K+S Reports Significant Increase in Earnings in First Half of 2015

K+S Aktiengesellschaft (FWB:SDF1) announced its financial results for the first half of 2015, which showed revenues of EU$2.3 billion, a 16 percent increase compared to H1 2014.
As quoted in the press release:

The K+S Group increased its revenues by 16 % to € 2.3 billion in the first half of 2015 (H1/14: € 2.0 billion). Both the Potash and Magnesium Products business unit and the Salt business unit profited mainly from higher average prices and a stronger US dollar in relation to the euro compared with the same period in the previous year.
Earnings before interest, taxes and depreciation and amortisation (EBITDA) amounted to € 630 million after the first six months and consequently were up 25 % on the previous year’s figure (H1/14: € 503 million). The operating earnings (EBIT I) of the K+S Group totalled € 496 million in the first half of 2015 thus exceeding the previous year’s figure by € 119 million or around 32 % (H1/14: € 377 million). This improvement in earnings is due primarily to higher prices for de-icing salt in North America and the recovery of average prices in the Potash and Magnesium Products business unit. Additionally, the stronger US dollar in relation to the euro had a positive effect. The ‘Fit for the Future’ programme continued to contribute to the Company’s success as expected. Adjusted for the special item relating to an insurance payment in the second quarter of the previous year (€ 30 million), EBIT I was actually up by more than 40 % in the first six months of 2015.

Norbert Steiner, executive chairman at K+S, commented:

Our overall earnings in the first half of the current financial year were very strong. In addition to our ‘Fit for the Future’ programme, both large business units made a substantial contribution to this very positive development. The strong performance reinforces our guidance of a significant earnings increase this year.

Click here to read the full K+S Aktiengesellschaft (FWB:SDF1) press release.