Financial section

Statement of income for the period    
€ millionQ2/10Q2/09H1/10H1/09
Revenues 1,058.5 738.7 2,592.1 1,814.4
Cost of sales 645.6 473.5 1,538.6 1,137.0
Gross profit 412.9 265.2 1,053.5 677.4
Selling expenses 235.1 160.3 529.3 348.8
General and administrative expenses 44.5 32.5 84.3 59.6
Research and development costs 3.8 4.5 7.5 8.5
Other operating income 86.8 24.3 131.9 70.3
Other operating expenses 56.5 63.6 126.2 116.0
Income from investments, net 0.7 0.4 1.8 0.8
Result from operating forecast hedges (34.4) 8.7 (50.9) (25.0)
Result after operating hedges (EBIT II) 1) 126.1 37.7 389.0 190.6
Interest income 1.8 1.1 2.9 2.1
Interest expenses (21.4) (8.4) (52.2) (17.6)
Other financial result (1.9) (69.3) (2.4) (69.5)
Financial result (21.5) (76.6) (51.7) (85.0)
Earnings before income taxes 104.6 (38.9) 337.3 105.6
Taxes on income 28.1 (8.8) 88.3 28.3
- of which deferred taxes 7.0 (2.3) (8.7) (6.8)
Net income 76.5 (30.1) 249.0 77.3
Minority interests in earnings 0.2 0.1 0.4 0.2
Group earnings after taxes and minority interests 76.3 (30.2) 248.6 77.1
Earnings per share in € (undiluted ≙ diluted) 0.40 (0.18) 1.30 0.47
         
Operating earnings (EBIT I) 155.5 18.1 423.2 192.1
Earnings before income taxes, adjusted 2) 134.0 (58.5) 371.5 107.1
Group earnings, adjusted 2) 97.5 (44.3) 273.3 78.2
Earnings per share in €, adjusted 2) 0.51 (0.27) 1.43 0.47
Average number of shares (million) 191.33 164.90 191.28 164.87
Statement of comprehensive income for the period
€ millionQ2/10Q2/09H1/10H1/09
Net income 76.5 (30.1) 249.0 77.3
Foreign currency translation 174.2 (23.6) 295.8 (6.9)
Earnings without recognition in profit or loss 174.2 (23.6) 295.8 (6.9)
Comprehensive income 250.7 (53.7) 544.8 70.4
Minority interests in comprehensive income 0.2 0.1 0.4 0.2
Group comprehensive income after taxes and minority interests 250.5 (53.8) 544.4 70.2
Operating earnings (EBIT I)    
€ millionQ2/10Q2/09H1/10H1/09
Result after operating hedges (EBIT II) 1) 126.1 37.7 389.0 190.6
+/- Result from operating “anticipative” hedges 34.4 (8.7) 50.9 25.0
+/- Realized earnings from operating forecast hedges (5.0) (10.9) (16.7) (23.5)
Operating earnings (EBIT I) 155.5 18.1 423.2 192.1

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. Any resulting effects on deferred and cash taxes are also eliminated;
tax rate Q2/10: 27.9 % (Q2/09: 27.9 %).