Rohlig Annual Report 2008.pdf - Röhlig

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