Handout - K+S Aktiengesellschaft

K+S Group
Currency Management
Potash and Magnesium Business Segment
US dollar
• USD revenues are hedged after the deduction of overseas freight costs, capital expenditure
for the Legacy Project and
„worst case“ for the fiscal year 2011:
a safety margin
USD/EUR 1,35 after premiums
• Use of options or futures, which
prescribe a worst-case scenario,
but provide the opportunity to
share in any possible appreciation
of the US dollar
Canadian dollar
„worst case“ for the fiscal year 2012:
USD/EUR 1,33 after premiums
„worst case“ for the fiscal year 2013
(for ~60% of expected USD net exposure):
USD/EUR 1,29 after premiums
• Capital expenditure in Canadian dollar for the Legacy Project expected with sufficient certainty
are also hedged with the use of options
or futures, which prescribe a worstcase
scenario, but provide the
„worst case“ for the fiscal year 2013
(for ~50% of expected capex in Canadian dollar):
CAD/EUR 1,26 after premiums
opportunity to share in any possible
depreciation of the Canadian Dollar
January 2013 K+S Group 49