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ANNUAL REPORT 2016 ANNUAL REPORT 2016 Development of Forecasts for the Full Year 2016

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ANNUAL REPORT 2016 ANNUAL REPORT 2016 Development of Forecasts for the Full Year 2016 ANNUAL REPORT 2016 ANNUAL REPORT ANNUAL 2016 Development of forecasts for the full year 2016 Forecast Annual Forecast Forecast Forecast Actual Outlook Report 2015 Q1/16 H1/16 Q3/16 2016 2017 K+S Group Revenues € billion moderate decrease moderate decrease 3.50 – 3.70 3.50 – 3.60 3.46 tangible increase EBITDA1 € million significant decrease significant decrease 500 – 600 500 – 560 519.1 tangible increase Operating profit (EBIT I) € million significant decrease significant decrease 200 – 300 200 – 260 229.3 tangible increase ¹ Adjusted for the depreciation and amortisation amount not recognised in profit and loss in the context of own work capitalised. Review 2016 February 2016 April 2016 May 2016 July 2016 August 2016 September 2016 December 2016 Water protection package Topping-out ceremony K+S launches solar salt K+S acquires fertilizer Symbolic start of More than 12,000 par- K+S invests in of measures success - for new KCF facility project in Australia activities in China commissioning of ticipants in the human fertilizer manufacturer fully implemented – Saline for the reduction of saline Legacy chain for the preser- in Saudi Arabia wastewater halved in wastewater from 2018 vation of the potash just a few years onwards industry in the Werra Deep-well injection Valley application approved with restrictions About this report: reviewed by external auditors (see also Auditor’s Report). We In the event of any doubt, the German version of the annual Published on: 16 March 2017 follow the recommendations of the International Integrated report will prevail. Reporting period: 1 January to 31 December 2016 Reporting Council (IIRC) and use the work process to exchange information with internal and external stakeholders. Content Key This Annual Report combines the Financial Report with the Sus- with respect to sustainability was prepared in accordance with The following icons in this report refer to additional tainability Report. In this way, we present various dimensions version G4 of the Global Reporting Initiative (GRI) ‘core option’ information: of economic sustainability, which takes appropriate account and considers sector GRI G4 Sector Disclosures: Mining and of ecological and social interests, since the last Annual Report. Metals. Simultaneously, the Annual Report 2016 serves as the = Cross-references within the Annual Report Statements regarding substantial sustainability issues are so-called Communication on Progress for the UN Global Com- = References to internet sites included in the combined Management Report and therefore pact, which the board expressly committed. CONTENT 1 content 1 COMBINED 2 CONSOLIDATED MANAGEMENT FINANCIAL REPORT 1 STATEMENTS Ten-year summary K+S group 2 1.1 Company Profile 21 1.5 Risk and Opportunity Report 99 2.1 Income Statement 131 Units at a glance 3 – Group Legal Structure 21 1.6 Forecast Report 114 2.2 Statement of Comprehensive Preamble 5 – Value Creation 24 1.7 K+S AKtiengeSellSchAft Income 131 The Board of Executive Directors 10 – Research & Development 34 (Explanations Based on the German 2.3 Balance Sheet 132 Supervisory Board Report 12 – Employees 36 Commercial Code (hgb)) 117 2.4 Cash Flow Statement 133 K+S on the Capital Market 16 – Environment 41 1.8 Responsibility Statement 2.5 Statement of Changes in Equity 134 1.2 Declaration on Corporate from the Legal Representatives 2.6 Notes 136 Governance 49 of K+S AKtiengeSellSchAft 120 – Segment Reporting 136 – Governing Bodies 49 1.9 Remuneration Report 121 – Development of Fixed Assets 138 – Governance and Monitoring 56 – Development of Provisions 142 1.3 Corporate Strategy 69 – Other Notes 144 1.4 Economic Report 77 – Overview of the Course Auditor’S Report 192 of Business 77 – Earnings Position 80 – Financial Position 86 FURTHER – Asset Position 91 – Presentation of Segments 93 INFORMATION – Other Events 99 Definitions of Key Financial Indicators 193 – Assessment of the Current gri Index and un Global Compact Economic Situation by the Principles 194 Board of Executive Directors 99 Glossary 196 Index 202 Financial Calendar, Imprint 204 1 The Management Report of K+S Aktiengesellschaft and the Group Management Report for the 2016 financial year are combined. 2 TEN-YEAR SUMMARY K+S GROUP Ten-year summary K+s Group 1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Profit and Loss Revenues € million 3,344.1 4,794.4 3,573.8 4,632.7 3,996.8 3,935.3 3,950.4 3,821.7 4,175.5 3,456.6 – thereof Potash and Magnesium Products business unit € million 1,407.9 2,397.4 1,421.7 1,867.0 2,133.6 2,290.6 2,037.6 1,884.0 2,091.3 1,531.6 – thereof Salt business unit € million 545.1 618.6 1,014.6 1,728.8 1,710.1 1,484.8 1,751.4 1,778.5 1,925.2 1,762.2 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 2 € million 413.9 1,484.4 411.8 953.0 1,146.0 1,033.3 907.2 895.5 1,057.5 519.1 – thereof Potash and Magnesium Products business unit 2 € million 255.1 1,286.3 317.2 567.1 833.8 867.2 667.5 618.5 689.2 184.8 – thereof Salt business unit € million 76.5 77.6 200.3 369.7 337.9 179.5 235.9 276.0 381.0 322.3 EBITDA margin % 12.4 31.0 11.5 20.6 28.7 26.3 23.0 23.4 25.3 15.0 Depreciation 3 € million 128.2 141.7 173.8 238.5 239.8 229.2 251.3 254.3 275.9 289.8 Operating earnings (EBIT I) € million 285.7 1,342.7 238.0 714.5 906.2 804.1 655.9 641.3 781.6 229.3 – thereof Potash and Magnesium Products business unit € million 177.9 1,203.2 231.7 475.9 739.5 770.9 552.5 488.8 546.1 33.6 – thereof Salt business unit € million 47.8 45.2 140.4 238.1 211.4 61.6 117.8 172.9 266.3 203.7 EBIT I margin % 8.5 28.0 6.7 15.4 22.7 20.4 16.6 16.8 18.7 6.6 – Potash and Magnesium Products business unit % 12.6 50.2 16.3 25.5 34.7 33.7 27.1 25.9 26.1 2.2 – Salt business unit % 8.8 7.3 13.8 13.8 12.4 4.1 6.7 9.7 13.8 11.6 Group earnings from continued operations, adjusted 4 € million 175.3 979.3 93.6 453.8 625.6 538.1 437.1 366.6 542.3 130.5 Earnings per share from continued operations, adjusted 4 € 1.06 5.94 0.56 2.37 3.27 2.81 2.28 1.92 2.83 0.68 Cash flow Operating Cash flow € million − 108.3 802.7 534.8 826.4 633.4 607.2 755.7 719.1 669.4 445.4 Capital expenditure 3 € million 171.6 197.5 177.6 188.6 293.1 465.5 742.5 1,153.2 1,278.8 1,170.8 Adjusted Free Cash flow € million − 258.5 605.5 − 811.1 667.3 216.6 199.1 48.7 − 306.3 − 635.9 − 776.8 Balance Sheet Balance sheet total € million 2,964.8 3,473.8 5,217.1 5,573.7 6,056.9 6,596.6 7,498.2 7,855.2 8,273.6 9,645.5 Equity € million 931.8 1,718.3 2,094.6 2,651.6 3,084.6 3,393.9 3,396.6 3,974.5 4,295.6 4,552.2 Equity ratio % 31.4 49.5 40.1 47.6 50.9 51.4 45.3 50.6 51.9 47.2 Net debt as of 31 Dec. € million 1,085.1 570.0 1,351.3 732.5 610.8 827.3 1,037.0 1,626.2 2,399.8 3,583.8 Net debt/EBITDA x 2.6 0.4 3.3 0.8 0.5 0.8 1.1 1.8 2.3 6.9 Working capital € million 570.6 962.3 970.5 959.4 840.9 1,025.7 844.9 768.1 945.9 894.6 Return on Capital Employed (ROCE) % 15.5 64.0 9.3 22.0 25.2 19.9 15.2 12.7 12.5 3.0 Employees Employees as of 31 Dec. 5 number 12,033 12,368 15,208 14,186 14,338 14,362 14,421 14,295 14,383 14,530 Average number of employees 5 number 11,959 12,214 13,044 14,091 14,155 14,336 14,348 14,295 14,276 14,446 The Share Book value per share € 5.65 10.41 10.94 13.85 15.86 17.73 17.75 20.77 22.44 23.78 Dividend per share 6 € 0.50 2.40 0.20 1.00 1.30 1.40 0.25 0.90 1.15 0.30 Dividend yield 6 % 1.2 6.0 0.5 1.8 3.7 4.0 1.1 3.9 4.9 1.3 Closing price as of 31 Dec. 7 XETRA, € 40.69 39.97 39.99 56.36 34.92 35.00 22.38 22.92 23.62 22.69 Market capitalisation € billion 6.7 6.6 7.7 10.8 6.7 6.7 4.3 4.4 4.5 4.3 Enterprise value as of 31 Dec. € billion 7.8 7.2 9.0 11.5 7.3 7.5 5.3 6.1 6.9 7.9 Average number of shares 8 million 164.94 164.95 166.15 191.34 191.33 191.40 191.40 191.40 191.40 191.40 UNITS AT A GLANCE 3 UNITS AT A GLANCE 1 PoTash and maGnesium produCTs business uniT SalT business uniT 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 in € million in € million Revenues 2,290.6 2,037.6 1,884.0 2,091.3 1,531.6 Revenues 1,484.8 1,751.4 1,778.5 1,925.2 1,762.2 EBITDA 2 867.2 667.5 618.5 689.2 184.8 EBITDA 179.5 235.9 276.0 381.0 322.3 EBIT I 770.9 552.5 488.8 546.1 33.6 EBIT I 61.6 117.8 172.9 266.3 203.7 Capital expenditure 332.9 606.5 1,040.4 1,145.0 1,009.8 Capital expenditure 111.3 107.4 87.5 118.1 148.8 Employees (number) 8,310 8,367 8,299 8,404 8,502 Employees (number) 5,092 5,091 5,075 5,054 5,001 Potash and magnesium crude salts are extracted at six mines.
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