Financial section

Statement of income for the period  
€ millionQ1/10Q1/09
Revenues 1,533.6 1,075.7
Cost of sales 893.0 663.5
Gross profit 640.6 412.2
Selling expenses 294.2 188.5
General and administrative expenses 39.8 27.1
Research and development costs 3.7 4.0
Other operating income 45.1 46.0
Other operating expenses 69.7 52.4
Income from investments, net 1.1 0.4
Result from operating forecast hedges (16.5) (33.7)
Result after operating hedges (EBIT II) 1) 262.9 152.9
Interest income 1.1 1.0
Interest expenses (30.8) (9.2)
Other financial result (0.5) (0.2)
Financial result (30.2) (8.4)
Earnings before income taxes 232.7 144.5
Taxes on income 60.2 37.1
- of which deferred taxes (15.7) (4.5)
Net income 172.5 107.4
Minority interests in earnings 0.2 0.1
Group earnings after taxes and minority interests 172.3 107.3
Earnings per share in € (undiluted ≙ diluted) 0.90 0.65
     
Operating earnings (EBIT I) 267.7 174.0
Earnings before income taxes, adjusted 2) 237.5 165.6
Group earnings, adjusted 2) 175.8 122.5
Earnings per share in €, adjusted 2) 0.92 0.74
Average number of shares (million) 191.23 164.84
Statement of comprehensive income for the period  
€ millionQ1/10Q1/09
Net income 172.5 107.4
Foreign currency translation 121.6 16.7
Earnings without recognition in profit or loss 121.6 16.7
Comprehensive income 294.1 124.1
Minority interests in comprehensive income 0.2 0.1
Group comprehensive income after taxes and minority interests 293.9 124.0
Operating earnings (EBIT I)  
€ millionQ1/10Q1/09
Result after operating hedges (EBIT II) 1) 262.9 152.9
+/- Result from operating “anticipative” hedges 16.5 33.7
+/- Realized earnings from operating forecast hedges (11.7) (12.6)
Operating earnings (EBIT I) 267.7 174.0

1)  Management of the K+S Group is handled on the basis of operating earnings (EBIT I). Reconciliation of EBIT II to operating earnings (EBIT I) is recorded below the income statement.

2)  The adjusted key figures only contain the earnings actually realised on operating forecast hedges for the respective reporting period. The changes in the market value of operating forecast hedges still outstanding, however, are not taken into account in the adjusted earnings. Any resulting effects on deferred and cash taxes are also eliminated; tax rate Q1/10: 27.9 % (Q1/09: 27.9 %).