The closing of the transaction is now expected before the end of 2021. As a result of the contribution of the K+S stakes to REKS, which is consolidated at equity, K+S will generate a one-off gain of about €200 million in the current fourth quarter. At the same time, a total cash inflow of about €90 million before taxes will be generated.
Therefore, K+S expects operating earnings EBITDA of the K+S Group for 2021 of about €830 million (previous outlook: approximately €630 million excluding REKS transaction; 2020: €267 million) and a slightly positive free cash flow (previous outlook: balanced free cash flow; 2020: €-109.9 million).
After the EU Commission referred the antitrust clearance procedure to the German Federal Cartel Office at the end of October, it was initially not foreseeable how long the antitrust review would last. Against this background, K+S had only included the operating business in its last forecast for the full year 2021.