The interim report of 30 September 2010 is prepared in accordance with the International Financial Reporting Standards (IFRSs) as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), insofar as those have been recognised by the European Union. The report is prepared as abridged financial statements with selected explanatory notes as stipulated by IAS 34. With the exception of adjustments made as a result of changes to accounting standards, the accounting and valuation principles used for this interim report correspond to those used for the consolidated financial statements as of 31 December 2009.
Assets and liabilities are translated at the exchange rate prevailing on the balance sheet date. In 2010, income and expenses were translated for the first time applying the average exchange rates for the quarter. Previously, income and expenses had been translated at the average exchange rate for the year.
The information regarding the scope of consolidation presented in the Financial Report 2009 on p. 172 et seqq. were changed only to a minor extent as of 30 September 2010: In connection with the further integration of Morton Salt, Morton Salt, Inc., Chicago (USA), was established as a subsidiary of K+S North America Salt Holdings LLC, Chicago (USA).
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There are seasonal differences over the course of the year that affect the sales volumes of fertilizers and salt products. In the case of fertilizers, we generally attain our highest sales volumes in the first half of the year because of the spring fertilisation in Europe. Sales volumes of salt products – especially of de-icing salt – largely depend on the respective wintry weather during the first and fourth quarters. In the aggregate, both these effects mean that revenues and particularly earnings are generally strongest during the first half of the year.