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K+S AG Interim / Quarterly Report 2024
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Interim / Quarterly Report
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Q3/2024
QUARTERLY REPORT
Q3 and 9M/2024 figures:
+Q3 revenues: $€ 866.2$ million (Q3/2023: $€ 880.8$ million; Vara consensus estimate as of October 16, 2024: $€ 822.0$ million); 9M: $€ 2,728.0$ million (9M/2023: $€ 2,898.6$ million)
+Q3 EBITDA: $€ 65.6$ million (Q3/2023: $€ 72.2$ million; Vara consensus estimate as of October 16, 2024: $€ 59.0$ million); 9M: $€ 394.1$ million (9M/2023: $€ 550.2$ million)
+Agricultural customer segment once again with high proportion of fertilizer specialties; average price (excluding trade goods) of $€ 310 / t$ (Q3/2023: $€ 327 / t$ ); sales volumes (excluding trade goods) of 1.80 million tonnes slightly below prior-year figure (Q3/2023: 1.84 million tonnes)
+Transformation process remains on track and can be financed from operating business even at currently low potash prices
+Adjusted free cash flow reaches $€+111$ million in the first nine months (9M/2023: $€+328$ million); Vara consensus estimate as of October 16, 2024: $€+97$ million)
2024 outlook:
- For the year as a whole, an oversupply on the potash market is still not expected
+In the Agriculture customer segment, relatively stable price development compared to current levels for the remainder of the year and annual sales volumes (excluding trade goods) in a range of 7.4 to 7.6 million tonnes are assumed (previous outlook: 7.4 million to 7.7 million tonnes); the adjustment in sales volumes is due to production bottlenecks, particularly caused by an above-average sickness rate
+EBITDA now expected at about $€ 540$ million, which is closer to the lower end of the previous range (previous outlook: $€ 530$ million to $€ 620$ million; 2023: $€ 712$ million; Vara consensus estimate as of October 16, 2024: $€ 550$ million)
+Adjusted free cash flow continues to be expected to at least break even (2023: $€+311$ million; Vara consensus estimate as of October 16, 2024: $€+15$ million)
| Q3/2023 | Q3/2024 | $\%$ | 9M/2023 | 9M/2024 | $\%$ | ||
|---|---|---|---|---|---|---|---|
| K+S Group | |||||||
| Revenues | € million | 880.8 | 866.2 | $-1.7$ | 2,898.6 | 2,728.0 | $-5.9$ |
| EBITDA ${ }^{1}$ | € million | 72.2 | 65.6 | $-9.1$ | 550.2 | 394.1 | $-28.4$ |
| EBITDA margin | $\%$ | 8.2 | 7.6 | $-7.5$ | 19.0 | 14.4 | $-23.9$ |
| Depreciation and amortization ${ }^{2}$ | € million | 115.3 | 120.4 | $+4.4$ | 325.6 | 367.7 | $+12.9$ |
| Agriculture customer segment ${ }^{3}$ | |||||||
| Revenues | € million | 620.7 | 605.8 | $-2.4$ | 2,039.0 | 1,901.6 | $-6.7$ |
| Sales volumes | t million | 1.87 | 1.89 | $+0.7$ | 5.27 | 5.88 | $+11.5$ |
| - thereof trade goods | t million | 0.03 | 0.09 | $>+100$ | 0.08 | 0.27 | $>+100$ |
| Industry+ customer segment ${ }^{3}$ | |||||||
| Revenues | € million | 260.1 | 260.3 | $+0.1$ | 859.6 | 826.3 | $-3.9$ |
| Sales volumes | t million | 1.55 | 1.57 | $+1.3$ | 4.73 | 4.89 | $+3.4$ |
| - thereof de-icing salt | t million | 0.44 | 0.41 | $-5.5$ | 1.34 | 1.43 | $+6.7$ |
| Capital expenditures (CapEx) ${ }^{4}$ | € million | 148.6 | 140.1 | $-5.7$ | 347.2 | 352.1 | $+1.4$ |
| Equity ratio | $\%$ | - | - | - | 70.9 | 67.2 | $-5.2$ |
| Return on Capital Employed (LTM) ${ }^{5}$ | $\%$ | - | - | - | 8.3 | 0.7 | - |
| Net financial liabilities (-)/ net asset position (+) as of September 30 | € million | - | - | - | 241.0 | 112.0 | $-53.6$ |
| Net financial liabilities/EBITDA (LTM) ${ }^{5}$ | x-times | - | - | - | - | - | - |
| Market capitalization as of September 30 | € billion | - | - | - | 3.17 | 2.06 | $-35.0$ |
| Enterprise value (EV) as of September 30 | € billion | - | - | - | 4.06 | 3.40 | $-16.3$ |
| Book value per share as of September 30 | € | - | - | - | 35.97 | 34.89 | $-3.0$ |
| Total number of shares as of September 30 | million | - | - | - | 191.4 | 179.1 | $-6.4$ |
| Shares outstanding as of September $30^{6}$ | million | - | - | - | 184.5 | 179.1 | $-3.0$ |
| Average number of shares ${ }^{7}$ | million | 186.7 | 179.1 | $-4.1$ | 189.6 | 179.1 | $-5.5$ |
| Employees as of September $30^{8}$ | number | - | - | - | 11,393 | 11,483 | $+0.8$ |
| Group earnings after tax, adjusted ${ }^{9}$ | € million | $-24.3$ | $-43.7$ | $-79.8$ | 153.1 | 14.4 | $-90.6$ |
| Earnings per share, adjusted ${ }^{9}$ | € | $-0.13$ | $-0.24$ | $-87.4$ | 0.81 | 0.08 | $-90.0$ |
| Net cash flow from operating activities | € million | 176.4 | 173.6 | $-1.6$ | 656.8 | 491.8 | $-25.1$ |
| - thereof continuing operations | € million | 173.9 | 162.6 | $-6.5$ | 657.5 | 484.0 | $-26.4$ |
| - thereof discontinued operations | € million | 2.5 | 11.0 | $>+100$ | $-0.7$ | 7.8 | - |
| Adjusted free cash flow | € million | 54.6 | 24.1 | $-55.9$ | 328.2 | 110.9 | $-66.2$ |
1 EBITDA is defined as earnings before income taxes, interest, depreciation and amortization, adjusted for the amortization amount recognized directly in equity in connection with own work capitalized, the result of changes in the fair value of operating forecast hedges still outstanding, and changes in the fair value of operating forecast hedges recognized in prior periods.
2 Relates to depreciation and amortization of property, plant, and equipment and intangible assets and of investments accounted for using the equity method, adjusted for the amount of depreciation and amortization recognized directly in equity in connection with own work capitalized.
3 No segments in accordance with IFRS 8.
4 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
5 LTM - last twelve months.
6 Total number of shares after deduction of the number of own shares held by K+S on the reporting date.
7 Total number of shares after deduction of the average number of own shares held by K+S during the period.
8 FTE = full-time equivalents; part-time positions are weighted according to their share of working hours.
9 The adjusted key figures include the gains/losses from operating forecast hedges for the respective reporting period; effects from changes in the fair value of hedges are eliminated. The effects on deferred and cash taxes are also adjusted; tax rate Q3/2024: 30.2\% (Q3/2023: 30.2\%).
CORPORATE STRATEGY AND GOVERNANCE
For a comprehensive presentation of our corporate strategy and governance, please refer to the corresponding chapters "Corporate strategy" starting on page 45 and "Corporate governance and monitoring" starting on page 125 of the 2023 Annual Report.
CHANGES TO THE LEGAL GROUP STRUCTURE
As already presented in the Q1/2024 Quarterly Report, the scope of consolidation changed as follows as of March 31, 2024, compared to December 31, 2023:
On January 25, 2023, K+S signed an agreement to acquire 75\% of the fertilizer business of the South African trading company Industrial Commodities Holdings (Pty) Ltd (ICH). The closing of the transaction was subject to the fulfillment of a number of conditions, including the granting of the necessary regulatory approvals, and was completed on July 3, 2023. The company now operates under the name Fertiva (Pty) Ltd. The purchase price was in the low double-digit million euro range. The remaining $25 \%$ of the shares are held by two former ICH shareholders, who previously managed the fertilizer business at ICH and now also form part of the company's management team. Fertiva (Pty) Ltd. has been included in the scope of consolidation.
At the beginning of January 2024, K+S concluded an agreement under public law with the Saxony-Anhalt State Office for Geology and Mining. The content of the agreement is the safeguarding of the post-closure obligations for the tailings pile capacity expansion II of the Zielitz plant by the newly founded K+S Vorsorgegesellschaft Zielitz GmbH \& Co. KG (100\% subsidiary of K+S). The purpose of the company is the establishment of a special fund to secure the liquidity required to meet the post-closure obligations after the operating phase of the Zielitz plant. From 2024 onwards, assets will be built up gradually through the contribution of assets by K+S. At the end of the accumulation phase in 2054, the assets must amount to around $€ 250$ million based on current assumptions. K+S Vorsorgegesellschaft Zielitz GmbH \& Co. KG and K+S Zielitz Vorsorge Verwaltungs GmbH have been included in the scope of consolidation.
Furthermore, the previously non-consolidated subsidiary K+S Brasileira Fertilizantes e Produtos Industriais Ltda. in Brazil, whose business comprises the sale of our fertilizers to customers in South America, has been included in the scope of consolidation.
As of September 30, 2024, the administrative company K+S North America Asset Management GmbH left the scope of consolidation, as the company was legally liquidated as of the end of September 2024.
EVENTS IN THE REPORTING PERIOD OR UP TO THE PUBLICATION DATE
Change on the Board of Executive Directors of K+S
Dr. Burkhard Lohr, Chairman of the Board of Executive Directors (CEO) of K+S Aktiengesellschaft, has decided not to extend his mandate, which runs until the end of May 2025, after more than 12 years in the role. In accordance with his personal plans, he will retire next year. On October 23, 2024, the Supervisory Board of K+S Aktiengesellschaft passed the following resolution as part of succession planning:
- CFO Dr. Christian H. Meyer has been appointed as the Company's future CEO, taking over Chairmanship of the Board of Executive Directors from Dr. Lohr as of June 1, 2025.
- Dr. Carin-Martina Tröltzsch, who has been responsible for the Company's operational areas as COO since February 2023, will assume the position of Deputy Chair of the Board of Executive Directors as of June 1, 2025.
- Dr. Jens Christian Keuthen, currently Head of Legal, Tax, Regulatory Affairs, and New Business Areas at K+S, will become the successor as CFO as of June 1, 2025. He has already been appointed to the Board of Executive Directors as of February 1, 2025.
Dr. Christian H. Meyer, Dr. Carin-Martina Tröltzsch, Dr. Jens Christian Keuthen and Christina Daske, Labor Director since December 1, 2023, will then form the Board of Executive Directors as of June 2025.
Development of the operating business
After market participants have expected a new contract price for potassium chloride in India and China since the middle of the first quarter, reports on a contract between Uralkali and China at USD 273 per tonne were published on July 9, 2024. The contract price, which is fixed until the end of 2024, is, therefore, only slightly below the forecasts previously stated in publications. With the changing regional mix of Russian and Belarusian suppliers, increasing domestic production, and supply from new suppliers in Laos, China's importance as a buyer of potash that is not supplied by producers from Russia and Belarus is also continuing to decline. The North American export organization Canpotex concluded a contract with India at a price of USD 283 per tonne on July 17, 2024.
Development of the financial position
On June 7, 2024, the rating agency Standard \& Poor's (S\&P) confirmed our BBB- rating (outlook "stable"). K+S, therefore, continues to meet its long-term goal of having an investment grade rating. On June 19, 2024, a new corporate bond of $€ 500$ million was issued. In particular, this serves the early refinancing of the 2018 bond, which expired and was repaid in full on July 18, 2024.
EARNINGS POSITION, FINANCIAL POSITION, AND NET ASSETS
The accounting policies applied in the Quarterly Report are the same as those applied in the consolidated financial statements for the 2023 financial year. In the current reporting period, some amendments to standards became effective, but did not have any impact on the Group's accounting policies or the need for retrospective adjustments. Assets and liabilities denominated in foreign currencies are translated at the exchange rate on the balance sheet date. Expenses and income are translated at quarterly average exchange rates.
EARNINGS POSITION
KEY FIGURES OF THE EARNINGS POSITION
| in $€$ million | Q3/2023 | Q3/2024 | $\%$ | 9M/2023 | 9M/2024 | $\%$ |
|---|---|---|---|---|---|---|
| Revenues | 880.8 | 866.2 | $-1.7$ | 2,898.6 | 2,728.0 | $-5.9$ |
| EBITDA | 72.2 | 65.6 | $-9.1$ | 550.2 | 394.1 | $-28.4$ |
| Depreciation and amortization ${ }^{1}$ | 115.3 | 120.4 | $+4.4$ | 325.6 | 367.7 | $+12.9$ |
| Group earnings after tax, adjusted ${ }^{2}$ | $-24.3$ | $-43.7$ | $-79.8$ | 153.1 | 14.4 | $-90.6$ |
1 Relates to depreciation and amortization of property, plant, and equipment and intangible assets and of investments accounted for using the equity method, adjusted for the amount of depreciation and amortization recognized directly in equity in connection with own work capitalized.
2 Includes the gains/losses from operating forecast hedges for the respective reporting period; effects from changes in the fair value of hedges are eliminated. The effects on deferred and cash taxes are also adjusted; tax rate Q3/2024: 30.2\% (Q3/2023: 30.2\%).
At $€ 866.2$ million, $\mathrm{K}+\mathrm{S}$ Group revenues for the quarter under review were down slightly on the previous year's figure of $€ 880.8$ million. Price decreases for products containing potash in both customer segments as well as slightly lower sales volumes in the third quarter, the maintenance quarter, were almost offset by consolidation-related revenue increases. After $€ 2,898.6$ million in the first nine months of 2023, K+S Group revenues for the period under review amounted to $€ 2,728.0$ million.
REVENUES BY REGIONS
in $\%$
VABIANCE COMPARED TO PREVIOUS YEAR
| in \% | Q3/2024 | 9M/2024 |
|---|---|---|
| Change in revenues | $-1.7$ | $-5.9$ |
| - volume-/structure-related | $-1.9$ | $+4.5$ |
| - price-/pricing-related | $-4.4$ | $-13.2$ |
| - currency-related | $-0.3$ | $-0.1$ |
| - consolidation-related | $+4.9$ | $+2.9$ |
EBITDA for the K+S Group amounted to $€ 65.6$ million in the quarter under review after $€ 72.2$ million in the third quarter of 2023. In addition to the effects described under changes in revenues and higher consolidation-related costs for trade goods, price-related lower energy costs and exchange rate effects had a positive impact on EBITDA. In the first nine months, EBITDA amounted to $€ 394.1$ million, compared with $€ 550.2$ million in the prior-year period.
The impairment test of the Potash and Magnesium Products and Salt cash-generating units (CGU) in accordance with IFRS is described on pages 216 and 217 of the Annual Report as well as on pages 30 and 31 of the H1/2024 Half-Year Financial Report. There was no need for adjustment in the quarter under review.
In addition to the effects described for EBITDA, slightly higher depreciation and amortization also had a negative impact on adjusted Group earnings after tax, which amounted to $€-43.7$ million in the third quarter of 2024 (Q3/2023: $€-24.3$ million). This results in earnings per share of $€-0.24$ for the third quarter of 2024 (Q3/2023: $€-0.13$ ).
After the first nine months, adjusted Group earnings after tax amounted to $€ 14.4$ million (9M/2023: $€ 153.1$ million). In the same period, adjusted earnings per share reached $€ 0.08$, compared with $€ 0.81$ in the previous year.
The return on capital employed as of September 30, 2024 (LTM) was $0.7 \%$, compared with $8.3 \%$ in the prior-year period.
FINANCIAL POSITION
KEY FIGURES OF THE FINANCIAL POSITION
| in $€$ million | Q3/2023 | Q3/2024 | $\%$ | 9M/2023 | 9M/2024 | $\%$ |
|---|---|---|---|---|---|---|
| Capital expenditures ${ }^{1}$ | 148.6 | 140.1 | $-5.7$ | 347.2 | 352.1 | $+1.4$ |
| Cash flow from operating activities | 173.9 | 162.6 | $-6.5$ | 657.5 | 484.0 | $-26.4$ |
| Cash flow from investing activities | $-125.6$ | $-401.2$ | $>-100$ | $-52.0$ | $-289.4$ | $>-100$ |
| Free cash flow | 48.3 | $-238.6$ | $-594.0$ | 605.5 | 194.6 | $-67.9$ |
| Adjustment for acquisitions/disposals of securities and other financial investments | 6.3 | 262.7 | $>+100$ | $-277.3$ | $-83.7$ | $+69.8$ |
| Adjusted free cash flow | 54.6 | 24.1 | $-55.9$ | 328.2 | 110.9 | $-66.2$ |
1 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
In the third quarter of 2024, the K+S Group invested a total of $€ 140.1$ million (Q3/2023: $€ 148.6$ million). In the first nine months of 2024, the K+S Group invested a total of $€ 352.1$ million, compared with $€ 347.2$ million in the prior-year period. The main investments in the first nine months included, in addition to maintenance investments, preparatory expenditure for underground work for the Werra 2060 transformation project, further planning services, and orders for materials for the construction of a combined heat and power plant (CHP) at the Bethune site, as well as the costs for the ongoing development of the caverns there. Further investments were made in the construction of the production plant for the new low-emission emulsion explosive Granulex.
Cash flow from operating activities amounted to $€ 162.6$ million in the third quarter, compared with $€ 173.9$ million in the previous year. In the first nine months of 2024, cash flow from operating activities reached $€ 484.0$ million, compared with $€ 657.5$ million in the first nine months of 2023. This was mainly attributable to the decline in EBITDA and a lower release of working capital, which could not be fully offset by lower tax payments.
Adjusted cash flow from investing activities amounted to $€-138.5$ million in the third quarter, compared with $€-119.3$ million in the prior-year quarter. In the first nine months of 2024, adjusted cash flow from investing activities amounted to $€-373.1$ million, compared with $€-329.3$ million in the prior-year period.
Adjusted free cash flow amounted to $€ 24.1$ million in the third quarter, compared with $€ 54.6$ million in the prior-year period. In the first nine months of 2024, adjusted free cash flow reached $€ 110.9$ million, compared with $€ 328.2$ million in the prior-year period.
Cash flow from financing activities amounted to $€-288.3$ million in the third quarter of 2024 (Q3/2023: $€-75.0$ million) and to $€-26.6$ million in the first nine months of 2024; the cash inflow from the issue of the corporate bond due in 2029 in the amount of $€ 500$ million was mainly used to repay the bond that matured in July and for the dividend payment for the 2023 financial year. In the prior-year period, the repayment of a bond and the return of capital to our shareholders in the form of the dividend payment, as well as the continued share buyback, resulted in a cash flow from financing activities of $€-763.2$ million.
- For information on the bond issue in 2024, please visit www.kpluss.com/en-us/investor-relations/shares-bonds/bonds-rating For an overview of the share buybacks conducted in 2023, please refer to www.kpluss.com/sharebuyback
NET ASSETS
Since September 30, 2022, the K+S Group reports a net asset position instead of net financial liabilities. As of September 30, 2024, the net asset position amounted to $€+112.0$ million (December 31, 2023: $€+125.0$ million; September 30, 2023: $€+241.0$ million)
| NET FINANCIAL LIABILITIES AND NET DEBT | |||
|---|---|---|---|
| in $€$ million | Sept. 30, 2023 | Dec. 31, 2023 | Sept. 30, 2024 |
| Cash and cash equivalents | 163.2 | 152.2 | 352.6 |
| Non-current securities and other financial investments | 7.0 | 7.0 | 67.7 |
| Current securities and other financial investments | 390.3 | 354.1 | 207.9 |
| Financial liabilities | $-314.2$ | $-383.0$ | $-511.2$ |
| Lease liabilities from finance lease contracts | $-5.3$ | $-5.3$ | $-5.1$ |
| Net financial liabilities (-)/net asset position (+) | 241.0 | 125.0 | 112.0 |
| Lease liabilities excluding liabilities from finance lease contracts | $-134.2$ | $-142.5$ | $-235.3$ |
| Provisions for pensions and similar obligations | $-2.6$ | $-8.1$ | $-7.8$ |
| Non-current provisions for mining obligations | $-993.5$ | $-1,212.2$ | $-1,206.2$ |
| - thereof payable within 10 years | $-241.9$ | $-239.6$ | $-239.2$ |
| Net debt | $-889.3$ | $-1,237.7$ | $-1,337.3$ |
| Net debt excluding non-current provisions for mining obligations that are due after more than 10 years | $-137.7$ | $-265.1$ | $-370.3$ |
Net cash and cash equivalents amounted to $€ 345.5$ million as of September 30, 2024 (December 31, 2023: $€ 144.5$ million; September 30, 2023: €156.4 million). The increase in net cash and cash equivalents is mainly attributable to the issue of a bond, payments received from matured securities and the operating business, which more than offset the dividend payment and the repayment of financial liabilities.
CUSTOMER SEGMENTS (NO SEGMENTS ACCORDING TO IFRS 8)
AGRICULTURE CUSTOMER SEGMENT
In the Agriculture customer segment, revenues declined to $€ 605.8$ million (Q3/2023: $€ 620.7$ million) in the third quarter. The significant increase in revenues from fertilizer specialties, which was also partly consolidation-related, could not fully offset the decline in revenues from potassium chloride. Price declines and slightly lower volumes in the third quarter, the maintenance quarter, were almost offset by consolidation-related increases in revenues. In the quarter under review, revenues in Europe amounted to $€ 270.9$ million (Q3/2023: $€ 300.1$ million) and overseas to $€ 335.0$ million (Q3/2023: $€ 320.6$ million). In total, potassium chloride accounted for $€ 292.0$ million of revenues (Q3/2023: $€ 382.5$ million) and fertilizer specialties for $€ 313.8$ million (Q3/2023: $€ 238.2$ million).
KEY FIGURES AGRICULTURE CUSTOMER SEGMENT
| in € million | Q3/2023 | Q3/2024 | \% | 9M/2023 | 9M/2024 | \% |
|---|---|---|---|---|---|---|
| Revenues | 620.7 | 605.8 | $-2.4$ | 2,039.0 | 1,901.6 | $-6.7$ |
| - thereof potassium chloride | 382.5 | 292.0 | $-23.7$ | 1,276.1 | 944.7 | $-26.0$ |
| - thereof fertilizer specialties | 238.2 | 313.8 | $+31.7$ | 762.9 | 957.0 | $+25.4$ |
| Sales volumes (in million tonnes eff.) | 1.87 | 1.89 | $+0.7$ | 5.27 | 5.88 | $+11.5$ |
| - thereof potassium chloride | 1.19 | 1.04 | $-12.6$ | 3.40 | 3.22 | $-5.2$ |
| - thereof fertilizer specialties | 0.68 | 0.85 | $+23.9$ | 1.87 | 2.66 | $+41.8$ |
| - thereof trade goods | 0.03 | 0.09 | $>+100$ | 0.08 | 0.27 | $>+100$ |
In the first nine months of 2024, revenues amounted to $€ 1,901.6$ million, compared with $€ 2,039.0$ million in the prior-year period.
Sales volumes excluding trade goods amounted to 1.80 million tonnes in the third quarter, compared with 1.84 million tonnes in the prior-year quarter. Including trade goods, which primarily comprise fertilizer specialties in overseas markets, the sales volumes of 1.89 million tonnes were at about the same level as in the prior-year quarter ( 1.87 million tonnes); as in the first half of 2024, fertilizer specialties were a key growth driver in the third quarter.
In the quarter under review, 0.81 million tonnes were sold in Europe (Q3/2023: 0.86 million tonnes) and 1.08 million tonnes in overseas (Q3/2023: 1.01 million tonnes). In total, potassium chloride accounted for 1.04 million tonnes of the sales volume (Q3/2023: 1.19 million tonnes) and fertilizer specialties for 0.85 million tonnes (Q3/2023: 0.68 million tonnes). In the first nine months, sales volumes amounted to 5.88 million tonnes, compared with 5.27 million tonnes in the previous year. The increase was also mainly attributable to fertilizer specialties.
VARIANCE COMPARED TO PREVIOUS YEAR
| in \% | Q3/2024 | 9M/2024 |
|---|---|---|
| Change in revenues | $-2.4$ | $-6.7$ |
| - volume-/structure-related | 4.2 | |
| - price-/pricing-related | $-4.1$ | |
| - currency-related | $-0.2$ | |
| - consolidation-related | $+4.1$ |
AGRICULTURE CUSTOMER SEGMENT: DEVELOPMENT OF REVENUES, SALES VOLUMES, AND AVERAGE PRICES BY REGION
| Q1/2023 | Q2/2023 | Q3/2023 | 9M/2023 | Q4/2023 | 2023 | Q1/2024 | Q2/2024 | Q3/2024 | 9M/2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | € million | 861.4 | 557.0 | 620.7 | 2,039.0 | 682.2 | 2,721.3 | 679.9 | 615.9 | 605.8 |
| Europe | € million | 340.1 | 231.9 | 300.1 | 872.0 | 330.8 | 1,202.9 | 344.7 | 270.5 | 270.9 |
| Overseas ${ }^{1}$ | USD million | 559.3 | 353.9 | 349.0 | 1,262.2 | 377.8 | 1,640.0 | 364.0 | 371.9 | 367.9 |
| Sales volumes | million t eff. | 1.73 | 1.67 | 1.87 | 5.27 | 2.04 | 7.31 | 2.02 | 1.97 | 1.89 |
| Europe | million t eff. | 0.62 | 0.59 | 0.86 | 2.07 | 0.90 | 2.97 | 0.95 | 0.79 | 0.81 |
| Overseas | million t eff. | 1.11 | 1.08 | 1.01 | 3.20 | 1.14 | 4.34 | 1.07 | 1.18 | 1.08 |
| Average price ${ }^{2}$ | €/tonne eff. | 498.9 | 333.5 | 331.4 | 386.9 | 333.9 | 372.1 | 336.4 | 312.9 | 321.1 |
| Europe | €/tonne eff. | 548.3 | 390.5 | 349.2 | 420.6 | 367.0 | 404.8 | 361.3 | 341.1 | 333.9 |
| Overseas ${ }^{1}$ | USD/t eff. | 505.6 | 328.9 | 344.3 | 394.9 | 330.8 | 377.7 | 341.0 | 316.4 | 342.2 |
[^0]
[^0]: 1 The exchange rate for the third quarter was 1.10 EUR/USD. Excluding trade goods, the average overseas price would have been USD 320/tonne in the third quarter of 2024 and USD 318/tonne in the first nine months of 2024.
2 Excluding trade goods, the global average price would have been $€ 310 /$ tonne in the third quarter of 2024 and $€ 317 /$ tonne in the first nine months of 2024.
INDUSTRY+ CUSTOMER SEGMENT
KEY FIGURES INDUSTRY+ CUSTOMER SEGMENT
| in € million | Q3/2023 | Q3/2024 | $\%$ | 9M/2023 | 9M/2024 | $\%$ |
|---|---|---|---|---|---|---|
| Revenues | 260.1 | 260.3 | $+0.1$ | 859.6 | 826.3 | $-3.9$ |
| Sales volumes (in million tonnes) | 1.55 | 1.57 | $+1.3$ | 4.73 | 4.89 | $+3.4$ |
| - thereof de-icing salt | 0.44 | 0.41 | $-5.5$ | 1.34 | 1.43 | $+6.7$ |
In the Industry+ customer segment, revenues for the quarter under review amounted to $€ 260.3$ million (Q3/2023: $€ 260.1$ million). The recovery in demand for chemical, industrial, and pharmaceutical products was noticeable here: a slight increase in sales volumes as well as continued good price levels for salt products ensured revenues at the prior-year level despite lower average prices for potash products.
The weaker price level for products containing potash was also noticeable in the first nine months and could not be fully offset by stable prices for salt products. As a result, revenues amounting to $€ 826.3$ million were down year on year (9M/2023: $€ 859.6$ million). Prices for our products in the food, feed, pharmaceutical, and consumer goods sectors remain at historically high levels.
Sales volumes in the Industry+ customer segment amounted to 1.57 million tonnes (Q3/2023: 1.55 million tonnes). Sales volumes of industrial, consumer, and pharmaceutical products increased as a result of rising demand. Sales volumes of de-icing salt in the third quarter were moderately below the prior-year period, but moderately above the previous year's level for the first nine months of 2024. At 4.89 million tonnes, overall sales volumes in the Industry+ customer segment in the first nine months of 2024 were slightly above the prior-year figure (9M/2023: 4.73 million tonnes). While sales volumes developed positively in almost all areas, sales volumes in the chemicals segment remained stable at the same level as the prior-year period.
VARIANCE COMPARED TO PREVIOUS YEAR
| in \% | Q3/2024 | 9M/2024 |
|---|---|---|
| Change in revenues | $+0.1$ | $-3.9$ |
| - volume-/structure-related | $+3.9$ | $+5.3$ |
| - price-/pricing-related | $-3.7$ | $-9.2$ |
| - currency-related | $-0.1$ | - |
| - consolidation-related | - | - |
REVENUES BY PRODUCT GROUP
in $\%$
O January to September 2024/2023
REPORT ON RISKS AND OPPORTUNITIES
For a detailed presentation of potential risks and opportunities, please refer to the relevant sections of our 2023 Annual Report from page 136 onwards as well as the H1/2024 Half-Year Financial Report.
The risks to which the K+S Group is exposed, both individually and in interaction with other risks, are limited and, according to today's assessment, do not jeopardize the continued existence of the Company. Opportunities and risks as well as their positive and negative changes are not offset against each other.
2024 OUTLOOK
The medium- to long-term trends for the future industry situation described in the 2023 Annual Report starting on page 156 largely remain valid.
The growing demand for agricultural commodities resulting from a constantly increasing world population and changing eating habits can only be sustained in the future by intensifying agriculture, given the limited availability of arable land. The balanced use of mineral plant nutrients is, therefore, indispensable. The continuing above-average prices for agricultural commodities should provide attractive yield prospects in agriculture and, therefore, an incentive to increase yields per hectare through balanced or higher fertilizer use in the event of undersupply. For 2024 as a whole, we expect a further increase in potash volumes from Russia and Belarus outside the European and North American markets and, therefore, a return to the supply level last achieved in 2021 by suppliers based there. This should, however, also be accompanied by an increase in demand, especially after the restraint in 2022 and 2023. We, therefore, still do not expect an oversupply on the potash market for the year as a whole (2023: about 73 million tonnes; including about 5 million tonnes of potassium sulfate and potash specialties with lower mineral contents).
For the remainder of the year, we expect the prices of our products in the different regions to remain relatively stable compared to current levels. The average price (excluding trade goods) in the Agriculture customer segment for 2024 as a whole would, therefore, almost reach the level of the second quarter of $2024(€ 313 / t)$ (previous forecast: about the level of the second quarter of 2024: $€ 313 / t)$.
In 2024, demand for products in the Industry+ customer segment should develop positively overall, with the significant recovery in demand for products containing potash set to continue. Overall demand for products for chemical applications is, however, likely to remain restrained, at least in Europe, due to the economic situation. There should, however, continue to be a lower supply here, so that an overall increase in $\mathrm{K}+S$ sales volumes can be expected. Furthermore, given intact demand trends, such as an ageing population and access to medical care in developing and emerging market countries, demand for pharmaceutical products should continue to allow for moderate growth rates. For consumer products, we anticipate a continuing trend towards higher-quality products and expect demand to increase slightly overall. While prices for products containing potash should largely stabilize, average prices for products containing sodium chloride should decline slightly year-on-year on a high level. For the fourth quarter, we expect demand for de-icing salt to be on average for the past ten years.
For 2024 as a whole, we now expect EBITDA of about $€ 540$ million, which is closer to the lower end of the previous range (previous forecast: between $€ 530$ million and $€ 620$ million; 2023: $€ 712.4$ million).
- We expect sales volumes for all products in the Agriculture customer segment (excluding trade goods) in a range with an unchanged lower end of 7.4 million tonnes and a reduced upper end of 7.6 million tonnes (previous forecast: 7.4 million to 7.7 million tonnes; 2023: 7.20 million tonnes); this is due to production bottlenecks, particularly caused by an above-average sickness rate.
- Based on our assessment of the market environment in the Agriculture customer segment, we are now assuming an average annual price (excluding trade goods) that should almost reach the level of the second quarter of $2024(€ 313 / t)$ (previous forecast: about the level of the second quarter of 2024: $€ 313 / t)$.
$\leftarrow$ Major cost items: For 2024 as a whole, price-related cost reductions, particularly for energy, will be offset by consolidation-related higher costs for trade goods, and we, therefore, continue to expect a cost reduction of around $€ 100$ million compared to the cost level in 2023.
$\leftarrow$ For the de-icing salt business, we continue to expect sales volumes of about 2 million tonnes in the 2024 financial year (2023: 2.1 million tonnes; normal year: 2.0 million to 2.3 million tonnes).
$\leftarrow$ With regard to the EUR/USD currency relation, an average spot rate of 1.10 EUR/USD (2023: 1.08 EUR/USD) is still assumed for the remainder of the year. Including currency hedging, this corresponds to an annual average exchange rate of 1.06 EUR/USD (2023: 1.09 EUR/USD).
$\leftarrow$ Against the background of uncertainties regarding the supply of natural gas to Europe, we refer to our disclosures in the "Report on risks and opportunities" in the 2023 Annual Report.
We continue to expect adjusted Group earnings after tax, excluding impairment effects, to reach a figure in the double-digit million euro range (2023: €161.9 million).
As previously forecast, the adjusted free cash flow should at least break even despite the elevated capital expenditure due to the Ramp-up Bethune project and the preparatory expenses for the Werra 2060 transformation project (2023: €+311.2 million). The K+S Group's capital expenditure in 2024 should be around $€ 550$ million (2023: $€ 525.3$ million), in particular due to these two projects. With the goal of at least break-even adjusted free cash flow firmly in mind, we will proceed in a prioritized manner and, where possible, adjust the investment volume accordingly.
Following shareholder participation in the Company's success, the net asset position at the end of the year should be roughly balanced as previously forecast (December 31, 2023: €125.0 million). Net debt should, therefore, mainly consist of non-current provisions, particularly for mining obligations, as well as lease liabilities and increase tangibly compared to December 31, 2023 ( $€ 1,237.7$ million). The key figures net financial liabilities/EBITDA and net debt/EBITDA will also increase accordingly.
The return on capital employed (ROCE), excluding impairment effects, should still be in the low single-digit percentage range in 2024 (2023: 3.2\%).
| K+S Group | $\begin{gathered} 2024 \ \text { Actual } \end{gathered}$ | 2024 Forecast in 2023 Annual Report | 2024 Forecast Q1/2024 | 2024 Forecast Q2/2024 | 2024 Forecast Q3/2024 | |
|---|---|---|---|---|---|---|
| Financial performance indicators | ||||||
| EBITDA ${ }^{1}$ | € million | 712.4 | 500 to 650 | 500 to 650 | 530 to 620 | about 540 |
| Capital expenditures (CapEx) ${ }^{2}$ | € million | 525.3 | about 550 | about 550 | about 550 | about 550 |
| Group earnings after tax, adjusted, excluding impairment effects ${ }^{3}$ | € million | 161.9 | double-digit million euro amount in the midpoint of the EBITDA range | double-digit million euro amount in the midpoint of the EBITDA range | double-digit million euro amount in the midpoint of the EBITDA range | double-digit million euro amount |
| Adjusted free cash flow | € million | 311.2 | at least break- even |
at least break- even |
at least break- even |
at least break- even |
| Net financial liabilities (-)/ net asset position (+) | € million | $+125.0$ | roughly balanced | roughly balanced | roughly balanced | roughly balanced |
| ROCE, excluding impairment effects | \% | 3.2 | low single-digit percentage in the midpoint of the EBITDA range | low single-digit percentage in the midpoint of the EBITDA range | low single-digit percentage in the midpoint of the EBITDA range | low single-digit percentage |
| EUR/USD exchange rate for remaining months | EUR/USD | 1.08 | 1.11 | 1.10 | 1.10 | 1.10 |
| Sales volumes Agriculture customer segment (excluding trade goods) | t million | 7.3 | 7.3 to 7.6 | 7.3 to 7.6 | 7.4 to 7.7 | 7.4 to 7.6 |
| Average price in Agriculture customer segment in the full year (excluding trade goods) | $€ / t$ | 372.1 | moderately to tangibly below Q4/2023 (334) | moderately to tangibly below Q1/2024 (336) | at about the level of Q2/2024 (313) | almost at the level of Q2/2024 (313) |
| Sales volumes de-icing salt | t million | 2.1 | a good 2 | a good 2 | about 2 | about 2 |
| Non-financial performance indicators ${ }^{4}$ | ||||||
| Lost Time Incident Rate (LTI rate) | x-times | 7.6 | further improvement | - | - | - |
| Reduction of saline process waters in Germany | $\mathrm{m}^{3}$ million | 2.6 | below 3 | - | - | - |
| Specific $\mathrm{CO}_{2}$ emissions | $\mathrm{kg} \mathrm{CO}_{2} \mathrm{e} / \mathrm{t}$ | 270.8 | slightly below 271.6 | - | - | - |
1 EBITDA is defined as earnings before income taxes, interest, depreciation and amortization, adjusted for the amortization amount recognized directly in equity in connection with own work capitalized, the result of changes in the fair value of operating forecast hedges still outstanding, and changes in the fair value of operating forecast hedges recognized in prior periods.
2 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
3 The adjusted key figures include the gains/losses from operating forecast hedges for the respective reporting period; effects from changes in the fair value of hedges are eliminated. The effects on deferred and cash taxes are also adjusted; tax rate 2023: 30.2\%.
4 No review during the year.
RESPONSIBILITY STATEMENT FROM THE LEGAL REPRESENTATIVES OF K+S AKTIENGESELLSCHAFT
We hereby declare that, to the best of our knowledge, and in accordance with the applicable reporting standards for interim financial reporting, the interim consolidated financial statements provide a true and fair view of net assets, financial, and earnings position of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.
Kassel (Germany), November 8, 2024
K+S Aktiengesellschaft
The Board of Executive Directors
INCOME STATEMENT ${ }^{1}$
| in € million | Q3/2023 | Q3/2024 | 9M/2023 | 9M/2024 |
|---|---|---|---|---|
| Revenues | 880.8 | 866.2 | 2,898.6 | 2,728.0 |
| Cost of goods sold | $-850.8$ | $-868.8$ | $-2,436.2$ | $-2,541.7$ |
| Gross profit | 30.0 | $-2.6$ | 462.4 | 186.3 |
| Selling, general and administrative expenses | $-44.4$ | $-43.9$ | $-138.1$ | $-139.3$ |
| Other operating income | 34.6 | 21.4 | 103.1 | 75.3 |
| Other operating expenses | $-51.3$ | $-38.4$ | $-166.8$ | $-127.4$ |
| Share of profit or loss of equity-accounted investments | $-5.8$ | 1.0 | $-7.2$ | 4.3 |
| - thereof reversals of impairment losses/impairment losses | $-6.5$ | - | $-8.3$ | 1.1 |
| Income from equity investments, net | 2.6 | 0.2 | 3.4 | 2.8 |
| Gains/(losses) on operating anticipatory hedges | $-42.1$ | 32.3 | $-7.1$ | $-16.0$ |
| Earnings after operating hedges ${ }^{2}$ | $-76.4$ | $-30.0$ | 249.7 | $-14.0$ |
| Interest income | 7.3 | 5.8 | 18.3 | 20.7 |
| Interest expense | 7.2 | $-16.3$ | $-15.4$ | $-23.0$ |
| Other financial result | $-5.4$ | 4.1 | $-11.4$ | $-2.2$ |
| Financial result | 9.1 | $-6.4$ | $-8.5$ | $-4.5$ |
| Earnings before tax | $-67.3$ | $-36.4$ | 241.2 | $-18.5$ |
| Income tax expense | 19.7 | 10.8 | $-70.6$ | 5.5 |
| - thereof deferred taxes | $-6.5$ | 8.2 | $-3.0$ | 34.1 |
| Net income | $-47.6$ | $-25.6$ | 170.5 | $-13.0$ |
| Non-controlling interests | - | $-0.8$ | - | $-0.8$ |
| Earnings after tax and non-controlling interests | $-47.6$ | $-26.4$ | 170.5 | $-13.8$ |
| Earnings per share in $€$ (undiluted + diluted) | $-0.25$ | $-0.15$ | 0.90 | $-0.08$ |
1 Rounding differences may arise in figures.
2 Key indicators not defined in IFRS.
RECONCULATION OF OPERATING EARNINGS AND EBITDA ${ }^{1,2}$
| in € million | Q3/2023 | Q3/2024 | 9M/2023 | 9M/2024 |
|---|---|---|---|---|
| Earnings after operating hedges | $-76.4$ | $-30.0$ | 249.7 | $-14.0$ |
| Income $(-)$ /expense $(+)$ from changes in fair value of the of outstanding operating anticipatory hedges | 41.2 | $-29.1$ | 16.3 | 0.2 |
| Elimination of prior-period changes in the fair value of operating anticipatory hedges | $-7.9$ | 4.3 | $-41.3$ | 40.2 |
| Depreciation and amortization $(+)$ /impairment losses $(+)$ /reversals of impairment losses (-) on non-current assets | 110.4 | 122.1 | 322.0 | 371.2 |
| Capitalized depreciation $(-)^{3}$ | $-1.6$ | $-1.7$ | $-4.8$ | $-2.4$ |
| Impairment losses $(+)$ /reversals of impairment losses (-) on investments accounted for using the equity method | 6.5 | - | 8.3 | $-1.1$ |
| EBITDA | 72.2 | 65.6 | 550.2 | 394.1 |
[^0]
[^0]: 1 Rounding differences may arise in figures.
2 Key indicators not defined in IFRS.
3 This relates to depreciation of assets used in the production of other items of property, plant, and equipment. Depreciation is capitalized as part of the cost of production and is not recognized in profit or loss.
BALANCE SHEET - ASSETS ${ }^{1}$
| in € million | Sept. 30, 2023 | Dec. 31, 2023 | Sept. 30, 2024 |
|---|---|---|---|
| Intangible assets | 155.3 | 164.8 | 166.8 |
| - thereof goodwill from acquisitions of companies | 13.7 | 13.7 | 13.7 |
| Property, plant, and equipment | 6,440.5 | 6,588.8 | 6,574.8 |
| Investment properties | 1.9 | 1.9 | 1.9 |
| Financial assets | 56.4 | 79.3 | 56.7 |
| Investments accounted for using the equity method | 156.4 | 155.0 | 159.8 |
| Other financial assets | 5.6 | 14.9 | 3.4 |
| Other non-financial assets | 70.1 | 52.9 | 56.6 |
| Securities and other financial assets | 7.0 | 7.0 | 67.7 |
| Deferred taxes | 57.7 | 14.6 | 4.4 |
| Non-current assets | 6,950.9 | 7,079.3 | 7,092.2 |
| Inventories | 747.3 | 708.0 | 696.4 |
| Trade receivables | 718.2 | 759.8 | 630.1 |
| Other financial assets | 201.2 | 237.3 | 132.9 |
| Other non-financial assets | 156.4 | 128.1 | 151.6 |
| Income tax refund claims | 36.7 | 55.1 | 37.7 |
| Securities and other financial assets | 390.3 | 354.1 | 207.9 |
| Cash and cash equivalents | 163.2 | 152.2 | 352.6 |
| Current assets | 2,413.3 | 2,394.6 | 2,209.2 |
| ASSETS | 9,364.2 | 9,473.8 | 9,301.4 |
1 Rounding differences may arise in figures.
BALANCE SHEET - EQUITY AND LIABILITIES ${ }^{1}$
| in € million | Sept. 30, 2023 | Dec. 31, 2023 | Sept. 30, 2024 |
|---|---|---|---|
| Issued capital | 191.4 | 179.1 | 179.1 |
| Capital reserve | 646.0 | 658.3 | 658.3 |
| Other reserves and net retained earnings | $5,801.2$ | $5,665.8$ | $5,408.3$ |
| Total equity attributable to shareholders of K+S Aktiengesellschaft | $6,638.6$ | $6,503.1$ | $6,245.7$ |
| Non-controlling interests | - | - | 3.7 |
| Equity | $\mathbf{6 , 6 3 8 . 6}$ | $\mathbf{6 , 5 0 3 . 1}$ | $\mathbf{6 , 2 4 9 . 4}$ |
| Financial liabilities | 17.7 | - | 493.5 |
| Other financial liabilities | 100.7 | 105.1 | 185.6 |
| Other non-financial liabilities | 16.2 | 16.3 | 20.1 |
| Provisions for pensions and similar obligations | 2.6 | 8.1 | 7.8 |
| Provisions for mining obligations | 993.5 | $1,212.2$ | $1,206.2$ |
| Other provisions | 140.9 | 147.0 | 143.9 |
| Deferred taxes | 404.0 | 364.8 | 318.1 |
| Non-current liabilities | $\mathbf{1 , 6 7 5 . 6}$ | $\mathbf{1 , 8 5 3 . 4}$ | $\mathbf{2 , 3 7 5 . 2}$ |
| Financial liabilities | 296.5 | 383.0 | 17.7 |
| Trade payables | 283.8 | 335.1 | 254.6 |
| Other financial liabilities | 108.1 | 87.3 | 89.8 |
| Other non-financial liabilities | 64.8 | 79.2 | 57.6 |
| Income tax liabilities | 45.4 | 37.7 | 36.9 |
| Provisions | 251.4 | 194.9 | 220.2 |
| Current liabilities | $\mathbf{1 , 0 5 0 . 0}$ | $\mathbf{1 , 1 1 7 . 3}$ | $\mathbf{6 7 6 . 8}$ |
| EQUITY AND LIABILITIES | $\mathbf{9 , 3 6 4 . 2}$ | $\mathbf{9 , 4 7 3 . 8}$ | $\mathbf{9 , 3 0 1 . 4}$ |
[^0]
[^0]: 1 Rounding differences may arise in figures.
| in € million | Q3/2023 | Q3/2024 | 9M/2023 | 9M/2024 |
|---|---|---|---|---|
| Earnings after operating hedges (from continuing operations) | $-76.4$ | $-30.0$ | 249.7 | $-14.0$ |
| Income ( $-1 /$ expenses ( + ) arising from changes in the fair value of outstanding operating anticipatory hedges | 41.3 | $-29.0$ | 16.3 | 0.2 |
| Elimination of prior-period changes in the fair value of operating anticipatory hedges | $-8.0$ | 4.2 | $-41.3$ | 40.2 |
| Depreciation, amortization, impairment losses ( + )/ reversals of impairment losses ( - ) on intangible assets, PPE, financial assets, and investments accounted for using the equity method | 115.3 | 120.5 | 325.5 | 367.7 |
| Increase ( $+$ )/decrease ( - ) in non-current provisions | $-2.5$ | $-4.7$ | 5.2 | $-12.6$ |
| Interest received and similar income | 2.2 | 5.6 | 12.2 | 25.6 |
| Realized gains ( + )/losses ( - ) on financial assets/liabilities | $-11.6$ | 2.7 | $-15.1$ | $-0.5$ |
| Interest paid and similar expense | $-11.4$ | $-12.5$ | $-27.9$ | $-21.9$ |
| Income tax paid ( - )/refunded ( + ) | 63.5 | 6.5 | $-48.9$ | $-24.4$ |
| Other non-cash expenses ( + )/income ( - ) and other expenses | $-0.5$ | $-0.4$ | $-0.2$ | $-3.1$ |
| Gain ( - )/loss ( + ) on sale of assets and securities | 0.2 | 1.0 | 1.3 | 4.5 |
| Increase ( - )/decrease ( + ) in inventories | 28.5 | 36.9 | $-72.1$ | 45.7 |
| Increase ( - )/decrease ( + ) in receivables and other operating assets | 54.3 | 84.7 | 314.3 | 128.0 |
| Increase ( + )/decrease ( - ) in current operating liabilities | $-31.3$ | $-40.6$ | $-71.8$ | $-82.4$ |
| Increase ( + )/decrease ( - ) in current provisions | 17.3 | 28.7 | 14.1 | 45.5 |
| Allocations to plan assets | $-4.5$ | - | $-4.5$ | $-6.7$ |
| Net cash flow from operating activities | 176.4 | 173.6 | 656.8 | 491.8 |
| - thereof from continuing operations | 173.9 | 162.6 | 657.5 | 484.0 |
| - thereof from discontinued operations | 2.5 | 11.0 | $-0.7$ | 7.8 |
| Proceeds from sale of assets | 1.0 | 1.3 | 3.5 | 3.6 |
| Purchases of intangible assets | $-1.2$ | $-5.5$ | $-3.1$ | $-9.9$ |
| Purchases of property, plant, and equipment | $-108.5$ | $-132.0$ | $-319.0$ | $-364.0$ |
| Dividend distributions by investments accounted for using the equity method | 2.8 | - | 2.8 | - |
| Payments for financial assets/investments accounted for using the equity method and loans granted | $-13.4$ | $-2.3$ | $-13.5$ | $-2.8$ |
| Proceeds from sale of securities and other financial assets | 2.4 | 4.8 | 765.7 | 354.2 |
| Purchases of securities and other financial asset | $-8.7$ | $-267.5$ | $-488.4$ | $-270.5$ |
| Net cash used in investing activities | $-125.6$ | $-401.2$ | $-52.0$ | $-289.4$ |
| - thereof from continuing operations | $-125.6$ | $-401.2$ | $-52.0$ | $-289.4$ |
| Dividends paid | - | - | $-191.4$ | $-125.4$ |
| Purchase of treasury shares | $-66.8$ | - | $-113.5$ | - |
| Repayment ( - ) of borrowings | $-8.2$ | $-288.3$ | $-458.3$ | $-446.5$ |
| Proceeds ( + ) from borrowings | - | - | - | 545.3 |
| Net cash from/(used in) financing activities | $-75.0$ | $-288.3$ | $-763.2$ | $-26.6$ |
| - thereof from continuing operations | $-75.0$ | $-288.3$ | $-763.2$ | $-26.6$ |
| Cash change in cash and cash equivalents | $-24.2$ | $-515.9$ | $-158.4$ | 175.8 |
| Exchange rate-related change in cash and cash equivalents | 4.1 | $-2.9$ | 1.9 | $-1.8$ |
| Consolidation-related changes in cash and cash equivalents | - | - | - | 27.0 |
| Net change in cash and cash equivalents | $-20.1$ | $-518.8$ | $-156.5$ | 201.0 |
| Net cash and cash equivalents as of January 1 | 312.9 | 144.5 | ||
| Net cash and cash equivalents as of September 30 | 156.4 | 345.5 | ||
| - thereof cash and cash equivalents | 163.2 | 352.6 | ||
| - thereof cash received from affiliated companies | $-6.8$ | $-7.1$ |
FINANCIAL CALENDAR
| DATES | |
|---|---|
| 2025 | |
| 2024 Annual Report | March 13, 2025 |
| Quarterly Report as of March 31, 2025 | May 13, 2025 |
| Annual General Meeting (virtual) | May 14, 2025 |
| Dividend Payment | May 19, 2025 |
| Half-Year Financial Report as of June 30, 2025 | August 12, 2025 |
| Quarterly Report as of September 30, 2025 | November 11, 2025 |
CONTACT
K+S Aktiengesellschaft
Bertha-von-Suttner-Str. 7
34131 Kassel, Germany
Phone: +49(0)561/9301-0
Internet: www.kpluss.com
Investor Relations
Phone: +49(0)561/9301-1100
Fax: +49(0)561/9301-2425
E-mail: [email protected]
IMPRINT
Editorial team/text
K+S Investor Relations
Layout and design
Kirchhoff Consult GmbH, Hamburg
Publication on November 14, 2024
FORWARD-LOOKING STATEMENTS
This Quarterly Report contains statements and forecasts relating to the future development of the K+S Group and its companies. The forecasts represent assessments based on all the information available to us at the present time. Should the assumptions on which the forecasts are based prove to be incorrect or risks - such as those mentioned in the Report on Risks and Opportunities in the current Annual Report - materialize, actual developments and results may deviate from current expectations. The Company assumes no obligation to update the statements contained in this Quarterly Report beyond the disclosure requirements stipulated by law.