Half-yearly Financial Report H1/2010

  • Global fertilizer demand well on the way to normalising
  • Q2 revenues rise by 43 % to just under € 1.1 billion
  • Operating earnings reach € 155.5 million (Q2/09: € 18.1 million)
  • Adjusted earnings per share € 0.51 (Q2/09: € (0.27))
  • H1 free cash flow exceeds half a billion euros for the first time
  • Adjusted earnings per share of between € 1.75 and € 1.95 expected for 2010 (2009: € 0.56)

Key Data Business Development

Key Figures (IFRS)
€ millionQ2/10Q2/09%H1/10H1/09%
Revenues 1,058.5 738.7 + 43.3 2,592.1 1,814.4 + 42.9
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 217.0 53.1 + 308.7 550.1 262.2 + 109.8
EBITDA margin in % 20.5 7.2 – 21.2 14.5 –
Operating earnings (EBIT I) 155.5 18.1 + 759.1 423.2 192.1 + 120.3
Operating EBIT margin in % 14.7 2.5 – 16.3 10.6 –
Result after operating hedges (EBIT II) 126.1 37.7 + 234.5 389.0 190.6 + 104.1
Earnings before income taxes 104.6 (38.9) – 337.3 105.6 + 219.4
Earnings before income taxes, adjusted 1) 134.0 (58.5) – 371.5 107.1 + 246.9
Group earnings 76.3 (30.2) – 248.6 77.1 + 222.4
Group earnings, adjusted 1) 97.5 (44.3) – 273.3 78.2 + 249.5
Return on Capital Employed (LTM) in % 2) – – – 14.4 44.6 –
             
Gross cash flow 186.7 41.4 + 351.0 507.9 213.7 + 137.7
Net indebtedness as of 30 June – – – 862.1 827.6 + 4.2
Capital expenditure 3) 34.4 41.5 (17.1) 61.7 70.6 (12.6)
Depreciation and amortisation 3) 61.5 35.0 + 75.7 126.9 70.1 + 81.0
Working capital as of 30 June – – – 954.5 907.3 + 5.2
             
Earnings per share, adjusted (€) 1) 0.51 (0.27) – 1.43 0.47 + 204.3
Gross cash flow per share (€) 0.98 0.25 + 292.0 2.66 1.30 + 104.6
Book value per share as of 30 June,
adjusted (€) 1)		 – – – 13.78 8.50 + 62.1
             
Total number of shares as of 30 June (million) – – – 191.40 165.00 + 16.0
Outstanding shares as of 30 June (million) 4) – – – 191.40 165.00 + 16.0
Average number of shares (million) 5) 191.33 164.90 + 16.0 191.28 164.87 + 16.0
             
Employees as of 30 June (number) 6) – – – 15,102 12,233 + 23.5
Average number of employees 6) 15,083 12,262 + 23.0 15,135 12,307 + 23.0
Personnel expenses 263.8 197.4 + 33.6 510.4 384.3 + 32.8
             
Closing price (XETRA) as of 30 June (€) 7) – – – 37.88 40.03 (5.4)
Market capitalisation as of 30 June
(€ billion)		 – – – 7.3 6.6 + 10.6
Enterprise value as of 30 June (€ billion) – – – 8.1 7.4 + 9.5

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

2)  Return on capital employed of the last twelve months as of 30 June.

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.