Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — Q1 2024 Earnings Presentation
22 slides from Kuehne & Nagel International's earnings presentation, Apr 23, 2024
Slide 1: Analyst conference First quarter 2024 results
Analyst conference First quarter 2024 results Stefan Paul, CEO Markus Blanka-Graff, CFO Kuehne + Nagel International AG April 23, 2024
Slide 2: First quarter earnings lower
First quarter earnings lower Profits stabilised through yield and cost control Growth Profit Cash ▪ Net turnover of CHF 5.5 billion vs. ▪ EBIT of CHF 376 million vs. CHF ▪ Free Cash Flow of CHF -78 million CHF 6.7 billion in 2023 (-18%) 612 million in 2023 (-39%) ▪ Gross Profit of CHF 2.1 billion ▪
Slide 3: Sea Logistics: Effective yield management drives result
Sea Logistics Effective yield management drives result TEU ‘000 GP/TEU in CHF EBIT/TEU in CHF ▪ Stable market share with growth focused on higher-yielding business ▪ Continued recovery of volumes on 349 Transpac and Americas trades 695 266 1,107 1,138 1,106 563 502 207 146 * 197 ▪ Cost per TEU down
Slide 4: Air Logistics: Prioritising yield over volume
Air Logistics Prioritising yield over volume Tons ‘000 GP/100 kg in CHF EBIT/100 kg in CHF ▪ Maintaining market share in hard cargo segment excluding e-commerce ▪ Focus on yield management will 100 200 continue 533 493 103 ▪ Volume growth in perishables 475 482 491 93 100 83 80 80 32 26 * 29 28 2014
Slide 5: Road Logistics: Headwinds in key markets
Road Logistics Headwinds in key markets ▪ Stable market share with shipment In CHF million Q1 2024 Q1 2023 Variance volumes broadly unchanged excluding day-count effects Net turnover 860 956 (10%) ▪ Gross profit -3% excluding Gross profit 325 349 (7%) currency headwinds ▪ Consolidation of Farrow Gro
Slide 6: Contract Logistics: Resilient model delivers stable result
Contract Logistics Resilient model delivers stable result ▪ Market share expanding in In CHF million Q1 2024 Q1 2023 Variance healthcare and e-commerce Net turnover 1,139 1,263 (10%) ▪ Q1 gross profit +2% excluding currency effects Gross profit 856 871 (2%) ▪ Significant negative currency effect of
Slide 7: Roadmap 2026 Update Q1 2024
Roadmap 2026 Update Q1 2024 ▪ Kuehne+Nagel Experience: Implementing plans to enhance Customer and Employee Experience Started country action plans based on the group-wide surveys for Customer and Employee Experience Closer customer proximity through streamlined organisational structure ▪ Market Pote
Slide 8: Financial KPIs
Financial KPIs Analyst conference first quarter 2024 results | © Kuehne+Nagel Group | 8
Slide 9: Income Statement: Quarter over quarter comparison
Income Statement Quarter over quarter comparison 2024 2023 Variance YTD Variance in % ▪ Significant translation impact due to CHF million Acquisition/di Q1 Q1 2024/2023 2024/2023 Growth sposal Forex 1 decline of EUR (4.2%) and USD Net turnover 5,508 6,748 (1,240) (18.4%) (14.8%) 0.8% (4.4%) (5.8%) v
Slide 10: Working Capital: Focus on DSO – DPO spread
Working Capital Focus on DSO – DPO spread March 31, December 31, March 31, Better/(worse) CHF million 2024 2023 2023 Mar 2024 vs. Dec 2023 Trade receivables/contract assets 4,410 4,006 5,032 (404) Trade payables/accrued trade expenses/contract liabilities (3,420) (3,238) (4,136) 182 Net working capi
Slide 11: Cash and Free Cash Flow
Cash and Free Cash Flow Improvements throughout the quarters YTD YTD CHF million Variance In CHF million 3,751 2024 2023 Cash and cash equivalents January 1, net 2,008 3,770 (1,762) FCF 2022 Cash flow from operating activities 175 575 (400) FCF 2023 FCF 2024 2,629 Cash flow from investing activities
Slide 12: Historic Free Cash Conversion in Q1
Historic Free Cash Conversion in Q1 Average 2010 - 2020 FCF conversion c.20% FCF Conversion* c.20% Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Aggregate Q1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2024 Non-seasonal factors impacting Q1 2024 Free Cash Flow conversion: ▪ Red Sea impact on core Net
Slide 13: Key takeaways
Key takeaways: 1. Positive volume development continues 2. Intensified cost measures 3. Streamlining of organisational structure 4. Strengthening of customer proximity 5. Active yield and portfolio management 6. Confirm focus on Roadmap 2026 initiatives Analyst conference first quarter 2024 results
Slide 14: Inspire. Empower. Deliver.
Inspire. Empower. Deliver. © 2024 Kuehne+Nagel. All rights reserved.
Slide 15: Upcoming events
Upcoming events 08.05.2024 Annual General Meeting 03.07. - 23.07.2024 Closed period 23.07.2024 Half-year 2024 results 03.10. - 23.10.2024 Closed period 23.10.2024 Nine-months 2024 results 02.01. - 04.03.2025 Closed period 04.03.2025 Full-year 2024 results Analyst conference first quarter 2024 result
Slide 16: Balance Sheet
Balance Sheet March 31, December 31, March 31, December 31, CHF million 2024 2023 2024 2023 Assets Equity and Liabilities Equity attributable to the equity holders of 3,504 3,153 Property, plant and equipment 871 762 the parent company Right-of-use assets 1,953 1,534 Non-controlling interests 6 6 Go
Slide 17: ROCE
ROCE 260% 259% 256% 251% 242% 214% 194% 164% 117% Calculation: last four quarters EBIT (rolling EBIT) divided by the average of the last four quarters capital employed (rolling capital employed); capital employed: assets and liabilities excluding investments in joint ventures and associates, deferre
Slide 18: Quarter-over-quarter 2024/2023 Sea and Air Logistics
Quarter-over-quarter 2024/2023 Sea and Air Logistics Change Change 2024 2023 CHF million in % in mCHF Q1 Q1 Q1 Q1 Sea Logistics Income Statement Turnover 2,205 3,025 (27.1) (820) Net Turnover 1,926 2,667 (27.8) (741) Gross Profit 503 686 (26.7) (183) Opex (299) (336) +11.0 37 EBITDA 204 350 (41.7) (
Slide 19: Quarter-over-quarter 2024/2023 Road and Contract Logistics
Quarter-over-quarter 2024/2023 Road and Contract Logistics Change Change 2024 2023 CHF million in % in mCHF Q1 Q1 Q1 Q1 Road Logistics Income Statement Turnover 969 1,101 (12.0) (132) Net Turnover 860 956 (10.0) (96) Gross Profit 325 349 (6.9) (24) Opex (281) (283) +0.7 2 EBITDA 44 66 (33.3) (22) De
Slide 20: Quarter-over-quarter 2024/2023 Kuehne+Nagel Group
Quarter-over-quarter 2024/2023 Kuehne+Nagel Group Change Change 2024 2023 CHF million in % in mCHF Q1 Q1 Q1 Q1 Kuehne+Nagel Group Income Statement Turnover 6,104 7,527 (18.9) (1,423) Customs duties and taxes (596) (779) +23.5 183 Net Turnover 5,508 6,748 (18.4) (1,240) Net expenses for services from
Slide 21: Disclaimer: Forward-looking statements
Disclaimer Forward-looking statements 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
Slide 22: Contacts
Contacts Markus Blanka-Graff CFO markus.blanka@kuehne-nagel.com Tel: +41 (0)44 7869 644 Christopher Combé Head of Investor Relations christopher.combe@kuehne-nagel.com Tel: +41 (0)44 7869 693 Andrea Kobi Investor Relations andrea.kobi@kuehne-nagel.com Tel: +41 (0)44 7869 561 Analyst conference first
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