Financial Section

	For an explanation of the amendments to accounting standards that have been applied for the first time since the beginning of financial year 2009, please see here.

Statement of income for the period
€ million	Q2/09	Q2/08	H1/09	H1/08
Revenues	738.7	1,184.5	1,814.4	2,397.5
Cost of sales	473.5	635.4	1,137.0	1,346.9
Gross profit	265.2	549.1	677.4	1,050.6
Selling expenses	160.3	194.5	348.8	410.5
General and administrative expenses	32.5	28.0	59.6	51.1
Research and development costs	4.5	4.3	8.5	8.6
Other operating income	24.3	12.5	70.3	29.9
Other operating expenses	63.6	16.0	116.0	66.1
Income from investments, net	0.4	0.4	0.8	0.6
Result from operating “anticipative” hedges 1)	8.7	0.4	(25.0)	(106.6)
Result after operating hedges (EBIT II) 2)	37.7	319.6	190.6	438.2
Interest income	1.1	1.0	2.1	1.8
Interest expenses	(8.4)	(14.6)	(17.6)	(27.5)
Other financial result	(69.3)	1.7	(69.5)	11.5
Financial result	(76.6)	(11.9)	(85.0)	(14.2)
Earnings before income taxes	(38.9)	307.7	105.6	424.0
Taxes on income	(8.8)	81.4	28.3	112.9
- of which deferred taxes	(2.3)	27.2	(6.8)	40.1
Net income/loss	(30.1)	226.3	77.3	311.1
Minority interests in earnings	0.1	0.1	0.2	0.1
Group earnings after taxes and minority interests	(30.2)	226.2	77.1	311.0
Earnings per share in € (undiluted ≙ diluted) 3)	(0.18)	1.37	0.47	1.89
Operating earnings (EBIT I)	18.1	326.4	192.1	552.7
Earnings before income taxes, adjusted 4)	(58.5)	314.5	107.1	538.5
Group earnings, adjusted 4)	(44.3)	231.1	78.2	393.7
Earnings per share in €, adjusted 3), 4)	(0.27)	1.40	0.47	2.39
Average number of shares (million) 3)	164.90	164.95	164.87	164.89

 

Statement of comprehensive income for the period
€ million	Q2/09	Q2/08	H1/09	H1/08
Net income/loss	(30.1)	226.3	77.3	311.1
Available-for-sale financial assets	–	–	–	(20.2)
Foreign currency translation	(23.6)	1.2	(6.9)	(25.8)
Earnings without recognition in profit or loss	(23.6)	1.2	(6.9)	(46.0)
Comprehensive income	(53.7)	227.5	70.4	265.1
Minority interests in comprehensive income	0.1	0.1	0.2	0.1
Group comprehensive earnings after taxes and minority interests	(53.8)	227.4	70.2	265.0

 

Operating earnings (EBIT I)
€ million	Q2/09	Q2/08	H1/09	H1/08
Result after operating hedges (EBIT II) 2)	37.7	319.6	190.6	438.2
+/- Result from operating “anticipative” hedges	(8.7)	(0.4)	25.0	106.6
+/- Earnings from realised hedging transactions	(10.9)	7.2	(23.5)	7.9
Operating earnings (EBIT I)	18.1	326.4	192.1	552.7

¹⁾  Last year includes earnings from derivatives that are no longer in operation.

²⁾  The K+S Group is managed on the basis of operating earnings (EBIT I). EBIT II is reconciled to operating earnings (EBIT I) below the income statement. The allocation of EBIT I to the individual business segments can be found in the summary by quarter on page 31.

³⁾  Adjusted to the share split in the ratio 1:4 (technical execution: 21 July 2008).

⁴⁾  The adjusted key figures only contain the result from hedging realised during the current period. By contrast, changes in the market value of derivatives still outstanding are not taken into account. The resulting effects on deferred and cash taxes are also eliminated. Q2/09 tax rate: 27.9 % (Q2/08: 27.7 %).