Dividend

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Dividend payment for financial year 2007
For 2007 a dividend of € 2.00 per share was paid out (after the share split with effect from 21 July 2008 in the ratio 1 to 4 this corresponds to a payment of € 0.50 per share; total payment: € 82.5 million; payment date 15 May 2008). Based on the year-end closing price, this corresponds to a dividend yield of 1.2%. With a distribution level of 47 %, this dividend payment is in the distribution corridor of 40 % to 50 % of the adjusted group earnings of the K+S Group that we are seeking to sustainably achieve.

Future dividend policy
We pursue an earnings-based dividend policy. The K+S share should remain an investment offering high growth and high yields in the future too. A distribution level of between 40 and 50 %, taking into account the customarily high free cash flow, forms the basis for future dividend recommendations to be determined jointly with the Supervisory Board. The significant increase in adjusted group earnings after taxes expected for 2008 should also have a positive effect on the future dividend payment.

 

	2007	2006	2005	2004	2003
Dividend in euro 1)	0.50	0.50	0.45	0.33	0.25
Closing price (XETRY) in euro (31.12.) 1)	40.69	20.55	12.76	9.78	5.44
Dividend yield in % 3)	1.2	2.4	3.5	3.3	4.6
Total dividend payment in € million	82.5	82.5	74.3	55.3	42.5
Distribution quota in % 2)	47.1	46.8	46.0	39,3	42,0

^{1) From 21 July 2008 onwards; adjusted for share split in the ratio 1 to 4
2) In 2006: excluding non-recurrent deferred tax income of € 41.9 million or € 1.02 per share
3) Without inclusion of corporate income tax; based on XETRA year-end closing prices}