September 29, 2008
ICIS Chemical Business Announces Mosaic As ICIS Company of the Year
NEW YORK and LONDON, September 29 /PRNewswire/ -- ICIS Chemical Business magazine has unveiled the ICIS Company of the Year - US-based fertilizer producer Mosaic.
"The ICIS award goes to a worthy winner that has booked a tremendous increase in net profits for its most recent financial year, which ended on May 31, 2008," said Joseph Chang, Global Editor of ICIS Chemical Business. "We congratulate Mosaic and its president and CEO Jim Prokopanko for a stellar financial performance."
For fiscal 2008, Mosaic's net profits jumped to $2.08bn from $419.7m in the year-ago period as sales rose 70% to $9.8bn on skyrocketing demand for phosphate and potash fertilizers. Earnings per share (EPS) soared to $4.67 versus 95 cents in fiscal 2007.
"This company, more than ever, has capitalized on the fast run-up in commodity prices in 2007-2008, and its financials have strengthened markedly," said Nigel Davis, Insight Editor at ICIS.
Mosaic had robust cash flow from operating activities of $2.5bn in fiscal 2008 and its pristine balance sheet allows for financial flexibility. As of the end of fiscal 2008, the company had total debt of $1.55bn, but cash and equivalents of $2bn, for a net cash position of $450m.
Wall Street analysts expect Mosaic's EPS to surge to $13.99 in fiscal 2009 and $16.90 in fiscal 2010.
Global agrochemical companies, benefiting from rising product prices and strong demand, featured strongly in the analysis of the financial performance of more than 100 chemical industry players in the latest financial year.
Two of the world's leading petrochemicals producers and three increasingly important regional players were also prominently featured.
The Top 10 performers in the ICIS Top 100 analysis highlighted the global nature of the chemical industry and showed strong performance across many geographic regions.
The ICIS Top 10 included Saudi Arabia's SABIC, Canada's Potash Corp. of Saskatchewan and Agrium, US-based ExxonMobil Chemicals, Taiwan's Formosa Chemicals and Fibre, Switzerland's Syngenta, Brazil's Braskem, South Korea's LG Chem and France's Arkema.
See the top performance and ICIS Company of the Year article at http://www.icis.com/Articles/2008/09/29/9158861/icis-crowns-us-fertilizer- producer-mosaic-as-company-of-the-year.html.
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For media inquiries, contact: Joseph S. Chang, Global Editor, ICIS Chemical Business, +1-212-791-4224, [email protected], http://www.icis.com/magazine; Nigel Davis, Insight Editor, ICIS, T: +44-20-8652-3397, [email protected], http://www.icis.com/; Paul Ray, Head of Data & Analytics, ICIS, T: +44-20-8652-3603, [email protected], http://www.icis.com/
ICIS Chemical Business
CONTACT: For media inquiries, contact: Joseph S. Chang, Global Editor,ICIS Chemical Business, +1-212-791-4224, [email protected]; Nigel Davis,Insight Editor, ICIS, T: +44-20-8652-3397, [email protected]; Paul Ray,Head of Data & Analytics, ICIS, T: +44-20-8652-3603, [email protected]