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Ad hoc disclosure of K+S Aktiengesellschaft
Examination of the consolidated financial statements of K+S Aktiengesellschaft as of December 31, 2019, as well as June 30, 2020, by the German Audit Office for Accounting at the occasion-related request of the German Federal Financial Supervisory Authority
At the occasion-related request of the German Federal Financial Supervisory Authority ("Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin"), the German Audit Office for Accounting ("Deutsche Prüfstelle für Rechnungslegungsaufsicht - DPR") examines the consolidated financial statements of K+S Aktiengesellschaft ("K+S") as of December 31, 2019, together with the related interim group management report and the abbreviated financial statements as of June 30, 2020.
Examination of the German Audit Office for Accounting
At the beginning of November last year, K+S announced to the public that the Board of Executive Directors had adjusted its long-term assumptions for the potash business. Essentially, this related to the long-term development of potash prices. Furthermore, an adjustment of the weighted average cost of capital (WACC) became mandatory. Overall, this resulted in a non-cash, one-off impairment loss of around €2 billion on assets in the Europe+ operating unit.
Conclusion of agreement between Belarus and India
Supply price does not reflect current market conditions
K+S has noted that the price agreed for potash supplies is significantly below the level currently prevailing on important export markets. Therefore, the continuing positive fundamental situation of the agricultural markets as well as the associated increasing demand for potash fertilizers is not reflected in any way.
Pharmaceutical salt from local production
Transportation medium for the corona vaccine
The Biontech/Pfizer corona vaccine COMIRNATY® is only applicable with the addition of high-purity sodium chloride solution. K+S is one of the largest manufacturers of the pharmaceutical-grade sodium chloride required for this purpose.
Local potash production
Authority issues injection permit
By granting the new permit under water law, the Kassel Regional Council has provided the K+S Werra and Neuhof-Ellers plants with further security for the production of mineral fertilizers and high-purity salt products. The previous permit expires at the end of this year.
Ad hoc disclosure of K+S Aktiengesellschaft
Agreement Joint Venture: K+S and REMEX combine waste management business and set up REKS joint venture
K+S Aktiengesellschaft and REMEX GmbH, a wholly-owned subsidiary of REMONDIS SE & Co. KG, have agreed today to bundle their waste management activities in a new joint venture, REKS GmbH & Co. KG, in which both companies are equal partners with 50 percent participation each.
Strong partnership in waste management business
K+S and REMEX combine their strengths in joint venture
K+S and REMEX, a subsidiary of the REMONDIS Group, are bundling their waste management activities in a new joint venture, “REKS”. As a result, two strong partners will, in the future, be jointly focusing on tapping into the attractive and rapidly growing market for reutilisation and disposal as well as sustainable waste management solutions.
Settlement with community of plaintiffs
K+S reaches agreement with Herleshausen municipality
As part of the settlement negotiations with the plaintiff community of Hessian and Thuringian municipalities and associations in the Werra region, K+S has signed an agreement with the municipality of Herleshausen (Werra-Meissner district). An agreement is also being prepared with other members of the plaintiff community.
Figures for Q3 2020
Higher EBITDA – Full-Year Outlook Confirmed
Overall, K+S achieved a solid result in the third quarter despite the persistently challenging environment. EBITDA operating earnings rose significantly to € 96 million (Q3/2019: € 81 million).
Ad hoc disclosure
Impairment: K+S Cleans Up Balance Sheet
The K+S Board of Executive Directors has adjusted its long-term assumptions against the background of the realignment of the Company and the sale of the Americas operating unit. This mainly concerns the long-term potash price assumption as well as a higher cost of capital rate.