Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — Q1 2013 Earnings Presentation
31 slides from Kuehne & Nagel International's earnings presentation, Apr 15, 2013
Slide 1: Analyst Conference Call – Q1 2013 Results
Kuehne + Nagel International AG Analyst Conference Call – Q1 2013 Results April 15, 2013 (CET 14.00) Schindellegi, Switzerland
Slide 2: Agenda
Agenda Highlights Q1 2013 | Gerard van Kesteren Operating Review Q1 2013 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange Kuehne + Nagel Group – Q1 results 2013 Slide 2
Slide 3: Highlights Q1 2013
Highlights Q1 2013 Key points Increased invoiced turnover by 5.4% Increase of Gross Profit and EBIT by 2% Strict cost control and savings initiatives implemented; main impact in second semester Working capital intensity at 3.7%; within guidance Effective tax rate sustainable at 21 – 22% Co
Slide 4: Volume development per business unit
Highlights Q1 2013 Volume development per business unit Business unit Kuehne + Nagel Market Seafreight [TEU] +2% +0% Airfreight [Ton] +5% -2% Road & Rail [net inv‘d turnover] +0% -2% Contract Logistics [net inv‘d turnover] +3% +0% Kuehne + Nagel Group – Q1 results 2013 Slide 4
Slide 5: Income Statement
Highlights Q1 2013 Income Statement 2012 2012 Variance CHF million One-off 2013 Variance excl. one-off operational actual Invoiced Turnover 4'834 4'834 5'094 5.4% 5.4% 260 260 MCHF Gross profit 1'502 1'502 1'537 2.3% 2.3% 35 35 MCHF Gross profit margin 31.1% 31.1% 30.2% EBITDA 218 (65) 153 219 43.1%
Slide 6: Development main exchange rates vs. CHF
Highlights Q1 2013 Development main exchange rates vs. CHF Impact Income Statement Full Year Q1 Variance Net (average rates) % 2011 2012 2012 2013 Earnings Euro 1.2350 1.2062 1.2102 1.2260 1.3% US Dollar 0.8908 0.9327 0.9122 0.9285 1.8% 1.5% British Pound 1.4226 1.4827 1.4415 1.4439 0.2% Kuehne + Na
Slide 7: Agenda
Agenda Highlights Q1 2013 | Gerard van Kesteren Operating Review Q1 2013 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange Kuehne + Nagel Group – Q1 results 2013 Slide 7
Slide 8: Seafreight: Highlights
Operating Review Q1 2013 Seafreight: Highlights Seafreight Market: Stagnating market Overcapacity remains, especially after more big vessels came in operation Rates are still volatile Kuehne + Nagel Performance: Volume growth of 2.3% - Gross Profit increase of 1.3% EBIT/Gross Profit conver
Slide 9: Seafreight: Performance of business unit
Operating Review Q1 2013 Seafreight: Performance of business unit GP/TEU CHF million 2012 2013 Variance Quarter in CHF Invoiced Turnover 2'031 2'204 8.5% 2012 Q1 383 Gross profit 314 318 1.3% 2012 Q2 359 EBITDA 95 96 1.1% 2012 Q3 363 EBIT 89 91 2.2% 2012 Q4 364 EBIT in % of GP 28.3% 28.6% 2013 Q1 37
Slide 10: Seafreight: Volume development by traffic lane
Operating Review Q1 2013 Seafreight: Volume development by traffic lane TEU ‘000 Q1 2013: 838 TEU ‘000 Q1 2012: 819 Europe Export Volume growth Q1 2013: 2.3% + 0% Americas Export Q1 2012 Q1 2013 Asia Pacific Export + 4% + 2% Q1 2012 Q1 2013 Other Export + 8% Q1 2012 Q1 2013 Q1 2012 Q1 2013 Kuehne +
Slide 11: Airfreight: Highlights
Operating Review Q1 2013 Airfreight: Highlights Airfreight Market: 2% market contraction Asia-Pacific market slowly recovering Growing market share for Middle East Airlines Rates start to stabilise Kuehne + Nagel Performance: Volume growth of 4.9% - Gross Profit increase of 7.4% EBIT/Gro
Slide 12: Airfreight: Performance of business unit
Operating Review Q1 2013 Airfreight: Performance of business unit GP/100kg CHF million 2012 2013 Variance Quarter in CHF Invoiced Turnover 967 1'011 4.6% 2012 Q1 76 Gross profit 204 219 7.4% 2012 Q2 78 EBITDA excl. one-off item 54 59 9.3% 2012 Q3 76 EBIT excl. one-off item 48 53 10.4% 2012 Q4 76 One
Slide 13: Airfreight: Volume development by traffic lane
Operating Review Q1 2013 Airfreight: Volume development by traffic lane TON ‘000 Q1 2013: 281 Europe Export TON ‘000 Q1 2012: 268 + 2% Volume growth Q1 2013: 4.9% North America Export 0% Q1 2012 Q1 2013 Asia Pacific Export Q1 2012 Q1 2013 + 23% Q1 2012 Q1 2013 Other Export - 1% Q1 2012 Q1 2013 Kuehn
Slide 14: Road & Rail Logistics: Highlights
Operating Review Q1 2013 Road & Rail Logistics: Highlights Road & Rail Market: European Overland market contracted by 2% “Long” winter Q1 2013 Southern Europe weak market Shortage of drivers continues Fuel cost remains on high level Kuehne + Nagel Performance: Stagnating net invoiced tur
Slide 15: Road & Rail Logistics: Performance of business unit
Operating Review Q1 2013 Road & Rail Logistics: Performance of business unit CHF million 2012 2013 Variance Invoiced Turnover 744 737 (0.9%) Net Invoiced Turnover 673 670 (0.4%) Gross profit 225 221 (1.8%) EBITDA 14 2 (85.7%) EBITA 7 (4) EBIT 1 (9) EBIT / Revenue margin 0.1% (1.2%) EBIT / GP Margin
Slide 16: Contract Logistics: Highlights
Operating Review Q1 2013 Contract Logistics: Highlights Contract Logistics Market: Stagnating market Increased competition Margin pressure due to renegotiation of existing contracts Kuehne + Nagel Performance: Increase of net invoiced turnover of 2.5% (excl. currency impact) above market gro
Slide 17: Contract Logistics: Performance of business unit
Operating Review Q1 2013 Contract Logistics: Performance of business unit CHF million 2012 2013 Variance Invoiced Turnover 1'064 1'110 4.3% Net Invoiced Turnover 995 1'029 3.4% Gross profit 750 770 2.7% EBITDA 33 42 27.3% EBITA 17 24 41.2% EBIT 11 20 81.8% EBITDA / Revenue margin 3.1% 3.8% EBIT / Re
Slide 18: Agenda
Agenda Highlights Q1 2013 | Gerard van Kesteren Operating Review Q1 2013 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange Kuehne + Nagel Group – Q1 results 2013 Slide 18
Slide 19: Financial review: Overview Q1
Financial review Overview Q1 CHF million 2012 2013 Invoiced Turnover 4,834 5,094 Gross Profit 1,502 1,537 EBITDA 153* 219 Earnings for the period 68* 134 EP S (basic) in CHF 0.56 1.11 Total Assets 6,267 6,499 Equity 2,449 2,580 Equity % o f To tal A ssets 39.1% 39.7% Cash & Cash Equivalents, net 1,1
Slide 20: Financial review: Balance Sheet
Financial review Balance Sheet 31 December 31 March 31 December 31 March CHF million CHF million 2012 2013 2012 2013 Assets Liabilities and equity Equity attributable to the equity holders 2'396 2'559 of the parent company Non-controlling interests 29 21 Total equity 2'425 2'580 Non-current assets 2
Slide 21: Financial review: Cash flow Q1
Financial review Cash flow Q1 CHF million 2012 2013 Better/(Worse) Operational cash flow 156 223 67 Changes in working capital (61) (70) (9) Increase of provision for antitrust fine 65 - (65) Income taxes paid (42) (50) (8) Cash flow from operating activities 118 104 (14) Cash flow from investing ac
Slide 22: Financial review: Net working capital development
Financial review Net working capital development Variance CHF million March 2012 Dec 2012 March 2013 Mar 13 vs. Mar 12 Trade receivables & Work in progress 2'600 2'809 2'870 270 Trade payables & Accrued trade expenses (1'903) (2'138) (2'108) (205) Net Working Capital 697 671 762 65 KPI's: Working Ca
Slide 23: Financial review: Finance targets 2013
Financial review Finance targets 2013 Profitability Conversion rate (EBIT/GP) in Seafreight 30%+, in Airfreight 25%+ CAPEX Estimate at approx. CHF 175 mio (2012: CHF 175 mio) Working Target to maintain working capital intensity at 3.5 – 4.0% Capital Cash Emphasis on safeguarding a high cash
Slide 24: Agenda
Agenda Highlights Q1 2013 | Gerard van Kesteren Operating Review Q1 2013 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange Kuehne + Nagel Group – Q1 results 2013 Slide 24
Slide 25: Outlook: Volume development
Outlook Volume development 2013 Estimate Kuehne + Nagel Kuehne + Nagel Business unit 2012 Q1 2013 Kuehne + Nagel Market Seafreight +6% +2% +4-6% +2-3% [TEU] Airfreight +2% +5% +1-3% +0-2% [Ton] Road & Rail +7% +0% +3-5% +0-2% [net inv‘d TO] Contract Logistics +4% +3% +0-2% +0% [net inv‘d TO] Kuehne
Slide 26: Annex I: Upcoming Events 2013
Annex I Upcoming Events 2013 May 7 Annual General Meeting May 14 Dividend payment for 2012 July 15 Half-year 2013 results September 18 Capital Markets Day, London October 15 Nine-months 2013 results Kuehne + Nagel Group – Q1 results 2013 Slide 26
Slide 27: Annex II: Key data sheet Q1 2013 - 2012
Annex II Key data sheet Q1 2013 - 2012 Variance 2013/2012 in CHF 2013 2012 Change in million % 2013/2012 CHF million Q1 Q1 Q1 Q1 Seafreight Turnover 2'204 2'031 +8.5 173 Gross Profit 318 314 +1.3 4 Total Expenses (222) (219) (1.4) (3) EBITDA 96 95 +1.1 1 EBIT 91 89 +2.2 2 GP / Turnover 14.4% 15.5% E
Slide 28: Annex II: Key data sheet Q1 2013 - 2012
Annex II Key data sheet Q1 2013 - 2012 Variance 2013/2012 in CHF 2013 2012 Change in million % 2013/2012 CHF million Q1 Q1 Q1 Q1 Road & Rail Logistics Turnover 737 744 (0.9) (7) Gross Profit 221 225 (1.8) (4) Total Expenses (219) (211) (3.8) (8) EBITDA 2 14 (85.7) (12) EBIT (9) 1 (10) GP / Turnover
Slide 29: Annex II: Key data sheet Q1 2013 - 2012
Annex II Key data sheet Q1 2013 - 2012 Variance 2013/2012 in CHF 2013 2012 Change in million % 2013/2012 CHF million Q1 Q1 Q1 Q1 Real Estate Turnover - - Gross Profit - - Total Expenses 15 18 (16.7) (3) EBITDA 15 18 (16.7) (3) EBIT 9 12 (25.0) (3) Insurance Broker Turnover 32 28 +14.3 4 Gross Profit
Slide 30: Thank you for your attention.
Thank you for your attention.
Slide 31: Disclaimer
Disclaimer Investing in the shares of Kuehne + Nagel International AG involves risks. Prospective investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of Kuehne + Nagel International AG. This document contains forward-looking statements
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