K+S
..die steigt sogar an Crash-Tagen ...
..weil jeder weiß, das "der Alte" in solchen zeiten Schnäppchen einsammelt, wo er Jahre drauf gewartet hat
...da der kalimarkt in $ gehandelt wird und die meißten Löhne bei K+S in euro gezahlt werden, kann das nur gut sein für K+s.
auf jeden Fall hatten bei einem billigen Dollar alle Analysten Einkommens-Einbußen
angedroht , was jetzt ja nicht mehr der Fall ist,
allein hier sind jetzt +4% drin
Die paar Menneken, die in Kanada mit $ bezahlt werden sind wenige
gegen die euro-Mannschaft
Selbstverständlich hat jedes international tätige Grossunternehmen ein aktves Währungsmananagement, anders ginge es überhaupt nicht. Das bedeutet aber auch, dass eine Auf-oder Abwertung des Euro allenfalls langfristig- und diesbezüglich müsste man ja auch spekulieren, wie sich die Währungen weiterentwickeln, wirklich bei Kali und Salz durchschlägt.
Gegenwartsbezogen ist es ein NO-event
Optionen
| Boardmail an "noogman" |
Wertpapier: K+S AG |
http://www.uralkali.com/upload/iblock/79d/..._Issue7_July2014_ENG.pdf
Gerade der schwache dollar drückte den gewinn von K+S
Du kannst ein Währungs-management haben wie du willst,
den schwachen Dollar bekommst du doch nicht weg !
Kali wird nun mal international in dollar gehandelt , punkt
jetzt steigt er ja wieder....
---------------------------------------
http://www.handelsblatt.com/unternehmen/industrie/...-ks/2933820.html
Schwacher Dollar verhagelt Ergebnis von K+S
Bei K+S fällt ein großer Teil der Gesamterlöse in Dollar an. Insgesamt gab der Konzern 2007 gut 359 Mill. Dollar aus, um neue Sicherungsgeschäfte für die Jahre 2008 bis 2010 abzuschließen sowie die für den Zeitraum erworbenen Devisenoptionen dem schwächeren Dollarkurs anzupassen. Das neue System soll für 2008 einen Sicherungskurs von mindestens 1,50 Dollar garantieren. Seiner Umsatzprognose hat K+S einen durchschnittlichen Kurs von 1,44 Dollar zugrunde gelegt.
Ist nicht anders als an der Börse auch. Man kann sich gegen Kursverluste absichern, aber das kostet dann eben Geld. Und mal ist eine Versicherung ein gutes Geschäft, und manchmal htte man sich das nachträglich gesehen sparen können.
wenn es unverhofft in die andere richtung geht, (wie jetzt wg, Euro- negativzins)
dann sind es quasi "Knebelverträge" geworden (entgangener Gewinn)
Das ganze neutralisiert sich doch über die zeit, bringt keinen Vorteil,
nur personalkosten, dann kann man es auch lassen.
zumal, wenn eine Währung dauerhaft unten bleibt, nur
in Übergangsphasen sinnnvoll
So einen Vertrag mit "Währungs-sicherung" wird dir auch nur ein Kunde
unterschreiben, wenn er selbst davon etwas hat.
aber einen Vorteil sehe ich trotzdem, niemals wurden alle Kontrakte mit Währungs-sicherheit unterzeichnet.
hier wird wohl der Sinn und Zweck von Währungsabsicherung sehr unterschiedlich aufgefasst.
Für K+S als international und global agierendes Unternehmen ist eine Währungsabsicherung bzw. das management davon unerlässlich und auch notwendig. Dies hat mehrere Gründe der Hauptgurnd ist sicherlich (mE) die daraus resultierende Verbesserung der Planung. --> Bessere Planaungssicherheit von Kosten, Einnahmen etc.
Es nun so darzustellen dass man sich das Geld sparen hätte können wenns doch in die "richtige" Richtung mit der Währung gelaufen wäre finde ich aus unternehmerischer Sicht fahrlässig. K+S soll nicht auf Währungsänderungen spekulieren, das ist wahrhaftig nicht deren Business. Bei jeder anderen "Verischerung", etwas großartig anders ist es im Prinzip ja nicht, kann man sich die Beiträge auch sparen wenn das Risiko nicht Eintrifft, nach dieser Logik.
Ich bin also heilfroh dass sich K+S mit Währungsabsicherung beschäftigt!
Grüße,
Duracell
Warten wir mal EoD ab, dann kannst du evtl. Rückschlüsse auf Tagsverlierer und -gewinner ziehen. Wer weiß schon was der Tag so bringt...
Optionen
| Boardmail an "Lulatsch66" |
Wertpapier: K+S AG |
Key Highlights
◾Second-quarter 2014 earnings of $0.56 per share1
◾Earnings surpass top end of second-quarter guidance range on potash and nitrogen strength
◾Second-quarter cash from operating activities of $788 million; $1.3 billion for first six months
◾Completed share buyback program; 43.3 million shares repurchased at an average price of $34 per share
◾Third-quarter guidance of $0.35-$0.45; full-year 2014 guidance increased to $1.70-$1.90 per share
SASKATOON, July 24, 2014 /PRNewswire/ - Potash Corporation of Saskatchewan Inc. (PotashCorp) reported second-quarter earnings of $0.56 per share ($472 million), bringing earnings for first-half 2014 to $0.95 per share ($812 million). Totals for the quarter and first six months surpassed our earnings guidance on improving trends in each nutrient, but trailed the $0.73 per share ($643 million) and $1.37 per share ($1.2 billion) reported in the respective periods last year.
Gross margin for the quarter of $747 million fell short of the $979 million generated during the same period in 2013 due to weaker contributions from our potash and phosphate businesses. For the first six months, gross margin totaled $1.3 billion, below the $1.8 billionearned during the comparative period last year.
Adjusted earnings before finance costs, income taxes, depreciation and amortization and certain impairment charges2 (adjusted EBITDA) of $868 million for the quarter and $1.6 billion for the first half were below the respective period totals in 2013. Cash from operating activities for both the quarter and first six months of $788 million and $1.3 billion each trailed last year's comparative period amounts, although declining capital expenditures resulted in strong free cash flow2.
Our investments in Arab Potash Company (APC) in Jordan, Israel Chemicals Ltd. (ICL) in Israel and Sociedad Quimica y Minera de Chile S.A. (SQM) in Chile contributed $55 million to our quarterly earnings and brought first-half totals to $155 million. Similar market conditions impacted earnings for these companies as both amounts were below the 2013 comparative period totals of $89 million and $166 million, respectively. The market value of our investments in these publicly traded companies, as well as Sinofert Holdings Limited (Sinofert), equated to approximately $5 billion, or $6 per PotashCorp share at market close on July 23, 2014.
"Robust global fertilizer demand provided a supportive earnings environment during the quarter," said PotashCorp President and Chief Executive Officer Jochen Tilk. "Performance in all three nutrient segments improved from the beginning of the year and resulted in our second-quarter earnings exceeding the upper end of our guidance range. Although results were below those of the same period last year, an improving price environment and - in the case of our potash and nitrogen businesses - cost efficiencies contributed to our bottom line."
Market Conditions
With all key potash markets engaged, global shipments accelerated through the second quarter. Significant product demand, especially in granular markets, kept most producers' operations and distribution networks running at or near full capability. In North America, demand at the farm level was very strong through the spring planting season. Second-quarter shipments from domestic producers exceeded those of the prior year by 28 percent, with shipments for the first six months of 2014 approaching record totals. Shipments by North American producers to offshore markets increased from the first quarter as rail constraints began to improve and customers in all key markets actively secured supply. Totals for both the quarter and year were relatively in line with prior period levels. Improving fundamentals - most notably for granular product - resulted in positive spot market pricing trends relative to the first quarter, although potash prices remained well below those of the comparative period in 2013.
In nitrogen, prices reflected typical seasonal patterns and moved lower as the quarter progressed. While offshore prices for ammonia and urea softened during the quarter relative to the same period last year, key North American benchmarks remained comparatively strong due to healthy demand and reduced imports.
After phosphate markets rebounded early in 2014, demand and pricing remained relatively stable through the second quarter. Continuing slow demand in India during first-half 2014 was largely offset by the strength of demand in other regions, in particular Brazil and North America. Increased availability of product from offshore competitors limited exports for US producers, but was offset by healthy domestic demand and lower output due to reported production challenges.
Potash
With lower prices, potash gross margin of $395 million for 2014's second quarter and $695 million for the first six months trailed the 2013 contributions of $613 million for the quarter and $1.1 billion for the first half.
Strong customer engagement in all key potash markets and improving rail logistics supported increased shipments from earlier in the year. Our total sales volumes for the second quarter reached 2.5 million tonnes, bringing the total for the first six months to 4.8 million tonnes with both amounts relatively flat compared to the similarly strong periods of 2013. Continued strength in North America led to sales volumes significantly exceeding those of the comparative period in 2013 for both the quarter (up 13 percent) and first six months (up 19 percent). Although rail challenges began to abate, offshore sales volumes for the quarter (1.6 million tonnes) and first half (2.9 million tonnes) were impacted by backlogs and trailed 2013 comparative totals. The majority of Canpotex's3 second-quarter shipments were to Other Asian countries (42 percent) and Latin America (29 percent), while China and India accounted for 13 percent and 10 percent, respectively.
Our average realized potash price for the quarter was $263 per tonne, down significantly from $356 per tonne in the same period last year due to price erosion during the second half of 2013. Improving market fundamentals through the first half - most notably in granular markets in North America and Brazil - resulted in our average realized price increasing $13 per tonne relative to first-quarter 2014.
The realignment of our workforce and operating capabilities in December 2013 helped deliver improved operational efficiencies. These changes, combined with the favorable impact from a weakened Canadian dollar and lower royalties, resulted in a reduction of per-tonne cost of goods sold of over 10 percent for both the quarter and first half of the year.
Nitrogen
Gross margin for the quarter totaled $304 million, surpassing the $276 million generated during the same period last year as higher sales volumes more than offset weaker price realizations. This result was the second-highest quarterly nitrogen gross margin total in our history and brought our six-month total to $543 million - nearly matching last year's comparative period record. Our three US operations contributed $191 million of gross margin for the quarter while our operation in Trinidad contributed $113 million, compared to $186 million and $90 million respectively in 2013.
Improved production levels across all of our facilities helped push second-quarter nitrogen sales volumes to 1.7 million tonnes, above the 1.5 million tonnes sold during the same period last year. Total sales volumes for the first half of 2014 reached 3.3 million tonnes, 11 percent above the comparable period in 2013.
Our average realized price of $393 per tonne during the quarter declined from the $410 per tonne in the same period last year. This was primarily the result of slightly weaker benchmark prices contributing to lower realizations for our ammonia fertilizer products.
Cost of goods sold for the quarter averaged $213 per tonne, slightly lower than the same period in 2013 as efficiencies from increased production more than offset higher natural gas costs.
Phosphate
Lower prices, reduced production levels and increased costs weighed on our performance in phosphate. Second-quarter and half-year 2014 gross margin totals of $48 million and $74 million were well below the $90 million and $182 million earned during the respective periods last year.
Short-term issues relating to weather, mining conditions and mechanical challenges created difficulties in sustaining the supply of ore feed to our facilities and resulted in reduced quarterly and first-half production. Sales volumes for the quarter of 0.8 million tonnes and first six months of 1.6 million tonnes trailed comparative periods in 2013 by 9 percent and 11 percent, respectively.
Our average realized phosphate price for the quarter was $509 per tonne, down slightly from the $517 per tonne in the same period last year. Although market fundamentals remained largely unchanged, the decline in prices was mainly related to industrial contracts, which tend to lag current market conditions.
Per-tonne costs of goods sold for the second quarter were elevated compared to the same period in 2013. The favorable impact of lower ammonia and sulfur prices was more than offset by decreased production levels and the recognition of accelerated non-cash depreciation charges of $28 million related to the closure of our Suwannee River chemical plant at White Springs.
Financial
Provincial mining and other taxes totaled $69 million for the second quarter, below the $81 million during the same period last year primarily due to lower average realized potash prices. Lower total earnings resulted in income tax expense declining to $166 million, down from $245 million during 2013's comparable period.
Capital-related cash expenditures totaled $199 million during the quarter, well below the $354 million in 2013's second quarter as our multi-year potash expansion program nears completion.
We repurchased a total of 17.5 million common shares during the second quarter and successfully completed our share buyback program announced in July 2013 (5 percent of outstanding common shares totaling 43.3 million shares).
Market Outlook
We move into the second half of 2014 with an improved outlook for the balance of the year.
In potash, we have raised our 2014 global shipment expectations to 56.5-58 million tonnes on the strength of record first-half demand and an improved second-half outlook. We begin the second half with a strong domestic order book and Canpotex fully committed in offshore markets through the third quarter. Producer inventories in North America ended the first half at their lowest level since 2011, and are projected to remain tight as scheduled maintenance downtime is expected to limit production for most producers in a period of relatively robust demand.
In North America, a successful summer-fill program has given us better visibility on demand through the remainder of the year. Shipments are expected to be strong during the third quarter as dealers work to position product in advance of what is anticipated to be an active fall application season. For full-year 2014, we now expect potash shipments to this market could exceed 10 million tonnes.
Potash demand in Latin America is expected to remain strong ahead of its key planting season. We anticipate shipments to this market will remain elevated through the third quarter although total deliveries could slow relative to those of the comparative period last year. We maintain our view that Latin American demand could reach record levels in 2014 of approximately 10.5 million tonnes.
In China, we now expect potash demand to approximate 12 million tonnes, exceeding our earlier estimates. With first-half contract deliveries complete, increased seaborne import needs through the second half are expected to be met through the execution of optional tonnage arrangements. For the full year, Canpotex will ship approximately 1.2 million tonnes under terms contained in the January 2014 contract with Sinofert.
Shipments against contracts signed with India early in April began to move during the second quarter and are expected to accelerate through the balance of 2014. Although weaker-than-normal monsoon rains and a continued imbalance in fertilizer subsidies will remain headwinds for significant near-term potash demand growth, total annual shipments to India are expected to exceed 2013 and reach 3.5-4 million tonnes.
In Other Asian countries (outside of China and India), potash demand and imports continue to outpace the previous year although increased competitive pressure in this region has weighed on the near-term pricing momentum. We expect shipments to Other Asian countries to remain relatively strong through the balance of the year, and maintain our full-year forecast for this region of approximately 8.2 million tonnes.
Financial Outlook
With an improved global demand environment, we have increased our estimate for potash gross margin to approximately $1.2-$1.4 billion and annual potash sales volumes to 8.9-9.2 million tonnes. Stronger demand, particularly for granular product, has resulted in the decision to continue operating our Penobsquis mine in New Brunswick and to increase our production at Lanigan. Included in our estimates is the impact of a successful Canpotex run at our Allan facility increasing our allocation to approximately 54 percent effective July 1, 2014. We remain on track to achieve our 2014 target of reducing per-tonne cash costs by $15-$20(from 2013's levels), although the third quarter will reflect its normal seasonal increase as we complete our required maintenance downtime.
In nitrogen, we have increased our expectation for gross margin through the balance of 2014 and now see the potential for our full-year results to approach record levels. Sales volumes are expected to outpace previous-year levels and act as a continued tailwind through the second half. While gas supply restrictions at our facility in Trinidad are anticipated to reduce our production in the third quarter, these curtailments are expected to remain below previous year levels.
We see phosphate markets staying relatively firm through the second half, assuming the emergence of more robust Indian import demand. The expected closure at Suwannee River in the third quarter is likely to keep our sales volumes at lower levels through the balance of the year, although reduced accelerated depreciation charges are expected to result in improved per-tonne cost of goods sold and enhanced margins.
We have revised our annual estimate of selling and administrative expenses and finance costs to a range of $235-$245 million and $175-$185 million, respectively.
Based on these factors, we expect our third-quarter net income to be in the range of $0.35-$0.45 per share and have increased our annual range to $1.70-$1.90 per share. Other guidance numbers are outlined in the table below.
Quarterly: Q3-2014
Earnings per share $0.35-$0.45
Annual: 2014
Earnings per share $1.70-$1.90
Potash sales volumes 8.9-9.2 million tonnes
Potash gross margin $1.2-$1.4 billion
Nitrogen and phosphate gross margin $1.0-$1.2 billion
Capital expenditures ~$1.1 billion
Effective tax rate 26-28 percent
Provincial mining and other taxes* 16-18 percent
Selling and administrative expenses $235-$245 million
Finance costs $175-$185 million
Income from offshore investments** $230-$240 million
* As a percentage of potash gross margin
** Includes income from dividends and share of equity earnings
Conclusion
"We see a supportive earnings environment ahead of us and this is reflected in our outlook for the remainder of 2014," said Tilk. "Looking ahead, we will focus on improving our position and optimizing our world-class assets to benefit all stakeholders. As a team, we will build on our strengths and take thoughtful and calculated steps to enhance long-term shareholder value."
http://www.ariva.de/news/...-erwartet-Ausblick-erneut-erhoeht-5110476
Seit Wochen schon im Abwärtstrend!
Optionen
| Boardmail an "Roecki" |
Wertpapier: K+S AG |
Optionen
| Boardmail an "jogo1" |
Wertpapier: K+S AG |
Optionen
| Boardmail an "checker38" |
Wertpapier: K+S AG |
Optionen
| Boardmail an "checker38" |
Wertpapier: K+S AG |
Optionen
| Boardmail an "youmake222" |
Wertpapier: K+S AG |
Mir ist der Gewinn fast egal, ich möchte einfach Redenius (Bernstein)
zu Kreuze kriechen sehen
So ein windiger Typ kommt gegen so eine erz-konverative AG nicht an
Hoffentlich verklagt ihn einer, der auf Short ging mit seinen Empfehlungen
...und solange er auf 12 beharrt, so lange halte ich auch diese Aktie
vielleicht auch etwas saison bedingt.
Optionen
| Boardmail an "youmake222" |
Wertpapier: K+S AG |
"Eine Anlage in die genannten Wertpapiere ist mit einem Totalverlustrisiko verbunden"
Aha, dann investieren wir mal lieber nicht ;) Sonst steht da doch immer kann mit einem Totalverlust verbunden sein ^^
Optionen
| Boardmail an "Saber Raider" |
Wertpapier: K+S AG |
wie es aussieht, geht mal wieder das Gespenst "wann erhöht die FED die zinsen"
durch die medien.
Umfeld wird immer besser für uns.
wir bekamen für Kanada ne anleihe fürn appel und ein Ei,
für ein Projekt, das schon im Bau ist
gut gemacht Steiner
sollten die Zinsen wirklich 2015 das 1. mal steigen, wird sich wegen den Finanzierungs-
kosten der "eintrittspreis" (400$ für ne tonne Kali) für "neue" Minen
weiter nach oben verschieben