Kasel — K+S Group unveiled a “fit for the future” program last week as it plans to cut some €500 million in expenditures over the next three years. It said it could lead to the reduction of a number of employees. Citing uncertainty in the potash market, it reported 25.6 percent drop in earnings before income tax (EBIT, or operating earnings) to €115.8 million on revenues of €817.7 million, down from the year-ago €155.4 million and €916.6 million, respectively. Potash/Magnesium EBIT was down 32.3 percent, to €107 million on revenues of €456.7 million, versus the year-ago €158.1 million and €560.5 million, respectively. Nine-month K+S EBIT was €556.3 million on revenues of €2.97 billion, versus the year-ago €622.1 million and €3 billion, respectively. Nine-month Pot/Mag EBIT was €498.2 million on revenues of €1.63 billion, versus €605.8 million and €1.81 billion, respectively. For 2013, K+S believes revenues will be close to 2012’s €3.9 billion, with the decline in potash offset by improvements in salt. EBIT is expected to exceed €600 million, down from 2012’s €804.1 million.
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