Key Data Business Development

Key Figures (IFRS) 
€ millionQ1/10Q1/09%
Revenues 1,533.6 1,075.7 + 42.6
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 333.1 209.1 + 59.3
EBITDA margin in % 21.7 19.4 –
Operating earnings (EBIT I) 267.7 174.0 + 53.9
Operating EBIT margin in % 17.5 16.2 –
Result after operating hedges (EBIT II) 262.9 152.9 + 71.9
Earnings before income taxes 232.7 144.5 + 61.0
Earnings before income taxes, adjusted 1) 237.5 165.6 + 43.4
Group earnings 172.3 107.3 + 60.6
Group earnings, adjusted 1) 175.8 122.5 + 43.5
Return on Capital Employed (LTM) in % 2) 11.2 57.1 –
       
Gross cash flow 266.0 172.3 + 54.4
Net indebtedness as of 31 March 1,048.6 535.6 + 95.8
Capital expenditure 3) 27.3 29.1 (6.2)
Depreciation and amortisation 3) 65.4 35.1 + 86.3
Working capital as of 31 March 956.4 1,064.1 (10.1)
       
Earnings per share, adjusted (€) 1) 0.92 0.74 + 24.3
Gross cash flow per share (€) 1.39 1.05 + 32.4
Book value per share as of 31 March, adjusted (€) 1) 12.54 11.31 + 10.9
       
Total number of shares as of 31 March (million) 191.40 165.00 + 16.0
Outstanding shares as of 31 March (million) 4) 191.20 164.84 + 16.0
Average number of shares (million) 5) 191.23 164.84 + 16.0
       
Employees as of 31 March (number) 6) 15,164 12,334 + 22.9
Average number of employees 6) 15,188 12,351 + 23.0
Personnel expenses 251.4 186.9 + 34.5
       
Closing price (XETRA) as of 31 March (€) 7) 44.93 34.93 + 28.6
Market capitalisation as of 31 March (€ billion) 8.6 5.8 + 48.3
Enterprise value as of 31 March (€ billion) 9.6 6.3 + 52.4

1)  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 %).

2)  Return on capital employed of the last twelve months as of 31 March.

3)  Cash-effective investments in or depreciation on property, plant and equipment, intangible assets.

4)  Total number of shares less the number of own shares held by K+S as of the balance sheet date.

5)  Total number of shares less the average number of own shares held by K+S.

6)  FTE: Full-time equivalents; part-time positions are weighted in accordance with their respective share of working hours.

7)  Since the capital increase in December 2009, the price of the K+S share has been traded ex subscription right. Historical values were not adjusted.