits of the acquisition include expansion
of geographical coverage for the sale of crop inputs in Canada and Australia,
acquisition of a significant customer base and talented workforce and synergies
between Agrium and Viterra, including cost savings opportunities. We have
recorded a purchase gain of $257-million representing the difference between
the fair value of acquired net assets and the purchase price. 
DISCONTINUED OPERATIONS 
Following the settlement of litigation in December 2013, we received
$75-million in the fourth quarter of 2013 for an insurance claim relating to a
division of AWB Limited ("AWB"), that we acquired in 2010 and sold in
2011. We had not previously accrued a receivable for this claim because of the
uncertainty of the outcome of the litigation. We incurred an additional
$22-million of legal fees and additional settlements related to the sold
division of AWB. 
In December 2013, Agrium's Board of Directors approved the transition of
parts of the AAT business unit, consisting of our ESN and Micronutrients
operations to our Wholesale business unit. Management has commenced with a
divestment process for components of the AAT business unit that we did not
transition to Wholesale. We consider that a sale by December 2014 is highly
probable. We have classified assets of the operations not transferred to
Wholesale as held for sale, and have classified related results of operations
as discontinued. Additionally, we recorded the assets held for sale at fair
value less costs to sell which resulted in a $60-million post-tax write-down
within discontinued operations primarily related to goodwill. 
NORMAL COURSE ISSUER BID 
On May 14, 2013, the Toronto Stock Exchange ("TSX") accepted
Agrium's notice of intention to make a normal course issuer bid
("NCIB") whereby Agrium may purchase up to 7,472,587 common shares on
the TSX and New York Stock Exchange during the period from May 21, 2013 to May
20, 2014 with a daily purchase limit of 133,301 common shares on the TSX.
During the period from May 21, 2013 to December 31, 2013, we purchased
approximately 5.8 million shares at an average share price of $86 for total
consideration of approximately $498-million under our NCIB. 
ADDITIONAL IFRS AND NON-IFRS FINANCIAL MEASURES 
Certain financial measures in this press release are not prescribed by IFRS. We
consider these financial measures discussed herein to provide useful
information to both management and investors in measuring our financial
performance and financial condition. 
In general, an additional IFRS financial measure is a measure relevant to
understanding a company's financial performance that is not a minimum
measure mandated by IFRS. A non-IFRS financial measure generally either
excludes or includes amounts that are not excluded or included in the most
directly comparable measure calculated and presented in accordance with IFRS.
Refer to the following tables for further discussion of how they are calculated
and their usefulness to users including management. Non-IFRS financial measures
are not recognized measures under IFRS and our method of calculation may not be
directly comparable to that of other companies. These non-IFRS measures should
not be considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with IFRS. 
The following table outlines our additional IFRS financial measures, their
definitions and how management assesses each measure. As the measures set out
below are presented in our consolidated financial statements included in this
press release, they are classified as additional IFRS financial measures where
they reflect consolidated Agrium, and are classified as non-IFRS financial
measures where they do not reflect consolidated Agrium, including references to
EBITDA when presented on an operating segment basis. 
/T/ 
----------------------------------------------------------------------------
Additional IFRS           Definition                Management's assessment 
financial measures                                                          
----------------------------------------------------------------------------
EBIT                      Earnings (loss) from      EBIT provides a          
continuing operations     supplemental measure     
before finance costs and  used by management to:   
income taxes.             (1) evaluate the         
effectiveness of our     
businesses; (2) evaluate 
our ability to service   
debt; and (3) determine  
resource allocations. We 
believe EBIT is useful   
to investors, securities 
analysts and management, 
as the measure allows    
for an evaluation of     
segment performance      
exclusive of capital     
structure and income     
taxes, both of which are 
not a direct result of   
the efficiency of each   
business and are         
generally accounted for  
and evaluated on a       
consolidated basis.     
----------------------------------------------------------------------------
Consolidated ROOCE        Last 12 months' EBIT      Consolidated ROOCE      
(Consolidated return on   less income taxes at a    provides a measure of   
operating capital         tax rate of 27 percent    our operating           
employed)                 (2012 - 28 percent)       performance and the      
divided by rolling four   efficiency of our        
quarter average           capital allocation       
operating capital         process over the long    
employed. Operating       term. We believe this    
capital employed          metric is useful in      
includes non-cash         measuring and maximizing 
working capital,          shareholder value in a   
property, plant and       growing company.         
equipment, investments                             
in associates and joint                            
ventures, and other                                
assets.                                           
----------------------------------------------------------------------------
Consolidated ROCE         Last 12 months' EBIT      Refer to ROOCE.         
(Consolidated return on   less income taxes at a                            
capital employed)         tax rate of 27 percent                             
(2012 - 28 percent)                                
divided by rolling four                            
quarter average capital                            
employed. Capital                                  
employed includes                                  
operating capital                                  
employed, intangibles                              
and goodwill.                                     
----------------------------------------------------------------------------
The following table outlines our non-IFRS financial measures, their         
definitions and usefulness, and how management assesses each measure.        
----------------------------------------------------------------------------
Non-IFRS financial        Definition                Management's assessment 
measures                                                                    
----------------------------------------------------------------------------
EBITDA                    Earnings (loss) from      Refer to EBIT. This      
continuing operations     measure is also used by  
before finance costs,     investors and securities 
income taxes,             analysts as a valuation  
depreciation and          metric and as an         
amortization.             alternative to cash      
provided by operating    
activities.             
----------------------------------------------------------------------------
Adjusted EBITDA           Earnings (loss) from      Refer to EBIT and        
continuing operations     EBITDA. Management       
before finance costs,     believes that this       
income taxes,             metric provides useful   
depreciation and          comparative information  
amortization and before   on our profitability, as 
finance costs, income     Adjusted EBITDA adds     
taxes, depreciation and   back finance costs,      
amortization of joint     income taxes,            
ventures.                 depreciation and         
amortization of joint    
ventures.               
----------------------------------------------------------------------------
EBITDA to sales           EBITDA divided by sales.  Metric is used to        
measure operating        
performance earnings and 
cash flow we generate    
from each dollar of      
sales. We believe this   
metric is useful in      
providing a basis to     
evaluate operating       
profitability that is    
comparable from period   
to period.              
----------------------------------------------------------------------------
Retail - North America    These measures when       Metrics are used by     
and Retail measures:      calculated using          management to evaluate  
return on operating       information from our      our Retail business. We 
capital employed; return  Retail segment are        believe these metrics   
on capital employed;      considered non-IFRS       are also useful to      
average non-cash working  financial measures as     investors and securities
capital to sales; and     the specific Retail       analysts in evaluating  
operating coverage        components are not        operating performance of
ratio.                    separately presented in   our Retail business.     
our consolidated                                   
financial statements or                            
notes to the                                       
consolidated financial                             
statements.                                        
See definitions for                                
ROOCE and ROCE in the                              
preceding Additional                               
IFRS Financial Measures                            
table.                                            
----------------------------------------------------------------------------
Comparable store sales    Represents the increase   Metric is commonly used  
or decrease in current    in the retail and        
period Retail store       distribution industry.   
sales compared to the     We believe this metric   
prior period.             is useful in             
highlighting the         
We include a location in  performance of our       
the comparable store      existing stores by       
base once it is in        measuring the change in  
operation or owned for    sales for such stores    
over 12 months. If we     for a period over the    
close a store, we retain  comparable period of     
the sales of the closed   equivalent length.       
location in the                                    
comparable store base if                           
the closed location is                             
in close geographical                              
proximity to an existing                           
location, unless we plan                           
to exit the market area                            
or are unable to                                   
economically or                                    
logistically serve it.                             
We do not make                                     
adjustments for                                    
temporary closures,                                
expansions or                                      
renovations of stores.                            
----------------------------------------------------------------------------
Normalized comparable     Comparable store sales    Refer to comparable     
store sales               normalized by using       store sales. This metric 
published nitrogen,       removes fluctuations     
phosphate and potash      created by changes in    
("NPK") benchmark prices  commodity prices.        
and adjusting current                              
year prices to reflect                             
pricing from the                                   
previous year based on                             
our percent of NPK                                 
utilization by product.                           
---------------------------------------------------------------------------- 
RECONCILIATIONS OF ADDITIONAL IFRS AND NON-IFRS FINANCIAL MEASURES           
Return on operating capital employed and return on capital employed   
Rolling four quarters ended    
December 31, 2013    
-------------------------------------------------------------------------   
Retail -                            
(millions of U.S. dollars, except         North             Consolidated   
 as noted)                              America    Retail         Agrium   
-------------------------------------------------------------------------  
EBIT less income taxes                                                     
-------------------------------------------------------------------------  
 EBIT                                       940       748          1,630   
-------------------------------------------------------------------------  
 Income taxes at a tax rate of 27                                          
  percent (2012 - 28 percent)               254       202            440   
-------------------------------------------------------------------------   
686       546          1,190   
-------------------------------------------------------------------------  
 Average operating capital employed                                        
-------------------------------------------------------------------------  
  Average non-cash working capital        1,715     2,337          2,698   
-------------------------------------------------------------------------  
  Average property, plant and                                               
equipment                                726       852          4,244   
-------------------------------------------------------------------------  
  Average investments in associates                                         
and joint ventures                        33        79            631   
-------------------------------------------------------------------------  
  Average other assets                        5        15            104   
-------------------------------------------------------------------------   
2,479     3,283          7,677   
-------------------------------------------------------------------------  
Return on operating capital                                                
 employed (ROOCE) (%)                        28%       17%            15%  
-------------------------------------------------------------------------  
-------------------------------------------------------------------------  
 Average capital employed                                                  
-------------------------------------------------------------------------  
  Average operating capital                                                 
employed                               2,479     3,283          7,677   
-------------------------------------------------------------------------  
  Average intangibles                       547       622            660   
-------------------------------------------------------------------------  
  Average goodwill                        1,791     2,125          2,206   
-------------------------------------------------------------------------   
4,817     6,030         10,543   
-------------------------------------------------------------------------  
Return on capital employed (ROCE)                                          
 (%)                                         14%        9%            11%  
-------------------------------------------------------------------------  
-------------------------------------------------------------------------   
Rolling four quarters ended  
December 31, 2012  
---------------------------------------------------------------------- 
Retail -                          
(millions of U.S. dollars, except      North             Consolidated 
 as noted)                           America    Retail         Agrium 
----------------------------------------------------------------------
EBIT less income taxes                                                
----------------------------------------------------------------------
 EBIT                                    719       757          2,216 
----------------------------------------------------------------------
 Income taxes at a tax rate of 27                                     
  percent (2012 - 28 percent)            201       212            620 
---------------------------------------------------------------------- 
518       545          1,596 
----------------------------------------------------------------------
 Average operating capital employed                                   
----------------------------------------------------------------------
  Average non-cash working capital     1,642     2,276          2,539 
----------------------------------------------------------------------
  Average property, plant and                                          
equipment                             593       708          3,029 
----------------------------------------------------------------------
  Average investments in associates                                    
and joint ventures                     17        81            601 
----------------------------------------------------------------------
  Average other assets                     5        19             44 
---------------------------------------------------------------------- 
2,257     3,084          6,213 
----------------------------------------------------------------------
Return on operating capital                                           
 employed (ROOCE) (%)                     23%       18%            26%
----------------------------------------------------------------------
----------------------------------------------------------------------
 Average capital employed                                             
----------------------------------------------------------------------
  Average operating capital                                            
employed                            2,257     3,084          6,213 
----------------------------------------------------------------------
  Average intangibles                    499       593            650 
----------------------------------------------------------------------
  Average goodwill                     1,790     2,209          2,305 
---------------------------------------------------------------------- 
4,546     5,886          9,168 
----------------------------------------------------------------------
Return on capital employed (ROCE)                                     
 (%)                                      11%        9%            17%
----------------------------------------------------------------------
---------------------------------------------------------------------- 
Adjusted EBITDA and EBITDA to EBIT                             
---------------------------------------------------------------------------- 
Three months ended                
December 31, 2013                
------------------------------------------------
(millions of U.S.                                 AAT                       
 dollars)                   Retail  Wholesale     (1)    Other  Consolidated
----------------------------------------------------------------------------
Adjusted EBITDA                195        234       3     (94)           338
----------------------------------------------------------------------------
Equity accounted joint                                                      
 ventures:                                                                  
  Finance costs and                                                          
income taxes                  -         19       -        -            19
----------------------------------------------------------------------------
  Depreciation and                                                           
amortization                  -          5       -        -             5
----------------------------------------------------------------------------
EBITDA                         195        210       3      (94)          314
----------------------------------------------------------------------------
Depreciation and                                                            
 amortization                   72         50       4        5           131
----------------------------------------------------------------------------
EBIT                           123        160      (1)     (99)          183
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
-------------------------------------------------------------------------- 
Three months ended                
December 31, 2012                
------------------------------------------------
(millions of U.S.                                                         
 dollars)                 Retail  Wholesale  AAT (1)   Other  Consolidated
------------------------  ------------------------------------------------
Adjusted EBITDA              124        516       18     (2)           656
------------------------  ------------------------------------------------
Equity accounted joint                                                    
 ventures:                                                                
  Finance costs and                                                        
income taxes                -         17        -       -            17
--------------------------------------------------------------------------
  Depreciation and                                                         
amortization                -          4        -       -             4
--------------------------------------------------------------------------
EBITDA                       124        495       18      (2)          635
------------------------  ------------------------------------------------
Depreciation and                                                          
 amortization                 49         48        3       6           106
--------------------------------------------------------------------------
EBIT                          75        447       15      (8)          529
------------------------  ------------------------------------------------
------------------------  ------------------------------------------------ 
/T/ 
/T/ 
(1) Represents ESN and Micronutrients operations. See section "Discontinued 
Operations" above.                                                           
Retail comparable store sales and Retail normalized comparable store sales   
---------------------------------------------------------------------------- 
Twelve months ended December  
31, 
(millions of U.S. dollars, except as                                        
 noted)                                               2013             2012 
----------------------------------------------------------------------------
Retail sales from the current period                                        
 comparable store base                              11,234           11,182 
----------------------------------------------------------------------------
Prior year Retail sales                             11,479           10,315 
----------------------------------------------------------------------------
Comparable store sales (%)                            (2.1%)            8.4%
----------------------------------------------------------------------------
Current year sales normalized for NPK                                       
 benchmark prices                                   12,000           11,147 
----------------------------------------------------------------------------
Normalized comparable store sales (%)                  4.5%             8.1%
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
/T/ 
OUTLOOK, KEY RISKS AND UNCERTAINTIES  
Global grain and oilseed producers experienced an outstanding year of
productivity in 2013. According to the United States Department of Agriculture
("USDA"), global grain and oilseed acreage and yields set new
records, combining for record production. In the U.S., corn production set a
new record and in Western Canada, wheat and canola production set new records
and overall crop production was 27 percent above the previous record set in
2008. Record crop production was the result of favorable weather combined with
strong market incentives to increase production.  
Record crop production has resulted in significantly lower prices for most
crops; however, prices remain high relative to other periods with record
production. The combination of current crop prices and record U.S. net farm
income in 2013 provide a strong incentive to plant historically high acreage
again in 2014. Lower and more stable crop prices have resulted in robust grain
demand growth, with the USDA projecting that global grain demand growth will be
over 4 percent in 2013/14, which would be the highest annual growth since
1978/79 and over 1.5 percentage points above any year in the past decade, which
was a period of very strong demand growth.  
At current crop prices, North American spring crop area in 2014 is expected to
be near 2013 levels, which is expected to support crop input demand and growers
continuing to seek the top seed genetics available. Analysts expect that corn
acreage will decline, but that the decline will mostly be offset by increased
area of soybeans in the U.S. and canola in Western Canada. Crop nutrient
shipments are expected to be strong in the first half of 2014, in part due to a
shorter fall application season in 2013 due to weather.  
The global urea market started to strengthen in early 2014, driven by strong
demand in markets such as North America and Europe and supply constraints from
some major export regions. Analysts project that a large volume of urea will
need to be imported between now and the beginning of the application season due
to the delayed demand at the beginning of the 2013/14 fertilizer year. U.S.
offshore urea import levels in the first half of 2014 will likely need to meet
or exceed record levels achieved in 2013. The relatively poor fall ammonia
season is expected to result in increased demand for urea and UAN applications
through the spring season. Stronger global urea prices may result in additional
Chinese urea exports in the first half of 2014 due to the change in their
export tariff this year but there has been limited response in terms of
additional exports so far this year. North American nitrogen demand is
projected to decline about 2 percent to 4 percent in 2013/14 due primarily to
reduced corn acreage, while global nitrogen demand is projected to increase by
1.5 percent to 2 percent in 2014 from 2013 levels.  
The global potash market was characterized by significant supply and demand
uncertainty in 2013, but enters 2014 with more clarity and stability. The
Chinese supply agreements with major suppliers reached in January 2014 has
provided additional certainty to the market and pent up demand by other
importing regions is expected to result in improved global import demand in the
first half of 2014. Brazil imported record potash volumes of over 8 million
tonnes in 2013 and import demand from Brazil is expected to remain strong in
2014. North American potash demand is projected to be relatively flat, to down
2 percent, from 2012/13 levels in 2013/14. We expect global potash shipments to
increase from 54 million tonnes in 2013 to between 56 million and 58 million
tonnes in 2014.  
Phosphate prices have increased significantly since the end of November 2013,
driven by strong demand, particularly in North and South America. The impact of
stronger global demand has been amplified by turnarounds and unplanned
shut-downs by some major producers. Global phosphate production costs have
increased as global sulfur prices have more than doubled, driven by strong
Chinese demand. Indian DAP imports are expected to improve in 2014 from
depressed 2013 levels, but the timing and scale of imports continues to be a
source of uncertainty to the phosphate market. North American phosphate demand
in 2013/14 is projected to be flat to down 2 percent from 2012/13 levels, while
global demand in 2014 is projected to increase by 2 to 4 percent from 2013
levels. 
Forward-Looking Statements 
Certain statements and other information included in this press release
constitute "forward-looking information" within the meaning of
applicable Canadian securities legislation or constitute "forward-looking
statements" within the meaning of applicable U.S. securities legislation
(collectively, the "forward-looking statements"). All statements in
this press release other than those relating to historical information or
current conditions, are forward-looking statements, including, but not limited
to, statements as to management's expectations with respect to: future
crop and crop input volumes, demand, margins, prices and sales; business and
financial prospects; dividends and other plans, strategies, objectives and
expectations, including with respect to future operations of Agrium and
proposed acquisitions and divestitures and the growth and stability of our
earnings. These forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond our control, which could cause actual
results to differ materially from such 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 in this press release. Although Agrium believes
that these assumptions are reasonable, this list is not exhaustive of the
factors that may affect any of the forward-looking statements and the reader
should not place an undue reliance on these assumptions and such
forward-looking statements. The key assumptions that have been made in
connection with the forward-looking statements include Agrium's ability to
successfully integrate and realize the anticipated benefits of its already
completed and future acquisitions, including the recently completed acquisition
of certain Retail Agri-products assets of Viterra.  
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 economic, market and business conditions, weather conditions including
impacts from regional flooding and/or drought conditions; crop prices; the
supply and demand and price levels for our major products; governmental and
regulatory requirements and actions by governmental authorities, including
changes in government policy, government ownership requirements, changes in
environmental, tax and other laws or regulations and the interpretation
thereof, and political risks, including civil unrest, actions by armed groups
or conflict, as well as counterparty and sovereign risk; and other risk factors
detailed from time to time in Agrium reports filed with the Canadian securities
regulators and the Securities and Exchange Commission in the United States.
There is a risk that the Egyptian Misr Fertilizer Production Company nitrogen
facility in Egypt may not be allowed to proceed with the completion of the two
new facilities. Additionally, there are risks associated with Agrium's
acquisition of AWB, including litigation risk resulting from AWB having been
named in litigation commenced by the Iraqi Government relating to the United
Nations Oil-For-Food Programme. There are risks associated with our acquisition
of certain Retail Agri-products assets of Viterra, including: timing and costs
of the associated integration of the retained Viterra Retail Agri-products
assets, the size and timing of expected synergies could be less favorable than
anticipated; disruption from the acquisition making it more difficult to
maintain relationships with customers, employees and suppliers; our efforts to
integrate Viterra's Retail Agri-products assets into our existing business
could result in the disruption of our ongoing business and other risk factors
detailed from time to time in Agrium reports filed with the Canadian securities
regulators and the Securities and Exchange Commission in the United States.
Furthermore, the potential divestiture of the Turf and Ornamental and Direct
Solutions businesses and any potential financial gains or losses resulting from
the completion of the strategic review process may differ materially from those
in the forward-looking statements. 
Agrium disclaims any intention or obligation to update or revise any
forward-looking statements in this press release as a result of new information
or future events, except as may be required under applicable U.S. federal
securities laws or applicable Canadian securities legislation. 
OTHER 
Agrium Inc. is a major Retail supplier of agricultural products and services in
North America, South America and Australia and a leading global Wholesale
producer and marketer of all three major agricultural nutrients and the premier
supplier of specialty fertilizers in North America. Agrium's strategy is
to provide the crop inputs and services needed to feed a growing world. We
focus on maximizing shareholder returns by driving continuous improvements to
our base businesses, pursuing value-added growth opportunities across the crop
input value chain and returning capital to shareholders. 
A WEBSITE SIMULCAST of the 2013 4th Quarter Conference Call will be available
in a listen-only mode beginning Friday, February 21st, 2014 at 7:30 a.m. MST
(9:30 a.m. EST). Please visit the following website: www.agrium.com. 
/T/ 
AGRIUM INC.                                  
Consolidated Statements of Operations                     
(Millions of U.S. dollars, except per share amounts)             
(Unaudited)                                  
Three months     Twelve months  
ended             ended  
December 31,      December 31, 
---------------------------------------------------------------------------- 
2013 2012 (1)     2013 2012 (1) 
---------------------------------------------------------------------------- 
----------------------------------------------------------------------------
Sales                                      2,867    3,093   15,727   16,024 
----------------------------------------------------------------------------
Cost of product sold                       2,127    2,119   11,954   11,716 
----------------------------------------------------------------------------
Gross profit                                 740      974    3,773    4,308 
----------------------------------------------------------------------------
Expenses                                                                    
----------------------------------------------------------------------------
  Selling                                    511      438    1,876    1,697 
----------------------------------------------------------------------------
  General and administrative                 116       49      329      428 
----------------------------------------------------------------------------
  Earnings from associates and joint                                         
ventures                                  (29)     (22)     (68)     (91)
----------------------------------------------------------------------------
  Purchase gain                             (257)       -     (257)       - 
----------------------------------------------------------------------------
  Goodwill impairment                        220        -      220        - 
----------------------------------------------------------------------------
  Other (income) expenses                     (4)     (20)      43       58 
----------------------------------------------------------------------------
Earnings before finance costs and income                                    
 taxes                                       183      529    1,630    2,216 
----------------------------------------------------------------------------
  Finance costs related to long-term debt     21       22       90       89 
----------------------------------------------------------------------------
  Other finance costs                         18       15       66       41 
----------------------------------------------------------------------------
Earnings before income taxes                 144      492    1,474    2,086 
----------------------------------------------------------------------------
  Income taxes                                34      134      394      570 
----------------------------------------------------------------------------
Net earnings from continuing operations      110      358    1,080    1,516 
----------------------------------------------------------------------------
Net loss from discontinued operations        (11)      (4)     (17)     (18)
----------------------------------------------------------------------------
Net earnings                                  99      354    1,063    1,498 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to:                                                            
----------------------------------------------------------------------------
  Equity holders of Agrium                    96      354    1,062    1,494 
----------------------------------------------------------------------------
  Non-controlling interest                     3        -        1        4 
----------------------------------------------------------------------------
Net earnings                                  99      354    1,063    1,498 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Earnings per share attributable to equity                                   
 holders of Agrium                                                          
----------------------------------------------------------------------------
  Basic earnings per share from                                              
continuing operations                    0.74     2.37     7.31     9.67 
----------------------------------------------------------------------------
  Basic loss per share from discontinued                                     
operations                              (0.08)   (0.03)   (0.11)   (0.11)
----------------------------------------------------------------------------
  Basic earnings per share                  0.66     2.34     7.20     9.56 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Diluted earnings per share from                                            
continuing operations                    0.74     2.36     7.31     9.67 
----------------------------------------------------------------------------
  Diluted loss per share from                                                
discontinued operations                 (0.08)   (0.02)   (0.11)   (0.12)
----------------------------------------------------------------------------
  Diluted earnings per share                0.66     2.34     7.20     9.55 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
(1) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                     
AGRIUM INC.                                  
Consolidated Statements of Comprehensive Income                
(Millions of U.S. dollars)                          
(Unaudited)                                  
Three months    Twelve months  
ended            ended  
December 31,     December 31, 
---------------------------------------------------------------------------- 
2013   2012     2013    2012 
---------------------------------------------------------------------------- 
----------------------------------------------------------------------------
Net earnings                                     99    354    1,063   1,498 
----------------------------------------------------------------------------
 Other comprehensive (loss) income                                          
---------------------------------------------------------------------------- 
Items that are or may be reclassified to                                  
earnings                                                                
---------------------------------------------------------------------------- 
Available for sale financial                                            
instruments                                                           
---------------------------------------------------------------------------- 
(Losses) gains                            (4)     1       (8)      1 
---------------------------------------------------------------------------- 
Foreign currency translation                                            
differences                                                           
---------------------------------------------------------------------------- 
(Losses) gains                          (171)   (33)    (340)     64 
---------------------------------------------------------------------------- 
Reclassifications to earnings              -     (1)       -      (1)
---------------------------------------------------------------------------- 
Associates and joint ventures loss          (5)    (2)      (4)     (3)
---------------------------------------------------------------------------- 
(180)   (35)    (352)     61 
---------------------------------------------------------------------------- 
Items that will never be reclassified to                                  
earnings                                                                
---------------------------------------------------------------------------- 
Post-employment benefits                                               
---------------------------------------------------------------------------- 
Actuarial (losses) gains                  (3)    15       45      (7)
---------------------------------------------------------------------------- 
Deferred income taxes                      1     (4)     (14)      2 
---------------------------------------------------------------------------- 
(2)    11       31      (5)
----------------------------------------------------------------------------
 Other comprehensive (loss) income             (182)   (24)    (321)     56 
----------------------------------------------------------------------------
Comprehensive (loss) income                     (83)   330      742   1,554 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to:                                                            
----------------------------------------------------------------------------
 Equity holders of Agrium                       (84)   331      743   1,550 
----------------------------------------------------------------------------
 Non-controlling interest                         1     (1)      (1)      4 
----------------------------------------------------------------------------
Comprehensive (loss) income                     (83)   330      742   1,554 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
AGRIUM INC.                                  
Consolidated Statements of Cash Flows                     
(Millions of U.S. dollars)                          
(Unaudited)                                  
Three months     Twelve months  
ended             ended  
December 31,      December 31, 
---------------------------------------------------------------------------- 
2012              2012  
2013      (1)     2013      (1) 
---------------------------------------------------------------------------- 
----------------------------------------------------------------------------
Operating                                                                   
----------------------------------------------------------------------------
 Net earnings from continuing                                               
  operations                                 110      358    1,080    1,516 
----------------------------------------------------------------------------
 Adjustments for                                                            
---------------------------------------------------------------------------- 
Depreciation and amortization             131      106      472      413 
---------------------------------------------------------------------------- 
Earnings from associates and joint                                        
ventures                                 (29)     (22)     (68)     (91)
---------------------------------------------------------------------------- 
Purchase gain                            (257)       -     (257)       - 
---------------------------------------------------------------------------- 
Goodwill impairment                       220        -      220        - 
---------------------------------------------------------------------------- 
Share-based payments                       28      (18)      (7)     108 
---------------------------------------------------------------------------- 
Unrealized gain on derivative                                             
financial instruments                     (1)       -      (15)     (17)
---------------------------------------------------------------------------- 
Unrealized foreign exchange (gain)                                        
loss                                      (2)      10        -        2 
---------------------------------------------------------------------------- 
Interest income                           (25)     (26)     (76)     (91)
---------------------------------------------------------------------------- 
Finance costs                              39       37      156      130 
---------------------------------------------------------------------------- 
Income taxes                               34      134      394      570 
---------------------------------------------------------------------------- 
Other                                       5       (1)      30       77 
----------------------------------------------------------------------------
 Interest received                            26       26       77       91 
----------------------------------------------------------------------------
 Interest paid                               (24)     (10)    (140)    (108)
----------------------------------------------------------------------------
 Income taxes paid                           (71)     (54)    (663)    (405)
----------------------------------------------------------------------------
 Dividends from associates and joint                                        
  ventures                                     1       10       28       13 
----------------------------------------------------------------------------
 Net changes in non-cash working                                            
  capital                                  1,036      409      536     (138)
----------------------------------------------------------------------------
Cash provided by operating activities      1,221      959    1,767    2,070 
----------------------------------------------------------------------------
Investing                                                                   
----------------------------------------------------------------------------
 Acquisitions, net of cash acquired           (8)    (136)     (64)    (213)
----------------------------------------------------------------------------
 Acquisition of Viterra Inc.                 328   (1,801)   1,260   (1,801)
----------------------------------------------------------------------------
 Capital expenditures                       (548)    (402)  (1,755)  (1,225)
----------------------------------------------------------------------------
 Capitalized borrowing costs                 (21)      (9)     (61)     (26)
----------------------------------------------------------------------------
 Investments in associates and joint                                        
  ventures                                     -        -        -      (10)
----------------------------------------------------------------------------
 Purchase of investments                     (23)      (7)    (171)     (14)
----------------------------------------------------------------------------
 Proceeds from disposal of investments        17        -       82        - 
----------------------------------------------------------------------------
 Other                                        53       (8)       -      (56)
----------------------------------------------------------------------------
 Net changes in non-cash working                                            
  capital                                    (25)     (17)      28       43 
----------------------------------------------------------------------------
Cash used in investing activities           (227)  (2,380)    (681)  (3,302)
----------------------------------------------------------------------------
Financing                                                                   
---------------------------------------------------------------------------- 
Short-term debt                           (20)     703     (511)   1,098 
---------------------------------------------------------------------------- 
Long-term debt issued                       -      500    1,010      521 
---------------------------------------------------------------------------- 
Transaction costs on long-term debt         -       (4)     (14)      (5)
---------------------------------------------------------------------------- 
Repayment of long-term debt                (2)      (5)    (522)     (12)
---------------------------------------------------------------------------- 
Dividends paid                           (110)       -     (334)    (115)
---------------------------------------------------------------------------- 
Shares issued                               -        -        2        7 
---------------------------------------------------------------------------- 
Shares repurchased                       (265)    (913)    (498)    (913)
----------------------------------------------------------------------------
Cash (used in) provided by financing                                        
 activities                                 (397)     281     (867)     581 
----------------------------------------------------------------------------
Effect of exchange rate changes on cash                                     
 and cash equivalents                         (2)     (13)     (24)      37 
----------------------------------------------------------------------------
Increase (decrease) in cash and cash                                        
 equivalents from continuing operations      595   (1,153)     195     (614)
----------------------------------------------------------------------------
Cash and cash equivalents used in                                           
 discontinued                                                               
operations                                   (49)      (1)     (52)     (15)
----------------------------------------------------------------------------
Cash and cash equivalents - beginning                                       
 of period                                   255    1,812      658    1,287 
----------------------------------------------------------------------------
Cash and cash equivalents - end of                                          
 period                                      801      658      801      658 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
(1) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                     
AGRIUM INC.                                 
Consolidated Balance Sheets                         
(Millions of U.S. dollars)                          
(Unaudited)                                 
December 31,
---------------------------------------------------------------------------- 
2013   2012 (1)
----------------------------------------------------------------------------
Assets                                                                      
----------------------------------------------------------------------------
  Current assets                                                            
---------------------------------------------------------------------------- 
Cash and cash equivalents                                 801        658
---------------------------------------------------------------------------- 
Accounts receivable                                     2,105      2,224
---------------------------------------------------------------------------- 
Income taxes receivable                                    78         32
---------------------------------------------------------------------------- 
Inventories                                             3,413      3,094
---------------------------------------------------------------------------- 
Advance on acquisition of Viterra Inc.                      -      1,792
---------------------------------------------------------------------------- 
Prepaid expenses and deposits                             805        740
---------------------------------------------------------------------------- 
Other current assets                                      104          -
---------------------------------------------------------------------------- 
Assets held for sale                                      202          -
---------------------------------------------------------------------------- 
7,508      8,540
----------------------------------------------------------------------------
  Property, plant and equipment                             4,960      3,484
----------------------------------------------------------------------------
  Intangibles                                                 738        636
----------------------------------------------------------------------------
  Goodwill                                                  1,958      2,349
----------------------------------------------------------------------------
  Investments in associates and joint ventures                639        627
----------------------------------------------------------------------------
  Other assets                                                 99         99
----------------------------------------------------------------------------
  Deferred income tax assets                                   75         70
---------------------------------------------------------------------------- 
15,977     15,805
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and shareholders' equity                                        
----------------------------------------------------------------------------
  Current liabilities                                                       
---------------------------------------------------------------------------- 
Short-term debt                                           764      1,314
---------------------------------------------------------------------------- 
Accounts payable                                        3,985      3,479
---------------------------------------------------------------------------- 
Income taxes payable                                        2        137
---------------------------------------------------------------------------- 
Current portion of long-term debt                          58        518
---------------------------------------------------------------------------- 
Current portion of other provisions                       112        108
---------------------------------------------------------------------------- 
Liabilities held for sale                                  44          -
---------------------------------------------------------------------------- 
4,965      5,556
----------------------------------------------------------------------------
  Long-term debt                                            3,066      2,069
----------------------------------------------------------------------------
  Post-employment benefits                                    135        184
----------------------------------------------------------------------------
  Other provisions                                            426        413
----------------------------------------------------------------------------
  Other liabilities                                            59         79
----------------------------------------------------------------------------
  Deferred income tax liabilities                             530        584
---------------------------------------------------------------------------- 
9,181      8,885
----------------------------------------------------------------------------
  Shareholders' equity                                                      
---------------------------------------------------------------------------- 
Share capital                                           1,820      1,890
---------------------------------------------------------------------------- 
Retained earnings                                       5,253      4,955
---------------------------------------------------------------------------- 
Accumulated other comprehensive (loss) income            (279)        71
---------------------------------------------------------------------------- 
Equity holders of Agrium                                6,794      6,916
---------------------------------------------------------------------------- 
Non-controlling interest                                    2          4
---------------------------------------------------------------------------- 
Total equity                                            6,796      6,920
---------------------------------------------------------------------------- 
15,977     15,805
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
(1) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures.                                        
AGRIUM INC.                                 
Consolidated Statements of Shareholders' Equity               
(Millions of U.S. dollars, except share data)                
(Unaudited)                                 
Other comprehensive    
income           
-------------------------- 
Available               
Millions                          for sale      Foreign  
of common      Share   Retained   financial     currency  
shares    capital   earnings instruments  translation 
----------------------------------------------------------------------------
December 31, 2011        158      1,994      4,420          (1)          11 
----------------------------------------------------------------------------
 Net earnings              -          -      1,494           -            - 
----------------------------------------------------------------------------
 Other                                                                      
  comprehensive                                                             
  income (loss),                                                            
  net of tax                                                                
----------------------------------------------------------------------------
  Post-employment                                                            
benefits                -          -         (5)          -            - 
----------------------------------------------------------------------------
  Other                    -          -          -           1           63 
----------------------------------------------------------------------------
 Comprehensive                                                              
  income (loss),                                                            
  net of tax               -          -      1,489           1           63 
----------------------------------------------------------------------------
 Dividends                 -          -       (154)          -            - 
----------------------------------------------------------------------------
 Non-controlling                                                            
  interest                                                                  
  transactions             -          -          -           -            - 
----------------------------------------------------------------------------
 Shares                                                                     
  repurchased             (9)      (113)      (800)          -            - 
----------------------------------------------------------------------------
 Share-based                                                                
  payment                                                                   
  transactions             -          9          -           -            - 
----------------------------------------------------------------------------
December 31, 2012        149      1,890      4,955           -           74 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Net earnings              -          -      1,062           -            - 
----------------------------------------------------------------------------
 Other                                                                      
  comprehensive                                                             
  income (loss),                                                            
  net of tax                                                                
----------------------------------------------------------------------------
  Post-employment                                                            
benefits                -          -         31           -            - 
----------------------------------------------------------------------------
  Other                    -          -          -          (8)        (338)
----------------------------------------------------------------------------
 Comprehensive                                                              
  income (loss),                                                            
  net of tax               -          -      1,093          (8)        (338)
----------------------------------------------------------------------------
 Dividends                 -          -       (367)          -            - 
----------------------------------------------------------------------------
 Non-controlling                                                            
  interest                                                                  
  transactions             -          -         (2)          -            - 
----------------------------------------------------------------------------
 Shares                                                                     
  repurchased             (5)       (72)      (426)          -            - 
----------------------------------------------------------------------------
 Share-based                                                                
  payment                                                                   
  transactions             -          2          -           -            - 
----------------------------------------------------------------------------
December 31, 2013        144      1,820      5,253          (8)        (264)
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
AGRIUM INC.                                  
Consolidated Statements of Shareholders' Equity                
(Millions of U.S. dollars, except share data)                 
(Unaudited)                                  
Other comprehensive                                    
income                                            
-------------------------                                  
Comprehensive                                              
loss of                                              
associates               Equity         Non-            
and joint              holders  controlling     Total  
ventures     Total  of Agrium     interest    equity 
----------------------------------------------------------------------------
December 31, 2011             -        10      6,424            4     6,428 
----------------------------------------------------------------------------
 Net earnings                 -         -      1,494            4     1,498 
----------------------------------------------------------------------------
 Other                                                                      
  comprehensive                                                             
  income (loss),                                                            
  net of tax                                                                
----------------------------------------------------------------------------
  Post-employment                                                            
benefits                   -         -         (5)           -        (5)
----------------------------------------------------------------------------
  Other                      (3)       61         61            -        61 
----------------------------------------------------------------------------
 Comprehensive                                                              
  income (loss),                                                            
  net of tax                 (3)       61      1,550            4     1,554 
----------------------------------------------------------------------------
 Dividends                    -         -       (154)           -      (154)
----------------------------------------------------------------------------
 Non-controlling                                                            
  interest                                                                  
  transactions                -         -          -           (4)       (4)
----------------------------------------------------------------------------
 Shares                                                                     
  repurchased                 -         -       (913)           -      (913)
----------------------------------------------------------------------------
 Share-based                                                                
  payment                                                                   
  transactions                -         -          9            -         9 
----------------------------------------------------------------------------
December 31, 2012            (3)       71      6,916            4     6,920 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Net earnings                 -         -      1,062            1     1,063 
----------------------------------------------------------------------------
 Other                                                                      
  comprehensive                                                             
  income (loss),                                                            
  net of tax                                                                
----------------------------------------------------------------------------
  Post-employment                                                            
benefits                   -         -         31            -        31 
----------------------------------------------------------------------------
  Other                      (4)     (350)      (350)          (2)     (352)
----------------------------------------------------------------------------
 Comprehensive                                                              
  income (loss),                                                            
  net of tax                 (4)     (350)       743           (1)      742 
----------------------------------------------------------------------------
 Dividends                    -         -       (367)           -      (367)
----------------------------------------------------------------------------
 Non-controlling                                                            
  interest                                                                  
  transactions                -         -         (2)          (1)       (3)
----------------------------------------------------------------------------
 Shares                                                                     
  repurchased                 -         -       (498)           -      (498)
----------------------------------------------------------------------------
 Share-based                                                                
  payment                                                                   
  transactions                -         -          2            -         2 
----------------------------------------------------------------------------
December 31, 2013            (7)     (279)     6,794            2     6,796 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
AGRIUM INC.                                  
Supplemental Information 1a                          
Results by Segment                              
(Millions of U.S. dollars)                          
(Unaudited)                                  
Three months ended December 31,          
---------------------------------------------------------------------------- 
2013                       
---------------------------------------------------------------------------- 
Advanced                 
Retail  Wholesale  Technologies(1)  Other   Total 
----------------------------------------------------------------------------
Sales    - external        2,099        711               57      -   2,867  
- inter-segment       3        252               10   (265)      - 
----------------------------------------------------------------------------
Total sales                2,102        963               67   (265)  2,867 
Cost of product sold       1,516        793               65   (247)  2,127 
----------------------------------------------------------------------------
Gross profit                 586        170                2    (18)    740 
----------------------------------------------------------------------------
Gross profit (%)              28         18                3             26 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Selling                      504         11                1     (5)    511 
General and                                                                 
 administrative               31         15                3     67     116 
Earnings from associates                                                    
 and joint ventures           (2)       (27)               -      -     (29)
Purchase gain               (257)         -                -      -    (257)
Goodwill impairment          220          -                -      -     220 
Other (income) expenses      (33)        11               (1)    19      (4)
----------------------------------------------------------------------------
EBIT (2)                     123        160               (1)   (99)    183 
EBITDA (3)                   195        210                3    (94)    314 
Adjusted EBITDA (3)          195        234                3    (94)    338 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Three months ended December 31,          
---------------------------------------------------------------------------- 
2012 (4)                     
---------------------------------------------------------------------------- 
Advanced                 
Retail  Wholesale  Technologies(1)  Other   Total 
----------------------------------------------------------------------------
Sales    - external        1,971      1,058               64      -   3,093  
- inter-segment       4        215               13   (232)      - 
----------------------------------------------------------------------------
Total sales                1,975      1,273               77   (232)  3,093 
Cost of product sold       1,466        820               54   (221)  2,119 
----------------------------------------------------------------------------
Gross profit                 509        453               23    (11)    974 
----------------------------------------------------------------------------
Gross profit (%)              26         36               30             31 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Selling                      431         11                1     (5)    438 
General and                                                                 
 administrative               33         10                6      -      49 
Earnings from associates                                                    
 and joint ventures           (2)       (20)               -      -     (22)
Other (income) expenses      (28)         5                1      2     (20)
----------------------------------------------------------------------------
EBIT (2)                      75        447               15     (8)    529 
EBITDA (3)                   124        495               18     (2)    635 
Adjusted EBITDA (3)          124        516               18     (2)    656 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Reflects the results of Environmentally Smart Nitrogen ("ESN") and      
Micronutrients businesses only. These results will be reflected in the      
Wholesale segment in subsequent disclosures.                                
(2) Earnings (loss) from continuing operations before finance costs and     
income taxes.                                                               
(3) Certain measures presented in this table are not recognized measures    
under IFRS. Refer to Supplemental Information 6.                            
(4) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                     
AGRIUM INC.                                  
Supplemental Information 1b                          
Results by Segment                              
(Millions of U.S. dollars)                          
(Unaudited)                                  
Twelve months ended December 31,         
---------------------------------------------------------------------------- 
2013                       
---------------------------------------------------------------------------- 
Advanced                  
Technologies                  
Retail Wholesale             (1)  Other    Total 
----------------------------------------------------------------------------
Sales    - external        11,896     3,612             219      -   15,727  
- inter-segment       17       727              44   (788)       - 
----------------------------------------------------------------------------
Total sales                11,913     4,339             263   (788)  15,727 
Cost of product sold        9,298     3,232             228   (804)  11,954 
----------------------------------------------------------------------------
Gross profit                2,615     1,107              35     16    3,773 
----------------------------------------------------------------------------
Gross profit (%)               22        26              13              24 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Selling                     1,847        39               4    (14)   1,876 
General and                                                                 
 administrative               116        65              16    132      329 
(Earnings) loss from                                                        
 associates and joint                                                       
 ventures                      (9)      (61)              1      1      (68)
Purchase gain                (257)        -               -      -     (257)
Goodwill impairment           220         -               -      -      220 
Other (income) expenses       (50)       33               -     60       43 
----------------------------------------------------------------------------
EBIT (2)                      748     1,031              14   (163)   1,630 
EBITDA (3)                    986     1,232              30   (146)   2,102 
Adjusted EBITDA (3)           986     1,286              30   (146)   2,156 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Twelve months ended December 31,         
---------------------------------------------------------------------------- 
2012 (4)                    
---------------------------------------------------------------------------- 
Advanced                  
Technologies                  
Retail Wholesale             (1)  Other    Total 
----------------------------------------------------------------------------
Sales    - external        11,457     4,368             199      -   16,024  
- inter-segment       22       690              65   (777)       - 
----------------------------------------------------------------------------
Total sales                11,479     5,058             264   (777)  16,024 
Cost of product sold        9,001     3,308             197   (790)  11,716 
----------------------------------------------------------------------------
Gross profit                2,478     1,750              67     13    4,308 
----------------------------------------------------------------------------
Gross profit (%)               22        35              25              27 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Selling                     1,669        38               3    (13)   1,697 
General and                                                                 
 administrative               122        42              19    245      428 
Earnings from associates                                                    
 and joint ventures            (9)      (80)             (2)     -      (91)
Other (income) expenses       (61)       57               2     60       58 
----------------------------------------------------------------------------
EBIT (2)                      757     1,693              45   (279)   2,216 
EBITDA (3)                    951     1,883              58   (263)   2,629 
Adjusted EBITDA (3)           951     1,940              58   (263)   2,686 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Reflects the results of ESN and Micronutrients businesses only. These   
results will be reflected in the Wholesale segment in subsequent            
disclosures.                                                                
(2) Earnings (loss) from continuing operations before finance costs and     
income taxes.                                                               
(3) Certain measures presented in this table are not recognized measures    
under IFRS. Refer to Supplemental Information 6.                            
(4) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                     
AGRIUM INC.                                 
Supplemental Information 2                          
Product Lines                                
(Millions of U.S. dollars)                          
(Unaudited)                                 
Three months ended December 31, 
---------------------------------------------------------------------------  
2013               2012 (4)   
-------------------------------------------------- ------------------------  
Cost of                  Cost of          
product   Gross          product   Gross  
Sales sold (1)  profit   Sales sold (1)  profit 
-------------------------------------------------- ------------------------  
Retail (2)                                                                  
 Crop nutrients             1,052      874     178   1,096      941     155 
 Crop protection products     511      306     205     491      288     203 
 Seed                          95       35      60     105       62      43 
 Merchandise                  228      198      30     132      111      21 
 Services and other           216      103     113     151       64      87 
-------------------------------------------------- ------------------------  
2,102    1,516     586   1,975    1,466     509 
-------------------------------------------------- ------------------------ 
Wholesale                                                                   
 Nitrogen                     415      286     129     544      251     293 
 Potash                       107       68      39     153       74      79 
 Phosphate                    159      163      (4)    201      154      47 
 Product purchased for                                                      
  resale                      240      246      (6)    310      302       8 
 Ammonium sulfate and                                                       
  other                        42       30      12      65       39      26 
-------------------------------------------------- ------------------------  
963      793     170   1,273      820     453 
-------------------------------------------------- ------------------------ 
Advanced Technologies (3)      67       65       2      77       54      23 
-------------------------------------------------- ------------------------ 
Other inter-segment                                                         
 eliminations                (265)    (247)    (18)   (232)    (221)    (11)
-------------------------------------------------- ------------------------ 
Total                       2,867    2,127     740   3,093    2,119     974 
-------------------------------------------------- ------------------------ 
-------------------------------------------------- ------------------------  
Wholesale equity                                                            
 accounted joint                                                            
 ventures:                                                                  
 Nitrogen                      72       49      23      79       46      33 
 Product purchased for                                                      
  resale                       35       32       3      34       30       4 
-------------------------------------------------- ------------------------  
107       81      26     113       76      37 
-------------------------------------------------- ------------------------  
Total Wholesale including                                                   
 equity accounted joint                                                     
 ventures                   1,070      874     196   1,386      896     490 
-------------------------------------------------- ------------------------ 
-------------------------------------------------- ------------------------  
AGRIUM INC.                                
Supplemental Information 2                         
Product Lines                               
(Millions of U.S. dollars)                         
(Unaudited)                                
Twelve months ended December 31,
-------------------------------------------------------------------------- 
2013               2012 (4)  
------------------------------------------------- ------------------------ 
Cost of                  Cost of         
product   Gross          product   Gross 
Sales sold (1)  profit   Sales sold (1)  profit
------------------------------------------------- ------------------------ 
Retail (2)                                                                
 Crop nutrients            4,993    4,154     839   5,124    4,303     821
 Crop protection products  4,204    3,217     987   3,924    2,996     928
 Seed                      1,258      984     274   1,189      949     240
 Merchandise                 612      518      94     524      431      93
 Services and other          846      425     421     718      322     396
------------------------------------------------- ------------------------ 
11,913    9,298   2,615  11,479    9,001   2,478
------------------------------------------------- ------------------------
Wholesale                                                                 
 Nitrogen                  1,724    1,052     672   2,012      937   1,075
 Potash                      564      294     270     618      276     342
 Phosphate                   654      587      67     797      598     199
 Product purchased for                                                    
  resale                   1,131    1,122       9   1,347    1,316      31
 Ammonium sulfate and                                                     
  other                      266      177      89     284      181     103
------------------------------------------------- ------------------------ 
4,339    3,232   1,107   5,058    3,308   1,750
------------------------------------------------- ------------------------
Advanced Technologies (3)    263      228      35     264      197      67
------------------------------------------------- ------------------------
Other inter-segment                                                       
 eliminations               (788)    (804)     16    (777)    (790)     13
------------------------------------------------- ------------------------
Total                     15,727   11,954   3,773  16,024   11,716   4,308
------------------------------------------------- ------------------------
------------------------------------------------- ------------------------ 
Wholesale equity                                                          
 accounted joint                                                          
 ventures:                                                                
 Nitrogen                    234      173      61     286      166     120
 Product purchased for                                                    
  resale                     119      111       8     108       98      10
------------------------------------------------- ------------------------ 
353      284      69     394      264     130
------------------------------------------------- ------------------------ 
Total Wholesale including                                                 
 equity accounted joint                                                   
 ventures                  4,692    3,516   1,176   5,452    3,572   1,880
------------------------------------------------- ------------------------
------------------------------------------------- ------------------------
(1) Includes depreciation and amortization.                                 
(2) International Retail sales were $559-million (2012 - $519-million) and  
gross profit was $125-million (2012 - $109-million) for the three months    
ended December 31. International Retail sales were $2,584-million (2012 -   
$2,482-million) and gross profit was $461-million (2012 - $456-million) for 
the twelve months ended December 31.                                        
(3) Reflects the results of ESN and Micronutrients businesses only. These   
results will be reflected in the Wholesale segment in subsequent            
disclosures.                                                                
(4) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                     
AGRIUM INC.                                 
Supplemental Information 3a                         
Selected Volumes and Sales Prices                      
(Unaudited)                                 
Three months ended December 31,
---------------------------------------------------------------------------- 
2013 
---------------------------------------------------------------------------- 
Cost of             
Sales    Selling    product             
tonnes      price       sold     Margin  
(000's)  ($/tonne)  ($/tonne)  ($/tonne) 
----------------------------------------------------------------------------
Retail                                                                      
  Crop nutrients                                                             
North America                    1,590        548                       
  International                        364        500                        
---------------------------------------------
  Total crop nutrients               1,954        539        447         92 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Wholesale                                                                   
  Nitrogen                                                                   
North America                                                            
Ammonia                          383        561                        
Urea                             337        410                        
Other                            187        331                       
----------------------------------------------------------------------------
  Total nitrogen                       907        458        314        144 
---------------------------------------------------------------------------- 
Potash                                                                     
North America                      255        353                        
International                       89        199                       
----------------------------------------------------------------------------
  Total potash                         344        313        201        112 
---------------------------------------------------------------------------- 
Phosphate                            285        560        576        (16)
  Product purchased for resale         648        370        379         (9)
  Ammonium sulfate                      81        303        182        121 
  Other                                 43                                  
---------------------------------------------------------------------------- 
Total Wholesale                      2,308        417        343         74 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Wholesale equity accounted                                                  
 joint ventures:                                                            
  Nitrogen                                                                   
International                      180        400        272        128 
  Product purchased for resale          86        407        372         35 
---------------------------------------------------------------------------- 
266        402        304         98 
----------------------------------------------------------------------------
Total Wholesale including                                                   
 equity accounted joint                                                     
 ventures                            2,574        416        340         76 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
AGRIUM INC.                                 
Supplemental Information 3a                         
Selected Volumes and Sales Prices                      
(Unaudited)                                 
Three months ended December 31,
--------------------------------------------------------------------------- 
2012 (1)
--------------------------------------------------------------------------- 
Cost of            
Sales    Selling    product            
tonnes      price       sold     Margin 
(000's)  ($/tonne)  ($/tonne)  ($/tonne)
---------------------------------------------------------------------------
Retail                                                                     
  Crop nutrients                                                            
North America                    1,355        669                      
  International                        327        578                       
--------------------------------------------
  Total crop nutrients               1,682        651        560         91
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Wholesale                                                                  
  Nitrogen                                                                  
North America                                                           
Ammonia                          328        677                       
Urea                             431        558                       
Other                            207        383                      
---------------------------------------------------------------------------
  Total nitrogen                       966        561        257        304
--------------------------------------------------------------------------- 
Potash                                                                    
North America                      255        491                       
International                       86        326                      
---------------------------------------------------------------------------
  Total potash                         341        449        216        233
--------------------------------------------------------------------------- 
Phosphate                            279        722        556        166
  Product purchased for resale         646        481        468         13
  Ammonium sulfate                      83        432        172        260
  Other                                 62                                 
--------------------------------------------------------------------------- 
Total Wholesale                      2,377        536        345        191
---------------------------------------------------------------------------
--------------------------------------------------------------------------- 
Wholesale equity accounted                                                 
 joint ventures:                                                           
  Nitrogen                                                                  
International                      157        502        279        223
  Product purchased for resale          79        429        379         50
--------------------------------------------------------------------------- 
236        480        324        156
---------------------------------------------------------------------------
Total Wholesale including                                                  
 equity accounted joint                                                    
 ventures                            2,613        530        342        188
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures.                                        
AGRIUM INC.                                 
Supplemental Information 3b                         
Selected Volumes and Sales Prices                      
(Unaudited)                                 
Twelve months ended December 31,
---------------------------------------------------------------------------- 
2013
---------------------------------------------------------------------------- 
Cost of           
Sales   Selling   product           
tonnes     price      sold    Margin 
(000's) ($/tonne) ($/tonne) ($/tonne)
----------------------------------------------------------------------------
Retail                                                                      
  Crop nutrients                                                             
North America                        6,812       591                     
International                        1,806       535                     
------------------------------------------------------------------------
  Total crop nutrients                   8,618       579       482        97
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Wholesale                                                                   
  Nitrogen                                                                   
North America                                                            
Ammonia                             1,219       627                     
Urea                                1,270       490                     
Other                                 903       374                    
----------------------------------------------------------------------------
  Total nitrogen                         3,392       508       310       198
---------------------------------------------------------------------------- 
Potash                                                                     
North America                          877       421                     
International                          654       298                    
----------------------------------------------------------------------------
  Total potash                           1,531       369       193       176
---------------------------------------------------------------------------- 
Phosphate                              1,026       638       573        65
  Product purchased for resale           2,687       421       418         3
  Ammonium sulfate                         328       383       191       192
  Other                                    285                              
---------------------------------------------------------------------------- 
Total Wholesale                          9,249       469       349       120
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Wholesale equity accounted joint                                            
 ventures:                                                                  
  Nitrogen                                                                   
International                         540       433       320       113
  Product purchased for resale             304       392       365        27
---------------------------------------------------------------------------- 
844       418       336        82
----------------------------------------------------------------------------
Total Wholesale including equity                                            
 accounted joint ventures               10,093       465       348       117
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
AGRIUM INC.                                
Supplemental Information 3b                        
Selected Volumes and Sales Prices                     
(Unaudited)                                
Twelve months ended December 31,
------------------------------------------------------------------------- 
2012 (1)          
------------------------------------------------------------------------- 
Cost of           
Sales   Selling   product           
tonnes     price      sold    Margin 
(000's) ($/tonne) ($/tonne) ($/tonne)
-------------------------------------------------------------------------
Retail                                                                   
  Crop nutrients                                                          
North America                     6,622       634                     
International                     1,535       605                     
---------------------------------------------------------------------
  Total crop nutrients                8,157       628       527       101
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Wholesale                                                                
  Nitrogen                                                                
North America                                                         
Ammonia                          1,188       627                     
Urea                             1,511       581                     
Other                            1,030       377                    
-------------------------------------------------------------------------
  Total nitrogen                      3,729       539       251       288
------------------------------------------------------------------------- 
Potash                                                                  
North America                       819       534                     
International                       473       383                    
-------------------------------------------------------------------------
  Total potash                        1,292       479       214       265
------------------------------------------------------------------------- 
Phosphate                           1,095       728       547       181
  Product purchased for resale        2,930       460       449        11
  Ammonium sulfate                      327       423       203       220
  Other                                 292                              
------------------------------------------------------------------------- 
Total Wholesale                       9,665       523       342       181
-------------------------------------------------------------------------
------------------------------------------------------------------------- 
Wholesale equity accounted joint                                         
 ventures:                                                               
  Nitrogen                                                                
International                      556       514       298       216
  Product purchased for resale          264       411       373        38
------------------------------------------------------------------------- 
820       481       322       159
-------------------------------------------------------------------------
Total Wholesale including equity                                         
 accounted joint ventures            10,485       520       341       179
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures.                                        
AGRIUM INC.                                 
Supplemental Information 4                         
Depreciation and Amortization                        
(Millions of U.S. dollars)                         
(Unaudited)                                 
Three months ended December 31,
--------------------------------------------------------------------------- 
2013
--------------------------------------------------------------------------- 
Cost of                                     
product               General and           
sold   Selling  administrative     Total
--------------------------------------------------------------------------- 
Retail                                1        68               3        72
Wholesale                                                                  
  Nitrogen                           25                                    
  Potash                             11                                    
  Phosphate                          12                                    
  Ammonium sulfate and                                                      
other                              2                                    
--------------------------------------------------------------------------- 
50         -               -        50
Advanced Technologies (1)             3         -               1         4
Other                                 -         -               5         5
---------------------------------------------------------------------------
Total                                54        68               9       131
---------------------------------------------------------------------------
--------------------------------------------------------------------------- 
AGRIUM INC.                                
Supplemental Information 4                        
Depreciation and Amortization                       
(Millions of U.S. dollars)                        
(Unaudited)                                
Three months ended December 31,
------------------------------------------------------------------------- 
2012 (2)          
------------------------------------------------------------------------- 
Cost of                                     
product               General and           
sold   Selling  administrative     Total
------------------------------------------------------------------------- 
Retail                              3        44               2        49
Wholesale                                                                
  Nitrogen                         15                                    
  Potash                           11                                    
  Phosphate                        21                                    
  Ammonium sulfate and                                                    
other                            1                                    
------------------------------------------------------------------------- 
48         -               -        48
Advanced Technologies (1)           3         -               -         3
Other                               -         -               6         6
-------------------------------------------------------------------------
Total                              54        44               8       106
-------------------------------------------------------------------------
------------------------------------------------------------------------- 
Twelve months ended December 31,
---------------------------------------------------------------------------- 
2013 
---------------------------------------------------------------------------- 
Cost of                   General            
product                       and            
sold   Selling  administrative     Total 
---------------------------------------------------------------------------- 
Retail                                5       222              11       238 
Wholesale                                                                   
  Nitrogen                           77                                     
  Potash                             50                                     
  Phosphate                          53                                     
  Product purchased for                                                      
resale                             1                                     
  Ammonium sulfate and                                                       
other                              6                                     
---------------------------------------------------------------------------- 
187         -              14       201 
Advanced Technologies (1)            13         -               3        16 
Other                                 -         -              17        17 
----------------------------------------------------------------------------
Total                               205       222              45       472 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Twelve months ended December 31,
------------------------------------------------------------------------ 
2012 (2)         
------------------------------------------------------------------------ 
Cost of                   General           
product                       and           
sold   Selling  administrative     Total
------------------------------------------------------------------------ 
Retail                             7       169              18       194
Wholesale                                                               
  Nitrogen                        61                                    
  Potash                          41                                    
  Phosphate                       77                                    
  Product purchased for                                                  
resale                          1                                    
  Ammonium sulfate and                                                   
other                           5                                    
------------------------------------------------------------------------ 
185         -               5       190
Advanced Technologies (1)         10         -               3        13
Other                              -         -              16        16
------------------------------------------------------------------------
Total                            202       169              42       413
------------------------------------------------------------------------
------------------------------------------------------------------------
(1) Reflects the results of ESN and Micronutrients businesses only. These   
results will be reflected in the Wholesale segment in subsequent            
disclosures.                                                                
(2) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                     
AGRIUM INC.                                  
Supplemental Information 5 (1)                        
Selected Financial Measures                          
(Millions of U.S. dollars, unless stated otherwise)              
(Unaudited)                                  
Rolling four quarters ended December 31,   
---------------------------------------------------------------------------- 
2013                  2012          
---------------------------------------------------- ----------------------  
Consolidated           Consolidated  
Retail         Agrium  Retail     Agrium (2) 
---------------------------------------------------- -----------------------
Return on operating capital                                                 
 employed (%) (3a)                 17             15      18             26 
Return on capital employed (%)                                              
 (3b)                               9             11       9             17 
Average non-cash working                                                    
 capital to sales (%)              20             17      20             16 
Operating coverage ratio (%)                                                
 (3c)                              71             57      69             49 
EBITDA to sales (%) (3d)            8             13       8             16  
December 31,                 
---------------------------------------------------------------------------- 
2013                  2012          
---------------------------------------------------- ----------------------- 
Consolidated           Consolidated  
Retail         Agrium  Retail      Agrium (2)
---------------------------------------------------- -----------------------
Non-cash working capital        2,083          2,302   2,067          2,366  
Twelve months ended December 31,       
---------------------------------------------------------------------------- 
2013                   2012                
---------------------------------------              --------                
Retail                 Retail                
---------------------------------------              --------               
Comparable store sales (%)         (2)                     8                
Normalized comparable store                                                 
 sales (%)                          5                      8                 
North America measures           Rolling four quarters ended December 31,   
---------------------------------------------------------------------------- 
2013                   2012                
---------------------------------------              --------                
Retail                 Retail                
---------------------------------------              --------               
Return on operating capital                                                 
 employed (%) (3a)                 28                     23                
Return on capital employed (%)                                              
 (3b)                              14                     11                
EBITDA to sales (%) (3d)           12                     10                
(1) Certain measures presented in this table are not recognized measures    
under IFRS. Refer to Supplemental Information 6.                            
(2) Restated for the application of IFRS 11 Joint Arrangements requiring    
equity accounting for joint ventures and reclassifications resulting from   
discontinued operations.                                                    
(3) Adjusted 2013 amounts removing the impact of the purchase gain and      
goodwill impairment.                                                         
(a) Retail 16%, Retail - North America 20%, Consolidated Agrium 15%.     
(b) Retail 9%, Retail - North America 10%, Consolidated Agrium 11%.      
(c) Retail 73%, Consolidated Agrium 58%.                                 
(d) Retail 8%, Retail - North America 9%, Consolidated Agrium 13%.       
AGRIUM INC.                                  
Supplemental Information 6 (1)                        
Accompanying Notes to Supplemental Information                
----------------------------------------------------------------------------
----------------------------------------------------------------------------
IFRS Financial Measure                        Definition                    
----------------------------------------------------------------------------
Average non-cash working  Rolling four quarter average non-cash working     
capital to sales (2)      capital divided by sales.                         
Operating coverage ratio  Gross profit less earnings (loss) from continuing 
(2)                       operations before finance costs and income taxes,  
divided by gross profit.                          
Non-cash working capital  Current assets less current liabilities, excluding
(2)                       cash and cash equivalents, advance on acquisition  
of Viterra Inc., other current assets, short-term  
debt, current portion of long-term debt and        
current assets and liabilities held for sale.     
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Definition                Usefulness of Additional 
or Non-IFRS Financial    
Measure                 
----------------------------------------------------------------------------
Additional IFRS Financial Measure (As defined in                            
Canadian Securities Administrators' Staff Notice                            
52-306 (Revised))                                                           
----------------------------------------------------------------------------
EBIT                      Earnings (loss) from      Used to measure          
continuing operations     operating performance    
before finance costs and  exclusive of capital     
income taxes              structure and income     
taxes                   
Return on operating       Last 12 months' EBIT      Used to measure         
capital employed (2)      less income taxes at a    operating performance    
tax rate of 27 percent    and efficiency of our    
(2012 - 28 percent)       capital allocation       
divided by rolling four   process.                 
quarter average                                    
operating capital                                  
employed. Operating                                
capital employed                                   
includes non-cash                                  
working capital,                                   
property, plant and                                
equipment, investments                             
in associates and joint                            
ventures and other                                 
assets.                                           
Return on capital         Last 12 months' EBIT      Used to measure         
employed (2)              less income taxes at a    operating performance    
tax rate of 27 percent    and efficiency of our    
(2012 - 28 percent)       capital allocation       
divided by rolling four   process.                 
quarter average capital                            
employed. Capital                                  
employed includes                                  
operating capital                                  
employed, intangibles                              
and goodwill.                                     
----------------------------------------------------------------------------
Non-IFRS Financial Measure                                                  
----------------------------------------------------------------------------
EBITDA                    Earnings (loss) from      Refer to EBIT. Also used 
continuing operations     as a valuation metric    
before finance costs,     and as an alternative to 
income taxes,             cash provided by         
depreciation and          operating activities.    
amortization.                                     
Adjusted EBITDA           Earnings (loss) from      Refer to EBIT and        
continuing operations     EBITDA. Provides useful  
before finance costs,     information on our       
income taxes,             profitability by adding  
depreciation and          back finance costs,      
amortization and before   income taxes,            
finance costs, income     depreciation and         
taxes, depreciation and   amortization of joint    
amortization of joint     ventures.                
ventures.                                         
EBITDA to sales           Earnings (loss) from      Used to measure          
continuing operations     operating performance    
before finance costs,     earnings and cash flow   
income taxes,             we generate from each    
depreciation and          dollar of sales.         
amortization divided by                            
sales.                                            
Comparable store sales    We include a location in  Used to measure the      
the comparable store      performance of our       
base once it is in        existing stores by       
operation or owned for    measuring the change in  
over 12 months. If we     sales for such stores    
close a store, we retain  over the comparable      
the sales of the closed   period                   
location in the                                    
comparable store base if                           
the closed location is                             
in close geographical                              
proximity to an existing                           
location, unless we plan                           
to exit the market area                            
or are unable to                                   
economically or                                    
logistically serve it.                             
We do not make                                     
adjustments for                                    
temporary closures,                                
expansions or                                      
renovations of stores.                            
Normalized comparable     Comparable store sales    Used to measure the     
store sales               normalized by using       performance of our       
published nitrogen,       existing stores by       
phosphate and potash      measuring the change in  
("NPK") benchmark prices  sales for such stores    
and adjusting current     over the comparable      
year prices to reflect    period                   
pricing from the                                   
previous year based on                             
our percent of NPK                                 
utilization by product.                           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Our definitions and our method of calculation for these measures may not
be directly comparable to similar measures presented by other companies.    
(2) These measures are IFRS measures or additional IFRS measures when       
calculated using information included in our consolidated financial         
statements. They are classified as non-IFRS measures when calculated using  
information from our Retail segment because the specific components are not 
included in our financial statements or notes.                               
/T/ 
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
Agrium Inc.
Investor/Media Relations:
Richard Downey
Vice President, Investor & Corporate Relations
(403) 225-7357
or
Agrium Inc.
Todd Coakwell
Director, Investor Relations
(403) 225-7437
or
Agrium Inc.
Louis Brown
Analyst, Investor Relations
(403) 225-7761
www.agrium.com 
INDUSTRY:  Chemicals - Commodity Chemicals, Chemicals - Petrochemicals,
Chemicals - Plastics and fibers, Chemicals - Specialty Chemicals, Chemicals -
Wholesalers and Distributors 
SUBJECT:  ERN 
-0-
-0- Feb/20/2014 23:51 GMT
 
 
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