ANNUAL REPORT 2011 - Kuehne + Nagel

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STATUS REPORT Turnover In 2011, Kuehne + Nagel’s turnover amounted to CHF 19,596 million representing a decrease of 3.3 per cent or CHF 665 million compared to the previous year. The impact of the worldwide development of economic activity on the organic business resulted in an increase of CHF 1,428 million and acquisitions contributed CHF 459 million. The exchange rate fluctuation resulted in a negative impact of CHF 2,552 million. At regional level, the Americas reported an increase in turnover (0.8 per cent), whereas turnover has decreased in Europe (4.5 per cent), Asia-Pacific (4.1 per cent) and Middle East, Central Asia and Africa (2.6 per cent). Exchange rate fluctuations between 2010 and 2011, based on average yearly exchange rates, led to a significant lower valuation of the Euro of 10.9 per cent, a lower valuation of the U.S. dollar as well as depending currencies (e.g. a number of countries in Asia, South America and the Middle East) of 14.6 per cent and of the British Pound of 11.7 per cent against the Swiss franc. When comparing the turnover in the income statement, a negative currency impact of approximately 12.6 per cent must be taken into consideration in 2011. Income Gross profit Gross profit, a better indicator of performance than turnover in the logistics and forwarding industry, reached CHF 5,898 million in 2011, which represents a 1.0 per cent decrease compared to the previous year. The organic business has developed positively by CHF 591 million (plus 9.9 per cent) and acquisitions contributed CHF 111 million. A negative exchange rate development has impacted the gross profit by CHF 762 million (minus 12.8 per cent). Regional turnover CHF million Middle East, Central Asia and Africa Asia-Pacific Americas Europe 21,599 1,286 1,862 4,235 2008 2009 2010 2011 Regional gross profit CHF million Middle East, Central Asia and Africa Asia-Pacific Americas Europe 14,216 6,253 160 478 907 4,708 Status Report _ _ _ _ _ _ Turnover, Income 17,406 1,207 1,442 3,175 11,582 5,863 154 423 775 4,511 20,261 1,390 1,908 3,985 12,978 5,958 173 517 859 4,409 2008 2009 2010 2011 19,596 1,354 1,829 4,017 12,396 5,898 179 561 878 4,280 25,000 20,000 15,000 10,000 5,000 0 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 13
14 Status Report _ _ _ _ _ _ Income In Asia-Pacific, gross profit increased by 8.5 per cent, in Middle East, Central Asia and Africa by 3.5 per cent and in the Americas by 2.2 per cent. In the Europe region gross profit decreased by 2.9 per cent, whereby a negative currency impact of 11.9 per cent was recorded. Operational cash flow The operational cash flow, the sum of the net income for the year plus/minus non-cash-related transactions, decreased by CHF 14 million to CHF 978 million (for further information, please refer to the cash flow statement on page 60). EBITDA The earnings before interest, tax, depreciation, amortisation and impairment of property, plant and equipment, goodwill and other intangible assets decreased by CHF 26 million or 2.5 per cent compared to the previous year; the organic business in creased by CHF 82 million and acquisitions contributed CHF 14 million, whereas the negative exchange rate development accounted for CHF 122 million. Europe generated the largest EBITDA contribution of CHF 564 million (57.6 per cent) followed by Asia- Pacific with CHF 227 million (23.2 per cent), the Americas with CHF 149 million (15.2 per cent) and the Middle East, Central Asia and Africa with CHF 38 million (4.0 per cent). The EBITDA margin was maintained at 5.0 per cent compared to 2010. Personnel expenses decreased by CHF 5 million or 0.1 per cent attributable to an increase of the number of employees handling substantial volume increases demonstrating a stringent cost management and productivity monitoring. EBIT ⁄ Earnings for the year The decrease of earnings before interest and tax (EBIT) by CHF 15 million was due to a strong organic business increase (CHF 84 million), but also impacted by a negative exchange rate development (CHF 94 million). EBIT in Asia-Pacific increased by CHF 8 million (3.9 per cent), whereas in Europe EBIT decreased by CHF 19 million (4.8 per cent), in the Americas by CHF 3 million (2.3 per cent) and in the Middle East, Central Asia and Africa by CHF 1 million (3.2 per cent). Driven by the overall volume increases and the high operational efficiency, the EBIT margin (in per cent of invoiced turnover) was maintained at 3.8 per cent compared to the previous year. The earnings for the year increased by CHF 1 million to CHF 606 million compared to the previous year, whereby the margin increased to 3.1 per cent (in per cent of the invoiced turnover) compared to the previous year’s 3.0 per cent.
Page 1 and 2: NETWORK AND PRODUCT PORTFOLIO KUEHN
Page 3 and 4: EXPANSION NETWORK AND PRODUCT PORTF
Page 11 and 12: BEIJING / CHINA MUMBAI / INDIA
Page 13 and 14: CHINA Kuehne + Nagel offers an exte
Page 15 and 16: INDIA The new automotive competence
Page 17 and 18: KUEHNE + NAGEL GROUP KEY DATA CHF m
Page 19 and 20: 2 The Board of Directors KARL GERNA
Page 21 and 22: 4 Report of the Board of Directors
Page 23 and 24: 6 Report of the Board of Directors
Page 25 and 26: 8 REPORT OF THE MANAGEMENT BOARD St
Page 27 and 28: 10 Report of the Managament Board K
Page 29: 12 Report of the Managament Board u
Page 33 and 34: 16 Status Report _ _ _ _ _ _ Financ
Page 35 and 36: 18 Status Report _ _ _ _ _ _ Invest
Page 37 and 38: 20 Status Report _ _ _ _ _ _ Shareh
Page 39 and 40: 22 REPORT OF THE BUSINESS UNITS Sea
Page 41 and 42: 24 Report of the Business Units _ _
Page 51 and 52: 34 Sustainability _ _ _ _ _ _ Human
Page 53 and 54: 36 Sustainability _ _ _ _ _ _ Kuehn
Page 55 and 56: 38 Sustainability _ _ _ _ _ _ Kuehn
Page 57 and 58: 40 Sustainability _ _ _ _ _ _ Quali
Page 59 and 60: 42 Global Network KUEHNE + NAGEL WO
Page 61 and 62: 44 CORPORATE GOVERNANCE Kuehne + Na
Page 63 and 64: 46 Corporate Governance Klaus-Micha
Page 65 and 66: 48 Corporate Governance Dr. Wolfgan
Page 67 and 68: 50 Corporate Governance On invitati
Page 69 and 70: 52 Corporate Governance Management
Page 71 and 72: 54 Corporate Governance The members
Page 73 and 74: 56 CONSOLIDATED FINANCIAL STATEMENT
Page 75 and 76: 58 Consolidated Financial Statement
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64 Consolidated Financial Statement
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100 Consolidated Financial Statemen
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114 SIGNIFICANT SUBSIDIARIES AND JO
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120 FINANCIAL STATEMENTS 2011 OF KU
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122 Financial Statements 2011 _ _ _
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CORPORATE TIMETABLE 2012 March 5, 2
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ANNUAL REPORT 2011 - Kuehne + Nagel

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