ANNUAL REPORT 2011 - Kuehne + Nagel

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Kuehne + Nagel share price compared with SMI, SPI and Bloomberg Europe Transportation Index December 2006 – December 2011 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 Dec. 31, 2006 April 30, 2007 Aug. 31, 2007 Dec. 31, 2007 Kuehne + Nagel SMI SPI BEUTRAN Index Dividend The Board of Directors is proposing a dividend per share for 2011 amounting to CHF 3.85 per share for approval at the Annual General Meeting. If the dividend proposal is approved by shareholders, dividend payments on the shares will amount April 30, 2008 Aug. 31, 2008 Dec. 31, 2008 April 30, 2009 Aug. 31, 2009 Dec. 31, 2009 April 30, 2010 Status Report _ _ _ _ _ _ Shareholder return Aug. 31, 2010 to CHF 460 million (2010: CHF 328 million) resulting in a payout ratio of 76.5 per cent (2010: 54.6 per cent). Based on the share price at year-end 2011 the dividend yield on the Kuehne + Nagel share is 3.6 per cent (2010: 2.1 per cent). Dec. 31, 2010 April 30, 2011 Aug. 31, 2011 Dec. 31, 2011 21
22 REPORT OF THE BUSINESS UNITS Seafreight: Number of TEU handled exceeds 3 million mark for the first time In 2011, Kuehne + Nagel maintained its growth momentum in seafreight, handling more than 3 million TEU; an increase of 327,000 TEU (11 per cent) compared with the previous year. With a growth rate twice as high as the market and its high operational productivity, the company was able to compensate for currency effects and costs of investments in growth initiatives. The operational result was stable at the previous year's level. Slowdown of growth in international container traffic After the strong recovery in 2010, the global container market recorded a volume growth of between 5 and 6 per cent in 2011, with stronger gains in the first half of the year. The volatile economy in the United States resulted in a de - creased container volume from Asia, but, on the other hand, American shippers were able to increase their export business to Europe, Asia and Latin America by more than 7 per cent. The world’s biggest market, intra-Asia, grew in terms of volume by roughly 9 per cent. Growth on the trade lanes from Asia to Europe amounted to just around 3 per cent, whereas container traffic from Europe to the Far East increased by 8 per cent. The Latin American trades again achieved double-digit growth on both the import and export side, the latter being driven by the high demand for South American agricultural products. Shipping companies Global vessel carrying capacity expanded by approximately 9 per cent in 2011. Numerous shipping lines launched vessels with capacities in excess of 13,000 TEU. As a result, particularly in the trade lanes from Asia to Europe, growth of capacity outstripped demand. The high oil price forced carriers to operate under the “slow steaming” programme. Although this measure lengthens transit times, the positive effect is a substantial cut in CO2 emissions, particularly for the largest vessels. Kuehne + Nagel is making increased use of these services for its customers. Freight rates Slowing demand in combination with additional capacity led to a significant decline of freight rates in almost all trades during 2011. Impressive growth of Kuehne + Nagel transport volume Kuehne + Nagel again achieved double-digit growth in 2011. The increase in volume in most trade lanes is largely a result of network expansion, innovative IT solutions and major new business wins. Highest growth rates were recorded in the Asian trades. In the transpacific lane, Kuehne + Nagel expanded its volume by more than 15 per cent despite market contraction. In non-European trade lanes, a volume increase of 16 per cent was achieved, which is mainly attributable to the company's global network and its focused sales efforts. LCL The LCL (Less-than-Container-Load) segment, an important part of the seafreight business unit, performed very well in 2011 thanks to the establishment of new gateways in Asia, North and South America and Europe. The Group’s own network and the associated new routes were more closely meshed, resulting in a more efficient cost structure, a shortening of transit times and improved data quality. River shipping In 2011, Kuehne + Nagel’s river shipping organisation again made an essential contribution to the environment-friendly management of the growing volume of goods traffic. Improved results were achieved in both container and dry goods shipping. In addition, the company focused on the expansion of the Rhine-Main-Danube services as far as the Black Sea. Specialised services Kuehne + Nagel's services for special product groups are well accepted by the market. In the worldwide shipment of forestry products (paper, cellulose and timber), the company continued its growth course in 2011. By acquiring a 75 per cent share in Cooltainer, New Zealand's leading operator in reefer container transportation, Kuehne +
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 and 30: 12 Report of the Managament Board u
Page 31 and 32: 14 Status Report _ _ _ _ _ _ Income
Page 33 and 34: 16 Status Report _ _ _ _ _ _ Financ
Page 35 and 36: 18 Status Report _ _ _ _ _ _ Invest
Page 37: 20 Status Report _ _ _ _ _ _ Shareh
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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72 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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