Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
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Roadshow Singapore, Sydney, Melbourne<br />
June 2013 – Dr. Burkhard Lohr, CFO and Thorsten Boeckers, Head of IR<br />
Experience growth.<br />
<strong>K+S</strong> Group
<strong>K+S</strong> Group<br />
Content<br />
<strong>K+S</strong> at a Glance<br />
Potash and Magnesium Products<br />
Salt<br />
Financials<br />
Outlook 2013<br />
Shareholder Structure and Management<br />
1<br />
6<br />
16<br />
22<br />
27<br />
29<br />
<strong>K+S</strong> Group 1
<strong>K+S</strong> Group<br />
Focus on Two Strong Pillars<br />
<strong>K+S</strong> Group<br />
Revenues 2012: € 3.9 billion (2011: € 4.0 billion)<br />
EBIT I 2012: € 808.5 million (2011: € 906.2 million)<br />
Potash and Magnesium<br />
Products Business Unit<br />
Salt Business Unit<br />
Revenue / EBIT I in € million<br />
1,867<br />
2,134 2,291 2,334<br />
476 740<br />
774<br />
772<br />
2010 2011 2012 LTM<br />
Revenue / EBIT I in € million<br />
1,729 1,710 1,485 1,641<br />
238 211<br />
62<br />
89<br />
2010 2011 2012 LTM<br />
<strong>K+S</strong> Group<br />
2
<strong>K+S</strong> Group<br />
Worldwide Presence<br />
Production Sites and Sales Offices<br />
Kassel<br />
Revenues by Region 2012<br />
South America<br />
17%<br />
North America<br />
26%<br />
Asia<br />
12%<br />
Africa, Oceania<br />
3%<br />
Europe<br />
42%<br />
Production<br />
Sales<br />
<strong>K+S</strong> Group 3
<strong>K+S</strong> Group<br />
Main applications for our products<br />
Potash and Magnesium Products<br />
Salt<br />
High-quality raw materials for industrial purposes<br />
Non de-icing applications<br />
Magnesium<br />
Sulphate<br />
Pulp and Paper<br />
Detergents<br />
Potassium<br />
Chloride<br />
Chlor-Alkali<br />
Electrolysis<br />
Oil Drilling Muds<br />
Potassium<br />
Sulphate<br />
Construction<br />
Materials<br />
Plasterboards<br />
High purity salts for health care and food<br />
Epsom Salt<br />
ABS/EPS Plastic<br />
Production<br />
Detergents<br />
Food Grade Salt<br />
Table Salt (Consumer)<br />
Food Processing<br />
Epsom salt<br />
chem. pure, FCC<br />
Food Additive<br />
Potassium<br />
Chloride<br />
Insulin Production<br />
Infusions and<br />
Haemodialysis<br />
Solutions<br />
Potassium<br />
Sulphate<br />
Pharmaceutical<br />
Industry<br />
Potassium<br />
Chloride FCC<br />
Food Industry<br />
Industrial Salts<br />
Pharmaceutical<br />
Water Treatment<br />
Oil and Gas Drilling<br />
Animal Feed<br />
Salt for Chemical Use<br />
Chlor-Alkali (PVC)<br />
Synthetic Soda Ash (Glass)<br />
<strong>K+S</strong> Group 4
<strong>K+S</strong> Group<br />
Investment case<br />
Access to<br />
megatrends<br />
Attractive markets<br />
Unique portfolio<br />
• Growing populations<br />
• Increasing living standards<br />
• Changing dietary patterns<br />
• Structurally growing demand<br />
• Consolidated supply structures<br />
• High barriers to entry<br />
• Focus on business units with synergies in production<br />
• Diversified product portfolio<br />
• Broad range of applications for products<br />
Leading market<br />
positions<br />
• Leading positions in Potash and Magnesium Products<br />
• Global leader in Salt<br />
Substantial growth<br />
potential<br />
Strong balance<br />
sheet<br />
• Legacy project in Canada to increase potash capacity<br />
• Growth opportunities in Asia in Salt<br />
• Investment grade rating<br />
• Clear financial strategy<br />
<strong>K+S</strong> Group 5
<strong>K+S</strong> Group<br />
Content<br />
<strong>K+S</strong> at a Glance<br />
Potash and Magnesium Products<br />
Salt<br />
Financials<br />
Outlook 2013<br />
Shareholder Structure and Management<br />
1<br />
6<br />
16<br />
22<br />
27<br />
29<br />
<strong>K+S</strong> Group 6
Potash and Magnesium Products<br />
Supplier Structure on the World Potash Market<br />
Figures in %<br />
32.9<br />
32.0<br />
30.9<br />
30.7 30.4<br />
27.9<br />
2010 2011 2012<br />
9.9<br />
9.5<br />
10.4<br />
9.5<br />
8.6<br />
8.4<br />
8.5<br />
9.3<br />
12.6<br />
2.6<br />
2.6<br />
3.3<br />
3.6<br />
3.7<br />
3.0<br />
3.2<br />
3.0<br />
3.5<br />
BPC<br />
• Belaruskali<br />
• Uralkali/<br />
Silvinit<br />
Canpotex<br />
• Potash<br />
Corp<br />
• Mosaic<br />
• Agrium<br />
<strong>K+S</strong><br />
ICL<br />
• DSW<br />
• CPL<br />
• Iberpotash<br />
SQM<br />
participation<br />
of Potash<br />
Corp.<br />
APC<br />
participation<br />
of Potash<br />
Corp.<br />
China<br />
• more<br />
than 20<br />
producers<br />
Others<br />
• Intrepid<br />
• Vale<br />
• Compass<br />
Sales volumes in metric tonnes<br />
Sources: IFA, <strong>K+S</strong><br />
participation<br />
of Potash<br />
Corp. in ICL<br />
<strong>K+S</strong> Group 7
Potash and Magnesium Products<br />
Business Unit Performance<br />
Revenues (€ billion)<br />
EBIT (€ million)<br />
2.29 2.33<br />
771 772<br />
0.58<br />
0.63<br />
208<br />
209<br />
Q1/12 Q1/13 FY/12 LTM Q1/12 Q1/13 FY/12 LTM<br />
1.9<br />
2.1<br />
2.3<br />
476<br />
740 771<br />
2010 2011 2012<br />
2010 2011 2012<br />
Revenue split 2012<br />
Industrial<br />
products<br />
12%<br />
By product group<br />
Potassium<br />
chloride 51%<br />
Asia<br />
19%<br />
By region<br />
Africa, Oceania<br />
3%<br />
Fertilizer<br />
specialities 37%<br />
South<br />
America<br />
18%<br />
North America<br />
3%<br />
Europe<br />
57%<br />
<strong>K+S</strong> Group 8
Potash and Magnesium Products<br />
Production Sites in Germany<br />
Potash mining in the Werra Fulda Region<br />
6<br />
7<br />
4<br />
Kassel<br />
1<br />
5 3 2<br />
Potash<br />
Seam Hesse<br />
Share of production capacity (in %)<br />
1. Wintershall<br />
2. Unterbreizbach Integrated Werra Plant 44<br />
3. Hattorf<br />
4. Zielitz 24<br />
5. Neuhof-Ellers 16<br />
6. Sigmundshall 11<br />
7. Bergmannssegen-Hugo 5<br />
(pure production site, no mining)<br />
Potash Seam<br />
Thuringia<br />
Source: Mainova AG<br />
<strong>K+S</strong> Group 9
Potash and Magnesium Products<br />
Major Destinations for <strong>K+S</strong>‘ Products<br />
> 1%<br />
Sales volumes > 5%<br />
Sales volumes by region<br />
2012 2011<br />
Europe 51% 54%<br />
- of which: Germany 15% 16%<br />
North America 2% 2%<br />
South America 21% 18%<br />
Asia 22% 22%<br />
Africa, Oceania 4% 4%<br />
<strong>K+S</strong> Group 10
Legacy Project<br />
Significant Strategic Importance<br />
• Growth<br />
• Participate in growth of the world<br />
potash market by adding new<br />
capacity<br />
• Production Costs<br />
• Improved average cash costs<br />
• Higher share of variable costs<br />
• Average Mine Life<br />
• Substantial extension of average<br />
mine life<br />
• Diversification<br />
• Broader product portfolio<br />
• Most diversified production network<br />
and regional mix<br />
• Specialisation<br />
• High quality industrial products<br />
Reserves and Resources<br />
Regina<br />
Southern area of the potash belt of Saskatchewan<br />
Located in the Heart of (Schematic Saskatchewan’s Diagram) Potash-Rich Basin<br />
Two more potash exploration licences close to Esterhazy<br />
Two additional potash permit areas in the Esterhazy potash region<br />
in mln. t KCl % KCl % K 2<br />
O<br />
Reserves (Proven and Probable Reserves) Legacy Project area 160 29 18<br />
Resources (Inferred and Indicated Resources) Legacy Project area + KLSA 009 981 27 17<br />
The reserves figures were determined in accordance with the requirements of the Canadian standard Nl 43-101 of the “Canadian Securities Regulators”.<br />
<strong>K+S</strong> Group<br />
11
Legacy Project<br />
Ramp-up Curve<br />
Production capacity<br />
in mln. t KCl/a<br />
4.5<br />
3.5<br />
3.0<br />
2.5<br />
2.0<br />
1.5<br />
1.0<br />
0.5<br />
0.0<br />
Phase 2 – Development of secondary mining<br />
Phase 1 – Primary mining<br />
Outlook for Phase 3 –<br />
Expansion of secondary mining<br />
1.14<br />
0.86<br />
2.00<br />
Phase 1<br />
(Implementation: 2011 to 2017)<br />
Phase 2<br />
(Implementation: 2016 to 2023)<br />
Outlook for Phase 3<br />
(Implementation: 2023 to 2034)<br />
● Development of infrastructure mainly for Phases 1 + 2, preparations for Phase 3<br />
● Capacity development + ramp-up of production to 2.0 mln. t KCl/a through primary mining<br />
● Capacity expansion and ramp-up of production by 0.86 to 2.86 mln. t KCl/a<br />
through secondary mining (share of secondary mining in total capacity: 30%)<br />
● Increase in share of secondary mining in total capacity to 50%<br />
● Potential expansion of annual capacity by 1.14 to 4.0 mln. t KCl/a<br />
<strong>K+S</strong> Group 12
Legacy Project<br />
Course of Capex<br />
Phase 1<br />
Phase 2<br />
Phase 3<br />
Activity<br />
Primary mining: Development of<br />
first caverns and construction<br />
of production and<br />
infrastructure facilities<br />
Development of secondary mining,<br />
expansion of production and<br />
logistics facilities<br />
Further expansion of secondary<br />
mining, construction of necessary<br />
additional production and logistics<br />
facilities<br />
Production<br />
capacity after<br />
implementation<br />
as of 2017:<br />
2.00 million tonnes KCl/a<br />
as of 2023:<br />
2.86 million tonnes KCl/a<br />
probably as of 2034:<br />
4.00 million tonnes KCl/a<br />
Capex 2011 to 2022: CAD 4.10 billion 2023 to 2034: ~ CAD 0.70 billion<br />
Indicative<br />
course of<br />
investment<br />
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022<br />
<strong>K+S</strong> Group 13
Legacy Project<br />
Specific Cash Costs* Lower Than Previously Expected<br />
CAD<br />
per tonne -10<br />
~ 165<br />
Average<br />
logistic<br />
costs:<br />
~ 70 CAD<br />
per tonne<br />
Production:<br />
~ 95 CAD<br />
per tonne<br />
~ 155<br />
Average<br />
logistic<br />
costs:<br />
~ 65 CAD<br />
per tonne<br />
Production:<br />
~ 90 CAD<br />
per tonne<br />
● Sustainable cash costs of production will be<br />
CAD 10/tonne lower than previously assumed<br />
due to<br />
● Investments into own infrastructure and<br />
● Modifications and optimization of plant<br />
components<br />
● Mining taxes/royalties of approx.<br />
CAD 60/tonne on the basis of an exemplary<br />
potash price of US$ 400/tonne ex works<br />
● Over the long term, D&A of about<br />
CAD 40/tonne after initially higher values at the<br />
start of production<br />
* At full utilisation of 2.86 million tonnes KCl/a (Phases 1+2)<br />
No increase in prices and costs after the construction phase<br />
<strong>K+S</strong> Group 14
Legacy Project<br />
Premium of at least 15% on Group Cost of Capital<br />
• All relevant variables included and monitored regularly<br />
• Leeway in all components including price assumptions<br />
Model assumptions:<br />
CapEx<br />
Potash<br />
price<br />
Logistics<br />
Production<br />
Taxes<br />
• Purchase price<br />
for PotashOne<br />
of CAD 434m<br />
• CAD 4.1bn for<br />
Phase 1+2<br />
• Includes<br />
amounts spent<br />
in 2011 and<br />
2012<br />
• Maintenance<br />
• On CFR basis to<br />
various<br />
destinations<br />
• Planned product<br />
portfolio<br />
• Port facility<br />
operations<br />
• Railroad<br />
infrastructure<br />
• Railcars<br />
• Average freight<br />
rates for<br />
targeted regional<br />
portfolio<br />
• Energy prices<br />
• Personnel costs<br />
• Mining taxes<br />
• Royalties<br />
<strong>K+S</strong> Group<br />
15
<strong>K+S</strong> Group<br />
Content<br />
<strong>K+S</strong> at a Glance<br />
Potash and Magnesium Products<br />
Salt<br />
Financials<br />
Outlook 2013<br />
Shareholder Structure and Management<br />
1<br />
6<br />
16<br />
22<br />
27<br />
29<br />
<strong>K+S</strong> Group 16
ESSA<br />
Cargill<br />
Compass<br />
Artyomsol<br />
Südsalz<br />
Akzo<br />
Salins<br />
China National Salt<br />
Dampier<br />
Salt<br />
Main Salt Suppliers Worldwide<br />
Capacity in million tonnes (crystallised salt and salt in brine; excl. captive use)<br />
3.5<br />
13.1<br />
14.0<br />
13.4<br />
9.7<br />
15.0<br />
7.5<br />
5.1<br />
4.1<br />
3.7<br />
7.0<br />
10.3<br />
7.0<br />
3.8<br />
Mitsui<br />
Sources: Roskill 2011, <strong>K+S</strong><br />
<strong>K+S</strong> Group 17
Salt<br />
Comparison of portfolios with competitors<br />
<strong>K+S</strong><br />
China National<br />
Salt<br />
Compass<br />
Minerals<br />
Dampier<br />
Salt<br />
Number of production sites<br />
of which<br />
34<br />
14<br />
8<br />
3<br />
Rock salt<br />
10<br />
-<br />
3<br />
-<br />
Solar evaporation salt<br />
7<br />
4<br />
1<br />
3<br />
Vacuum salt<br />
17<br />
10<br />
4<br />
-<br />
Product portfolio (% of revenues)<br />
De-icing salt<br />
Industrial salt<br />
Salt for chemical use<br />
Food grade salt<br />
Other<br />
<strong>K+S</strong>‘ competitive advantages:<br />
<br />
<br />
<br />
A diversified production network reduces the risk of dependency on a single production centre<br />
Geographic dispersal of production centres makes regional production close to customers with advantages<br />
in transport costs possible<br />
A broad product portfolio reduces the volatility of sales<br />
Source: company information, own estimates<br />
<strong>K+S</strong> Group 18
Salt<br />
<strong>K+S</strong> Salt Strategy<br />
5<br />
Acquired Morton Salt,<br />
the largest salt producer<br />
in North America<br />
<strong>K+S</strong><br />
4<br />
Morton<br />
Salt<br />
Acquired No.1 salt<br />
producer in South<br />
America through SPL<br />
acquisition<br />
- Market entry into U.S.<br />
and Latin America<br />
- Expansion potential<br />
to Asia<br />
SPL<br />
1<br />
2<br />
3<br />
Originally, salt<br />
business with high<br />
exposure to de-icing<br />
and industrial salt in<br />
Europe<br />
Added salt for chemical<br />
use through the acquisition<br />
of Frisia Zout (NL)<br />
Created No.1 salt<br />
producer in Europe<br />
through the acquisition<br />
of Solvay salt business<br />
<strong>K+S</strong> Group 19
Salt<br />
<strong>K+S</strong> De-icing Salt Markets<br />
Great Lakes<br />
US East Coast<br />
Eastern Canada<br />
Central Europe<br />
Scandinavia<br />
• Continental climate with<br />
distinctly stable winters<br />
• High population density<br />
• Stable de-icing salt<br />
business with high<br />
volumes<br />
• Atlantic climate<br />
• Relatively volatile,<br />
partly very harsh<br />
winters<br />
• Very high population<br />
density<br />
• Relatively stable<br />
de-icing salt business<br />
• Atlantic climate<br />
• Relatively stable winters<br />
• Lower population density<br />
• Relatively stable<br />
de-icing salt business<br />
• Long-term contracts<br />
• Atlantic climate<br />
• Milder winters with<br />
occasional upward<br />
fluctuations<br />
• Very high population<br />
density<br />
• Relatively fluctuating<br />
de-icing salt business<br />
• More stable winters in<br />
comparison with<br />
Western Europe<br />
• Relatively low<br />
population density<br />
• Relatively stable deicing<br />
salt business<br />
<strong>K+S</strong> Group 20
Salt<br />
Business Unit Performance<br />
Revenues (€ billion)<br />
EBIT (€ million)<br />
1.48<br />
1.64<br />
0.46<br />
0.61<br />
45<br />
73<br />
62<br />
89<br />
Q1/12 Q1/13 FY/12 LTM Q1/12 Q1/13 FY/12 LTM<br />
1.7<br />
1.7<br />
1.5<br />
238<br />
211<br />
62<br />
2010 2011 2012 2010 2011 2012<br />
Revenue split 2012<br />
By product group<br />
Other Food grade<br />
3% salt 13%<br />
By region<br />
South America Asia<br />
5% 2%<br />
Europe<br />
26%<br />
Industrial salt<br />
21%<br />
De-icing salt<br />
58%<br />
Salt for<br />
chemical use 5%<br />
North America<br />
67%<br />
<strong>K+S</strong> Group<br />
21
<strong>K+S</strong> Group<br />
Content<br />
<strong>K+S</strong> at a Glance<br />
Potash and Magnesium Products<br />
Salt<br />
Financials<br />
Outlook 2013<br />
Shareholder Structure and Management<br />
1<br />
6<br />
16<br />
22<br />
27<br />
29<br />
<strong>K+S</strong> Group 22
<strong>K+S</strong> Group<br />
Attractive margins and strong balance sheet<br />
Mio. ROCE, € EBIT-Margin and Value Added<br />
Operating and Free Cash € Flow je Aktie<br />
€ million % € million € million<br />
ROCE (rhs)<br />
EBIT-margin (rhs)<br />
Value added<br />
H1 Operating cash flow<br />
H2 Operating cash flow<br />
Free cash flow before acqusitions/divestments<br />
Gearing and Equity Ratio<br />
% %<br />
Gearing<br />
Equity ratio (rhs)<br />
<strong>K+S</strong> Group 23
<strong>K+S</strong> Group<br />
Capital Expenditure and Depreciation 1)<br />
€ million<br />
1,200<br />
Expansion capex<br />
1,000<br />
800<br />
Maintenance capex<br />
Depreciation<br />
~820<br />
600<br />
466<br />
400<br />
294<br />
200<br />
172<br />
198<br />
178<br />
189<br />
63<br />
2007 2008 2009 2010 2011 2012<br />
2013e<br />
• In 2013, of the expected capex volume of a good € 800 million, CAD 500 million 2) (€ 375 million) should be<br />
accounted for by the Legacy Project.<br />
1)<br />
2008 and 2009 include the discontinued operations of COMPO. 2010 still including <strong>K+S</strong> Nitrogen. 2) There may still be<br />
considerable shifts regarding the allocation of the capex for the Legacy Project to the investment periods.<br />
<strong>K+S</strong> Group 24
<strong>K+S</strong> Group<br />
Target Capital Structure<br />
In order to assure and optimise the financial capacity of the <strong>K+S</strong> Group, we aim to achieve a<br />
situation where the <strong>K+S</strong> Group has a capital structure in the long term, which is oriented to<br />
the usual criteria and indicators for an "investment grade" rating. The management of the<br />
capital structure is undertaken on the basis of the following key figures:<br />
Target corridor Q1/13 2012 2011<br />
Net indebtedness / EBITDA 1.0x – 1.5x 0.6x 0.8x 0.5x<br />
Net indebtedness / Equity 50% – 100% 17.0% 24.4% 21.8%<br />
Equity ratio 40% – 50% 53.1% 51.4% 50.3%<br />
<strong>K+S</strong> Group 25
<strong>K+S</strong> Group<br />
Dividend Policy<br />
• We pursue a dividend policy that is in principle earnings-based. According to this, a dividend<br />
payout rate of between 40% and 50% of the adjusted Group earnings after taxes forms the<br />
basis for future dividend recommendations.<br />
• For the year 2012, a dividend of € 1.40 per share (+ 8%) was paid.<br />
Group Earnings and Payout Ratio<br />
% Payout ratio<br />
Mio. € €<br />
Target range payout ratio ,<br />
.<br />
Group earnings from continued operations,<br />
adjusted (rhs)<br />
,<br />
,<br />
.<br />
.<br />
.<br />
.<br />
Dividends<br />
Dividends in € €<br />
Dividends from continued operations<br />
.<br />
Dividends from discontinued operations<br />
.<br />
.<br />
.<br />
.<br />
640<br />
.<br />
.<br />
0.21<br />
1.19<br />
.<br />
.<br />
.<br />
.<br />
.<br />
.<br />
<strong>K+S</strong> Group 26
<strong>K+S</strong> Group<br />
Content<br />
<strong>K+S</strong> at a Glance<br />
Potash and Magnesium Products<br />
Salt<br />
Financials<br />
Outlook 2013<br />
Shareholder Structure and Management<br />
1<br />
6<br />
16<br />
22<br />
27<br />
29<br />
<strong>K+S</strong> Group 27
<strong>K+S</strong> Group<br />
Revenues and EBIT I Outlook 2013<br />
• Slight increase in revenues<br />
• Price-related decline in Potash and Magnesium Products<br />
• Volume-related increase in Salt<br />
• Slight increase in EBIT I<br />
• Decrease in Potash and Magnesium Products should be more than offset by<br />
normalisation of Salt de-icing business<br />
• Stable financial result<br />
• Adjusted tax rate of 26-27%<br />
• Slight increase in Group earnings from continued operations<br />
• Update: Capex ~EUR 820m (~EUR 1.1bn before)<br />
Potash and Magnesium Products<br />
• Sales volumes of 7 million tonnes (vs. 6.95 million tonnes<br />
in 2012)<br />
• Lower average price level for the product portfolio<br />
Salt<br />
• Significantly higher volume of crystalised salt of a good<br />
22 million tonnes (2012: 17.6 million tonnes)<br />
• Thereof de-icing salt of about 13 million tonnes (2012: 8.3<br />
million tonnes)<br />
• Stable development of non de-icing business<br />
<strong>K+S</strong> Group 28
<strong>K+S</strong> Group<br />
Content<br />
<strong>K+S</strong> at a Glance<br />
Potash and Magnesium Products<br />
Salt<br />
Financials<br />
Outlook 2013<br />
Shareholder Structure and Management<br />
1<br />
6<br />
16<br />
22<br />
27<br />
29<br />
<strong>K+S</strong> Group 29
<strong>K+S</strong> Group<br />
Shareholder Structure<br />
• Meritus Trust Company Limited holds 9.88%<br />
of <strong>K+S</strong> shares via EuroChem Group SE, including<br />
OJSC MCC “EuroChem”; Meritus Trust manages<br />
industrial holdings of Andrei Melnichenko on a<br />
fiduciary basis<br />
Free float 90.1%<br />
Meritus Trust /<br />
OJSC MCC „EuroChem“ 9.9%<br />
• The free float of <strong>K+S</strong> AG amounts to approx. 90%<br />
• Investment companies, that have exceeded<br />
the 3% threshold:<br />
- BlackRock Inc.: 5.08%<br />
- Prudential plc. via M&G Investment<br />
Management Limited: 3.01%<br />
<strong>K+S</strong> Group 30
<strong>K+S</strong> Group<br />
Board of Executive Directors<br />
Norbert Steiner<br />
CEO<br />
Gerd Grimmig<br />
Dr. Thomas Nöcker<br />
Dr. Burkhard Lohr<br />
CFO<br />
Mark Roberts<br />
Responsible for:<br />
• Potash and Magnesium<br />
Products business unit<br />
• Corporate Development<br />
• Legal affairs/Compliance<br />
• Investor Relations<br />
• Corporate<br />
Communications<br />
• Executive Staff<br />
Matters/International HR-<br />
Coordination<br />
Responsible for:<br />
• Waste Management and<br />
Recycling business unit<br />
• Animal Hygiene Products<br />
• MSW Chemicals<br />
• <strong>K+S</strong> Consulting<br />
• Mining / Geology<br />
• Engineering / Energy<br />
• Research and<br />
Development<br />
• Environment,<br />
Occupational Safety,<br />
Quality Management<br />
• Inactive Plants<br />
Responsible for:<br />
• <strong>K+S</strong> Transport<br />
• CFK (Trading)<br />
• Human Ressources<br />
(including Health<br />
Management)<br />
• IT-Services<br />
• Organisation and<br />
Project Management<br />
• Real Estate<br />
Management<br />
• Knowledge<br />
Management<br />
• Global Logistics<br />
Strategy<br />
• Logistic Purchasing<br />
Responsible for:<br />
• Finance and<br />
Accounting<br />
• Corporate Controlling<br />
• Taxes<br />
• Internal Audit<br />
• Purchasing and<br />
Procurement<br />
• Insurance<br />
• Data protection<br />
Responsible for:<br />
• Salt business<br />
unit<br />
<strong>K+S</strong> Group 31
<strong>K+S</strong> Investor Relations<br />
Your Contact Persons<br />
<strong>K+S</strong> <strong>Aktiengesellschaft</strong><br />
Bertha-von-Suttner-Str. 7<br />
34131 Kassel (Germany)<br />
E-Mail: investor-relations@k-plus-s.com<br />
Homepage: www.k-plus-s.com<br />
IR-website: www.k-plus-s.com/ir<br />
Thorsten Boeckers<br />
Head of Investor Relations<br />
Andrea Rach<br />
Investor Relations Assistant<br />
Phone: +49 561 / 9301-1460<br />
Fax: +49 561 / 9301-2425<br />
thorsten.boeckers@k-plus-s.com<br />
Phone: +49 561 / 9301-1100<br />
Fax: +49 561 / 9301-2425<br />
andrea.rach@k-plus-s.com<br />
Julia Bock, CFA<br />
Senior Investor Relations Manager<br />
currently on maternity leave<br />
Kai Kirchhoff<br />
Senior Investor Relations Manager<br />
Phone: +49 561 / 9301-1885<br />
Fax: +49 561 / 9301-2425<br />
kai.kirchhoff@k-plus-s.com<br />
Matthias Jelden<br />
Investor Relations Manager<br />
Phone.: +49 561 / 9301-2204<br />
Fax: +49 561 / 9301-2425<br />
matthias.jelden@k-plus-s.com<br />
Martin Heistermann<br />
Investor Relations Manager<br />
Phone.: +49 561 / 9301-1403<br />
Fax: +49 561 / 9301-2425<br />
martin.heistermann@k-plus-s.com<br />
<strong>K+S</strong> Group 32
<strong>K+S</strong> Group<br />
Stock Market Indices and Analysts’ coverage<br />
The <strong>K+S</strong> share is quoted in the following stock market index:<br />
• DAX<br />
• DJ STOXX 600<br />
• DJ EURO STOXX<br />
• HDAX<br />
• CDAX Gesamtindex<br />
• Prime Allshare Index<br />
• Classic Allshare Index<br />
Banks presently publishing reports on <strong>K+S</strong>:<br />
• Prime Sector Chemicals<br />
• Industry Group Chemicals / Commodity<br />
• DJ STOXX TMI<br />
• MSCI World Standard<br />
• MSCI Europe Standard<br />
• MSCI Germany Standard<br />
• ECPI Ethical Index Global<br />
• Baader Bank AG<br />
• Bank of America / Merrill Lynch<br />
• B. Metzler seel. Sohn & Co.<br />
• Bankhaus Lampe<br />
• Barclays<br />
• Berenberg Bank<br />
• BMO Bank of Montreal<br />
• CA Cheuvreux<br />
• Citigroup<br />
• Commerzbank<br />
• Deutsche Bank<br />
• DZ Bank<br />
• equinet<br />
• Equita<br />
• Exane BNP Paribas<br />
• Goldman Sachs<br />
• Hauck & Aufhäuser Institutional Research AG<br />
• HSBC Trinkaus & Burkhardt<br />
• Independent Research<br />
• J.P. Morgan Cazenove<br />
• Kepler Capital Markets<br />
• LBBW<br />
• Liberum<br />
• Macquarie<br />
• Main First Bank<br />
• M.M. Warburg<br />
• Morgan Stanley<br />
• Morningstar<br />
• Nomura<br />
• Redburn<br />
• Sanford C. Bernstein<br />
• Scotiabank<br />
• UBS Investment Research<br />
Analysts’ recommendations of the last 12 months and an always current consensus estimate you can find at<br />
http://www.k-plus-s.com/en/ks-aktie/bewertungen/analysten.html. Furthermore you can download all publications and<br />
presentations of our company from the Investor Relations section of our website (http://www.k-plus-s.com/en/investorrelations/index.html),<br />
where you also find answers to frequently asked questions.<br />
<strong>K+S</strong> Group 33
<strong>K+S</strong> Group<br />
Forward-looking Statements<br />
This presentation contains facts and forecasts that relate to the future development of the <strong>K+S</strong><br />
Group and its companies. The forecasts are estimates that we have made on the basis of all the<br />
information available to us at this moment in time. Should the assumptions underlying<br />
these forecasts prove not to be correct or should certain risks – such as those referred to in<br />
the Risk Report – materialise, actual developments and events may deviate from current<br />
expectations. The Company assumes no obligation to update the statements, save for the making<br />
of such disclosures as are required by the provisions of statute.<br />
<strong>K+S</strong> Group 34
<strong>K+S</strong> Group 35
<strong>K+S</strong> <strong>Aktiengesellschaft</strong> · Bertha-von-Suttner-Strasse 7 · 34131 Kassel | Germany · Internet: www.k-plus-s.com<br />
Investor Relations · phone: +49 (0)561 / 9301-1100 · fax: +49 (0)561 / 9301-2425 · email: investor-relations@k-plus-s.com<br />
Experience growth.<br />
<strong>K+S</strong> Group