Handout - K+S Aktiengesellschaft

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K+S Group Prices for Agricultural Products – Spot vs. Future Prices for Agricultural Products – spot Prices for Agricultural Products – future 450% 140% 400% 130% 350% 120% 300% 250% 200% 150% 110% 100% 90% 100% 80% 50% Dec. ‘04 Dec. ‘05 Dec. ‘06 Dec. ‘07 Dec. ‘08 Dec. ‘09 Dec. ‘10 Dec. ‘11 Dec. ‘12 70% Mar. ’13 Jul ’13 Dec. ’13 May ‘14 Corn Wheat Soybeans Palmoil • Strong increase in prices for agricultural products since the middle of 2010 Source: Bloomberg; as of 18 January 2013 • Future prices of agricultural products show that capital markets expect price levels to be rather attractive for the next two years January 2013 K+S Group 23
Potash and Magnesium Products Profitability of Winter Wheat in Europe 2009 2010 2011 2012e 2013e 2.000 Costs Sales 1,213 964 Costs Sales 1,067 1,595 Costs Sales 1,116 1,405 Costs Sales 1,205 1,909 Costs Sales 1,194 1,862 1.500 1.000 500 Risk of loss: € -249 Profit potential: € 528 Profit potential: € 289 Profit potential: € 704 326 248 238 175 225 82 82 69 75 75 101 101 101 121 121 189 157 157 162 162 513 541 541 567 567 Profit potential: € 668 Year 2009 2010 2011 2012e 2013e Fertilizer share of total costs 27% fertilizer costs (4% K) 16% fertilizer costs (3% K) 20% fertilizer costs (2% K) 21% fertilizer costs (3% K) 20% fertilizer costs (3% K) Fertilization Other costs (e.g. insurance, water) Seeds/plants Plant protection agents Variable costs Fixed costs (inkl. lease) 0 Wheat price: 123 €/t Wheat price: 220 €/t Wheat price: 199 €/t Wheat price: 258 €/t Wheat price: 251 €/t 2009 2010 2011 2012 2013 Yield: 7.84 t/ha Yield: 7.25 t/ha Yield: 7.06 t/ha Yield: 7.40 t/ha Yield: 7.42 t/ha January 2013 The current future curve of the wheat price should enable the farmer to realize a profit potential of around € 700 per hectare (excl. subsidies) in 2012e and around € 670 in 2013e. This is a high level compared to the last years; the application of fertilizers is profitable. Assumptions: without agricultural subsidies, incl. interest expenses for pre-financing costs, 100% use of mineral fertilizers (no organic fertilizing), straw stays in the field (straw fertilizing); fertilizer use for 8 t/ha yield: 80 kg/ha MOP, 536 kg/ha KAS and 139 kg/ha TSP; for lower yields, lower fertilizer requirement adjusted accordingly; Sources: costs (20 ha) according to Kuratorium für Technik und Bauwesen in der Landwirtschaft e. V. (KTBL) for winter wheat – bread quality, rotating crop growing system; yield according to statistical year book for food nutrition, agriculture and forestry 2011 and 2012, 2013e: 10-year average; nutrient extractions according to Guidelines for Fertilizer Use in Germany; fertilizer prices taken from LAND & Forst at the point of the upcoming fertilization (general fertilization with potash and phosphate in September; nitrogen fertilization in September, February, April and June); wheat price (bread quality B) according to LAND & Forst (average delivery from the yard from July to February), 2012e and 2013e: Euronext price less transportation cost assumption. K+S Group 24
Page 1 and 2: Jakarta 1975 Cheuvreux German Corpo
Page 3 and 4: K+S Group Content A. Corporate Stru
Page 5 and 6: K+S Group K+S is the Leading Player
Page 7 and 8: K+S Group Corporate Strategy Differ
Page 9 and 10: K+S Group Potash and Magnesium Prod
Page 11 and 12: Potash and Magnesium Products Devel
Page 13 and 14: Potash and Magnesium Products Key D
Page 15 and 16: Potash and Magnesium Products Suppl
Page 17 and 18: Potash and Magnesium Products Marke
Page 19 and 20: Potash and Magnesium Products Agric
Page 21 and 22: Potash and Magnesium Products Price
Page 23: K+S Group Low Stocks-to-use Ratios
Page 27 and 28: K+S Group K+S sold COMPO • COMPO,
Page 29 and 30: K+S Group Salt Revenues (€ billio
Page 31 and 32: Salt Mitigation of Volatility in De
Page 33 and 34: Salt Historic and Recent Volume and
Page 35 and 36: Salt Presence in the most attractiv
Page 37 and 38: Salt Development of Salt Production
Page 43 and 44: K+S Group Operating EBIT Margins 20
Page 45 and 46: K+S Group Net Indebtedness and Rati
Page 47 and 48: K+S Group Maturity Profile € mill
Page 49 and 50: K+S Group Value Creation, Cash Gene
Page 51 and 52: K+S Group Earnings Sensitivities to
Page 53 and 54: K+S Group Revenues (€ billion) EB
Page 55 and 56: K+S Group Potash One and the Legacy
Page 57 and 58: K+S Group Course of Capex Phase 1 P
Page 59 and 60: K+S Group What Potash Price is Requ
Page 61 and 62: Legacy Project New, State-of-the-ar
Page 65 and 66: K+S Aktiengesellschaft Key Data of
Page 67 and 68: K+S Aktiengesellschaft Attractive D
Page 69 and 70: K+S Aktiengesellschaft K+S Share Pr
Page 71 and 72: K+S Group Financial Calendar 14 Mar
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K+S Group Why Fertilize? There are
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K+S Group Meat consumption per Capi
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K+S Group Potash Fertilization and
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K+S Group Strong Impact on Soybean
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Potash and Magnesium Products Potas
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Potash and Magnesium Products Produ
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Salt SPL: Salt Extraction in the At
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Salt K+S Production Sites in Europe
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Salt Comparison of portfolios with
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Salt Morton Salt at a glance • La
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K+S Group Revenues and Earnings 1)
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K+S Group Balance Sheet € million
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January 2013 K+S Group 104
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