Handout - K+S Aktiengesellschaft

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