Rohlig Annual Report 2008.pdf - Röhlig

ANNUAL REPORT 2008
SOLID - VIVID - COMMITTED
1

2
Contents
3 Foreword
The values of Röhlig
4 Solid
6 vivid
8 committed
10 Unique – the new Logo
Management Report
12 Market Development
14 Gross Profi t by Division and Region
17 Röhlig Group
19 Structural changes and Risk Management
Consolidated Financial Statements as of 31.12.08
Röhlig & co. Holding GmbH & co. kG, Bremen
21 Outlook
Annual Balance Sheet
22 Assets
23 Equities and Liabilities
24 consolidated Income Statement
25 cash Flow
26 Auditor’s Certifi cate
27 Report of the Advisory Board
Euro ’000 2008 2007 2006 2005 2004
Balance sheet total 86,520 93,482 70,799 64,691 54,632
Fixed assets 14,846 12,280 10,518 11,305 8,594
current assets 70,492 80,197 59,707 52,865 45,414
Equity 1 24,559 21,514 19,698 16,007 10,693
Liabilities 2 48,142 56,116 37,613 36,381 34,611
Gross profi t 77,850 73,853 54,232 48,010 41,725
Personnel costs 48,201 43,334 32,022 28,466 24,872
Depreciation 866 858 734 855 912
Income taxes 3,038 2,634 2,170 1,408 1,526
EBIT 10,345 14,594 10,556 7,293 4,457
Net income 6,007 11,104 7,559 4,975 2,092
cash fl ow 6,923 11,948 8,238 5,878 2,897
Investments 3,398 1,727 703 1,995 1,300
Average no. of employees 990 911 739 645 614
Equity ratio 3 in % 28.4 23.0 27.8 24.7 19.6
Return on equity before income taxes 3 in % 36.8 63.9 49.4 39.9 33.8
1 Balance sheet equity plus payables due to shareholders, third party accounts and silent partnership
2 Excluding payables to shareholders and third party accounts
3 As related to the equity expanded by payables to shareholders, third party accounts and silent partnership as of 31 December

Ladies and Gentlemen,
Dear Röhlig Customers and Partners,
Last year, the pressure to increase market concentration
in the logistics sector continued unabated.
Family-owned companies are increasingly taken
over by large corporations. In this process, they
sacrifice their identity and the employees lose the
personal relationship with their companies. Röhlig,
though, has set its own course. By combining the
professional competence of a large business with a
family-owned company’s principles and values, we
have successfully asserted ourselves in the logistics
market.
But rather than resting on the laurels of our 156year
history, we are constantly re-inventing ourselves.
That was the driving force behind the complete
makeover of our company image. In future, Röhlig
will have a new logo and corporate design clearly
conveying our core values. We are a vivid, dynamic
company with a solid corporate culture and a committed
customer-driven approach – these are the
features that make Röhlig distinct and unique.
Our company’s development has proved us right.
Just like the rest of the logistics sector, we too are
facing the challenges arising from the financial and
economic crisis. But despite significantly lower
transport volumes and margins in the fourth quarter
2008, Röhlig is still on track. Last year, the consolidated
companies again managed to increase gross
profit from Euro 73.9 to 77.9 million – representing a
growth of 5.4 per cent, which equals a growth of 9.3
per cent when the figures are adjusted to take account
of exchange rate fluctuations. Moreover, with
EBIT at Euro 10.3 million, we have achieved one of
the best results in our company’s history.
We take an optimistic view of the future. In 2008,
we moved forward key strategic measures to
secure RÖHLIG‘s long-term position. These measures
include, for example, globally unifying our
operative IT systems, increasing investment in HR,
and growing sales capacities in Europe, the USA
and Asia. We have also expanded our international
network by founding new country offices in Japan
and Denmark and launching a joint venture in India,
In addition, the „Haus am Fluss“ project provides us
with a new headquarters directly on the banks of
the River Weser in Bremen.
In April 2009, in San Francisco, we ratified our
“Strategy 2018” – a strategy that over 120 employees
from all levels of the company had been actively
shaping since summer 2008. After all, they
live Röhlig’s values and it is their commitment, day
after day, that has helped to build our company’s
success. That is why I want to take this opportunity
to especially thank all our employees. I would also
like to thank you, Röhlig’s partners and customers,
for the trust that has made our success possible.
I am very much looking forward to continuing this
successful cooperation.
Thomas W. Herwig
Managing Partner
FOREWORD
3

THE vALUES OF RÖHLIG
4
SOLID

Solid
Chameleon [Greek, originally »ground lion«], Chamaeleonidae family
Territories: Africa, Southern Europe, South and South-West Asia
Chameleons can change their colour to refl ect their mood and their shape to
match their surroundings but always change back to their original colour or
shape. These reptiles have retained virtually the same qualities for almost a
million years.
Flexibility isn’t everything. Preserving your own character and maintaining
continuity through generations is the best way to succeed in the long run.
That has always been nature’s recipe for success – and it’s still just as valid
today.
Modern transport and communication technologies are bringing our world
closer together. Röhlig systematically takes advantage of the potential this
creates. We develop new markets and are constantly expanding our network
of global branches. But ever since Röhlig was founded and in spite
of the changes, we have kept to a set of principles that governs the way
we act.
Our principles are rooted in fairness, trust and transparency – and they
explain why our customers value our company. The same principles are
applied to the relationship with our staff and also create a basis for reliable
partnerships with other companies.
Working together, we want to take advantage of opportunities that the future
brings. Our approach may sometimes be daring but it is never daredevil.
Our fi nancial policy takes the long-view: we avoid high-risk operations
or acquisitions to give Röhlig the stable basis that is needed to sustain us
during a turbulent market environment.
And there’s one more thing we value: our independence. We do not merge
with other companies or huddle under the umbrella of a major corporation.
We note with growing concern an increasing state infl uence on logistics
companies, which is also occuring in some European countries, and frequently
leads to serious distortion in competition.
At Röhlig, we defi ne individual strategic goals and set our own course. Over
156 years experience shows that keeping to these principles has always
paid off . In a fast-changing world, solidity is a key prerequisite for longterm
continuity and growth.
5

THE vALUES OF RÖHLIG
6
VIVID

Vivid
Red-winged blackbird: [Agelaius phoeniceus], Icteridae family (starlings)
Territories: North America, Central America, Caribbean
Red-winged blackbirds are active in the daytime. They spend most of their
time busily looking for food, and hardly ever allow themselves to take a
break. They are considered powerful fl ying birds. Migratory groups of redwinged
blackbirds can cover distances of up to 5,000 kilometres.
More than 1,700 people work for Röhlig – diff erent personalities, all contributing
their own talents and drive to give our company its unique dynamic.
Our employees come from 35 countries. Many diverse cultures shape our
company and give it a vibrant energy. The Röhlig policy of exchanging staff
between branches ensures that people from diff erent cultural backgrounds
work together and learn from one another. This is undoubtedly one reason
why we are so successful in quickly gaining a foothold in new markets.
Röhlig has an international structure – not a claim, but a fact. And it applies
equally to our management with executives from a variety of countries entrusted
with a range of tasks. That’s an area where we are even slightly ahead
of some “global players”.
This dynamic is refl ected in our operating fi gures: sales, gross profi t and
staff numbers have all grown steadily over the last years. Our company has
developed excellently. We take an optimistic view of the challenges that lie
ahead.
In future we will continue to look for resourceful and committed staff and
engage them long-term. This is the only way to ensure Röhlig remains a vibrant,
dynamic company.
7

THE vALUES OF RÖHLIG
COMMITTED
8

Committed
Cattle egret [Ardeola ibis; genus Bubulcus], Heron family [Ardeidae]
Territory: Africa, Southern Europe, Asia, America, Australia
Hippopotamus [Hippopotamus amphibius] or hippo, Hippopotamidae family
Territory: Sub-Saharan Africa
Over the last decades, the distribution of cattle egrets has increased signifi
cantly and now includes the Americas, Southern Asia and Australia. The
cattle egret can often be seen perched on the back of hippos and other large
animals where it picks insects from their skin.
For a partnership to function successfully, there must be close and committed
relations. And that applies just as much to our business relations. We
know our customers and understand their concerns. This knowledge allows
us to plan tailor-made logistics services to meet individual needs.
We cannot aff ord to use call centres. At Röhlig, customers always have a direct
line to their point of contact in the company. That’s one reason why they
entrust us daily with one of their central business processes – the transport
of their products.
Röhlig customers know we are committed to their success. Our cargo clearance
departments in recipient countries often work at night and at weekends
to arrange duty payments on urgent airfreight deliveries even while the
goods are still in transit.
We do not give up until we have found a suitable solution, even to the most
complex requests. And if necessary, we’ll use unusual methods to handle
them, always thinking one step ahead.
This is what makes Röhlig so diff erent: we are not just another service provider.
We are reliable and committed – and always on hand for our customers.
9

THE vALUES OF RÖHLIG
10
Unique – the new Logo
Röhlig-logo [abbreviation for logotype: “symbol or emblem”],
part of the appearance of the company and its
corporate Identity
Territory: The World
The logo represents Röhlig and its values on
all continents. It comprises graphic elements
and the company name. The letters for logistics
supports the upper section of the logo, but are
clearly subordinate to it. The use of blue references
Röhlig’s core business: sea and air freight.
What makes for a good logo? First and foremost,
it must be memorable and unmistakable.
Secondly, it needs to convey the company’s
particular character. A logo can be considered
successful when it meets these criteria.
Our previous logo refl ected our policy of expansion.
It was developed when the company had
initiated a phase of worldwide growth. We opened
up new markets and established ourselves
The “Haus am Fluss”: In 2009, Röhlig moved into its new headquarters
directly on the banks of the River Weser.
in countries overseas. The arrow in the Röhlig-logo
simultaneously symbolised the routes
we would be serving henceforth. Since those
days, we have not only been delivering our
customer’s goods by land and sea, but also by air.
But today Röhlig is far more than just a carrier
or logistics provider. We are also a consultant,
partner and trusted contact person for our customers
– the approach embodied by our new
logo. Its overarching shape creates an all-embracing
impression, symbolising trust and solidarity.
The three external elements refl ect our
values, our core business and our brand promise:
The Röhlig-values are solid, vivid and
committed. Röhlig is characterised by
the stability and reliability of its company
culture and partnerships, the dynamism of
the company and staff , and commitment to
its customers.
Our core business comprises sea freight, air
freight and project logistics.
Our brand promise is high quality, high tech, high
touch. Röhlig combines the highest quality standards
with cutting edge technology and a high
degree of customer proximity.
These elements complement each other and are
strongly centred around a focal point. They combine
to create our message: whatever we do, Röhlig
customers and staff are always at the heart of
our actions.

MANAGEMENT REPORT | MARkET DEvELOPMENT
12
Röhlig stays on Course
for Growth and Stability
Exchange market turbulence and declining
fourth quarter transport volumes
In Röhlig’s 156th year of operations, our markets
were infl uenced by a series of negative factors.
The US fi nancial crisis spread to hit credit institutions
across all industrialised countries. Decreasing
commodity prices led to severe pressure on the
Australian Dollar, which lost 21.7 per cent against
the Euro, and on the South African Rand, which
was down 30.2 per cent against the European currency
in a year-on-year comparison. At the end of
2008, the British Pound too was down by 29.9 per
cent compared to start of the year. This exchange
market volatility negatively impacted our consolidated
gross profi t and the net income.
In addition, volume growth on the main global container
transport routes slowed and, in the fourth
quarter, came to a virtual standstill. At the same
time, new tonnage introduced into the market increased
the pressure on sea freight rates. Although
this trend was already predictable in late 2007, it
has become evermore apparent during the course
of 2008.
As early as mid-2008, it was clear that air freight
volumes were declining. Both the number of shipments
and average shipment size experienced a
substantial downturn in the key East-West routes.
Here, Lufthansa’s own handling fi gures can serve
as an indicator, with a 6 per cent decline in tonnage
over the entire year and as much as 21.4 per
cent in December alone.
80
70
60
50
40
30
20
10
0
Development of gross profi t in the consolidated
companies 2004 - 2008 in Euro ’000
41,725
48,010
54,232
73,853
77,850
2004 2005 2006 2007 2008
Despite the diffi cult market conditions and exchange
rate turbulence, our consolidated companies
proved able to successfully expand sales
activities, returning an increase in gross
profi t of 5.4 per cent which, with currency adjustments,
amounts to 9.3 per cent growth. Röhlig
achieved an EBIT of Euro 10.3 million – one
of the best results in our company’s history.
Gross profi t in Euro ’000 2008 2007
Gross profi t consolidated companies 77,850 73,853
Gross profi t
Associated companies 30,222 30,288
Total 108,072 104,141

Renewed growth in staff numbers
Against the background of the looming recession,
Röhlig has supported an expansion in sales
activities in nearly all countries by increasing
sales personnel. We want to compensate
for declining freight volumes from our regular
customers by increasing the number of new
customers. The number of sales personnel was
increased first and foremost in Germany, Hong
kong, Australia, New Zealand, and the USA.
In the USA, Röhlig introduced a new organisational
structure with a broader management to
create the foundation for future growth. This
move was introduced with the understanding
that a decline in results in the short term may
be the price to pay for long-term stable development.
Employees 2008 2007
Germany 292 276
Belgium 16 15
France 102 96
Great Britain 36 37
Italy 34 33
The Netherlands 22 24
Spain 26 21
Australia 149 144
New Zealand 61 44
Hong kong 97 86
Singapore 23 22
USA 95 113
canada 11 11
chile 26 22
Total Röhlig 990 911
South Africa 454 463
china 199 173
South korea 32 32
UAE 19 17
Taiwan 17 10
Total associated companies 721 695
Total Röhlig Group 1,711 1,606
13

MANAGEMENT REPORT | GROSS PROFIT By DIvISION AND REGION
14
Divisions
Regions
Concentrating on core competencies –
increasing market shares in sea and air freight
The US-led global recession already had a noticeable
impact on air freight in the third quarter.
In December 2008, the decline in freight volumes
registered its low point at 22.8 per cent, refl ected
in a dramatic fall in air freight. Although IATA
fi gures show the air freight market contracting by
four per cent on an annual basis, Röhlig was able
to hold gross profi t stable in this sector.
Growth slowed in sea freight in the third quarter
with container volumes transported recording a
decline in the fi nal quarter of 2008. The Global
Insight Institute calculated growth of 4.3 per cent
for the entire market over the previous year. In
this sector Röhlig increased gross profi t by 10.2
per cent, which thus indicates a growth in market
share. In fi nancial terms, the percentage of sea
freight in the overall business operations increased
correspondingly from 56.7 to 59.3 per cent.
Gross profi t by division 2008 2007
in Euro ’000/ Shares
Sea freight 46,136 59.3% 41,873 56.7%
Air freight 31,423 40.3% 31,379 42.5%
Other 499 0.4% 601 0.8%
Total 77,850 100% 73,853 100%
Succesfull on the US-market
In the last business year, America recorded the
highest growth rate of all regions with 11.9 per
cent. Its proportion of total gross profi t increased
correspondingly. Asia and Europe also demonstrated
its ability to achieve growth that was higher
than expected.
In contrast, the negligible gross profi t growth in
Australia and New Zealand does not refl ect the
real situation. This region also actually achieved
double-digit growth of 11.8 per cent when measured
in the local currencies. However, due to the
Australian Dollar’s loss of value, a lower level of
growth was refl ected in the consolidated companies’
accounts as these are measured in Euro.
Gross profi t by region 2008 2007
in Euro ’000/ Shares
Germany 21,489 27.6% 21,588 29.2%
Europe (excl. Germany) 23,366 30.0% 21,466 29.1%
Australia/New Zealand 15,521 19.9% 15,006 20.3%
Asia 7,866 10.1% 7,205 9.8%
America 9,608 12.4% 8,588 11.6%
Total 77,850 100% 73,853 100%
Gross profi t by division/region in Euro ’000/Shares
46,136
59.3%
Germany
499
0.4%
31,423
40.3%
2008 Sea freight
Air freight
Other
9,608
12.4%
7,866
10.1%
15,521
19.9%
2008
21,489
27.6%
23,366
30.0%
Germany
Europe (excl. Germany)
Australia/New Zealand
Asia
America
Since 1 April 2008, the two former separate sea
and air freight companies have been trading under
the name of Röhlig Deutschland GmbH & co. kG.
Re-structuring measures and consulting, as well
as the move of our largest German offi ce in Hamburg,
led to non-recurring costs, which could not
be met even by the slight rise in gross profi t. As a
result, earnings from the operating companies in
Germany fell by Euro 1.097 million to Euro 1.938
million. Despite this decrease, Röhlig Deutschland
still made the largest contribution to the results of
all consolidated companies.

The Röhlig & co. Holding GmbH & co. kG and
Röhlig & co. Internationale Beteiligungsgesellschaft
mbH have taken over the executive and
administrative tasks for the entire Group. Part of
the costs arising there are proportionally divided
between the consolidated companies and the remainder
goes into the results of the German region.
Roehlig blue-net GmbH operates the consolidated
companies’ IT centre in Hamburg. In 2008,
as the Group’s internal IT provider, this 100 per
cent subsidiary provided advanced funding for
future IT projects.
Germany in Euro ’000 2008 2007
Gross profi t 21,489 21,588
Thereof: Air freight 9,186 9,429
Sea freight 12,204 11,820
Other* 99 339
Adjusted net income -1,298 2,268
Thereof: Sea and Air freight 1,938 3,035
Holding/IBG -3,236 -767
Employees 292 276
Trainees 30 30
* Röhlig & co. Holding GmbH & co. kG, Röhlig & co. Internationale
Beteiligungsgesellschaft mbH, Roehlig blue-net GmbH
Europe (excluding Germany)
Our subsidiary in France recorded a record operating
income of Euro 11.9 million, around half of the
gross profi t for the region of Europe. Belgium was
also able to signifi cantly increase gross profi t and
net income. The weakness of sterling signifi cantly
reduced the increase in gross profi t and earnings
achieved in Great Britain in the local currency.
It has not yet proved possible to stabilise business
in the Netherlands. The negative operating result
was additionally aff ected adversely by inherited
liabilities and losses on bad debts. With gross
profi t up by 11.3 per cent, Italy again achieved a
positive result, while the full force of the severe
recession was felt in Spain in the second half of
the year.
Europe (excluding Germany)* in Euro ’000 2008 2007
Gross profi t 23,366 21,466
Thereof: Air freight 8,127 7,747
Sea freight 14,936 13,494
Other 303 225
Adjusted net income 127 1,325
Employees 236 226
* Belgium, France, Great Britain, Italy, the Netherlands, Spain
15

MANAGEMENT REPORT | GROSS PROFIT By DIvISON AND REGION
16
Pacifi c (Australia/New Zealand)
There was an exceptionally positive development
in business in the Pacifi c region in 2008. At a pretax
profi t margin of 21.2 per cent of gross profi t,
Australia achieved a record result with over AUD
4.4 million pre-tax earnings. With the Australian
Dollar exchange rate markedly down, the yearon-year
comparison on a Euro basis does not refl
ect the real development.
In 2008, our fi rst offi ce on New Zealand’s South
Island was opened, at christchurch and Röhlig’s
previous freight forwarding partner brought its
business into the New Zealand company. Overall,
the Pacifi c region proved able to increase its result
over the previous year by 15.9 per cent.
Australia/New Zealand in Euro ’000 2008 2007
Gross profi t 15,521 15,006
Thereof: Air freight 6,112 6,502
Asia
Sea freight 9,409 8,472
Other 0 32
Adjusted net income 1,972 1,701
Employees 210 188
In 2008, the Asian branches were again the offi -
ces with the highest earning power in the entire
Röhlig Group. Despite the markedly lower air and
sea freight volumes in the last quarter of 2008,
the Hong kong and Singapore companies once
more proved able to increase annual gross profi t
growth, this time by 9.2 per cent. The investments
made to expand our network in Southern china
have already paid off , with the result improving by
an above average 13.2 per cent.
Asia* in Euro ’000 2008 2007
Gross profi t 7,866 7,205
Thereof: Air freight 3,807 3,958
Sea freight 3,962 3,242
Other 97 5
Adjusted net income 2,864 2,529
Employees 120 108
* Hong kong and Singapore
America
In total, the three country offi ces in America managed
to increase gross profi t by 11.9 per cent
over the previous year. To create a basis for future
growth, considerable investment in personnel
was made in the USA within a new organisational
and sales structure. Since the US-offi ce had
hardly been present on the Pacifi c route previously,
our “Transpac” programme was launched
in 2007 in cooperation with the Singapore, Hong
kong and china offi ces. In 2008, the target of
annually doubling sea freight volumes in the largest
container shipping area in the world by 2012

America* in Euro ’000 2008 2007
Gross profi t 9,608 8,588
Thereof: Air freight 4,035 3,744
Sea freight 5,573 4,844
Other 0 0
Adjusted net income 32 913
Employees 132 91
* canada, chile, USA
was met very eff ectively. The moves that led to
the temporary reduction in earnings were introduced
with the knowledge that this might be the
price for the long-term development of our business
in the USA.
Röhlig Group
The Röhlig Group includes both the consolidated
companies, and also the associated companies
in South Africa, china, South korea, Taiwan and
the United Arab Emirates, in each of which we
hold up to 50 per cent of the share capital. These
companies are of considerable signifi cance to the
Röhlig network and are included “at equity” in the
consolidated accounts.
South Africa
Röhlig-Grindrod was able to further improve on
its record 2007 result and is one of the most profi
table Group companies. The slight decrease in
gross profi t can be attributed to the weakness of
the South African Rand, which lost 30.2 per cent
of its value against the Euro in the reporting year.
Sales and gross profi t in South Africa roughly account
for a quarter of the consolidated companies’
sales. On the other hand, at Euro 284.4 million,
the excise and import turnover taxes exceed
that of the entire consolidated companies Euro
198.4 million – by more than a third. These fi gures
give a clear picture of the enormous importance
of customs business in South Africa. In addition to
the network business with the other Röhlig com-
panies, cross-border land and air transport with
other states in southern Africa is growing in importance.
South Africa 2008 2007
(50% share in capital) in Euro ’000
Gross profi t 20,785 21,883
Net income after taxes 3,428 3,028
Net income from equity consolidation 1,714 1,514
Employees 454 463
China
Business in china is undertaken through two joint
venture companies, one invoicing in Renminbi
and the other in US dollars. Röhlig has a 50 per
cent participation in both companies.
In the fi rst three quarters of 2008, growth in the
associated companies in china was 10.1 per cent
expressed in local currency. In the fi nal quarter,
weaker exports volumes from china led to a drop
in gross profi t of 4.7 per cent compared to the
previous year. Despite the chinese economy
slowing, Weiss-Röhlig china was able to further
expand its network of branch offi ces and invested
in increasing trans-Pacifi c business with North
America. The decrease in the result was primarily
due to the additional personnel costs involved in
expanding the operations.
China 2008 2007
(50% share in capital) in Euro ’000
Gross profi t 5,957 5,844
Net income after taxes 1,162 1,816
Net income from equity consolidation 581 908
Employees 199 173
MANAGEMENT REPORT | RÖHLIG GROUP
Röhlig Group
17

MANAGEMENT REPORT | RÖHLIG GROUP
18
South Korea
With exports accounting for around 40 per cent
of gross domestic product, korea has signifi cant
dependance on the development of world trade.
consequently, the global fi nancial crisis, which
reached korea in the second half of 2008, had a
major impact on the economy there. Despite declining
rates of economic growth, Röhlig managed
to improve its gross profi t in korea by 20.8 per
cent, which resulted in a larger than expected increase
in net income.
South Korea 2008 2007
(40% share in capital) in Euro ’000
Gross profi t 1,809 1,497
Net income after taxes 456 220
Net income from equity consolidation 182 88
Employees 32 32
Taiwan
In Taiwan, the joint venture company that was cofounded
in 2007 and in which Gebrüder Weiss
and Röhlig each have a 35 per cent shareholding,
has already generated a profi t within its fi rst full
business year.
Taiwan continues to play a leading role worldwide
in a range of key industries. Taiwanese companies
manufacture around 83 per cent of all notebooks
and nearly 70 per cent of all LcD screens. However,
the considerable dependence on the development
of world trade led to a clear decrease in
exports and imports in the fi nal quarter of 2008,
and this is expected to continue for the duration
of 2009.
Taiwan 2008 2007
(35% share in capital) in Euro ’000
Gross profi t 862 516
Net income after taxes 213 10
Net income from equity consolidation 75 3
Employees 17 10
United Arab Emirates
The Weiss-Röhlig Dubai Ltd. offi ce has fulfi lled
the expectations expressed in the last annual
report and was able to increase its gross profi t
by 47.3 per cent. Parallel to expanding operations,
the net income from this joint venture
company was also more than expected. This
gratifying development was due to the network
business undertaken with other Röhlig
and Gebrüder Weiss companies, as well as the
growth in project business.
UAE 2008 2007
(23% share in capital) in Euro ’000
Gross profi t 809 549
Net income after taxes 290 114
Net income from equity consolidation 145 45
Employees 19 17

MANAGEMENT REPORT | STRUcTURAL cHANGES AND RISk MANAGEMENT
Liquidity and Stability
as the Primary Goals
Systematic implementation of our company
strategy
The events of the previous year have vindicated
Röhlig’s focus on a long-term operational policy
directed towards sustainability. In 2008, the year
of the global financial crisis, our principle of building
trustworthy partnerships with customers and
staff, service providers, credit institutions, carriers
and suppliers has proven its value.
Establishing a unified IT platform is one key building
block in our strategy. Over the past business
year, we have invested significantly in this sector
to continue driving this process forward. The companies
in Germany, Denmark and the Netherlands
are now using SAP software for their work in the
area of finance. In these countries, the changeover
to “cargosoft” as the standard transport workflow
processing programme will be completed in
summer 2009.
Risk management
Maintaining liquidity and stability remains
amongst the prime objectives of our business
policy. consequently, we have avoided high-risk
and expensive acquisitions. At present, the Röhlig
consolidated companies do not see themselves
exposed to any risks that could constitute a threat
to their continued existence. In principle, a distinction
is made between risks that can constrain
a company’s development and those that may
threaten its continued existence.
Thanks to active working capital management,
receivables could be reduced despite an increase
in sales by around 15 per cent. In comparison to
the previous year the equity of the consolidated
companies was increased from Euro 21.5 million
to Euro 24.6 million, further improving the riskbearing
ability of the entire Group.
The significant efforts directed towards expansion
have made their impact felt in both the reporting
and current year. For example, Denmark
and Thailand have both been established and will
be fully consolidated next year. Moreover, inten-
sified sales efforts across the entire Group helped
to counteract the trend triggered by the global
financial crisis.
We would classify the following individual risks as
having the potential to constrain development:
Exchange rate risks
Since a substantial proportion of incoming and
outgoing invoicing takes place in foreign currencies,
the operative business of Röhlig’s consolidated
companies involves exposure to interest rate
and currency fluctuations. For this reason, company
policy aims to exclude or limit these risks by
hedging and preventing any speculative engagements.
In addition, country-specific strategies are
implemented to eliminate or guard against any
loss of receivables.
All interest and currency cover transactions are
coordinated and implemented by a central Group
Treasury. Forward exchange transactions and options
are used to cover currency risk. For longterm
liabilities, measures are taken to safeguard
against rising market interest rates. Interest cover
arrangements have not been concluded for shortterm
funding since interest expenditure does not,
at the moment, pose a significant earnings risk.
Del credere risk
In Germany, Belgium, the United kingdom, Australia
and the Netherlands, the del credere risk is
already covered by a payment default policy with
a reputable underwriter and can be largely discounted.
In South Africa, the receivables from the
business year 2009 will similarly be covered by
a payment default policy. Hence, large sectors of
the entire consolidated business are already covered.
Internal measures have been instigated to
limit the risk of loss of receivables in all conso-
lidated companies. These measures include strict
rules on credit allocation such as regular credit
19

MANAGEMENT REPORT | STRUcTURAL cHANGES AND RISk MANAGEMENT
20
status checks, credit limits for each customer, and
a tightly-organised collection process. In addition,
customers holding accounts with a number of
consolidated companies are centrally monitored.
Freight and cargo damage/financial loss
In principle, any business in the international
transport and logistics sector has to factor in possible
freight or cargo damage and the resulting
financial exposure. Moreover, the risk of damage
increases with the provision of complex, individual
solutions for our customers. These risks are
not only covered by the appropriate insurance
but also by organisational measures, such as “The
Röhlig Way”, Röhlig’s global quality management
system.
Inherent business risks
The international orientation of Röhlig’s conso-
lidated companies has led to the introduction of
global systems to control the inherent business
risk. These systems include quality management,
which is a primary focus, and other customised
measures including, for example, the centralised
Treasury System, training staff in various areas,
and the planned comprehensive introduction of
SAP FI/cO. In 2009 and beyond, we will be continuing
to work on a holistic risk management system.
An internal audit function has already been
created as a direct measure. The executive management
has also decided to further expanding
the existing financial controlling system.
Structural changes
In 2008, we continued to implement our strategic
objective of expanding the Röhlig network
by opening at least one new branch office abroad
every year. In August, Röhlig Denmark
ApS started operations in Holte. Next year, the
country office will be consolidated for the first
time. In Japan, together with Gebrüder Weiss,
another joint venture company has been founded
in which Röhlig holds a 50 per cent share. In
India, Röhlig has taken a 50 per cent share in the
owner-managed TRIcON Shipping Private Ltd.
and, will be transferring half of this share to our
strategic partner Gebrüder Weiss.
In the first six months of 2008, Röhlig extended
the contract on the NORD Holding silent partnership
to 31.12.2011 and simultaneously increased
this by Euro 2.7 million to Euro 5.0 million.
This step also further strengthened the equity
base. In connection with other financial measures,
systematic receivables management led to
an optimisation of balance sheet relations and a
clear reduction in short-term bank borrowings.
In Germany, our sea freight and air freight companies
have been merged into one operation. In
the USA, two existing intermediate holding companies
have been merged into a single holding
company. In the Netherlands, for simplification,
the existing intermediate holding company has
merged with the operating company.
The Group’s growth also required a change in
procedure to successfully manage the entire
organisation of consolidated companies. consequently,
the main area of global responsibility
for relations to the sea freight carriers was created
in the reporting year. This coordinates the
core carriers globally and optimises the Group’s
purchase of services from them. The move provides
a major benefit for our customers and also
strengthens our own long-term efficiency. consequently,
a management position “Global carrier
Relationship” was created in the reporting
year.

Irrespective of the effects of the current economic
crisis, we will pursue unwaveringly our own strategy.
We want the company to continue its financial
independence and, by acquiring market share, to
achieve our growth targets.
Over the years, we have developed a range of
programmes to realise these objectives. The measures
we have implemented include unifying our
global IT systems, using SAP to enhance efficiency,
improving control over interest and currency risk
through our Treasury office, and offering targeted
advanced training for our employees and future
managers.
Each of these programmes serves to secure the
company’s future. Not one of them – even if it involves
high investment costs – has been sacrificed
for the sake of short-term profit. This approach
reflects our guiding principle: the main objective
of all managing directors throughout the Röhlig
group is not merely to maximise profits, but to optimise
them for long-term stability.
We are also standing by our objective of expanding
the Röhlig network by at least one new country
office every year. Moreover, we want to take
our new companies, which are still relatively small,
beyond the critical benchmark of Euro 2 million
gross profit as soon as possible and carry them
forwards into the net income zone. In this process,
though, we can never totally exclude setbacks.
However, thanks to our unified IT systems and a
transparent core business that all our managers
across the globe handle equally well, we can react
quickly and effectively to any potential diversions
from our targets.
In addition to improving our business processes,
we are directing our attention to the general market
conditions. We strive to recognise new trends
as early as possible and control them for the benefit
of the company. In this context, three regional
groups in Sydney, Singapore and Paris met at strategy
workshops in September 2008. Each group
comprised 35 managers and employees from all
the country offices, representing all ages and all
levels throughout our company. They worked together,
with great enthusiasm and commitment,
with two external consultants, to develop the key
points in our strategy for the period until 2018. This
strategy was ratified by the executive management
in San Francisco in April 2009.
We are looking forwards to the remainder of 2009
with confidence: We will be focusing on securing
stability and liquidity. Röhlig has solid financing, a
lean organisation and a good market position.
Bremen, 28 April 2009
OUTLOOk
Securing the Future – Implementing
our strategy for the period to 2018
Thomas W. Herwig
chairman of the Executive Board
Executive Directors
Ian Hamon
Quentin Lacoste
Dr. Bernd Pokrandt (until 31 December 2008)
Hans-Ludger körner (from 1 February 2009)
The Röhlig Management
Board (from left
to right):
Ian Hamon,
Quentin Lacoste,
Hans-Ludger Körner,
Thomas W. Herwig.
21

ANNUAL BALANcE SHEET | ASSETS
Consolidated balance sheet as of 31 December 2008
Röhlig & co. Holding GmbH & co. kG, Bremen
ASSETS
22
2008 Euro ’000 prev. year Euro ’000
A. Start-up business expansion expenses 6 18
B. Fixed assets
I. Intangible assets
1. Goodwill 9 12
2. Software 39 79
II. Tangible assets
48 91
1. Land, leasehold rights and buildings 116 26
2. Technical equipment and machinery 0 18
3. Other equipment, fi xtures and fi ttings 3,024 2,683
4. Pre-payment on tangible assets 40 33
III. Financial assets
3,180 2,760
1. Shares in affi liated companies 343 107
2. Shares in associated companies 9,425 8,503
3. Participations 1,619 72
4. Loans to companies in which shareholdings are held 193 717
5. Other loans 38 30
C. Current assets
I. Inventories
11,618 9,429
14,846 12,280
Work in progress 1,351 2,333
II. Receivables and other assets
- with residual term of up to one year
1. Trade receivables 60,556 71,498
2. Receivables from affi liated companies 223 2
3. Receivables from companies in which participations are held 3,055 2,412
4. Other assets 3,189 2,282
67,023 76,194
III. cash and due from banks 2,118 1,670
70,492 80,197
D. Prepayment (other) 930 577
E. Tax deferment 246 410
Total of assets 86,520 93,482

EQUITY AND LIABILITIES
A. Equity
ANNUAL BALANcE SHEET | EQUITy AND LIABILITIES
2008 Euro ’000 prev. year Euro ’000
I. Equity of limited partners 5,000 5,000
II. Retained earnings
- Other retained earnings 6,987 6,987
III. Diff erence of consolidated balance sheet equity and cost of investment -1,624 -1,564
Iv. Exchange equalisation -5,031 -2,506
v. consolidated net earnings 6,867 4,313
vI. Other shareholders’ equity 4,168 3,461
16,367 15,691
B. Silent partnerships 5,000 2,300
C. Provisions and accruals
1. Provisions for pensions and similar obligations 1,055 1,005
2. Tax accruals 1,533 1,654
3. Other provisions and accruals 11,002 13,126
D. Liabilities
13,590 15,785
1. Liabilities due to banks 8,270 11,275
2. Payments received on account 16 262
3. Trade payables 32,074 39,365
4. Payables to affi liated companies 200 112
5. Payables due to companies in which a participation is held 1,931 1,092
6. Payables due to shareholders 2,411 2,522
7. Payables due to third-party associates 781 1,001
8. Other liabilities 5,651 4,010
– thereof taxes: 1.096 EURO ’000 (Prev. year: 651 EURO ’000)
– thereof social security: 922 EURO ’000 (Prev. year: 1.199 EURO ’000)
51,334 59,639
E. Deferred income 229 67
Total of equity and liabilities 86,520 93,482
23

ANNUAL BALANcE SHEET | cONSOLIDATED INcOME STATEMENT
Consolidated income statement for the period from 1 January to 31 December 2008
Röhlig & co. Holding GmbH & co. kG, Bremen
24
1. Sales
2008 Euro ’000 prev. year Euro ’000
a) Sales incl. customs duties and import turnover taxes 602,263 594,258
b) of which excise and import turnover taxes -198,377 -208,811
403,886 385,447
2. Reduction/increase of work in progress -814 972
3. cost of purchased services 325,222 312,567
4. Gross profi t 77,850 73,852
5. Other operating income 2,773 3,195
6. Personnel expenses:
a) Wages and salaries 40,821 37,216
b) Social security and pensions 7,380 6,118
– thereof pensions: 909 EURO ’000 (Prev. year: 835 EURO ’000)
7. Depreciation and amortisation costs on intangible fi xed assets and tangible assets as
48,201 43,334
well as incurred expenditure on start-up and business expansion 866 850
8. Other operating expenses 23,982 20,894
7,574 11,969
9. Shareholdings in associated companies 2,697 2,570
10. Income from participations 74 55
11. Income from loans of fi nancial assets 52 62
12. Other interest and similar income 102 224
13. Depreciation on fi nancial assets 0 8
14. Interest and similar expenditure 972 758
– due to affi liated companies: 0 EURO ’000 (Prev. year: 5 EURO ’000)
1,953 2,145
15. Net income from ordinary operations 9,527 14,114
16. Taxes on income 3,038 2,634
17. Other taxes 64 88
3,102 2,722
18. Partial profi t transfer 418 288
19. Consolidated net income 6,007 11,104
20. Profi t carried over from previous year 4,313 4,751
21. Profi t due to other partnership interests 1,409 1,872
22. Transfers to other retained earnings 0 6,000
23. Distribution of profi ts to partnership accounts 2,044 3,670
24. Consolidated net earnings 6,867 4,313

Cash fl ow statement for the period from 1 January to 31 December 2008
Röhlig & co. Holding GmbH & co. kG, Bremen
1. consolidated net income
ANNUAL BALANcE SHEET | cASH FLOW
2008 Euro ’000 prev. year Euro ’000
(including proportional earnings from minority shareholders) 6,007 11,104
2. Depreciation on assets 867 858
3. Adjustment of proportional assessed value of associated companies
um die anteiligen Ergebnisse -2,697 -2,570
4. changes in pension provisions 55 -13
5. changes in other reserves -1,502 2,539
6. Miscellaneous non-cash item transactions 20 -34
7. Loss from disposal of fi xed assets and the sale of consolidated com-panies -12 38
8. changes in inventories, trade accounts receivable and other assets,
not classifi ed as investment or fi nancing activities 6,679 -8,224
9. changes in trade accounts payable and other liabilities not classifi ed as
investment or fi nancing activities -2,517 640
10. Cash fl ow from operating activities 6,924 4,338
11. Receipts from retirement of fi xed assets 150 113
12. Payments for fi xed asset investment -1,558 -1,532
13. Payments for intangible fi xed asset investment -22 -34
14. Receipts from associated companies’ dividends 391 237
15. Receipts from retirement of non-trading assets 456 0
16. Payments for investment in non-trading assets -1,818 -161
17. Payments for consolidated companies and acquisition of
minority shareholdings -126 -5,247
18. Cash fl ow from fi nancing activities -2,527 -6,624
19. Payments to shareholders and third party accounts -2,375 -2,234
20. Payments to minority shareholders -854 -1,442
21. changes in fi nancial liabilities -2,888 5,317
22. Receipts from silent partnerships 2,700 0
23. Cash fl ow from fi nancing activities -3,417 1,641
24. Change in capital funds 980 -645
25. change in capital fund cash items 980 -645
26. Exchange-related capital funds changes -532 -67
27. consolidation-related capital funds changes 0 399
28. capital funds at the start of the period 1,670 1,983
29. Capital funds at the end of the period 2,118 1,670
25

AUDITOR’S cERTIFIcATE
26
The auditors have issued the following report on
the completed consolidated accounts and the
consolidated companies’ situation:
“We have audited the consolidated financial
statements – comprising the consolidated balance
sheet, the consolidated income statement, the
notes to the consolidated financial statements,
the statement of changes in group equity and
the cashflow statement – and the group management
report of Röhlig & co. Holding GmbH & co.
kG, Bremen, for the business year from January
1 to December 31, 2008. The preparation of the
consolidated financial statements and group
management report in accordance with German
commercial Law are the responsibility of the parent
company’s executive board. Our responsibility
is to express an opinion on the consolidated
financial statements and the group management
report based on our audit.
We conducted our audit of the consolidated
financial statements in accordance with sec. 317
German commercial code and German generally
accepted standards for the audit of financial
statements promulgated by the Institut der
Wirtschaftsprüfer (German Institute of Public
Auditors, IDW). Those standards require that we
plan and perform the audit such that misstatements
materially affecting the presentation of the
net assets, financial position and results of operations
in the consolidated financial statements
in accordance with German principles of proper
accounting and in the group management report
are detected with reasonable assurance. knowledge
of the business activities and the economic
and legal environment of the Group and expectations
as to possible misstatements are taken into
account in the determination of audit procedures.
The effectiveness of the accounting-related internal
control system and the evidence supporting
the disclosures in the consolidated financial statements
and the group management report are examined
primarily on a test basis within the framework
of the audit. The audit includes assessing
the annual financial statements of those entities
included in consolidation, the scope of the consolidated
companies, the accounting and consolidation
principles used and significant estimates
made by the executive board, as well as evaluating
the overall presentation of the consolidated
financial statements and the group management
report. We believe that our audit provides a reasonable
basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit,
the consolidated financial statements comply
with the legal requirements and give a true
and fair view of the net assets, financial position
and results of operations of Röhlig & co. Holding
GmbH & co. kG, Bremen, in accordance with German
principles of proper accounting. The group
management report is consistent with the consolidated
financial statements and as a whole provides
a suitable view of the Group’s position and
suitably presents the opportunities and risks of
future development.”
Oldenburg, 28 April 2009
Treuhand Oldenburg GmbH
Wirtschaftsprüfungsgesellschaft
Schwecke
Auditor
Schürmann
Auditor

The Advisory Board of the Röhlig Group Holding
advises the Holding’s executive management and
supervises their business activities. The Advisory
Board is vested with powers corresponding to those
exercised by the Supervisory Board of a German
limited company.
The Advisory Board has four members, each appointed
for a period of three years. Since early
2008, Thomas Bagusch, who studied Business
Administration and is on the executive management
board at NORD Holding Unternehmens-
beteiligungsgesellschaft mbH in Hanover, is an active
member of the Advisory Board. He succeeded
Lothar Jaeger, who left the Advisory Board after 13
years of dedicated service.
The Advisory Board held three meetings during the
2008 business year – on 9 January, 27 May and 28
October. The Advisory Board consulted with the
Holding’s executive directors on Röhlig Group’s
financial condition and the impact of the overall
economic situation on the Röhlig Group. It gave
recommendations and took the decisions incumbent
upon it – in particular, the important strategic
measures – to ensure that the Röhlig Group is wellpositioned
for the long-term.
Towards the end of 2008, the general economic
conditions deteriorated significantly. Nonetheless,
the Röhlig Group was able to conclude the 2008
business year with one of the best results in the
company’s history. In the process it created additional
employment positions. The company’s strong
finances provided the basis for this achievement.
As planned, the Röhlig Group’s global network
has further expanded. New companies have been
launched in Denmark and, together with Gebrüder
Weiss, in Japan.
The accounts for the 2008 financial year were audited
by the Treuhand Oldenburg GmbH Accountancy
company and certified without qualification,
confirming that the management report aptly reflects
the Röhlig Group’s economic and financial
position. The Advisory Board accepts the result of
this audit.
The substantial commitment of the employees and
executive management have contributed to the
Röhlig Group’s successful results. As in previous
years, the Advisory Board duly thanks them for
their efforts.
Bremen, 25 May 2009
REPORT OF THE ADvISORy BOARD
The Röhlig Advisory Board (from left to right): Prof. Dr. Peer Witten, Hamburg/Thomas
Bagusch, Hannover/Dr. Hans-Edgar Schütte, Bremen/Dr. Andreas M. Odefey,
Hamburg
Dr. Hans-Edgar Schütte
chairman of the Advisory Board
Published by: Röhlig & Co.
Holding GmbH & Co. KG
Concept: PLATO GmbH,
Berlin
Design: deepblue networks
AG, Hamburg
Printing: Meiners Druck,
Bremen
27

28
Röhlig & Co. Holding GmbH & Co. KG
Am Weser-Terminal 8, 28217 Bremen
P.O. Box 102180, 28021 Bremen
Germany
Tel: + 49 421 30 31 - 0
Fax: + 49 421 30 31 - 11 85
E-mail: info@rohlig.com
www.rohlig.com
© 2009