Quarterly Financial Report Q3/2010

  • Fertilizer and salt markets in good shape
  • Quarterly revenues up by 52 % to just under € 1.1 billion
  • Operating earnings reach € 108.5 million (Q3/09: € 9.4 million)
  • Adjusted earnings per share at € 0.21 (Q3/09: € (0.01))
  • In first nine months, free cash flow reaches € 616.4 million (9M/09: € 211.6 million)
  • Adjusted earnings per share for 2010 expected to be between € 1.95 and € 2.10 (2009: € 0.56)
  • Attractive perspectives for the coming year

Key Data Business Development

Key Figures (IFRS)
€ millionQ3/10Q3/09%9M/109M/09%
Revenues 1,061.2 698.1 + 52.0 3,653.3 2,512.5 + 45.4
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 164.3 45.3 + 262.7 714.4 307.5 + 132.3
EBITDA margin in % 15.5 6.5 – 19.6 12.2 –
Operating earnings (EBIT I) 108.5 9.4 + 1,054.3 531.7 201.5 + 163.9
Operating EBIT margin in % 10.2 1.3 – 14.6 8.0 –
Result after operating hedges (EBIT II) 158.9 17.4 + 813.2 547.9 208.0 + 163.4
Earnings before income taxes 106.2 5.7 + 1,763.2 443.5 111.3 + 298.5
Earnings before income taxes, adjusted 1) 55.8 (2.3) – 427.3 104.8 + 307.7
Group earnings 76.8 3.7 + 1,975.7 325.4 80.8 + 302.7
Group earnings, adjusted 1) 40.4 (2.1) – 313.7 76.1 + 312.2
Return on Capital Employed (LTM) in % 2) – – – 16.5 21.9 –
Gross cash flow 81.1 19.0 + 326.8 583.9 232.7 + 150.9
Net indebtedness as of 30 Sept. – – – 789.1 833.1 (5.3)
Capital expenditure 3) 45.5 43.5 + 4.6 107.2 114.1 (6.0)
Depreciation and amortisation 3) 55.7 35.9 + 55.2 182.6 106.0 + 72.3
Working capital as of 30 Sept. – – – 897.9 828.8 + 8.3
Earnings per share, adjusted (€) 1) 0.21 (0.01) – 1.64 0.46 + 256.5
Gross cash flow per share (€) 0.42 0.11 + 281.8 3.05 1.41 + 116.3
Book value per share as of 30 Sept. (€) – – – 12.94 8.16 + 58.6
Total number of shares as of 30 Sept. (million) – – – 191.40 165.00 + 16.0
Outstanding shares as of 30 Sept. (million) 4) – – – 191.40 165.00 + 16.0
Average number of shares (million) 5) 191.40 165.00 + 16.0 191.31 164.91 + 16.0
Employees as of 30 Sept. (number) 6) – – – 15,255 12,378 + 23.2
Average number of employees 6) 15,154 12,303 + 23.2 15,141 12,305 + 23.0
Personnel expenses 239.2 165.5 + 44.5 749.6 549.8 + 36.3
Closing price (XETRA) as of 30 Sept. (€) 7) – – – 43.92 37.29 + 17.8
Market capitalisation as of 30 Sept.
(€ billion)		 – – – 8.4 6.2 + 35.5
Enterprise value as of 30 Sept. (€ billion) – – – 9.2 7.0 + 31.4

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. Any resulting effects on deferred and cash taxes are also eliminated; tax rate 2010: 28.0 % (2009: 27.9 %).

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

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.