The Quarter in brief Q4/2010

  • Fertilizer and salt markets in very good shape
  • Quarterly revenues up by 26 % to € 1.34 billion
  • Operating earnings EBIT I reach € 195.2 million (Q4/09: € 36.5 million)
  • Adjusted earnings per share at € 0.69 (Q4/09: € 0.10)
  • Dividend of € 1.00 proposed (2009: € 0.20)
  • K+S heads into 2011 and 2012 with confidence

Key Data Business Development

Key Figures (IFRS)
€ millionQ4/10Q4/09%20102009%
Revenues 1,340.5 1,061.3 + 26.3 4,993.8 3,573.8 + 39.7
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 260.8 104.3 + 150.0 975.2 411.8 + 136.8
EBITDA margin in % 19.5 9.8 – 19.5 11.5 –
Operating earnings (EBIT I) 195.2 36.5 + 434.8 726.9 238.0 + 205.4
Operating EBIT margin in % 14.6 3.4 – 14.6 6.7 –
Result after operating hedges (EBIT II) 183.6 33.9 + 441.6 731.5 241.9 + 202.4
Earnings before income taxes 164.5 15.2 + 982.2 608.0 126.5 + 380.6
Earnings before income taxes, adjusted 1) 176.1 17.8 + 889.3 603.4 122.6 + 392.2
Group earnings 123.2 15.6 + 689.7 448.6 96.4 + 365.4
Group earnings, adjusted 1) 131.6 17.5 + 652.0 445.3 93.6 + 375.7
Return on Capital Employed (LTM) in % – – – 20.9 9.3 –
Gross cash flow 246.3 91.2 + 170.1 830.2 323.9 + 156.3
Net indebtedness as of 31 Dec. – – – 732.5 1,351.3 (45.8)
Capital expenditure 2) 93.8 63.5 + 47.7 201.0 177.6 + 13.2
Depreciation and amortisation 2) 65.7 67.8 (3.1) 248.3 173.8 + 42.9
Working capital as of 31 Dec. – – – 959.4 970.5 (1.1)
Earnings per share, adjusted (€) 1) 0.69 0.10 + 590.0 2.33 0.56 + 316.1
Gross cash flow per share (€) 1.29 0.55 + 134.5 4.34 1.95 + 122.6
Book value per share as of 31 Dec. (€) – – – 13.85 10.94 + 26.6
Total number of shares as of 31 Dec. (million) – – – 191.40 191.40 –
Outstanding shares as of 31 Dec. (million) 3) – – – 191.40 191.40 –
Average number of shares (million) 4) 191.40 169.84 + 12.7 191.34 166.15 + 15.2
Employees as of 31 Dec. (number) 5) – – – 15,241 15,208 + 0.2
Average number of employees 5) 15,246 15,236 + 0.1 15,168 12,368 + 22.6
Personnel expenses 269.7 206.6 + 30.5 1,019.3 756.4 + 34.8
Closing price (XETRA) as of 31 Dec. (€) – – – 56.36 39.99 + 40.9
Market capitalisation as of 31 Dec. (€ billion) – – – 10.8 7.7 + 40.9
Enterprise value as of 31 Dec. (€ billion) – – – 11.5 9.0 + 27.8

1) The adjusted key figures unalteredly only include the realised result from operating forecast hedges of 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. Related effects on deferred and cash taxes are also eliminated; tax rate for 2010: 28.2% (2009: 27.9%).

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

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

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

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