Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
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<strong>K+S</strong> <strong>Aktiengesellschaft</strong><br />
Dividend Policy and History<br />
• We pursue a dividend policy that is in principle earnings-based. According to this, a dividend payout rate of between<br />
40% and 50% of the adjusted Group earnings after taxes forms the basis for future dividend recommendations.<br />
• For the year 2011, a dividend of € 1.30 per share (+ 30%) was paid.<br />
• For 2012, on the basis of the described earnings expectations, there is still a chance for a higher dividend, since the<br />
income from the divestment of <strong>K+S</strong> Nitrogen and the cessation of the adverse effects from the divestment of the<br />
COMPO business should have a impact on Group earnings. Based on our earnings expectations, good opportunities<br />
for a higher dividend in 2012.<br />
Group Earnings and Payout Ratio<br />
Dividends<br />
%<br />
100<br />
90<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
Payout ratio<br />
Target range payout ratio<br />
Group earnings from continued operations,<br />
adjusted (rhs)<br />
979<br />
582 ~630<br />
445<br />
161 176 175<br />
101 104<br />
94<br />
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e<br />
Mio. € €<br />
1.400 , 4,00 .<br />
1.200 ,<br />
1.000 ,<br />
800<br />
600<br />
400<br />
200<br />
0<br />
3,50 .<br />
3,00 .<br />
2,50 .<br />
2,00 .<br />
1,50 .<br />
1,00 .<br />
0,50 .<br />
0,00 .<br />
Dividends in €<br />
2.40<br />
1.30<br />
1.00<br />
0.45<br />
0.50 0.50<br />
0.33<br />
0.20<br />
0.25 0.25<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011<br />
€<br />
4,00 .<br />
3,50 .<br />
3,00 .<br />
2,50 .<br />
2,00 .<br />
1,50 .<br />
1,00 .<br />
0,50 .<br />
0,00 .<br />
January 2013 <strong>K+S</strong> Group 65