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Annual Report 2019

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Annual Report 2019 Annual Report 2019 www.kpluss.com With its mineral products, K+S helps farmers secure the world’s food supply, keeps industries running, enriches consumers’ daily live’s and ensures safety in winter. The focus is on the customer and their needs. In order to position our- selves successfully on a global scale in the long term, we are increasingly acting on the basis of innovative future concepts with which we can develop products and growth markets. This transformation phase is supported by our experience of more than 130 years. It allows us to navigate safely through the challenges of the reorganization: K+S is versatile. K+S worldwide We meet the growing demand for mineral products mainly from production sites in Europe, North and South America, and through a global distribution network. 39 6 32 4 13 Number of sites ten-yeAr SummAry K+S group 1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Profit and Loss Revenues € million 4,632.7 3,996.8 3,935.3 3,950.4 3,821.7 4,175.5 3,456.6 3,627.0 4,039.1 4,070.7 EBITDA 2 € million 953.0 1,146.0 1,033.3 907.2 895.5 1,057.5 519.1 576.7 606.3 640.4 EBITDA-Margin % 20.6 28.7 26.3 23.0 23.4 25.3 15.0 15.9 15.0 15.7 Depreciation 3 238.5 239.8 229.2 251.3 254.3 275.9 289.8 305.9 379.1 431.9 Group earnings from continued operations, adjusted 4 € million 453.8 625.6 538.1 437.1 366.6 542.3 130.5 145.0 85.4 77.8 Earnings per share from continued operations, adjusted 4 € 2.37 3.27 2.81 2.28 1.92 2.83 0.68 0.76 0.45 0.41 Cash flow Operating Cash flow € million 826.4 633.4 607.2 755.7 719.1 669.4 445.4 306.8 308.7 639.8 Capital expenditure 5 € million 188.6 293.1 465.5 742.5 1,153.2 1,278.8 1,170.8 810.8 443.2 493.3 Adjusted Free Cash flow € million 667.3 216.6 199.1 48.7 -306.3 -635.9 -776.8 -389.8 -206.3 139.7 Balance Sheet Balance sheet total € million 5,573.7 6,056.9 6,596.6 7,498.2 7,855.2 8,273.6 9,645.5 9,754.4 9,966.2 10,592.2 Equity € million 2,651.6 3,084.6 3,393.9 3,396.6 3,974.5 4,295.6 4,552.2 4,160.7 4,144.1 4,495.1 Equity ratio % 47.6 50.9 51.4 45.3 50.6 51.9 47.2 42.7 41.6 42.4 Net financial liabilities as of Dec. 31 6 € million 19.3 -65.1 -39.4 190.4 590.9 1,363.6 2,401.1 2,974.1 3,241.5 3,116.6 Debt ratio (Net financial liabilities/EBITDA) 6 x 0.0 -0.1 0.0 0.2 0.7 1.3 4.6 5.2 5.3 4.9 Working capital € million 959.4 840.9 1,025.7 844.9 768.1 945.9 894.6 968.1 1,126.7 1,037.9 Return on Capital Employed (ROCE) % 22.0 25.2 19.9 15.2 12.7 12.5 3.0 3.2 2.6 2.3 Employees Employees as of Dec. 31 7 number 14,186 14,338 14,362 14,421 14,295 14,383 14,530 14,793 14,931 14,868 Average number of employees 7 number 14,091 14,155 14,336 14,348 14,295 14,276 14,446 14,654 14,904 14,693 The Share Book value per share € 13.85 15.86 17.73 17.75 20.77 22.44 23.78 21.74 21.65 23.49 Dividend per share 8 € 1.00 1.30 1.40 0.25 0.90 1.15 0.30 0.35 0.25 0.15 Dividend yield 8 % 1.8 3.7 4.0 1.1 3.9 4.9 1.3 1.7 1.6 1.3 Closing price as of Dec. 31 XETRA, € 56.36 34.92 35.00 22.38 22.92 23.62 22.69 20.76 15.72 11.12 Market capitalization € billion 10.8 6.7 6.7 4.3 4.4 4.5 4.3 4.0 3.0 2.1 Enterprise value as of Dec. 31 € billion 11.5 7.3 7.5 5.3 6.1 6.9 7.9 8.1 7.4 6.7 Average number of shares 9 million 191.34 191.33 191.40 191.40 191.40 191.40 191.40 191.40 191.40 191.40 1 Unless stated otherwise, information refers to the continued operations of the K+S 4 The adjusted key figures only include the result from operating forecast hedges Group. The discontinued operations of the nitrogen business are included up to 2010. of the respective reporting period reported, changes in the fair market value of The balance sheet and therefore the key figures working capital, net indebtedness, outstanding operating forecast hedges are eliminated. In addition, related effects net financial liabilities EBITDA, and book value per share also include in 2010 the on deferred and cash taxes are eliminated; tax rate for 2019: 30.0% (2018: 30.0%). discontinued operations of the COMPO business and in 2011 also the discontinued 5 Relates to cash payments for investments in property, plant and equipment and operations of the nitrogen business. intangible assets, taking claims for reimbursement from claim management into 2 EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, account excluding additions to leases in accordance with IFRS 16. The standard adjusted by the depreciation and amortization amount not recognized in profit and loss was applied for the first time as of January 1, 2019. in the context of own work capitalized, earnings arising from changes in the fair market 6 From January 1, 2019 contains leasing obligations arising explicitly from finance value of outstanding operating anticipatory hedges and changes in the fair value of lease contracts concluded. Prior-year figures are unadjusted. operating anticipatory hedges recognized in prior periods. A reconciliation can be 7 FTE: Full-time equivalents; part-time positions are weighted in accordance with found on page 61. their respective share of working hours. 3 Relates to amortization of intangible assets and depreciation of property, plant and 8 The figure for 2019 corresponds to the dividend proposal; the dividend yield is equipment, adjusted for depreciation and amortization of own work capitalized based on the year-end closing price. recognized directly in equity. 9 Total number of shares less the average number of own shares held by K+S. In this Annual Report rounding differences may arise in percentages and numbers. three-yeAr SummAry of the K+S group regArding SuStAinAbility KPIs 2017¹ 2018 2019 People Lost time incident rate LTI Rate 8.6 8.5 10.3 Positive perception of an inclusive working environment by employees ² % - - 54.4 Sites covered by a human rights due diligence process % 0.0 0.0 7.8 Environment Deep well injection of saline wastewater in Germany million m³ p.a. 1.2 1.0 1.1 Additional reduction of saline process water from potash production in Germany ³ million m³ p.a. 0.0 0.4 0.8 Amount of residue used for other purposes than tailings or increased amount of raw material yield million t p.a. 0.2 1.0 1.5 Additional area of tailings piles covered ha 0.0 5.9 8.7 Carbon footprint for power consumed (kg CO2/MWh) % 0.0 -1.5 -1.7 Specific greenhouse gas emissions (CO2) in logistics (kg CO2e/t) % 0.0 -2.0 -11.1 Business Ethics Critical suppliers aligned with the K+S Group Supplier Code of Conduct (SCoC) % 0.0 14.7 23.2 Spend coverage of the K+S Group SCoC % 0.0 29.4 44.9 All employees reached by communication measures and trained appropriately in compliance matters % 59.1 70.9 100.0 1 The base year for all our non-financial performance indicators is 2017. 2 Deviating base year: 2019. 3 Excluding a reduction due to the KCF facility and the discontinuation of production in Sigmundshall 2018. About thiS report The reporting period covers the period from January 1, Reporting is also based on the guidelines of the Global to December 31, 2019. This Annual Report combines the Reporting Initiative (GRI Standards) and the recommendations Financial Report with the Sustainability Report. of the International Integrated Reporting Council (IIRC). Simul- taneously, the Annual Report serves as the progress report for The financial reporting is in accordance with the international the UN Global CompaCt. IFRS standards; the management report is composed accor- ding to the German Accounting Standard (DRS) 20 and cont- In the event of any doubt, the German version of the Annual ains the information according to the CSR Directive Implemen- Report will prevail. tation Act. In the declaration on corporate governance we follow the transparency requirements of the German Corpo- rate Governance Code (DCGK). Published on March 12, 2020 Key Audited reference within the Annual Report Unaudited reference within the Annual Report Unaudited reference to internet site contentS A C 2 to the ShAreholderS 155 ConSolidAted finAnciAl StAtementS 2 Letter to the shareholders 156 Income statement 6 Our Board of Executive Directors 157 Statement of comprehensive income 158 Balance sheet 8 K+S can adapt 160 Statement of cash flows 8 Resource conservation 161 Statement of changes in equity 12 Innovations 16 Products 162 Notes 20 K+S competences 226 Independent auditor’s report 24 Supervisory Board Report 32 K+S on the capital market D 233 Further informAtion B 234 Independent auditor’s report on a limited assurance engagement 36 combined mAnAgement report 236 About this report 37 Business model 239 GRi content index and Un Global Compact pRincipleS 49 Corporate strategy 246 Definitions of key financial indicators 56 Report on economic position 248 Glossary 78 Research and development 253 Index 80 Employees 256 Units at a glance 83 Combined non-financial statement 99 Declaration on corporate governance 109 Corporate governance and monitoring 119 Report on risks and opportunities 134 Report on expected developments 138 K+S Aktiengesellschaft (explanations based on the German Commercial Code, HGB) 141 Responsibility statement from the legal representatives of K+S AKtienGeSellScHAft 142 Remuneration report fruit from our everydAy the deSert versatility 08 Resource conservation 16 On multi-talents and using fertigation as an example hidden qualities productive ideas in the conSiStently Strong: fieldS And in the city K+S competenceS 12 Innovations for a 20 Reliable expertise as growing global population a strong foundation K+S AnnuAl RepoRt 2019 1 LETTER TO THE SHAREHOLDERS Dr.
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