Fundamentals of Growth
Agrium:
Growing Across the
Value Chain
September 2009
Important Information
This presentation does not constitute an offer to exchange, or a solicitation of an offer to exchange, common stock of
CF Industries Holdings, Inc. (“CF”), nor is it a substitute for the Tender Offer Statement on Schedule TO or the
Prospectus/Offer to Exchange included in the Registration Statement on Form F-4 (including the Letter of Transmittal
and related documents) (collectively, as amended from time to time, the “Exchange Offer Documents”) filed by Agrium
Inc. (“Agrium”) with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2009, as amended. The
Registration Statement on Form F-4 has not yet become effective. The offer to exchange is made only through the
Exchange Offer Documents. INVESTORS AND SECURITY HOLDERS OF AGRIUM AND CF ARE URGED TO READ
THE EXCHANGE OFFER DOCUMENTS AND OTHER RELEVANT MATERIALS FILED WITH THE SEC
CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE OFFER TO EXCHANGE.
Copies of any documents filed by Agrium with the SEC are available free of charge through the web site maintained by
the SEC at www.sec.gov, by calling the SEC at telephone number 800-SEC-0330 or by directing a request to the
Agrium Investor Relations/Media Department, Agrium Inc, 13131 Lake Fraser Drive S.E., Calgary, Alberta, Canada T2J
7E8. Free copies of any such documents can also be obtained by calling Georgeson Inc. toll-free at (866) 318-0506.
Agrium, North, their respective directors and executive officers and certain other persons are deemed to be participants
in any solicitation of proxies from CF’s stockholders in respect of the proposed transaction with CF. Information
regarding Agrium’s directors and executive officers is available in its management proxy circular dated April 3, 2009
relating to the annual general meeting of its shareholders held on May 13, 2009. Other information regarding potential
participants in such proxy solicitation and a description of their direct and indirect interests, by security holdings or
otherwise, will be contained in any proxy statement filed in connection with the proposed transaction.
All information in this presentation concerning CF, including its business, operations and financial results, was obtained
from public sources. While Agrium has no knowledge that any such information is inaccurate or incomplete, Agrium has
not had the opportunity to verify any of that information.
Fundamentals of Growth
2
Forward-Looking Statements
Certain statements and other information included in this presentation constitute “forward-looking information” within the meaning of applicable
Canadian securities legislation or constitute “forward-looking statements” (together, “forward-looking statements”). All statements in this
presentation, other than those relating to historical information or current condition, are forward-looking statements, including, but not limited to,
estimates, forecasts and statements as to management’s expectations with respect to, among other things, business and financial prospects,
financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to future
operations following the proposed acquisition of CF. 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.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements, include, but are not
limited to, CF’s failure to accept Agrium’s proposal and enter into a definitive agreement to effect the transaction, Agrium common shares
issued in connection with the proposed acquisition may have a market value lower than expected, the businesses of Agrium and CF, or any
other recent business acquisitions, may not be integrated successfully or such integration may be more difficult, time-consuming or costly than
expected, the expected combination benefits and synergies and costs savings from the Agrium/CF transaction may not be fully realized or not
realized within the expected time frame, the possible delay in the completion of the steps required to be taken for the eventual combination of
the two companies, including the possibility that approvals or clearances required to be obtained from regulatory and other agencies and bodies
will not be obtained in a timely manner or will be obtained on conditions that may require divestiture of assets expected to be acquired,
disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees and suppliers, general
business and economic conditions, interest rates, exchange rates and tax rates, weather conditions, crop prices, the supply, demand and price
level for our major products, gas prices and gas availability, operating rates and production costs, domestic fertilizer consumption and any
changes in government policy in key agriculture markets, including the application of price controls and tariffs on fertilizers and the availability of
subsidies or changes in their amounts, changes in development plans, construction progress, political risks, including civil unrest, actions by
armed groups or conflict, governmental and regulatory requirements and actions by governmental authorities, including changes in government
policy, changes in environmental, tax and other laws or regulations and the interpretation thereof and other risk factors detailed from time to
time in Agrium and CF’s reports filed with the SEC.
Agrium disclaims any intention or obligation to update or revise any forward-looking statements in this presentation 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. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and
perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the
circumstances. Expected future developments are based, in part, upon assumptions respecting our ability to successfully integrate the
businesses of Agrium and CF, or any other recent acquisitions.
All of the forward-looking statements contained herein are qualified by these cautionary statements and by the assumptions that are stated or
inherent in such forward-looking statements. Although we believe these assumptions are reasonable, undue reliance should not be placed on
these assumptions and such forward-looking statements. The key assumptions that have been made in connection with the forward-looking
statements include, but are not limited to, CF’s acceptance of Agrium’s proposal and the entering into of a definitive agreement to effect the
proposed transaction, closing the proposed transaction, the market value of Agrium common shares issued in connection with the proposed
acquisition, our ability to successfully integrate within expected time frames and costs, and realize the expected combination benefits and
synergies and costs savings from, the combination of the businesses of Agrium and CF, or any other recent business acquisitions, and our
ability to maintain relationships with customers, employees and suppliers during the course of the proposed transaction.
Fundamentals of Growth
3
Agrium’s Growth Across the Value Chain
Agrium
Wholesale:
$4.7-billion sales
Nitrogen, Potash,
Phosphate & Sulphate
Retail Customers
Distribution
& Storage
Agrium Retail:
Purchase for Resale
$5.5-billion sales*
Distribution
& Storage
Advanced
Technologies:
Potash expansion
CMF distribution
MOPCO investment
CF Acquisition
Industrial
Customers
Leader in Specialty
Fertilizers
$350-million sales
Royster, ConAgra,
ADM retail, and
UAP
* 2008 actual results include UAP contributions from date of acquisition (May 5, 2008)
Growers
Growers
Turf,
Home,
Garden
Hanfeng, Pursell,
NuGro, ESN
Fundamentals of Growth
4
Agrium’s Strategy: Grow Across Value Chain
• Excellent Agricultural Outlook & Fundamentals
• Solid business strategy & superior asset base and
mix
– Fertilizer year 2008/09 use was an unprecedented anomoly
– Demand is poised for correction
– Crop protection margins have remained strong and prices are
expected to increase over 2008
– Strong growth in seed sales expected to continue
• Agrium provides best opportunity to benefit from
strong agricultural outlook
Fundamentals of Growth
5
Agrium’s Strategy: Grow Across Value Chain
•
Build base businesses to raise earnings in trough periods &
provides funds for countercyclical investment opportunities
•
Expand Wholesale operations to further optimize earnings
through the cycle
Fundamentals of Growth
6
Agrium’s Strategy: Grow Across Value Chain
•
9 acquisitions ($3.5 billion invested) and other growth initiatives (Potash
expansion, ESN expansion, Egypt) in past 5 years
•
Retail: 4 acquisitions in North & South America (over $3-billion invested)
•
Wholesale: 2 acquisitions (over $400-million invested)
•
AAT: 3 large acquisitions and other expansion initiatives (over $280-million
invested)
ESN Capacity
Expansion
CMF
Revenue
UAP
Argentina/Chile
Retail growth
Wholesale
growth
Royster-Clark
AAT growth
ADM
Hanfeng
IOL
Nu-Gro
Egyptian
Nitrogen
Carseland ESN
Pursell
Potash Expansion
2003
2004
2005
2006
2007
2008
2009
Fundamentals of Growth
7
Retail & AAT
Earnings Quality Currently Undervalued
• Historic Agrium retail and previous retail peers
(RC/UAP) EV/EBITDA multiple of 9-10
• Retail/distribution orientated companies average 8-9
(eg. Home Depot, JC Penny, Wesco, Starbucks, Nike)
• Valuation unduly hit due to 6 month anomaly
• Unprecedented volatility in fertilizer use and prices
has short-term impact on retail nutrient margins
• Continued solid earnings from crop protection, seed
and services
Fundamentals of Growth
8
Agrium’s 5-7 year growth objectives
• Strategic acquisitions and other expansion/growth
initiatives across the agricultural value chain
– Acquisitions, capacity expansions, & optimizing base business
• Double Retail EBITDA through:
– Acquisitions, market share expansion
– Broaden private label product offering and penetration
– Continued growth in seed business
• Potash
– Brownfield, 40% increase in capacity by 2013
– Greenfield, potential doubling capacity again
• Double earnings from Advanced Technologies
– ESN growth
– Global expansion of controlled release products
Fundamentals of Growth
9
Building Earnings Across the Value Chain
EBITDA (US$ millions)
$2,500
$2,000
N&P=
strong
earnings
leverage
$1,500
K = less volatile
margins/input
cost
$1,000
$500
Stable Retail
& AAT Base
$0
2000
Retail
2005
AAT
Potash
2007
2008
Phosphate
Nitrogen
Fundamentals of Growth
10
Building Earnings Across the Value Chain
EBITDA (US$ millions)
•
Goal is to double earnings from stable Retail and AAT base,
and significantly grow capacity across all three nutrients
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
N & P = strong
earnings
leverage
K = less volatile
margins/input
cost
Stable Retail &
AAT Base
2000
Retail
Nitrogen
2005
AAT
CF
2007
2008
Potash
CF Synergies
* Includes 2007 EBITDA for CF Industries Holdings, Inc. and $150
million in annual synergies.
2014
potential*
Phosphate
Fundamentals of Growth
11
Largest North American
Agricultural Retailer
•
UAP acquisition boosts net sales to over $5-billion
•
Well balanced portfolio of seed, fertilizer, crop protection products, and
application services
•
$560-million 2008 EBITDA
•
Over 800 North American retail centers
2008 Agrium Retail Gross Profit*
Other
Application
3%
8%
Crop
Protection
40%
44%
5%
Seed
*Includes UAP contributions from May 2008
Crop Nutrients
Fundamentals of Growth
12
UAP Acquisition Expands Diversity & Scale
wheat and potatoes
corn
soybeans
cotton
fruits and
vegetables
wheat
•
Addition of
approximately 380
locations nearly
doubles Agrium’s
retail business
•
Increases
geographic
presence in key
U.S. plains area as
well as Texas and
Florida
•
Further geographic,
crop and product
diversity
•
Decreases exposure
to regional weather
patterns
Agrium Retail Locations
UAP Retail Locations
States with significant expansion to Agrium’s retail footprint
Fundamentals of Growth
13
Significant UAP Synergies
• Anticipate annual synergies of approximately
$115-million, phased realization:
• ~ $80-million in 2009
• ~ $115-million in 2010 and beyond
• Synergies achieved through
• Benefit from UAP’s expertise on crop protection procurement
• Procurement of crop nutrients and combining seed business
• Significantly expand private label crop protection lines at
Agrium
• Reduction in SG&A expenses
*Based on expected UAP 2008 calendar year EBITDA
Fundamentals of Growth
14
Agrium’s Retail Transformation
Retail EBITDA
$600
(US$ millions)
Future expected
UAP synergies
$500
$400
$300
Combined(1) UAP
base business
0%
1
R
G
A
C
Historic
(2)
r
a
per ye
$200
$100
Royster Synergies
Base business
2007
$0
1999
2000
2001* 2002*
2003
2004
2005
2006
2007
2008
1) Last 12 month EBITDA from UAP as of February 24, 2008 as disclosed in UAP’s public
disclosure documents
2) Compounded Annual Growth Rate was accomplished without an increase in the number of retail
centers between 1999 and 2005
* 2001 excludes negative impact of the Argentine currency devaluation,
* 2002 excludes an estimate of one-time benefit of Argentine currency devaluation
of US$15-million
Fundamentals of Growth
15
Advanced Technologies
•
Leader in environmentally friendly specialty products, broad mix of
products marketed to: Turf, Ornamental, Greenhouse, High Value Specialty
Crops, Lawn and Garden
Thousands
ESN® Growth
700
•
600
Total tons sold
500
ESN® is Agrium’s patented
controlled-release product for
major crops
R
AG
C
25%
400
300
200
100
0
2007
2008
2009
2010
2011
2012
2013
Forecast
Carseland
Sylacauga
New Madrid
Location TBD
New Madrid Twin
•
Recently announced new ESN plant at New Madrid, MO (120,000 tons start
up 2010), brings total capacity to 360,000 tons from 3 plant locations
•
Equity position (19.6%) in Hanfeng (HF.TO), a leading producer of valueadded fertilizer in China
Fundamentals of Growth
16
Wholesale Advantages
Potash (K)
- 2.1 mmt low cost production capacity
- Diverse global/NA customer base
- Over 5.0 mmt production capacity
Nitrogen (N)
- Natural gas and in-market advantages
- Diversified global production assets
- Over 1.0 mmt production capacity
Phosphate (P)
Purchase for
Resale (PFR)
- Two integrated facilities with in-market
and cost advantages
- Optimizes our extensive distribution
and marketing capabilities
- CMF acquisition enhances annual
PFR volumes by 2.5 mmt
Fundamentals of Growth
17
Internationally Competitive Potash
•
•
•
Potash Capacity of 2.1 mmt
Market Advantages
– Market internationally through Canpotex
– Strong margins
Cost Advantages
– Low-cost production
NA sales
International
% Sales*
54%
46%
Potash Facility
Potash Markets
*3-Year Average Sales Volumes
Fundamentals of Growth
18
Nitrogen Competitive Advantage
•
•
Selling price advantage over New Orleans benchmark (USD /
Tonne)
AECO gas advantage vis a vis NYMEX
Nitrogen production facility
Urea +$80
Ammonia +$178
Nitrogen upgrading facility
Urea +$43
Ammonia +$97
Urea +$73
Ammonia +$93
Urea +$20
Ammonia +$69
NOLA
North America
Source: Green Markets: Spread equals regional reference price
minus NOLA reference price.
Delivered prices adjusted by -$5/t for Urea and -$9/t for ammonia to
estimate FOB prices. Based on a 5-year average from 2003-2007
Fundamentals of Growth
19
Regional Phosphate Advantages
• In - Market Advantage
- Lower freight costs
- Higher selling prices
• Vertically Integrated
facilities
- Competitive advantage on
Sulphur & Ammonia costs
Sales (Tonnes 000’s)
Canada
540
U.S.
480
- Partially offset by rock
costs and FX.
Phosphate Facility
Phosphate Markets
2007 Sales: thousand tonnes of product
Fundamentals of Growth
20
Agrium Wholesale Production and
Distribution
North America
South America
Agrium
San Nicolas
Import Terminal
(Profertil S.A.)*
Potash
Production
Bahia Blanca,
Argentina
(Profertil S.A.) *
Phosphate Mine
Phosphate
Production
Nitrogen Production
Africa/Middle East
Granulation
Production
Damietta
Egypt
(MOPCO)**
Storage
Magellan Pipeline
Europe
Common Market Fertilizers S.A.
(CMF)***
* Profertil S.A. is 50 percent owned by Agrium Inc. and 50 percent owned by
Repsol YPF, S.A. in Argentina
** 26 percent interest in MISR Oil Processing Company, S.A.E. (MOPCO) in Egypt.
*** 70 percent equity position in Common Market Fertilizers S.A. (CMF) in Europe.
Fundamentals of Growth
21
Our Offer For CF Industries
Fundamentals of Growth
22
Our Offer for CF
• We are determined to acquire CF, creating significant
value for both CF and Agrium stockholders
• Work on obtaining US and Canadian anti-trust
clearance continues and we still expect no material
impediment to closing the transaction
• Cash or stock election provides opportunity to receive
24% ownership in Agrium’s broader, more balanced
portfolio of products and reinvest significant cash
portion
• Our bid provides far superior value for CF
stockholders compared with any alternative
articulated by CF, including remaining independent or
paying a premium for Terra
Fundamentals of Growth
23
Agrium and CF Production and Distribution
North America
South America
Agrium
San Nicolas
Import Terminal
(Profertil S.A.)*
Potash
Production
Bahia Blanca,
Argentina
(Profertil S.A.) *
Phosphate Mine
Phosphate
Production
Nitrogen Production
Africa/Middle East
Granulation
Production
Damietta
Egypt
(MOPCO)**
Storage
Magellan Pipeline
CF
Europe
Phosphate Mine
Phosphate
Production
Nitrogen Production
Storage
Valero Pipeline
* Profertil S.A. is 50 percent owned by Agrium Inc. and 50 percent owned by
Repsol YPF, S.A. in Argentina
** 26 percent interest in MISR Oil Processing Company, S.A.E. (MOPCO) in Egypt.
*** 70 percent equity position in Common Market Fertilizers S.A. (CMF) in Europe.
Common Market Fertilizers S.A.
(CMF)***
Fundamentals of Growth
24
Summary
• Agrium continues to grow and expand across the
value chain while optimizing earnings through the
business cycle
• Agrium provides the best opportunity to benefit
from positive agricultural outlook
• Expect a strong recovery in fertilizer use in fertilizer
year 2009/10
Fundamentals of Growth
25
Fundamentals of Growth
The Future is
Promising
•
Unprecedented decline in USA demand for all 3 nutrients
change in USA nutrient demand
Fertilizer Helps Feed a Growing World
20%
10%
0%
-10%
-20%
-30%
-40%
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
-50%
Nitrogen
Source: IFA, Agrium
Phosphate
Potash
Fundamentals of Growth
27
Summary of Revised Offer for CF
Offer:
Consideration:
Agrium to combine with CF in a cash and stock deal
•
•
•
$40.00 in cash and 1 Agrium share (total consideration of $89.22 as at May 29)
Aggregate consideration of $2.0 billion cash and 50.2 million shares
CF stockholders may elect mixed consideration, or cash or shares, subject to
proration
•
61% to CF closing price on February 24 and 50% to cash-adjusted premium to
CF’s unaffected stock price(1) (based on mixed consideration and $49.22
Agrium share price on May 29)
An increase of $17.22 or 24% over Agrium’s initial offer of $72.00
Premium:
•
Pro Forma Ownership:
76% Agrium and 24% CF
Financing:
Committed debt facilities from Royal Bank of Canada and The Bank of Nova
Scotia
Key Conditions:
•
•
•
•
•
Negotiation of definitive merger agreement
CF offer for Terra terminated
Receipt of regulatory and other customary approvals
Absence of any material adverse changes to CF or its business
Our ability to conduct limited confirmatory due diligence
(1) See previous slides for methodology used for estimating CF’s unaffected stock price.
Fundamentals of Growth
28
Significant Synergies from
Combination of Agrium and CF
•
Anticipate annual synergies of approximately $150 million from
Agrium/CF combination, phased in over three years
Source
Description
Sales, Marketing
and Distribution
Consolidation of the sales, marketing and distribution systems by
• utilizing Agrium’s and CF’s combined broad distribution network to reduce
logistic costs
• reduce total product miles shipped and optimize railcar lease costs
• leverage underutilized distribution facilities
SG&A Costs
•
Procurement of
Plant Materials,
Equipment and
Logistics Services
Realization of cost savings associated with
• enhanced economies of scale in purchase/procurement of products and
services
• optimization of plant turnarounds and operating costs
• reduction of duplication in product inventory and associated carrying costs
• catalyst and spare parts inventory pooling
• enhanced efficiencies in future capital expenditures
Eliminating corporate functions and overhead reductions (e.g. headquarter
consolidation) and utilizing SG&A excess capacity
Fundamentals of Growth
29
Creates a Global Nitrogen Leader
Global Nitrogen Nutrient Capacity
Nitrogen Capacity (Million Nutrient Tonnes)
8.0
7.0
6.7
6.4
6.0
5.0
4.0
3.4
3.4
3.4
3.0
3.0
2.3
2.0
1.0
0.0
Yara
Source: British Sulphur and IFDC
Combined
Agrium/CF
PCS
Terra
Agrium
CF
Koch
Fundamentals of Growth
30
Attractive Economics for
North American Producers
•
Lower gas prices in NA and higher prices elsewhere, combined with firm
nitrogen demand, result in strong NA nitrogen margins
NOLA Granular Price = $300/MT
350
300
$/Tonne
250
200
150
$6/
MMBtu*
100
50
$2.50/
MMBtu
$5 /
MMBtu
$3/
MMBtu
0
W. Canada
NOLA (US Gulf)
Ukraine
W. Europe
Natural Gas
Other Cash Costs
Freight to Port
Ocean Freight
•There have been press reports that Ukraine gas price may be reduced by 20% in the future, which would put
their gas costs slightly below W. Europe formula prices but delivered cost of product would remain over
$200/mt
•W. European gas price based on the average of hub and formula-based prices.
Source: Fertecon, British Sulphur, Agrium
Fundamentals of Growth
31
Benchmark Prices: Urea
1,000
900
800
USD/tonne
700
600
500
400
300
200
100
0
Aug- Dec05
05
Apr06
Aug06
Dec- Apr06
07
Black Sea
Source: Blue, Johnson & Associates, The Market, Green Markets
Aug07
NOLA
Dec07
Apr08
Aug- Dec08
08
Apr09
Aug09
Pacific Northwest
Fundamentals of Growth
32
Phosphate Advantages
North American Phosphate Nutrient Capacity
Phosphoric Acid Capacity ('000 Tonnes) .
5,000
4,500
4,307
4,000
3,500
3,000
2,370
2,500
2,000
1,673
1,500
953
1,000
775
720
376
500
0
Mosaic
PCS
Combined
Agrium/CF
CF
Source: IFDC Worldwide Phosphoric Acid Capacity Listing by Plant, June 2008
J.R. Simplot
Co.
Agrium
Mississippi
Phos Corp.
Fundamentals of Growth
33
USD/tonne
Benchmark Prices: Phosphate
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0 Aug05
Dec- Apr- Aug- Dec- Apr- Aug- Dec- Apr- Aug- Dec- Apr- Aug05
06
06
06
07
07
07
08
08
08
09
09
Central Florida
Source: Blue, Johnson & Associates, Green Markets
PNW
Fundamentals of Growth
34
Benchmark Prices: Potash
1,000
USD/tonne
900
800
700
600
500
400
300
200
100
0
Aug- Dec- Apr- Aug- Dec- Apr- Aug- Dec- Apr- Aug- Dec- Apr- Aug05
05
06
06
06
07
07
07
08
08
08
09
09
Sask
Source: Green Markets, Blue, Johnson & Associates, Agrium
Midwest
Fundamentals of Growth
35
Nitrogen Balance Tight through 2011
Average annual demand from 2002-07 was 2.9%
Timing of projects after 2012 is uncertain
Demand to surpass 2007 levels in 2010/11
5
(million tonnes of nitrogen)
•
•
•
Demand Growth
4
3
2
1
-1
2007
2008
2009
2010
2011
2012
2013
2014
-2
-3
-4
-5
Other
Iran
Oman
Egypt
Pakistan
Qatar
Russia
MOPCO
Source: Fertecon, IFA, Agrium
Note: Excludes Chinese capacity additions and demand
Algeria
Fundamentals of Growth
36
Limited Growth in Phosphate Capacity
•
•
•
Average annual demand from 2002-07 was 3.1%
Little new phosphate capacity until the Ma’aden Project
Projects after 2013 are uncertain
(Million tonnes of P205)
5
4
Demand Growth
3
2
1
0
-1
-2
-3
-4
-5
2007
Other
2008
2009
2010
North Africa
2011
2012
China
2013
2014
Saudi Arabia
Fundamentals of Growth
Sources: British Sulphur, IFA, Agrium
37
Potash Demand Plays Catch-Up
•
•
(Million tonnes of K2O)
•
Average annual demand from 2002-07 was 5.3%
Approximately 35% reduction in demand from 2007 peak to
2009
Expect global demand to reach 2007 levels in 2011
8
7
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-11
Demand Growth
2007
2008
Other
2009
2010
2011
FSU
2012
2013
2014
Canada
Sources: Fertecon, IFA, Agrium
FSU denotes the Former Soviet Union (Belarus, Russia, Uzbekistan)
Fundamentals of Growth
38