KASSEL (dpa-AFX) - K+S Group (SDFG) reported a second-quarter loss after tax and non-controlling interests of 32 million euros compared to profit of 38.3 million euros, previous year. Loss per share was 0.17 euros compared to profit of 0.20 euros. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3 percent to 105 million euros from 102 million euros, prior year. Adjusted for the changes in the fair value of derivatives, loss per share was 0.05 euros compared to profit of 0.10 euros.
Second-quarter revenue increased by more than 9 percent to 812 million euros from 742 million euros, prior year. The Group said the growth was driven by higher sales volumes from the ramp up of the new Bethune potash plant in Canada and higher prices for potassium chloride and fertilizer specialties.
'We are continuing to work hard implementing our new corporate 'Shaping 2030' strategy, without losing sight of our operations' said K+S CEO Burkhard Lohr.
Adjusted free cash flow improved to negative at 49 million euros in the second quarter compared to a negative adjusted free cash flow of 81 million euros, prior year, due to significantly lower capital expenditures.
For 2018, the Group said its revenue should reach a level of between 3.9 billion and 4.1 billion euros. EBITDA is expected to continue to significantly increase compared to 2017 within a range of 660 to 740 million euros. The adjusted free cash flow in the current year is expected to continue improving compared to the previous year - up to a positive adjusted free cash flow in 2019.
Copyright RTT News/dpa-AFX