Outlook
Outlook

Our outlook for 2020

Development of forecasts for the whole year 2020

Expected earnings development, financial position and planned capital expenditure of K+S

    ACTUAL 2019 Forecast in 2019 Annual Report Forecast Q1/2020 Forecast Q2/2020 Forecast Q3/2020
K+S Group   
EBITDA1 €  million 640.4 500 to 620 around 520
before restructruring
costs
around 480
including restructuring
costs
around 480 
including restructuring 
costs
– Operating unit Europe+ €  million 437.0 tangible decline to
largely stable
tangible decline tangible decline tangible decline
– Operating unit Americas €  million 230.0 slight to tangible
decline
moderate decline slight decline slight decline
Capital expenditure2 €  million 493.3 significant increase significant increase significant increase significant increase
Consolidate earnings after tax, adjusted3 €  million 77.8 significant decline significant decline significant decline strongly negative
Adjusted free cash flow €  million 139.7 approximately
break even
approximately
break even
approximately
break even
approximately 
break even
ROCE % 2.3 significant decline significant decline significant decline strongly negative
Average EUR/USD exchange rate after hedging EUR/USD 1.14 1.12 1.12 1.13 1.14
Sales volumes Agriculture customer segment million tonnes 6.3 over 7 over 7 over 7 over 7
Average price Agriculture customer segment €/t 272.4 slight decline from
Q4 2019 (€255 per tonne)
slight increase from
Q1 2020 (€239 per tonne)
slight increase from
Q2 2020 (€231 per tonne)
slight increase from 
Q3 2020 (€225 per tonne)
Sales volumes Communities customer segment million tonnes 12.7 8 to 9 around 8 around 8 around 8

1 EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for depreciation and amortization of own work capitalized recognized directly in equity, gains/losses from fair value changes arising from operating anticipatory hedges still outstanding and changes in the fair value of operating anticipatory hedges recognized in prior periods.
2 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
3 The adjusted key indicators include gains/losses on operating anticipatory hedges in the respective reporting period, which eliminates effects from fluctuations in the market value of the hedges. In addition, related effects on deferred and current taxes are eliminated; tax rate for 2019: 30.0%.

Dividend policy

Our earnings-oriented dividend policy is generally reflected in a payout ratio of 40% to 50% of adjusted Group earnings after taxes. Against the backdrop of the global economic crisis triggered by the corona pandemic, the Board of Executive Directors and the Supervisory Board of K+S Aktiengesellschaft resolved on 8 May 2020 for reasons of prudence to adjust the dividend proposal for 2019 to the statutory minimum dividend of € 0.04 per share (previous dividend proposal € 0.15 per share).

Contact

Your contact person

Julia Bock
K+S Aktiengesellschaft Investor Relations
Julia Bock, CFA
Senior Investor Relations Manager
Janina Rochell
K+S Aktiengesellschaft Investor Relations
Janina Rochell
Investor Relations Manager
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