Röhlig Annual Report 2011 pdf, 0 Pages, 4.8

ANNUAL REPORT 2011
COMPETENCE IN
DISTANT MARKETS

Contents
5
6
8
10
12
15
16
20
22
25
26
28
29
30
31
Foreword
Overcoming Borders
Knowing Markets
Connecting Continents
Management Report
Business Development
Divisions and Regions
Consolidated Companies
Group
Structural Changes
and Risk Management
Outlook
Annual Financial Statement
Balance Sheet
Consolidated Income Statement
Cash Flow
Auditor’s Certifi cate
Advisory Board Report

Consolidated fi nancial statements as of 31 December 2011
Röhlig & Co. Holding GmbH & Co. KG, Bremen, in TEUR
2011 2010 2009 2008 2007
Balance sheet total 129,169 108,978 87,853 86,520 93,482
Fixed assets 27,851 16,076 13,349 14,846 12,280
Current assets 100,041 92,217 73,267 70,492 80,197
Equity *) 36,359 31,455 23,037 24,559 21,514
Liabilities **) 61,660 65,105 55,784 49,078 56,116
Gross profi t 96,185 83,292 67,515 77,850 73,853
Personnel costs 61,016 52,874 46,215 48,201 43,334
Depreciation 1,521 982 903 866 858
Income taxes 3,972 3,038 1,028 3,038 2,634
EBIT 15,427 12,415 2,158 10,345 14,594
Net income 10,154 8,027 65 6,007 11,104
Cash fl ow 11,677 9,212 1,013 6,923 11,948
Investments 11,094 1,100 1,961 3,398 1,727
Average no. of employees 1,163 1,035 997 990 911
Equity ratio ***) 28.1% 28.9% 26.2% 28.4% 23.0%
Return on equity before income taxes ***) 38.9% 35.2% 4.7% 36.8% 63.9%
*) Balance sheet equity plus payables due to shareholders, third-party accounts and the silent partnership
**) Excluding payables to shareholders and third-party accounts
***) As related to the equity expanded by payables to shareholders, third-party accounts and the silent partnership as of 31 December
Dear Ladies and Gentlemen,
Dear Customers and Partners,
In economic terms, 2011 was undoubtedly America’s
year. This country’s unfailing belief in freedom
and self-determination and the confidence it has
in its market economy has helped it once again to
emerge out of the financial crisis stronger than
ever. The USA still remains the world’s largest
national economy, far ahead of China which
gen erates less than half that of America’s gross
domestic product. The headquarters of seven of
the ten most prosperous companies in the world
are based in the USA. This country boasts more
elite universities and innovative start-ups than any
other. Even the high level of public debt has not
been able to shake market confidence in the US
dollar. On the contrary, the dominance of the dollar
as a reserve currency is greater than ever before.
The strategy we developed years ago, which
focused on targeting development of American
business, has started to bear fruit. In the last financial
year, Röhlig increased its gross profit in the USA by
44 per cent and profit almost doubled. The regional
companies in Asia and the Pacific region, in South
Africa and parts of Europe were also able to significantly
increase their gross profit and results compared
to the previous year and, as such, contributed
to the company’s success. In this, our 160th year of
operation, we expanded globally by 15.5 per cent
and, with an EBIT of Euro 15.4 million, achieved the
highest ever gross yield in our company’s history.
Via a 50 per cent share in our South American
partner company, Procargo, we extended our network
to Argentina, Bolivia, Paraguay and Uruguay
in 2011. Since we are now truly a global operation
and more than two-thirds of our services are provided
outside Europe, we have adapted our managerial
structure to meet these needs. Since 1 June
2011, the business has been managed by the
newly created Röhlig Global Executive Board,
whose six members control the company from
Bremen and Hamburg in Germany, Miami and
Hong Kong. The presence of top management in
the dynamic Asian and American regions means
that we are now even closer to our customers and
their business activities. At the same time, we have
avoided the disadvantages associated with an additional
level of hierarchy in the shape of regional
management. We believe that this new structure
will offer us additional momentum for growth.
With this report, we wish to highlight that we offer
first-class expertise even in distant markets. We
accompany you as the “architect” of your supply
chains to all four corners of the globe. In doing so,
we not only network your company with the world
but also connect your subsidiaries, customers or
suppliers with each other.
The developments of the past years give us the
strength and courage to pursue our strategy of
growth. However, we are also well aware that it is
our customers and business partners in particular
that we have to thank for this success. We would
like to express our sincere gratitude to them, the
Advisory Board and our dedicated employees for
the trust they have placed in us.
Thomas W. Herwig
Managing Partner
FOREWORD
The Röhlig Global Executive Board (from left to right): Thomas W. Herwig,
Ulrike Baum, Jan Skovgaard, Hans-Ludger Körner, Quentin Lacoste
4 5

“Our fantastic service is a
result of our dedicated Röhlig
employees, state-of-the-art IT
systems and a strong relation-
ship with our customers.”
Jochen Brandt I National Sales Manager
Röhlig New Zealand Ltd.
Overcoming borders
In 1983, when trade barriers between Australia and
New Zealand were dismantled, Röhlig was aware
that there was only one course of action: this
growing market was there for the taking. “The two
countries had always been each other’s most important
trade partners. Following the Free Trade
Agreement, we saw a sharp rise in demand,” explains
Jochen Brandt, National Sales Manager at
Röhlig New Zealand. Röhlig was already active in
Australia at that time and, in 1989, its first office
was set up in New Zealand. Since then, the company
has continuously expanded its activities and,
today, serves all of the major trade routes between
the two countries from its eight regional offices.
FREMANTLE
“We have always looked at the region as an international
market without borders, which has proven to
be a definite advantage,” states Jochen Brandt.
A multitude of competitors and short transit
times make the region a dynamic trading market.
Jochen Brandt notes, “Right from the very start,
we developed products specifically for this market.
For ex ample, we simplified our freight services
so that they could be more easily understood by
customers and allowed them to estimate costs
more effectively – a unique approach in the market.”
Furthermore, Röhlig is committed to quick
communication channels and expects its staff to
AUSTRALIA
ADELAIDE
MELBOURNE
“WE HAVE ALWAYS LOOKED
AT THE REGION AS
AN IINTERNATIONAL
MARKET
SYDNEY
NEW ZEALAND
BRISBANE
assume a high degree of responsibility in order to
be able to react quickly in response to situations. “In
a challenging industry Röhlig has continued to
maintain outstanding levels of service, deliveries
on schedule and effective communication,” stresses
Gilbert Im, the Chief Financial Officer of Röhlig’s
long-standing client, Ontera Modular Carpets.
At present, the market is still growing by around
9 per cent each year. “We have a clear vision,”
explains Jochen Brandt resolutely. “Over the next
few years we want to become the premium forwarder
on the Trans-Tasman trade routes.”
,
WHICH HAS PROVEN TO BE
A DE
DEFINITE ADVANTAGE.”
CHRISTCHURCH
AUCKLAND
WELLINGTON
6 7

Knowing markets
USA
CHICAGO
Juliana Rivi, Branch Manager at Weiss-Röhlig USA
in Miami during the course of 2011, is feeling rather
proud, “In just three years we have almost tripled
our business volume with Latin America.” The impact
of the financial and economic crisis barely
digested, Röhlig decided to invest in the market in
2010. At that time, Röhlig had only one office in
Chile, however customer demand was such that in
2011 the company took a major decision and
bought into its long-term partner Procargo. “It was
a decisive move. Although we had always been
able to serve all countries, 85 per cent of our business
was in the hands of our agents which, in the
long term, was not satisfactory for us,” explains
MIAMI
SANTIAGO DE CHILE
BOSTON
BALTIMORE
SOUTH AMERICA
VALPARAÍSO
ASUNCIÓN
MONTEVIDEO
BUENOS AIRES
Hans-Ludger Körner, Chief Financial Officer at
Röhlig. By investing in Procargo, Röhlig could now
rely on additional representation in Argentina,
Uruguay, Paraguay and Bolivia.
Procargo’s expertise and its local presence has
brought Weiss-Röhlig USA distinct advantages
when it comes to dealing with Latin America.
Juliana Rivi notes, “To survive you need to know
the market inside out, especially how to handle
customs regulations. If customs find even minor
discrepancies in the documentation, you can
expect your entire freight to be stopped at the
border.” The language barrier can also be a
NEED TO KNOW
THE MARKET
INSIDE OUT.”
challenge. Most South American companies do
not use English as a business language – as such,
there is huge potential for inaccuracy and
misunderstanding. Weiss-Röhlig USA relies on
specially trained employees who are familiar
with both cultures.
“Having our own offi ces in
Latin America is a massive
advantage for us.”
Juliana Rivi I Branch Manager Miami
during the course of 2011, Weiss-Röhlig USA LLC.
8 9

CHINA
Connecting continents
“50 per cent of all US imports originate in China,
so it was obvious to us that we needed to pene trate
this market,” comments Matt Ingram, Vice President
of Sales at Weiss-Röhlig USA. In 2007, Weiss-Röhlig
USA began to strategically develop its business
between China and the USA. Weiss-Röhlig has
subsequently expanded its development programme
successfully to cover the whole of Asia
and the Indian subcontinent, utilising its own 38
offices throughout the region for customer services.
“We have always been very aware that success
would not only be about business transactions,
but also about embracing many different
QINGDAO
HONG KONG
SHENZHEN
SHANGHAI
NINGBO
cultures,” Matt Ingram continues. Weiss- Röhlig
therefore invested considerable time and effort
towards the development of a cultural and business
awareness programme for employees on
either side of the Pacific, aimed at promoting
internal communications and mutual understanding.
Customers have felt the benefits, too.
“Operating on the Trans-Pacific trade lane is subject
to major fluctuation, with change being
difficult to predict. Our modern IT systems
ensure processes are straightforward and transactions
as transparent as possible.” Moreover, by
means of a flexible and centralised space and
rate management system, Weiss-Röhlig also
SAN FRANCISCO
USA
LOS ANGELES
CHICAGO
“WEISS-RÖHLIG HAS THE POTENTIAL
TO BECOME ONE OF THE
ON THIS TRADE LANE.”
ensures it can react quickly and in the clients’
best interests to changing market conditions.
“In recent years Weiss-Röhlig’s development in
the region has been rapid,” adds Benton Kauffman,
Senior Director at Maersk Line USA, one of
Weiss-Röhlig’s most valued carrier partners. Matt
Ingram concedes, “And we’re still just getting
started. Weiss-Röhlig has a long-term commitment
to the region and has the potential to
become one of the top 10 freight forwarders on
this trade lane.”
NEW YORK
“Our results result to t date d
arenotdue to any one
individual person, offi ce or
national company, but rather
to a team approach.”
Matt Ingram I Vice President Sales
Weiss-Röhlig USA LLC.
10 11

MANAGEMENT REPORT | BUSINESS DEVELOPMENT MANAGEMENT REPORT | BUSINESS DEVELOPMENT
Profi table growth as the basis for
sustainable corporate success
Best-ever sales and gross profit results
since the company’s foundation
The past business year proved to be extremely
successful for Röhlig. The business saw expansion
in all regions, whereby the most impressive growth
figures were achieved in America and the Pacific
region. With sales totalling Euro 491 million, the
highest gross profit in the company’s history was
recorded at Euro 96.2 million. This represents an
increase of 15.5 per cent compared to the
previous year.
This growth was made possible through the
adaptation of our corporate structures to the
changing conditions, as well as the identification
and fostering of suitable young talent in good
time. Our long-standing efforts to enhance
our brand image and reputation as an attractive
employer have started to pay dividends.
Euro crisis slows down growth in Europe
The regular reports on debt restructuring and conversion
measures in the European debtor countries
resulted in uncertainty amongst all market players
as to the future economic outlook. In Spain, Italy
and Belgium, our business suffered under the poor
economic conditions in these countries. In contrast,
the companies in Great Britain and France managed
to significantly increase both their gross profit
and overall result. We do not expect to see dynamic
and positive growth in this region until the refinancing
of the debtor countries has been finalised.
Consolidated companies
Gross profi t development
2007–2011 in TEUR
90
80
70
60
50
40
30
20
10
0
Gross profi t
in TEUR
73,853
77,850
67,515
83,292
96,185
2007 2008 2009 2010 2011
2011 2010
Gross profi t consolidated companies 96,185 83,292
Gross profi t associated companies 43,704 38,772
Total 139,889 122,064
Dwindling dynamism in the sea and air
freight markets
According to the market analysts at IHS Global
Insight and Drewry, the sea freight market grew
by 6.5 per cent in 2011 and was thus unable to
match the level achieved in 2010. For 2012, we are
expecting further growth but, again, at a slower
rate compared to 2011.
On the basis of the container volumes transported
in 2011, IHS Global Insight believes that growth of
35 per cent is realistic up to 2016. As such, this
sector is continuing to develop positively and
record high growth rates. We are anticipating
market disturbances from the high number of
container ships, which are poised to enter service.
Even in 2011, rates to and from Asia were put under
major pressure and volumes were transferred to
the world’s largest shipping companies.
Overall, air freight tonnages transported globally in
the year under review were slightly below the impressive
volumes of the previous year. However, the
initially strong growth slackened off considerably
over the course of the year. The reasons for this
were the economic downturn, the unsolved European
sovereign debt crisis and the decline in
consumption in Europe as a result of the fear of
recession. Contrary to this trend, the Röhlig Group
increased its gross profit in this market sector
by 7.1 per cent, in particular in the Australia/New
Zealand region.
At 15.5 per cent, the increase in consolidated
gross profit was above the growth rate of the
overall market. This clearly shows that in 2011
Röhlig was able to build on its dynamic growth
record of the previous year. We continue to regard
the growth targets formulated in our Strategy
2018 as valid and remain convinced that we will
achieve these.
The consolidated operating performance (EBIT)
increased in the year under review by Euro 3 million
to Euro 15.4 million. This represents the best result
for the company in its 160-year history.
Workforce continues to grow
For the first time in its history, the Röhlig Group
now employs more than 2,000 staff.
We have recruited additional staff due to the
dynamic nature of many of our sub-markets.
The yearly average number of employees in the
Röhlig Group was 2,092 and, as such, 168 more
than the yearly average of the previous year.
Personnel development has been a central issue
at Röhlig for many years now. We attach great
importance to familiarising new staff with the
values and structures of our company from
the start. Furthermore, standardised as well as
customised training programmes take place at
all levels. Such measures ensure that our highly
qualified staff are able to handle the challenges
presented both by the market and our customers,
and can always offer customer services of the
highest possible quality.
The second Blue Arena programme which got
under way last year was successfully concluded in
February 2012. As part of this programme, 12 experienced
managers have received training and also
developed and implemented projects concerned
with reducing costs and product development.
12 13
Employees
2011 2010
Germany 337 309
Belgium 20 19
France 112 101
Great Britain 40 39
Italy 44 37
The Netherlands 19 23
Spain 25 26
Denmark 6 6
Australia 159 141
New Zealand 51 51
Hong Kong/China 125 102
Singapore 25 24
Korea 35 33
USA 128 92
Canada 12 11
Chile
Total Röhlig consolidated
25 21
companies 1,163 1,035
South Africa 464 440
India* 163 174
Thailand 13 12
Japan 6 5
China 232 211
UAE 25 24
Taiwan 27 23
Total associated companies 929 889
* Employees India: 31.12.2011
Total Röhlig Group 2,092 1,924

MANAGEMENT REPORT | BUSINESS DEVELOPMENT
Integrated IT as the key to success
Since we operate in all of the world’s time zones,
our IT systems must be available around the clock.
By means of the company’s own computer centre
our IT subsidiary, Röhlig blue-net, is able to service
these tough technical demands 24/7. The technical
availability, and the intelligence of the software
products offered, help us to stay one step ahead
of the competition. In terms of administrative software,
we trust in the market leader, SAP. We aim to
have completed implementation in all sub sidiaries
within the next two years. Cargowise operational
software is a one-file model, with single data
entry, which helps to minimise error rates. Staff all
around the world can access standardised data
records at all times.
Double-digit growth in all divisions
World trade growth in the year under review
slowed down considerably compared to 2010. This,
naturally, had an impact on transport volumes. Sea
freight volumes grew by a mere 5 per cent whilst
the air freight sector saw a slight decline. Nevertheless,
Röhlig was able to increase its gross profit
in sea freight by 19.9 per cent and in air freight by
7.1 per cent.
The high level of growth in the other business
areas is a sign of our strong commitment to
our warehousing, supply chain management
and project logistics operations.
Gross profi t by division (consolidated companies)
in TEUR/shares
Growth in all regions
2011 2010
Sea freight 57,236 59.5% 47,720 57.3%
Air freight 35,717 37.1 % 33,360 40.0%
Other 3,232 3.4% 2,212 2.7%
Total 96,185 100% 83,292 100%
The distribution of the gross profit generated by
the Röhlig consolidated companies is displaying
an increasingly improving balance between
regions. This is a consequence of the internationalisation
strategy consistently pursued by
MANAGEMENT REPORT | DIVISIONS AND REGIONS
Röhlig in recent years. While the Pacific region
and America, particularly the USA, are showing
disproportionate growth, the share of the gross
profit generated in Germany is slowly declining.
Through timely planning within the framework of
Strategy 2018, we were also able to participate
in the fast-growing sea and air freight business
within Asia (“Intra-Asia”) and between North and
South America.
In the Röhlig Group, to which, for example, the
associated companies in China and South Africa
also belong, a balanced distribution of the gross
profit among the six regions has come about.
This fact alone makes clear that in recent years,
Röhlig has transformed itself from an international
carrier based in Germany to a global provider of
logistics services.
Gross profi t by regions (consolidated companies)
in TEUR/shares
2011 2010
Germany 20,509 21.3% 19,557 23.5%
Europe (excl. Germany) 26,094 27.1 % 22,824 27.4%
Australia/New Zealand 19,762 20.6% 17,097 20.5%
Asia 12,068 12.5% 10,898 13.1 %
America 17,752 18.5% 12,916 15.5%
Total 96,185 100% 83,292 100%
14 15
Air freight
35,717
37.1%
Other
3,232
3.4%
Sea freight
57,236
59.5%
Asia
12,068
12.5%
America
17,752
18.5%
Australia/
New Zealand
19,762
20.6%
Germany
20,509
21.3%
Europe
(excl. Germany)
26,094
27.1%
Divisions
Regions

MANAGEMENT REPORT | DIVISIONS AND REGIONS
Consolidated
Companies
Gross profi t by regions (Group)
in TEUR/shares
2011 2010
Germany 20,509 14.7 % 19,557 16.0 %
Europe (excl. Germany) 26,094 18.7 % 22,824 18.7 %
Australia/New Zealand 19,762 14.1 % 17,097 14.0%
Africa 27,336 19.5% 24,788 20.3%
Asia 28,437 20.3% 24,882 20.4%
America 17,752 12.7% 12,916 10.6%
Total 139,889 100% 122,064 100%
Asia
28,437
20.3%
It is remarkable that our companies in Europe
have maintained their share of the gross profit,
showing growth of 14.3 per cent, despite economic
stagnation or recession in most member
states of the European Union.
Germany
America
17,752
12.7%
Africa
27,336
19.5%
Germany
20,509
14.7%
Europe
(excl. Germany)
26,094
18.7%
Australia/
New Zealand
19,762
14.1 %
Germany again achieved the highest gross profit
of all consolidated companies. In 2011, the business
expanded by 5 per cent which, given the
difficult market conditions, must be seen as a
success. Scheduled shipping rates in Germany
in 2011 continued to be under pressure, with
order numbers and economic potential here
growing only slowly. We reacted to this by opening
new sales offices in Dresden and in Münster/
Osnabrück. Furthermore, as planned, we recruited
new staff in sales, route development and tender
management. The investments made in the new
sites and sales resulted in an operating loss in
2011. However, this strategic investment was necessary
to ensure that the company is well positioned
in Germany in the future. For 2012, we are anticipating
further standardisation of operational processes
as well as even more successful development of our
markets by our strengthened sales team.
Germany*
in TEUR
2011 2010
Gross profi t 20,509 19,557
Thereof: Sea freight 10,471 10,843
Air freight 8,126 8,361
Other 1,912 353
Adjusted net income –1,705 610
Thereof: Sea/Air freight –604 173
Holding/IBG/Blue Services –1,101 437
Employees 337 309
Trainees 42 34
* Röhlig & Co. Holding GmbH & Co. KG, Röhlig Deutschland GmbH &
Co. KG, R+C Commodity GmbH & Co. KG, Röhlig & Co. Internationale
Beteiligungsgesellschaft mbH, Röhlig blue-net GmbH, Blue Services
GmbH & Co. KG
Europe (excluding Germany)
Europe developed positively in 2011. At 14.3 per
cent, the increase in gross profit was well above
the overall market average. In addition, productivity
was significantly boosted so that during this
period the workforce grew by just 6 per cent. The
individual country companies faired differently in
the year under review. In Great Britain, the Nether
lands, France and Denmark, Röhlig increased its
gross profits markedly compared to the previous
year, whereas in Belgium, Italy and Spain gross
profits were constant or, indeed, slightly down.
The reorganisation and restructuring measures
which took place in the Netherlands a few years
ago are starting to bear fruit. Service quality has
been considerably improved and the growth
achieved is proof that this has been recognised
by the market and customers.
In Great Britain, our gross profit rose by 9 per cent
and the overall result by 27 per cent. This is due, in
part, to the development of new vertical markets.
SAP and Cargowise were implemented in Italy
in the year under review. As a result of this,
Röhlig Italia expects to see additional growth
potential in the future thanks to more efficient
processes. Given the economic difficulties which
Italy is experiencing, we consider recession possible,
nevertheless we also expect the corporate
network to provide Röhlig Italia with further
stimulus for growth.
The major squeeze on margins in Belgium has led
to an unsatisfactory result. In 2012, we intend to
develop new vertical markets and also focus on the
transatlantic business.
Europe (excluding Germany)*
in TEUR
With gross profit growth of 26 per cent and an
increase in the overall result of 124 per cent, 2011
was an extremely positive year for Röhlig France.
This can be traced back to the systematic optimisation
of our business processes, the conclusion of
project business and our successful sales.
Spain’s economy has been struggling for some
years now. For this reason, we are satisfied with
Röhlig España’s gross profit growth of 2.6 per cent.
This slight increase was achieved by concentrating
on our network countries as well as on niche
markets such as Turkey and Morocco. In 2011,
we opened a new office in Bilbao. In addition,
the year was shaped by the introduction of
Cargowise and SAP.
At 20 per cent, our company in Denmark, established
three years ago, can boast impressive gross
profit growth. In 2011, Röhlig Danmark was awarded
IATA certification and introduced Cargowise as
an operational platform. We expect this trend
to continue and have a positive impact on the
result in future.
16 17
2011 2010
Gross profi t 26,094 22,824
Thereof: Sea freight 16,678 14,246
Air freight 9,054 8,341
Other 362 237
Adjusted net income 684 369
Employees 266 251
* Belgium, Denmark, France, UK, Italy, the Netherlands, Spain
MANAGEMENT REPORT | DIVISIONS AND REGIONS

MANAGEMENT REPORT | DIVISIONS AND REGIONS
Asia
The three Asian companies in Hong Kong/South
China, Korea and Singapore once again achieved
stable growth in 2011. This is partly due to the
robust economic conditions in this region. In Hong
Kong and Singapore, Röhlig was able to signifi -
cantly expand its warehousing and supply chain
management (SCM) in 2011. Röhlig Holding
develops SCM products which we also expect
to lead to further dynamic growth. The company
in Korea has focused in particular on import processing
and, in doing so, has won additional
market shares.
Asia*
in TEUR
* Hong Kong/South China, Korea, Singapore
2011 2010
Gross profi t 12,068 10,898
Thereof: Sea freight 7,001 5,135
Air freight 4,406 4,123
Other 662 1,640
Adjusted net income 4,296 2,943
Employees 185 159
Pacifi c (Australia/New Zealand)
Once again, the Pacifi c region was able to increase
its gross profi t compared to the previous
year by 15.6 per cent. Both Röhlig Australia
and Röhlig New Zealand successfully expanded
their import businesses, particularly with India
and South East Asia. IT integration is well
advanced which enables these companies to
lead the way in terms of customer accessibility
and connection to our operational software. This
level of integration enables customers to track
the status of their consignments at all times and
also place orders.
Australia/New Zealand
in TEUR
2011 2010
Gross profi t 19,762 17,097
Thereof: Sea freight 11,661 10,232
Air freight 7,977 6,694
Other 124 171
Adjusted net income 2,659 1,534
Employees 210 192
America
In 2011, Röhlig acquired a 50 per cent share of
the South American company Procargo. With
this, we have strengthened our profile in Argentina,
Uruguay, Paraguay and Bolivia. Although
operational integration took place in 2011,
integration into the annual report and complete
consolidation will not be concluded until the
2012 annual report.
With annual growth of 44 per cent, Weiss- Röhlig
USA achieved its best-ever result since its foundation
in 2005. The acquisition of the logistics
company Seajet, Boston, which specialises in
Asia, and the customs agent CSI International,
Chicago, has on the one hand, allowed us to
considerably boost our competitive position in
the transpacific sector and, on the other hand,
enabled us to offer customs services nationwide
in the future. Furthermore, with our new
site in Boston we can focus on growing our
transatlantic business.
The two smaller companies in Canada and Chile
also managed to conclude the year on a high.
Our focus on the US import market continued
to pay dividends in Chile. Compared to the
previous year, Röhlig Chile increased its gross
profit by 20 per cent.
MANAGEMENT REPORT | DIVISIONS AND REGIONS
America*
in TEUR
2011 2010
Gross profi t 17,752 12,916
Thereof: Sea freight 11,426 7,075
Air freight 6,154 5,841
Other 172 0
Adjusted net income 1,574 936
Employees 165 124
* Chile, Canada, USA
18 19

MANAGEMENT REPORT | DIVISIONS AND REGIONS
Group
Röhlig Group
In addition to the consolidated companies, the
Röhlig Group also includes the associated companies
in South Africa, China, India, Japan, Taiwan,
Thailand and the United Arab Emirates. These
sites are all of major strategic relevance for the
Röhlig network. The companies are included “at
equity” in the consolidated accounts.
South Africa
After a record-breaking 2010, our associated
company in South Africa continued to develop
very positively in 2011. Röhlig-Grindrod was
again able to achieve the best result in the company’s
history. One of the reasons for the success
enjoyed in the year under review was the attraction
of numerous new customers as a result of
enhanced sales activities. We have expanded
in the warehousing sector and have concluded
a significant number of new contracts in the
project business.
South Africa*
(50% share in capital) in TEUR
South East/East Asia
2011 2010
Gross profi t 27,336 24,788
Net income after taxes 6,006 4,451
Net income from equity consolidation 3,003 2,225
Employees 464 440
* Mozambique, Republic of South Africa
The South East/East Asia region comprises our
companies in China, Taiwan, Japan and Thailand
which we operate together with our Austrian
alliance partner Gebrüder Weiss. Making
up an 85 per cent share of gross profit, China
is our most important associated company in
these markets. As in past years, Weiss-Röhlig
China played a key role in the growth in this
region and achieved a very good result. The
associated companies in Taiwan and Thailand
also developed positively during the year under
review, both in terms of gross profit and results.
With a clear focus on future success, our company
in Japan has strengthened its position
with the acquisition of the logistics service
provider JHB Express.
South East/East Asia*
in TEUR
2011 2010
Gross profi t 12,867 11,300
Net income after taxes 3,655 2,620
Net income from equity consolidation 1,742 1,271
Employees 278 251
* China (50%), Japan (50%), Taiwan (50%), Thailand (37.5%)
India
An initial consolidation was carried out in our
associated company in India in 2009. Due to the
differing financial year in India, the reporting
period here is taken from 1 April 2010 to 31 March
2011. The results reflect the continuing negative
impact of the global financial crisis. We introduced
our operational platform EDI/ Cargowise
as well as the SAP financial platform in the
year under review. These systems are now well
integrated and recognised and are contributing
to gains in productivity.
Middle East
2011 was a poor year for the building industry
in the United Arab Emirates (UAE). Contrary to
all expectations, many of the emirates were
re luctant to award projects. Well-known rating
agencies warned that major state companies
could experience difficulties with the refinancing
of due debt. In spite of these difficult financial conditions,
Weiss-Röhlig UAE was able to improve its
results essentially through active sales and the
acquisition of new customers.
MANAGEMENT REPORT | DIVISIONS AND REGIONS
* Weiss-Röhlig Middle East Ltd. (50%), Weiss-Röhlig UAE (L.L.C.) (24.5 %)
Agency network
In order to achieve worldwide coverage beyond
our own network, we work together with agents in
many countries. The strongest of these partners
are awarded the Premium Agent quality seal. Today
our global network comprises 27 such accredited
Premium Agents.
Events after the reporting period
In this respect, there have been no events or
incidents of particular significance since the end
of the business year.
20 21
India
(25% share in capital) in TEUR (01.04.2010–31.03.2011)
2011 2010
Gross profi t 2,203 1,517
Net income after taxes –282 –558
Net income from equity consolidation –70 –139
Employees 163 174
Middle East*
in TEUR
2011 2010
Gross profi t 1,299 1,167
Net income after taxes 129 87
Net income from equity consolidation 64 43
Employees 25 24

MANAGEMENT REPORT | STRUCTURAL CHANGES AND RISK MANAGEMENT MANAGEMENT REPORT | STRUCTURAL CHANGES AND RISK MANAGEMENT
Achieving our global goals
with a regional focus
International logistics focus on driving forward
both regional and local developments in order
to strengthen the global network. In order to
boost our international presence, we have
acquired a 50 per cent share of our long-standing
agent Procargo. This move has served to
significantly enhance our profile in South America
where we now have representative offices in
Argentina, Bolivia, Paraguay and Uruguay. Furthermore,
we are also extremely well positioned with
our long-standing subsidiary in Chile.
In the US market, following the takeover of the
company Seajet, we are now also represented in
Boston. And with the acquisition of our customs
agent in Chicago, today we are in a position to offer
customs services throughout the entire country. In
order to complete our branch network, we have
opened new sales offices both in Germany and
Italy. In spite of the considerable uncertainties on
the international financial markets and the impact
this has on the real economy, with this decision
Röhlig has demonstrated its optimism regarding
the development of the global economy. Strategic
investments in growth markets and our qualified
staff are proof of our conviction that we can
achieve the ambitious strategy goals for 2018.
Risk management
Our growth rate, which is well above the market
average, demands professional cash flow management.
This has been one of the focuses of our
work over recent years. In 2011, we successfully
ensured that the receivable turnover ratio increased.
In addition to active cash management,
a company’s capital funding also plays a key role
in terms of future risk-taking capability. In the
year under review, the Röhlig Group was able to
increase its equity from Euro 31.5 million to
Euro 36.4 million, even though Euro 1 million was
transferred back to Nord Holding capital. As a
result, the risk-bearing ability in the reporting
year has been further increased.
In 2011, a new team by the name of Blue+ was
established. Within Röhlig, this unit specialises in
the professional organisation of quality management,
process optimisation and risk management.
The team also acts as an internal auditing unit for
management of the Holding. Blue+ carried out
process optimisation projects in many countries in
the year under review and, as part of its risk management
activities, has developed an overview of
all the risk factors associated with the individual
subsidiaries. This catalogue is now available as a
global information tool and enables us to align our
risk management policies more closely to the
actual conditions.
In principle, a distinction is made between risks
that constrain a company’s development and
those that threaten its continued existence. At
present, we are not aware of any risks that could
threaten the company’s continued existence. We
do, however, classify the following individual
risks as constraining company development:
Exchange rate risks
Just as in 2010, 2011 was a year characterised by
highly volatile global currencies. As part of our
corporate policy, we limit currency fluctuations
through the strategic closure of hedging transactions
in order to minimise any negative impact.
Speculation is not part of our company policy.
Using our dividend parameters, we investigate the
equity required in the particular countries which
we must make available to the subsidiaries. This,
in turn, allows us to considerably reduce the
re-evaluation risks in the consolidated companies
at year end.
As in the past, we continue to cover currency risk
with forward exchange transactions and options.
Market interest rates are at a historically low level,
although this is only true for the large industrial
nations. It has been our experience that local
financing in the international network means significant
interest charges compared to the levels
with which we are familiar in Germany. Through
the central financing of international growth, the
Holding is able to make a positive contribution to
the overall result. We are expecting to see a considerable
increase in the cost of external financing
in the coming years. It can be safely assumed that,
in the near future, decisions on interest rates will
be politically motivated and, as such, will be
extremely difficult to deduce on the basis of economic
theories.
We have optimised the netting process on a
global scale with regard to exchange rate risks.
Our central Treasury division based in Bremen
coordinates global interest and currency cover
transactions as well as additional measures to
ensure optimal management of our cash flows.
Del credere management
Both 2010 and 2011 saw a global economic
upturn as well as a clear drop in loan losses. Consequently,
business relations with underwriters
have returned to normal.
As in previous years, Germany, Denmark, the
Netherlands, Belgium, the USA, Spain, the UK,
France and Australia are included in the credit insurance.
No changes are planned here at present.
Integrated IT systems enable Röhlig to react to
inherent business risks with rigorous claims management.
This systematic support mechanism
and regular credit status checks of our customers
has resulted in major improvements in terms
of credit limit assignment rules and automated
collection processes.
Relations with our agents are monitored centrally.
Monitoring extends not only to debtors but also
to the business relationship in general.
Working capital management
Just as in past years, we have focused on optimising
the DSOs (Days Sales Outstanding).
These efforts have meant that we were able to
reduce this parameter from 44.5 days in 2010
to 41.1 days in the year under review in spite of
considerable growth and an increase in sales
volume. This was a major boost for the Röhlig
Group’s internal financing capacity and also
created the platform for the internal financing
of our growth. Furthermore, we have sufficient
funding lines from long-term banking partners
with whom we foster open, trusting and longstanding
relations. We regard ourselves as well
positioned for further growth as well as the
challenges of the coming years.
Transport damage/financial damage
We are insured against possible claims arising
from our international transport and logistics
activities through global forwarding indemnity
insurance with the TT Club in London. The TT
Club’s IT system provides us with a continuous
overview of all claims reported internationally.
Due to our General Terms and Conditions and
our business model, we only have limited liability
for damages. This is based on the fact that we
do not carry out any physical transport services
but contract them out.
22 23

MANAGEMENT REPORT | STRUCTURAL CHANGES AND RISK MANAGEMENT
Inherent business risks
Global logistics follow the international flow of
goods. For a number of years now, we have seen
increasingly large parts of our global value-added
chain shifting to the so-called emerging markets.
Inevitably, these markets are becoming growth
markets for us. In order to handle the associated
increase in complexity, we have developed an
effective information system. Our Controlling department
promptly provides us with the relevant
information. It is only possible to manage this level
of complexity by harmonising the IT systems used.
For example, we have launched Cargowise in Spain,
Italy and Denmark so that 13 countries are now
active on this platform. The SAP platform, which
we use for our financial and accounting processes,
has been implemented in Spain, Italy and France.
This means we are one step closer to our goal of a
“one file concept”. In the future, we will be able to
optimise information flows and also significantly
improve information quality.
Structural changes
In order to cope structurally with our above-
average growth in 2011, we decided to restructure
the Executive Board of the Holding. In addition
to the central functions Human Resources and
Finance/IT, three CEOs based in the regions are
responsible for the operational side of the business.
Jan Skovgaard, the former managing director
of our Hong Kong organisation, was appointed as
a new member of the Board. One Board member
is based in Hamburg and is responsible for the
regions Europe and India, one in Miami for the
regions North and South America and South Africa
as well as one in Hong Kong for the Asia/Pacific
region. For us it was important to achieve closer
proximity to the market via a regional presence
without introducing a further level of hierarchy.
Just as before, every country manager at Röhlig
has direct access to a Board member. On acquiring
Seajet, Procargo and CSI we placed great
importance on the fact that these companies had
a similar business model to Röhlig’s and that their
founders shared similar values and standards. We
believe that this is a prerequisite for successful
integration in our organisation.
Outlook –
responsible growth
Forecasts for the development of the global
economy in 2012 improved somewhat in the fi rst
quarter. As such, the IMF is more optimistic now
than at the end of 2011. This change in mood
is due essentially to the agreement on another
emergency package for Greece. Nevertheless,
leading economic-research institutes and many
banks expect diffi cult market conditions and a
high degree of volatility to persist. Even though
the majority of countries in which we are active
have enjoyed positive development to date, we
feel we would be able to react appropriately in
the event of a sudden economic slump.
With a decentralised Holding management structure,
we have created the conditions enabling us
to adapt quickly and without hierarchical fi lters
to the changing market environment. Strategic
acquisitions have served to strengthen our profi le
in both Latin and North America. Furthermore,
we have also expanded sales in our subsidiaries.
All of these measures have not only contributed
to the good result recorded in 2011 but are also
the basis for continuing profi table growth – even
in diffi cult conditions.
We are making good progress with our IT integration
project and are committed to pursuing this
programme. The ultimate aim is that all Röhlig
offi ces around the world work on the same platform
and have simultaneous access to identical
information. This will not only reduce error rates and
enhance effi ciency but also allow us to provide more
extensive information services to our customers.
MANAGEMENT REPORT | OUTLOOK
In 2012, we expect to see the Röhlig Group continue
to grow at a rate that is equal to the previous year.
EBIT is expected to be higher than that in the year
under review. In terms of regions, we see the strongest
growth impulses continuing to come from Asia,
the USA and Latin America. Our acquisitions, on the
one hand, and our broad product portfolios, on the
other hand, all play a positive role here. Our customers
around the world are increasingly demanding
integrated supply chain solutions. For this reason,
we are developing this sector as an independent
product line at Holding level and, with this, are pushing
forward with our global SCM activities for the
benefi t of our customers. We are also focused on
the development and strengthening of our global
sales and, in future, a member of the Global Executive
Board will be directly responsible for this area.
As a result of our close alignment to the market and
by having the necessary tools to react quickly to
market fl uctuations, we are able to look forward to
2012 with confi dence, particularly in terms of profitable
growth. Our actions are guided by a sense of
responsibility: we don’t want growth at any price,
rather we are committed to the sustainable development
of the company which will secure Röhlig
against future developments and also ensure our
fi nancial independence.
Bremen, 4 April 2012
Thomas W. Herwig Quentin Lacoste
Hans-Ludger Körner Ulrike Baum
Jan Skovgaard
24 25

ANNUAL FINANCIAL STATEMENT | BALANCE SHEET ANNUAL FINANCIAL STATEMENT | BALANCE SHEET
Consolidated balance sheet as of 31 December 2011
Röhlig & Co. Holding GmbH & Co. KG, Bremen
ASSETS
2011 TEUR Prev. year TEUR
A. Assets
I. Intangible assets
1. Goodwill 6,953 10
2. Software 695 138
II. Tangible assets
7,648 148
- other equipment, fi xtures and fi ttings 4,485 4,108
III. Financial assets
4,485 4,108
1. Shares in affi liated companies 1,574 77
2. Shares in associated companies 13,294 11,512
3. Equity participations
4. Loans to companies in which
50 51
shareholdings are held 754 120
5. Non-current marketable securities 0 20
6. Other loans 46 40
15,718 11,820
B. Current assets
I. Inventories
27,851 16,076
Work in progress 5,386 3,314
II. Receivables and other assets
- with a residual term of up to one year
5,386 3,314
1. Trade receivables 78,996 78,275
2. Receivables from affi liated companies
3. Receivables from companies in which
1,185 5
equity participations are held 3,331 2,990
4. Other assets 3,143 3,125
86,655 84,395
III. Cash at hand and cash at banks 8,000 4,508
100,041 92,217
C. Accruals and deferrals (other) 1,277 685
Total assets 129,169 108,978
EQUITY AND LIABILITIES
Prev. year TEUR
A. Equity and liabilities
I. Equity of limited partners 10,000 10,000
II. Consolidated reserves 11,297 7,527
III. Difference in equity due to currency conversion 513 1,089
IV. Minority interests 6,351 5,127
28,161 23,743
B. Silent partnerships 4,000 5,000
C. Provisions and accruals
1. Provisions for pensions and similar obligations 1,305 1,303
2. Tax accruals 1,077 847
3. Other provisions and accruals 28,751 10,178
D. Liabilities
31,133 12,328
1. Liabilities to banks 12,298 8,963
2. Advance payments on orders 11 6
3. Trade payables 35,328 48,346
4. Payables to affi liated companies 197 85
5. Payables to companies in which an equity participation is held 1,397 1,600
6. Payables to shareholders 2,809 1,643
7. Payables to third-party associates 1,389 1,069
8. Other liabilities
- thereof taxes: TEUR 2,366 (previous year: TEUR 1.551)
- thereof social security:
TEUR 1,214 (previous year: TEUR 1,191)
12,429 6,105
65,858 67,817
E. Deferred income 17 90
Total of equity and liabilities 129,169 108,978
26 27
2011 TEUR

ANNUAL FINANCIAL STATEMENT | CONSOLIDATED INCOME STATEMENT ANNUAL FINANCIAL STATEMENT | CASH FLOW
Consolidated profi t and loss statement for the period from 1 January to 31 December 2011
Röhlig & Co. Holding GmbH & Co. KG, Bremen
1. Sales
a) Sales incl. excise and import turnover taxes 742,301 666,506
b) of which excise and import turnover taxes -251,362 -217,297
490,939 449,209
2. Increase of work in progress 1,943 826
3. Cost of purchased services 396,697 366,743
4. Gross profi t 96,185 83,292
5. Other operating income
6. Personnel
4,619 4,705
a) Wages and salaries 51,346 44,695
b) Social security and pensions
- thereof pensions: TEUR 1,765 (previous year: TEUR 1,121)
9,670 8,179
7. Depreciation and amortisation on the intangible assets of fi xed capital
61,016 52,874
investments and property, plant and equipment 1,521 971
8. Other operating expenses 27,670 25,049
10,597 9,103
9. Income from participations in associated companies 4,814 3,541
10. Income from participations 91 75
11. Income from loans of fi nancial assets 5 2
12. Other interest and similar income 87 76
13. Write-off fi nancial assets 0 11
14. Expenditure on assumption of losses from associated companies 75 139
15. Interest and similar expenditure 714 728
4,208 2,816
16. Net income from ordinary operations 14,805 11,919
17. Extraordinary expenditure 0 154
18. Taxes on income and revenue
- thereof latent taxes: TEUR -5 (previous year: TEUR 334)
3,972 3,038
19. Other taxes 109 100
4,081 3,138
20. Costs for partial profi t transfer 570 600
21. Consolidated profi t for the fi nancial year 10,154 8,027
- thereof profi t due to shares of other shareholders 2,626 1,921
Cash fl ow statement for the period from 1 January to 31 December 2011
Röhlig & Co. Holding GmbH & Co. KG, Bremen
2011 TEUR Prev. year TEUR
2011 TEUR
Prev. year TEUR
1. Consolidated net income (including shares in results
by minority shareholders) 10,154 8,027
2. Depreciation on non-current assets
3. Adjustment of proportional assessed value
1,521 985
of associated companies -4,739 -3,402
4. Changes in pension provisions 3 202
5. Changes in other reserves 18,658 2,842
6. Miscellaneous non-cash-item transactions
7. Loss/profi t from disposal of fi xed assets
448 181
and the sale of consolidated companies 89 -526
8. Changes in inventories, trade accounts receivable and other assets
9. Changes in trade accounts payable and other liabilities
-3,847 -13,806
not classifi ed as investment or fi nancing activities -13,840 10,683
10. Cash fl ow from operating activities 8,447 5,186
11. Receipts from retirement of fi xed assets 145 66
12. Payments for fi xed asset investment -1,546 -627
13. Payments for intangible fi xed asset investment -6,102 -118
14. Receipts from associated companies’ dividends 2,000 2,310
15. Receipts from retirement of non-trading assets 16 185
16. Payments for investment in non-trading assets
17. Payments for consolidated companies and acquisition
-1,850 -343
of minority shareholdings -167 -277
18. Cash fl ow from fi nancing activities -7,504 1,196
19. Payments to shareholders -2,680 -2,535
20. Payments to minority shareholders -1,571 -861
21. Payments for redemption of silent partnerships -1,000 0
22. Receipts from taking up fi nancial loans 10,459 2,699
23. Payments for redemption of fi nancial loans -2,690 -5,464
24. Cash fl ow from fi nancing activities 2,518 -6,161
25. Change in capital funds 3,461 221
26. Change in capital fund cash items 3,461 221
27. Exchange-related capital funds changes 31 293
28. Capital funds at the start of the period 4,508 3,994
29. Cash fl ow from fi nancing activities 8,000 4,508
28 29

AUDITOR’S CERTIFICATE ADVISORY BOARD REPORT
The following auditor’s certificate
was issued for the complete consolidated
accounts and the consolidated
management report:
“We have audited the consolidated accounts for
Röhlig & Co. Holding GmbH & Co. KG – comprising
the balance sheet, profit and loss account, notes
to the consolidated financial statements, cash flow
statement and statement of equity – and the consolidated
management report for the business
year from 1 January to 31 December 2011. The
preparation of the consolidated accounts and the
consolidated management report in accordance
with German commercial regulations lies within
the responsibility of the legal representatives of
the company. Our responsibility is to provide an
evaluation of the consolidated accounts and the
consolidated management report on the basis of
the audit which we carried out.
We conducted our audit of the consolidated
accounts pursuant to Section 317 of the German
Commercial Code (HGB) and in compliance with
the generally accepted German auditing standards
adopted by the Institute of Public Auditors in
Germany (IDW). These standards require that an
audit is planned and performed in such a way
that misstatements and infringements that would
materially affect the presentation of net assets,
finances and earnings in the consolidated
accounts in accordance with the applicable principles
of proper accounting and in the consolidated
management report can be detected with reasonable
assurance. In determining the audit procedures,
we take into account our knowledge of the business
activities, the economic and legal environment
of the consolidated companies and expectations
concerning possible errors. Within the framework
of the audit, the effectiveness of the accountingrelated
internal control system and the evidence
supporting the disclosures in the consolidated
accounts and the consolidated management
report are assessed primarily on a random test
basis. The audit includes assessment of the annual
statements of those companies included
in the consolidated accounts, the scope of the
consolidated companies, the accounting and
consolidation principles applied and significant
estimates made by the legal representatives as
well as evaluation of the overall presentation of
the consolidated accounts and the consolidated
management report. We believe that our audit
provides a reasonable basis for our evaluation.
Our audit has not led to any reservations.
According to our evaluation, based on the findings
obtained from the audit, the consolidated
accounts of Röhlig & Co. Holding GmbH & Co. KG
for the business year from 1 January to 31 December
2011 accord with the legal requirements
and provide a picture of the actual state of the
assets, finances and earnings of the consolidated
companies taking into account the principles of
correct accounting procedures. The consolidated
management report agrees with the consolidated
accounts and provides, on the whole, an accurate
picture of the consolidated companies’ position
and appropriately represents the opportunities and
risks of future development.”
Oldenburg, 13 April 2012
Treuhand Oldenburg GmbH
Auditing Company
Schürmann Witte
Auditor Auditor
Dear Ladies and Gentlemen,
Over the course of the last business year, the Advisory
Board has once again provided support
and advised management. At the meetings on
22 March and 9 May 2011, the company’s management
reported to the Advisory Board on the
developments within the Röhlig Group, including
the Group’s financial circumstances and plans for
the future. The newly created Röhlig Global Executive
Board assumed responsibility for reporting
at the meetings on 12 September and 18 October
2011. Following in-depth discussion of the relevant
questions and ideas, the Advisory Board offered
its advice and put forward recommendations.
The Röhlig Group has yet again achieved good
results for the 2011 business year. Worldwide the
Group expanded by around 15 per cent. In this, its
160th business year, the company recorded its
highest ever gross profit of Euro 96 million. Strong
growth in America and the Pacific region in particular
contributed to this success. From the
Advisory Board’s point of view, this confirms that
the company has adopted the correct strategy for
many years, namely that of a consistent and carefully
considered expansion plan to increase the net productivity
of the Röhlig Group. Despite the financial
and economic crisis it has thereby been possible
to double net productivity over the past six years.
The accountancy firm, Treuhand Oldenburg GmbH,
audited the 2011 annual accounts and issued an
unqualified audit report, thereby confirming that
this status record provides and confirms a true and
fair view of the financial and economic position of
the Röhlig Group. The Advisory Board agrees with
this assessment.
The Advisory Board would like to thank the members
of the Executive Board and all staff for the
commitment and dedication they have shown.
This was a key factor in the success of the last
business year.
Bremen, 20 April 2012
Dr. Hans-Edgar Schütte
Chairman of the Advisory Board
The Röhlig Advisory
Board (from left to right):
Dr. Andreas M. Odefey,
Thomas Bagusch,
Dr. Hans-Edgar Schütte,
Prof. Dr. Peer Witten
30 31

Published by: Röhlig & Co. Holding GmbH & Co. KG
Coordination: Annika Schütz, Marion Weiner,
Röhlig & Co. Holding GmbH & Co. KG
Concept/Design/Realisation:
Blumberry GmbH, Berlin
Printing: Meiners Druck, Bremen
© 2012
Röhlig & Co. Holding GmbH & Co. KG
Am Weser-Terminal 8, 28217 Bremen
Postfach 10 21 80, 28021 Bremen
Germany
Tel.: +49.421 3031-0
Fax: +49.421 3031-1185
E-mail: info@rohlig.com
www.rohlig.com