SYS-CON MEDIA Authors: Yeshim Deniz, Elizabeth White, Greg Ness, Sean Houghton, Glenn Rossman

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Agrium Reports Fourth Quarter; Retail Delivers Record Results

CALGARY, ALBERTA -- (Marketwired) -- 02/20/14 --

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.


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)
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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:


--  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. 

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:


--  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. 

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:


--  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.

The following table is a summary of our other expenses (income) for the fourth quarters of 2013 and 2012, respectively.


                                                                            
----------------------------------------------------------------------------
                                                         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)
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Potash profit and capital tax                                6            3 
----------------------------------------------------------------------------
Other                                                        8            2 
----------------------------------------------------------------------------
                                                            (4)         (20)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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:


--  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. 

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.


SELECTED QUARTERLY INFORMATION                                              
                                                                            
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(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 
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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 
----------------------------------------------------------------------------
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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.


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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.                                           
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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.                                     
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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
------------------------  ------------------------------------------------
------------------------  ------------------------------------------------


(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%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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.


                                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.                              

Contacts:
Agrium Inc.
Investor/Media Relations:
Richard Downey
Vice President, Investor & Corporate Relations
(403) 225-7357

Agrium Inc.
Todd Coakwell
Director, Investor Relations
(403) 225-7437

Agrium Inc.
Louis Brown
Analyst, Investor Relations
(403) 225-7761
www.agrium.com

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