ANNUAL REPORT 2011 - Kuehne + Nagel

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.