04-Nov-2020 / 13:44 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The K+S Board of Executive Directors has adjusted its long-term assumptions against the background of the realignment of the Company and the sale of the Americas operating unit. This mainly concerns the long-term potash price assumption as well as a higher cost of capital rate. Based on the current potash price level, K+S expects prices to continue to rise in the short and medium term. However, the assumption regarding the long-term price trend is now lower than previously assumed. Overall, this results in a one-off, non-cash impairment loss on assets in the Europe+ operating unit of about ? 2 billion. This special impairment will be made for the third quarter of 2020 and will have a corresponding negative impact on adjusted net income after taxes and ROCE, but will not lead to a liquidity outflow.
Based on the operating performance in the third quarter, the outlook for EBITDA in 2020 of about ?480 million after one-time restructuring expenses is confirmed.
The detailed figures for the third quarter of 2020 will be published on November 12, 2020.
More information on the impairment and the outlook of K+S is available at www.kpluss.com.
04-Nov-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
K+S Aktiengesellschaft
Bertha-von-Suttner-Str. 7
34131 Kassel
Germany
Phone:
+49 561 9301 0
Fax:
+49 561 9301 2425
E-mail:
investor-relations@k-plus-s.com
Internet:
www.k-plus-s.com
ISIN:
DE000KSAG888
WKN:
KSAG88
Indices:
MDAX
Listed:
Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
K+S Aktiengesellschaft is a Germany-based salt producer and potash provider. The Company operates through three segments: Salt, Potash and Magnesium, and Complementary Activities. The Salt segment encompasses the production and marketing of food-grade salt, industrial salt and salt for chemical use, de-icing salt, and sodium chloride brine. The Potash and Magnesium segment combines the production and marketing of potash fertilizers and fertilizer specialties, as well as potash and magnesium compounds for technical, industrial, and pharmaceutical applications. The Complementary Activities segment bundles together recycling activities, waste disposal, and reutilization in potash and rock salt mines and CATSAN and THOMAS granulation, as well as logistics services through K+S Transport GmbH and trading in different basic chemicals through Chemische Fabrik Kalk GmbH.