Multi-period overview of financial position
|Figures in € million||2012||2011||2010||2009||2008|
|Gross cash flow 1)||813.0||859.0||812.7||323.9||1,117.9|
|Cash flow from operating activities 1), 2), 3)||650.6||743.4||829.1||537.1||810.1|
|Free cash flow before acquisitions 1),2), 3), 4)||246.7||491.5||651.4||368.1||639.9|
|Cash flow from financing activities 1)||243.0||(261.7)||(439.7)||1,168.1||(318.0)|
|Equity ratio (%)||52.4||50.9||47.6||40.1||49.5|
|Non-current provisions as share of balance sheet total (%)||14.0||13.6||15.5||16.0||16.4|
|Level of indebtedness I (%)||36.4||25.0||29.7||60.5||15.5|
|Level of indebtedness II (%)||21.7||19.8||27.6||64.5||33.2|
1) Information refers to the continued operations of the K+S Group; the years 2008 until 2010 as well as the years 2008 until 2011 also include the discontinued operations of the COMPO business and the nitrogen business, respectively.
2) Adjusted for the change in the tie-up of funds for premium payments for hedging transactions.
3) Without out-financing of pension obligations.
4) Without investments in securities and other financial investments.
Net indebtedness development
With net indebtedness of € 756.0 million (including pension pro-visions and provisions for mining obligations of € 795.4 million in total) and a level of indebtedness of only 21.7 %, the K+S Group has a strong financial base. In view of the upcoming capital expenditure for the expansion of our potash capacities in Canada (Legacy Project), the solid capital structure and a high operating cash flow provide a good starting point for the further development of the K+S Group. Our currently very low level of net indebtedness should rise significantly in com-parison to the previous year. This assumption takes into consideration the expected capital expenditure budget, including the Legacy Project, and the total dividend payment resulting from the dividend proposal by the Board of Executive Directors. For 2014, we expect, against the backdrop of persistently high capital expenditure on the Legacy Project, a further increase in net indebtedness. Nonetheless, in 2013 and 2014, we should report an equity ratio of at least 50% and a level of indebt-edness of under 50 %.
K+S received an "investment grade" rating on 23 April 2009. Further information can be found in our Rating section.