Our outlook for 2021
Development of forecasts for the whole year 2021
Expected earnings development, financial position and planned capital expenditure of the continuing operations of the K+S Group.
| ACTUAL 2020 | Forecast in 2020 Annual Report | Forecast Q1/2021 | Forecast Q2/2021 | Forecast Q3/2021 | ||
|---|---|---|---|---|---|---|
| K+S Group | ||||||
| EBITDA1 | € million | 266.9 |
440 to 540 |
500 to 600; thereof 200 REKS one-off | ||
| Capital expenditure2 | € million | 427.6 | unchanged | unchanged | ||
| Group earnings after taxes, adjusted3 | € million | -1,920.9 | strong increase, positive figure | strong increase, positive figure | ||
| Group earnings after taxes including discontinued operations, adjusted3 | € million | -1,920.9 | strong increase to a value in the mid three-digit million range | strong increase to a value in the mid three-digit million range | ||
| Adjusted free cash flow | € million | -109.9 | significantly negative, below the level of 2020 | negative, below 2020 level | ||
| Adjusted free cash flow including discontinues operations | € million | -42.2 | > € 2 billion | significantly > € 2 billion |
||
| ROCE | % | -33.5 | significant increase, positive | significant increase, positive | ||
| Average EUR/USD spot rate | EUR/USD | 1.14 | 1.20 | 1.20 | ||
| Sales volumes Customer Segment Agriculture | million tonnes | 7.3 | > 7.5 | > 7.5 | ||
| Average price Customer Segment Agriculture | €/t | 233.1 | slight increase to FY/2020 | moderate increase vs. FY 2020 | ||
| Sales volumes Customer Segment Communities | million tonnes | 0.93 | > 2.5 | > 2.6 | ||
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 2020: 30.1%.
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).
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