Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — 9M 2010 Earnings Presentation
28 slides from Kuehne & Nagel International's earnings presentation, Oct 18, 2010
Slide 1: Analyst Call – 9 Months 2010 Results
Kuehne + Nagel International AG Analyst Call – 9 Months 2010 Results October 18, 2010 (CET 14.00) Schindellegi, Switzerland
Slide 2: Agenda
Agenda Highlights 3rd Quarter 2010 Gerard van Kesteren Operating Review 9 Months 2010 Reinhard Lange Financial Review 9 Months 2010 Gerard van Kesteren Full-Year Outlook 2010 Reinhard Lange 9 Months 2010 results October 18, 2010 Slide 2
Slide 3: Highlights 3rd Quarter 2010
KUEHNE+NAGEL Highlights 3 Quarter 2010
Slide 4: Highlights 3rd Quarter 2010
Highlights 3rd Quarter 2010 Strong volume growth above market in all business units Stabilising Seafreight and Airfreight margins per unit, offset by currency impact Since March 2010 (excl. August) positive EBITA contribution in Road & Rail Logistics Further reduction of idle space in Contra
Slide 5: Income Statement January to September
Income Statement January to September YTD 2010/2009 CHF million 2010 2009 Variance Excl. Forex Invoiced turnover 15'178 12'800 18.6% 22.6% Gross profit 4'453 4'388 1.5% 6.0% Gross profit margin 29.3% 34.3% Total expenses (3'707) (3'694) EBITDA 746 694 7.5% 12.0% EBITDA margin 4.9% 5.4% Depreciation
Slide 6: Income Statement 3rd Quarter 2009 / 2010
Income Statement 3rd Quarter 2009 / 2010 Q3 2010/2009 CHF million 2010 2009 Variance Excl. Forex Invoiced turnover 5'329 4'302 23.9% 32.2% Gross profit 1'492 1'459 2.3% 10.5% Gross profit margin 28.0% 33.9% Total expenses (1'221) (1'231) EBITDA 271 228 18.9% 27.2% EBITDA margin 5.1% 5.3% Depreciatio
Slide 7: Development Main Exchange Rates
Development Main Exchange Rates Dec Sep Sep Impact Variance % 2009 2009 2010 Net Earnings Balance Sheet Euro 1.4899 1.5099 1.3261 (12.2% ) US Dollar 1.0355 1.0279 0.9846 (4.2% ) British Pound 1.6544 1.6402 1.5591 (4.9% ) Income Statement (Average) Euro 1.5099 1.5115 1.4077 (6.9% ) US Dollar 1.0811 1
Slide 8: Quarterly Currency Impact 2010
Quarterly Currency Impact 2010 Invoiced Impact in % Gross Profit EBITDA EBIT EBT PAT Turnover Q1 (0.7%) (1.5%) (1.7%) (2.5%) (2.4%) (2.3%) Q2 (3.0%) (3.8%) (3.4%) (2.4%) (2.4%) (2.3%) Q3 (8.3%) (8.2%) (8.3%) (8.2%) (8.0%) (7.7%) YTD (4.0%) (4.5%) (4.5%) (4.3%) (4.2%) (4.1%) Invoiced Impact in CHF Mi
Slide 9: Operating Review 9 Months 2010
Operating Review 9 Months 2010
Slide 10: Economic Development and Market Dynamics: Volume Development 9 Months 2010
Economic Development and Market Dynamics Volume Development 9 Months 2010 29% 18% 17% 16% 10% 10% 5% 3% Seafreight Airfreight Road & Rail Contract Logistics TEU Tonnage Net revenue Net revenue excl. forex excl. forex Kuehne + Nagel Market (Kuehne + Nagel estimate) 9 Months 2010 results October 18, 2
Slide 11: Segment Reporting by Business Unit January to September
Segment Reporting by Business Unit January to September Invoiced Gross Variance Variance EBITDA Variance Turnover profit C H F m illio n 2010 2009 % 2010 2009 % 2010 2009 % Seafreight 6'792 5'619 20.9% 918 908 1.1% 329 295 11.5% Airfreight 3'002 2'029 48.0% 551 482 14.3% 168 141 19.1% Road & Rail Lo
Slide 12: Performance of Business Unit Seafreight
Performance of Business Unit Seafreight January to September YTD 2010/2009 Q3 2010/2009 CHF million 2010 2009 Variance Excl. Forex Variance Excl. Forex Invoiced turnover 6'792 5'619 20.9% 23.6% 31.7% 38.5% Gross profit 918 908 1.1% 3.6% 8.6% 14.2% EBITDA 329 295 11.5% 15.2% 37.4% 49.5% EBIT 310 270
Slide 13: Performance of Business Unit Airfreight
Performance of Business Unit Airfreight January to September YTD 2010/2009 Q3 2010/2009 CHF million 2010 2009 Variance Excl. Forex Variance Excl. Forex Invoiced turnover 3'002 2'029 48.0% 51.9% 51.5% 60.2% Gross profit 551 482 14.3% 18.0% 21.5% 29.1% EBITDA 168 141 19.1% 23.4% 46.5% 53.5% EBIT 155 1
Slide 14: Performance of Business Unit Road & Rail Logistics
Performance of Business Unit Road & Rail Logistics January to September YTD 2010/2009 Q3 2010/2009 CHF million 2010 2009 Variance Excl. Forex Variance Excl. Forex Invoiced turnover 2'062 1'836 12.3% 18.8% 13.3% 24.8% Net Invoiced Turnover 1'893 1'729 9.5% 15.9% 9.7% 21.0% Gross profit 620 603 2.8% 9
Slide 15: Performance of Business Unit Contract Logistics
Performance of Business Unit Contract Logistics January to September YTD 2010/2009 Q3 2010/2009 CHF million 2010 2009 Variance Excl. Forex Variance Excl. Forex Invoiced turnover 3'225 3'227 (0.1%) 5.0% (1.3%) 7.8% Net Invoiced Turnover 3'084 3'091 (0.2%) 4.8% (3.8%) 5.0% Gross profit 2'334 2'363 (1.
Slide 16: 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 17: Financial Review 9 Months 2010
Financial Review 9 Months 2010
Slide 18: Financial Overview January to September
Financial Overview January to September CHF million 2010 2009 Gross Profit 4'453 4'388 EBITDA 746 694 Earnings for the period 449 387 Cash & Cash Equivalents 1'014 797 Per share CHF EPS (basic) 3.81 3.27 Equity % Total Assets 38.8% 38.3% Operational Cash Flow 726 673 Capex 100 230 ROCE 41% 40% 9 Mon
Slide 19: Balance Sheet
Balance Sheet Sep. 30, Dec. 31, Sep. 30, CHF million 2010 2009 2009 Assets Non-current assets 2'136 2'456 2'521 Trade receivables 2'320 2'004 1'927 Cash and cash equivalents 1'026 981 817 Others 597 492 510 Current assets 3'943 3'477 3'254 Total assets 6'079 5'933 5'775 Liabilities and equity Equity
Slide 20: Cash Flow Statement January to September
Cash Flow Statement January to September CHF million 2010 2009 Variance Operational cash flow 726 673 53 Changes in working capital (187) 98 (285) Income taxes paid (106) (167) 61 Cash flow from operating activities 433 604 (171) Cash flow from investing activities (55) (481) 426 Cash flow from fina
Slide 21: Development of Working Capital
Development of Working Capital CHF million Sep 2010 Dec 2009 Sep 2009 Dec 2008 Trade receivables & Work in progress 2'390 2'300 2'214 2'483 Trade payables & Accrued trade expenses (1'712) (1'844) (1'639) (1'893) Net Working Capital 678 456 575 590 Turnover (annualised) 20'237 17'406 17'067 21'599 in
Slide 22: ROCE – Development
ROCE – Development 46% 4 5% 44% 43% 42% 4 1% 40% 39% 38% 3 7% 36% 3 5% 34% Q1/ 0 7 Q2 / 0 7 Q3 / 0 7 Q4 / 0 7 Q1/ 0 8 Q2 / 0 8 Q3 / 0 8 Q4 / 0 8 Q1/ 0 9 Q2 / 0 9 Q3 / 0 9 Q4 / 0 9 Q1/ 10 Q2 / 10 Q3 / 10 9 Months 2010 results October 18, 2010 Slide 22
Slide 23: Full-Year Outlook 2010
KUEHNE+NAGEL Full-Year Outlook 2010
Slide 24: Outlook Full-Year 2010 – Volume Growth
Outlook Full-Year 2010 – Volume Growth 24% 16% 15% 15% 10% 10% 5% 3% Seafreight Airfreight Road & Rail Contract Logistics TEU Tonnage Net revenue Net revenue excl. forex excl. forex Kuehne + Nagel targets 2010 Market estimate 2010 9 Months 2010 results October 18, 2010 Slide 24
Slide 25: Execution of Strategy: Business development in the next five years
Execution of Strategy Business development in the next five years 2009 2014 Revenue CHF 17 bn CHF 30/40 bn Staff FTE 55‘000 FTE 80‘000 Seafreight TEU 2.5 mn TEU >5.0 mn TOP 1 Airfreight Tons 0.8 mn Tons 1.3 mn TOP 3 Road & Rail CHF 2.5 bn 100% turnover TOP 3* increase Contract Logistics CHF 4.3 bn 5
Slide 26: Outlook Full Year 2010
Outlook Full Year 2010 “ Due to the very good results of the past nine months – and particularly in the third quarter of 2010 – we are confident we will achieve a strongly improved result for the full-year. We will concentrate our efforts on the consistent implementation of our growth strategy, thus
Slide 27: Thank you for your attention.
Thank you for your attention.
Slide 28: 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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