Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — Q1 2010 Earnings Presentation
22 slides from Kuehne & Nagel International's earnings presentation, Apr 19, 2010
Slide 1: Analyst Call – Q1-2010 Results
Kuehne + Nagel International AG Analyst Call – Q1-2010 Results April 19, 2010 (CET 14.00) Schindellegi, Switzerland
Slide 2: Agenda
Agenda • Highlights Q1-2010 Gerard van Kesteren • Operating Review Q1-2010 Reinhard Lange • Financial Review Q1-2010 Gerard van Kesteren • Full Year Outlook 2010 Reinhard Lange Q1 Results 19/04/2010 p. 2
Slide 3: Highlights Q1-2010
KUEHNE+NAGEL Highlights Q1-2010 p.3
Slide 4: Highlights Q1-2010
Highlights Q1-2010 • Strong volume growths in air- and seafreight. Continued increases in seafreight rates, have negatively impacted GP per unit • After weak start, road activity in Jan and Feb, strong volume recovery in March. Due to productivity improvements, doubling of EBITDA • Further reduction
Slide 5: Income Statement
Income Statement Variance 2010 / 2009 CHF million 2008 2009 2010 Variance Excl. Forex Invoiced turnover 5'310 4'291 4'604 7.3% 8.0% Gross profit 1'554 1'444 1'442 (0.1%) 1.3% Gross profit margin 29.3% 33.7% 31.3% Total expenses (1'292) (1'214) (1'214) EBITDA 262 230 228 (0.9%) 0.9% EBITDA margin 4.9
Slide 6: Operating Review Q1-2010
Operating Review Q1-2010 p. 6
Slide 7: Economic Development and Market Dynamics: Volume Development Q1-2010
Economic Development and Market Dynamics Volume Development Q1-2010 +31% +20-25% +17% +12% +4% +2% +2% +1% Seafreight Airfreight Road & Rail Contract Logistics TEU Tonnage Revenue Revenue Kuehne + Nagel Market* * Kuehne + Nagel estimate Q1 Results 19/04/2010 p. 7
Slide 8: Segment Reporting by Business Unit
Segment Reporting by Business Unit Invoiced Gross Variance Variance EBITDA Variance Turnover profit C H F m illio n 2009 2010 % 2009 2010 % 2009 2010 % Seafreight 1'930 1'992 3.2% 301 285 (5.3%) 102 97 (4.9%) Airfreight 657 873 32.9% 162 171 5.6% 52 49 (5.8%) Road & Rail Logistics 611 646 5.7% 201 2
Slide 9: Performance of Business Unit Seafreight
Performance of Business Unit Seafreight January - March CHF million 2008 2009 2010 Variance Invoiced turnover 2'439 1'930 1'992 3.2% Gross profit 329 301 285 (5.3%) EBITDA 107 102 97 (4.9%) EBIT 99 93 90 (3.2%) EBITDA / Turnover margin 4.4% 5.3% 4.9% EBIT / Turnover margin 4.1% 4.8% 4.5% EBIT / GP m
Slide 10: Performance of Business Unit Airfreight
Performance of Business Unit Airfreight January - March CHF million 2008 2009 2010 Variance Invoiced turnover 951 657 873 32.9% Gross profit 184 162 171 5.6% EBITDA 58 52 49 (5.8%) EBIT 52 48 44 (8.3%) EBITDA / Turnover margin 6.1% 7.9% 5.6% EBIT / Turnover margin 5.5% 7.3% 5.0% EBIT / GP margin 28.
Slide 11: Performance of Business Unit Road & Rail Logistics
Performance of Business Unit Road & Rail Logistics January - March CHF million 2008 2009 2010 Variance Invoiced turnover 727 611 646 5.7% Net invoiced turnover 692 574 595 3.7% Gross profit 153 201 206 2.5% EBITDA 11 6 14 133.3% EBITA 6 (4) 5 - EBIT 3 (10) (1) - EBITDA / Turnover margin 1.5% 1.0% 2.
Slide 12: Performance Business Unit Contract Logistics
Performance Business Unit Contract Logistics January - March CHF million 2008 2009 2010 Variance Invoiced turnover 1'162 1'064 1'061 (0.3%) Net invoiced turnover 1'122 1'021 1'027 0.6% Gross profit 877 770 770 - EBITDA 61 48 45 (6.3%) EBIT 27 16 18 12.5% EBITDA / Turnover margin 5.2% 4.5% 4.2% EBIT
Slide 13: Update on Anti-trust Investigation
Update on Anti-trust Investigation • On October 10, 2007 various Kuehne + Nagel organizations have been inspected. • Full cooperation with respective authorities. • Proceedings have been closed in Australia and Canada. • A provision for potential claims and fines from the US Department of Justice ha
Slide 14: Financial Review Q1-2010
Financial Review Q1-2010 p. 14
Slide 15: Overview Financials Q1-2010
Overview Financials Q1-2010 CHF million 2008 2009 2010 Gross Profit 1'554 1'444 1'442 EBITDA 262 230 228 Earnings for the period 154 128 131 Cash & Cash Equivalents 722 915 942 Per share CHF EPS (basic) 1.31 1.09 1.10 Equity % Total Assets 38.2 38.0 39.6 Operational Cash Flow 266 226 222 Capex 48 74
Slide 16: Cash Flow Statement - January – March
Cash Flow Statement - January – March CHF million 2010 2009 Variance Operational cash flow 222 226 (4) Changes in working capital (186) 43 (229) Income taxes paid (41) (33) (8) Cash flow from operating activities (5) 236 (241) Cash flow from investing activities (16) (301) 285 Cash flow from financi
Slide 17: Development of Working Capital
Development of Working Capital CHF million Dec 2008 Mar 2009 Dec 2009 Mar 2010 Trade receivables & Work in progress 2'483 2'230 2'300 2'431 Trade payables & Accrued trade expenses (1'893) (1'675) (1'844) (1'825) Net Working Capital 590 555 456 606 Turnover (annualised) 21'599 17'164 17'406 18'416 in
Slide 18: Full Year Outlook 2010
KUEHNE+NAGEL Full Year Outlook 2010 p. 18
Slide 19: Outlook Full Year 2010 – Volume Growth
Outlook Full Year 2010 – Volume Growth +15% +12% +10% +7% +5% +5% +3% +3% Seafreight Airfreight Road & Rail Contract Logistics TEU Tonnage Net revenue Net revenue Kuehne + Nagel targets 2010 Market estimate 2010 Q1 Results 19/04/2010 p. 19
Slide 20: CEO Comment / Outlook Full Year 2010
CEO Comment / Outlook Full Year 2010 “Our Group is back on course for growth thanks to the economic recovery and measures we introduced in 2009. Indications are that the global economy and some logistics- related parameters are stabilising. We are, therefore, confident of our ability of reaching our
Slide 21: Thank you for your attention.
Thank you for your attention.
Slide 22: 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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