Status Report

Income Statement

 

Turnover

In 2019, Kuehne+Nagel’s turnover amounted to CHF 25,295 million representing an increase of 1.9 per cent or CHF 470 million compared to the previous year. Organic business growth resulted in an increase of turnover of CHF 769 million (3.1 per cent) and acquisitions contributed CHF 370 million (1.5 per cent). The exchange rate fluctuation had a negative impact of CHF 669 million (2.7 per cent).

Volumes in Seafreight increased by 3.6 per cent (+171,000 TEUs), whereas turnover per TEU increased by 0.5 per cent to CHF 2,006 per TEU (2018: CHF 1,997). In Airfreight, the volume decrease was 5.7 per cent (–100,000 Tons), whereas the rate increase was 3.4 per cent per 100 kg to CHF 333 (2018: CHF 322).

From a regional view, Europe, Middle East, Central Asia and Africa “EMEA” (0.3 per cent) and the Americas (6.7 per cent) reported an increased turnover in 2019. Asia-Pacific (0.3 per cent) reported a slight decrease in turnover for 2019.

Exchange rate fluctuations between 2018 and 2019, based on average yearly exchange rates, led to a devaluation of the Euro and the British Pound by 3.6 and 2.5 per cent respectively, an increased valuation of the US Dollar as well as dependent currencies by 1.7 per cent, against the Swiss Franc, resulting in a negative impact of CHF 669 million (2.7 per cent) on turnover.


Net turnover

In 2019, Kuehne+Nagel’s net turnover amounted to CHF 21,094 million representing an increase of 1.5 per cent or CHF 320 million compared to the previous year. Organic business growth resulted in an increase in net turnover of CHF 526 million (2.5 per cent) and acquisitions contributed CHF 357 million (1.7 per cent). The exchange rate fluctuation had a negative impact of CHF 563 million (2.7 per cent).

From a regional view, the Americas (5.5 per cent) and Asia-Pacific (0.9 per cent) reported an increased net turnover in 2019. EMEA (< 0.1 per cent) reported a slightly decreased net turnover in 2019.


Gross profit

Gross profit reached CHF 7,981 million in 2019, which represents an increase of 3.5 per cent or CHF 272 million compared to the previous year. Organic business growth resulted in an increase in gross profit of CHF 358 million (4.6 per cent). Exchange rate fluctuation had a negative impact of CHF 220 million (2.9 per cent) and acquisitions contributed CHF 134 million (1.7 per cent).

From a regional view, the Americas (14.1 per cent) and Asia-Pacific (9.1 per cent) reported an increased gross profit in 2019. EMEA (0.4 per cent) reported a slightly decreased gross profit in 2019.

 

Regional turnover
Regional gross profit

 

Operational cash flow

The operational cash flow, the sum of the net income for the year plus/minus non-cash-related transactions, increased by CHF 590 million to CHF 1,746 million in 2019 (for further information, please refer to the Cash Flow Statement in the Consolidated Financial Statements 2019.

 

Operational expenses
Operational cash flow

 

EBITDA

In 2019, earnings before interest, tax, depreciation, amortisation and impairment of property, plant and equipment, goodwill and other intangible assets, increased by CHF 620 million or 51.3 per cent compared to the previous year; EBITDA of organic business increased by CHF 633 million, acquisitions contributed CHF 32 million, and the exchange rate development had a negative impact of CHF 45 million. The implementation of IFRS 16 Leases had a positive impact of CHF 508 million in 2019 as prior year figures have not been restated.

EMEA generated the largest EBITDA contribution with CHF 1,053 million (57.6 per cent), followed by the Americas with CHF 418 million (22.8 per cent), and Asia-Pacific with CHF 358 million (19.6 per cent).


EBIT ⁄ Earnings for the year

In 2019, earnings before interest and tax (EBIT) increased by CHF 74 million to CHF 1,061 million (2018: CHF 987 million). The increase was mainly due to higher contribution from the organic business by CHF 102 million, whereas acquired business had a negative impact of CHF 1 million, after accounting for the amortisation of intangible assets of CHF 55 million; the exchange rate development had a negative impact of CHF 27 million. The EBIT margin to net turnover for the Group increased to 5.0 per cent compared to 4.8 per cent in 2018. EBIT in per cent of gross profit (conversion rate), an important KPI for the Group, increased from 12.8 per cent in 2018 to 13.3 per cent in 2019.

In 2019, the region EMEA contributed CHF 561 million (52.9 per cent) to the Group’s EBIT, followed by Asia-Pacific with CHF 273 million (25.7 per cent), and the Americas with CHF 227 million (21.4 per cent).

 

EBITDA
EBIT

 


Earnings for the year 2019 increased by CHF 28 million to CHF 800 million compared to the previous year’s CHF 772 million, whereby the margin increased to 3.8 per cent (in per cent of net turnover) compared to the previous year’s 3.7 per cent.

 

Earnings for the year