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K+S Group Issues AGM Statement - Quick Facts

K+S Group (SDFG) said it expects EBITDA of around 520 million euros for the full year 2020. The company noted that the figure does not include effects from the sale of the Americas operating unit and the restructuring of administrative functions. The company expects adjusted free cash flow to break even in the current year.

For the de-icing salt business, the company projects sales volumes of about 8 million tonnes for 2020, about 5 million tonnes less than in a normal year. K+S now anticipates a moderate recovery in potash prices in the remaining months of the year.

Burkhard Lohr, Chairman of the Board of Executive Directors, said: "Due to the continuing uncertainty, it cannot be ruled out that it will become significantly more difficult to obtain liquidity. Against this background, we constantly review all options to ensure financial flexibility and liquidity. A state-secured KfW loan is one of these options."

The company said it aims to reduce debt by a total of more than 2 billion euros by the end of 2021.

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