Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
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Salt<br />
Morton Salt Reduces Earnings Volatility<br />
Million €<br />
500<br />
EBITDA of Salt Business Segment<br />
(without Morton Salt) ≙ esco + SPL<br />
EBITDA of Morton Salt<br />
%<br />
25<br />
400<br />
300<br />
Standard deviation<br />
Salt Business Segment (without<br />
Morton Salt): 44.0%<br />
Salt Business Segment<br />
(including Morton Salt): 23.1%<br />
20<br />
15<br />
200<br />
10<br />
100<br />
5<br />
EBITDA-Margin of Salt Business Segment<br />
(without Morton Salt) ≙ esco + SPL<br />
EBITDA-Margin of Salt Business Segment<br />
(including Morton Salt)<br />
0<br />
2000 2001 2002 2003 2004 2005<br />
0<br />
2006 2007 2008 2009 2010 2011 200820002009<br />
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011<br />
• With the acquisition of Morton Salt, standard deviation of EBITDA more than halved to a good 20%<br />
• In addition, Morton Salt reduces volatility in EBITDA margins significantly<br />
• Furthermore, the level of EBITDA margin is also positively impacted by the acquisition of Morton Salt<br />
January 2013 <strong>K+S</strong> Group 31
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