Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — Q1 2011 Earnings Presentation
31 slides from Kuehne & Nagel International's earnings presentation, Apr 18, 2011
Slide 1: Analyst Conference Call – 1st Quarter 2011 Results
Kuehne + Nagel International AG Analyst Conference Call – 1st Quarter 2011 Results April 18, 2011 (CET 14.00) Schindellegi, Switzerland
Slide 2: Agenda
Agenda Welcome & Highlights Q1 2011 | Gerard van Kesteren Operating Review Q1 2011 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange 1st Quarter 2011 results April 18, 2011 Slide 2
Slide 3: Highlights 1st Quarter 2011
Highlights 1st Quarter 2011 • Strong volume growth above market in all business units: Kuehne+Nagel Market - Seafreight 14% 7-8% - Airfreight 21% 6-7% - Road&Rail 15% 6% - Contract Logistics 8% 5% • Material negative forex impact of approximately 12% • Stable Seafreight and Airfreight margins per un
Slide 4: Income Statement 1st Quarter
Income Statement 1st Quarter CHF million 2010 2011 Variance Excl. Forex Invoiced turnover 4'604 4'820 4.7% 17.0% Gross profit 1'442 1'458 1.1% 13.6% Gross profit margin 31.3% 30.2% Total expenses (1'214) (1'209) EBITDA 228 249 9.2% 21.0% EBITDA margin 5.0% 5.2% EBITA 185 211 EBITA margin 4.0% 4.4% E
Slide 5: Development Main Exchange Rates vs. CHF
Development Main Exchange Rates vs. CHF Q1 Impact Variance % 2009 2010 2010 2011 Net Earnings Balance Sheet (period end rates) Euro 1.4899 1.2578 1.4284 1.2935 (9.4%) US Dollar 1.0355 0.9532 1.0647 0.9197 (13.6%) British Pound 1.6544 1.4712 1.5872 1.4716 (7.3%) Expected Income Statement (average rat
Slide 6: Agenda
Agenda Welcome & Highlights Q1 2011 | Gerard van Kesteren Operating Review Q1 2011 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange 1st Quarter 2011 results April 18, 2011 Slide 6
Slide 7: Status Update: “Go for Growth”
Status Update: “Go for Growth” growth p.a. growth Q1 2011 2009 - 2014 2009 - 2010 Turnover* CHF 15% 22% 17% Employees FTE 9% 9% 9% Seafreight TEU 15% 16% 14% Airfreight Tons 12% 25% 21% ** Road & Rail* CHF 15% 16% 15% Contract Logistics* CHF 9% 5% 8% * currency adjusted (net) invoiced turnover ** in
Slide 8: Annualised Impact - Acquisitions 2011
Annualised Impact - Acquisitions 2011 in CHF million Cooltainer RH Freight Perishables New Zealand United Kingdom Colombia & Ecuador Business Unit Seafreight Road & Rail Airfreight External turnover 37 170 78 Gross Profit 13 54 8 EBITDA 6 1 3 Employees 45 630 160 TEU's / TONs in '000 17 72 Additiona
Slide 9: Seafreight
Seafreight 1st Quarter 2011 results April 18, 2011 Slide 9
Slide 10: Seafreight: Highlights 1st Quarter 2011
Seafreight: Highlights 1st Quarter 2011 Volume increased by 14% (market growth 7-8%) Shipped 754‘000 TEUs = highest 1st quarter volume ever Declining freight rates YoY rates significantly down Started implementation of “Go for Growth” strategy Development of activities in the inter-Asian and transpa
Slide 11: Performance of Business Unit Seafreight – 1st Quarter
Performance of Business Unit Seafreight – 1st Quarter CHF million 2009 2010 2011 Variance Excl. Forex Invoiced turnover 1'930 1'992 2'071 4.0% 15.4% Gross profit 301 285 312 9.5% 21.8% EBITDA 102 97 112 15.5% 28.9% EBIT 93 90 107 18.9% 32.2% EBIT in % of GP 30.9% 31.6% 34.3% TEU's per TEU '000 GP Ex
Slide 12: Airfreight
Airfreight 1st Quarter 2011 results April 18, 2011 Slide 12
Slide 13: Airfreight: Highlights 1st Quarter 2011
Airfreight: Highlights 1st Quarter 2011 Volume increased by 21% (market growth 6-7%) 259‘000 Tons tons handled: handled:Highest Highestlevel levelofofvolume volumeinofany anyquarter quarter Volatile freight rates Started implementation of the “Go for Growth” strategy Development of activities on the
Slide 14: Performance of Business Unit Airfreight – 1st Quarter
Performance of Business Unit Airfreight – 1st Quarter CHF million 2009 2010 2011 Variance Excl. Forex Invoiced turnover 657 873 994 13.9% 26.7% Gross profit 162 171 195 14.0% 26.9% EBITDA 52 49 63 28.6% 40.8% EBIT 48 44 59 34.1% 47.7% EBIT in % of GP 29.6% 25.7% 30.3% TON's per 100kg '000 GP Exp. EB
Slide 15: Road & Rail Logistics
Road & Rail Logistics 1st Quarter 2011 results April 18, 2011 Slide 15
Slide 16: Road & Rail Logistics: Highlights 1st Quarter 2011
Road & Rail Logistics: Highlights 1st Quarter 2011 Net invoiced turnover increased by 15% * (market growth 6%) Continuous pressure on margins Started implementation of the “Go for Growth” strategy Development of the European groupage network Development in the Full and Part Load business Development
Slide 17: Performance of Business Unit Road & Rail Logistics – 1st Quarter
Performance of Business Unit Road & Rail Logistics – 1st Quarter CHF million 2009 2010 2011 Variance Excl. Forex Invoiced turnover 611 646 681 5.4% 19.0% Net Invoiced turnover 574 595 605 1.7% 15.1% Gross profit 201 206 201 (2.4%) 10.7% EBITDA 6 14 13 (7.1%) 7.2% EBITA (4) 5 6 EBIT (10) (1) 1 EBIT /
Slide 18: Contract Logistics
Contract Logistics 1st Quarter 2011 results April 18, 2011 Slide 18
Slide 19: Contract Logistics: Highlights 1st Quarter 2011
Contract Logistics: Highlights 1st Quarter 2011 Net invoiced turnover increased by 8%* (market growth 5%) Idle space rate substantially reduced (March 10: 12% / March 11: 7%) Decrease of profitability caused by Foreign-exchange impact Despite continuous start-up costs, 2011 full year estimate improv
Slide 20: Performance of Business Unit Contract Logistics – 1st Quarter
Performance of Business Unit Contract Logistics – 1st Quarter CHF million 2009 2010 2011 Variance Excl. Forex Invoiced turnover 1'064 1'061 1'044 (1.6%) 10.9% Net Invoiced turnover 1'021 1'027 984 (4.2%) 7.9% Gross profit 770 770 741 (3.8%) 8.6% EBITDA 48 45 41 (8.9%) 2.2% EBITA 25 26 21 EBIT 16 18
Slide 21: Agenda
Agenda Welcome & Highlights Q1 2011 | Gerard van Kesteren Operating Review Q1 2011 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange 1st Quarter 2011 results April 18, 2011 Slide 21
Slide 22: Financial Overview – Highlights 1st Quarter
Financial Overview – Highlights 1st Quarter CHF million 2009 2010 2011 Gross Profit 1'444 1'442 1'458 EBITDA 230 228 249 Earnings for the period 128 131 154 Cash & Cash Equivalents 915 942 1'317 Per share CHF EPS (basic) 1.09 1.10 1.29 Equity % Total Assets 38.0% 39.6% 41.2% Operational Cash Flow 22
Slide 23: Balance Sheet
Balance Sheet Dec 31 Mar 31 CHF million 2010 2011 Assets Non-current assets 2'058 2'102 Trade receivables 2'077 2'203 Cash and cash equivalents 1'331 1'336 Others 475 543 Current assets 3'883 4'082 Total assets 5'941 6'184 Liabilities and equity Total equity 2'378 2'549 Non-current liabilities 609 6
Slide 24: Cash Flow Statement – 1st Quarter
Cash Flow Statement – 1st Quarter CHF million 2010 2011 Variance Operational cash flow 222 248 26 Changes in working capital (186) (123) 63 Income taxes paid (41) (58) (17) Cash flow from operating activities (5) 67 72 Cash flow from investing activities (16) (48) (32) Cash flow from financing activ
Slide 25: Development of Working Capital
Development of Working Capital CHF million Mar 2009 Mar 2010 Dec 2010 Mar 2011 Trade receivables & Work in progress 2'230 2'431 2'387 2'508 Trade payables & Accrued trade expenses (1'675) (1'825) (1'946) (1'887) Net Working Capital 555 606 441 621 KPI: Working Capital Intensity 3.2% 3.3% 2.2% 3.2% D
Slide 26: Shareholder Value
Shareholder Value Distribution 2010 2009 Kuehne + Nagel International AG Dividend per share in CHF 2.75 2.30 Capital contribution reserve per share in CHF 1.50 - Total 4.25 2.30 Development Share Price 2009 - 2011 140.00 120.00 Q1 2011 100.00 High: 135.80 CHF 80.00 Low: 116.70 CHF 60.00 38% 30% -1%
Slide 27: Agenda
Agenda Welcome & Highlights Q1 2011 | Gerard van Kesteren Operating Review Q1 2011 | Reinhard Lange Financial Review | Gerard van Kesteren Outlook | Reinhard Lange 1st Quarter 2011 results April 18, 2011 Slide 27
Slide 28: Outlook 2011
Outlook 2011 Kuehne + Nagel Market Seafreight 15% 5 – 7% (TEU) Airfreight 18% 5 – 7% (Tons) Road & Rail Logistics 15% 6% (Net Invoiced TO) Contract Logistics 7% 5% (Net Invoiced TO) 1st Quarter 2011 results April 18, 2011 Slide 28
Slide 29: Upcoming Events 2011
Upcoming Events 2011 Annual General 10 May 2011 Meeting Dividend + Capital Contribution 17 May 2011 Reserves Half-year 18 July 2011 results Investor Day 14 September 2011 / London Nine-months 17 October 2011 results 1st Quarter 2011 results April 18, 2011 Slide 29
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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