Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
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<strong>K+S</strong> <strong>Aktiengesellschaft</strong><br />
Attractive Dividend Policy<br />
<strong>K+S</strong> (EUR) 0.50<br />
(47%)<br />
Potash<br />
Corp. (USD)<br />
Mosaic<br />
(USD)<br />
Uralkali<br />
(RUR)<br />
ICL<br />
(USD)<br />
Compass<br />
(USD)<br />
Yara<br />
(NOK)<br />
2007 2008 2009 2010 2011 Dividend Policy<br />
0.12<br />
(11%)<br />
1.90<br />
(50%)<br />
0.42<br />
(98%)<br />
1.28<br />
(53%)<br />
4.00<br />
(19%)<br />
2.40<br />
(40%)<br />
0.13<br />
(4%)<br />
0.20<br />
(41%)<br />
0.13<br />
(12%)<br />
- - 0.20<br />
(4%)<br />
4.00<br />
(38%)<br />
0.75<br />
(48%)<br />
1.34<br />
(28%)<br />
4.50<br />
(16%)<br />
1.70<br />
(39%)<br />
0.44<br />
(72%)<br />
1.42<br />
(29%)<br />
4.50<br />
(34%)<br />
1.00<br />
(43%)<br />
0.13<br />
(7%)<br />
1.50*<br />
(81%)<br />
4.55<br />
(57%)<br />
0.92**<br />
(114%)<br />
1.56<br />
(35%)<br />
5.50<br />
(18%)<br />
1.30<br />
(43%)<br />
0.28<br />
(8%)<br />
0.20<br />
(4%)<br />
4.00<br />
(31%)<br />
0.75<br />
(63%)<br />
1.80<br />
(41%)<br />
7.00<br />
(17%)<br />
To pay out „in principle 40-50% of the adjusted<br />
Group earnings“<br />
„Cash dividends […] are conditioned upon […]<br />
available earnings.“<br />
The „board of directors approved an annual dividend<br />
program of $0.50 per share.“<br />
To pay out „at least 50% of net profit“<br />
• <strong>K+S</strong> has communicated a precise dividend policy<br />
• Dividend payouts complied with the policy in times of boom and bust<br />
• Reliable payout ratios provide investors with better predictability<br />
• <strong>K+S</strong> will continue its proven and well-acknowledged dividend policy<br />
To pay out a „quarterly dividend at a rate of up to 70%<br />
of […] net profit“<br />
„The declaration an payment of future dividends […]<br />
will be at the discretion of our board of directors.“<br />
„Return 40-45% of net income measured as<br />
the sum of dividends and share buy-backs<br />
[…] averaged over the business cycle.“<br />
* Special dividend of USD 1.30<br />
** incl. Special dividend of USD 0.42<br />
*** Incl. share buy-backs: 2007: 27%; 2008: 26%;<br />
2009: 19%; 2010 37%; 2011:27%<br />
Source: company reports<br />
January 2013 <strong>K+S</strong> Group 66