Kuehne + Nagel International AG
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1 Kuehne + Nagel International AG Analyst Conference Call 9-months 2012 results October 15, 2012 (CET 14.00) Schindellegi, Switzerland
2 Agenda Highlights 9-months 2012 Operating Review 9-months 2012 Financial Review Outlook Gerard van Kesteren Reinhard Lange Gerard van Kesteren Reinhard Lange Slide 2
3 Highlights 9-months 2012 Volume development per business unit Key figures 20% Volume growth intact in all business units, Seafreight + 7%, Airfreight + 2% 15% 10% 7% 10% Conversion rate improved in Seafreight and stabilized in Airfreight 5% 0% -5% 2-3% Seafreight [TEU] 2% -2 to -3% Airfreight [TON] 3% Road & Rail [net inv'd turnover] 4% 2% Contract Logistics [net inv'd turnover] Increased net invoiced turnover in Contract Logistics by 3.8% and improved profitability in Q3 Working capital intensity at 3.9% Kuehne + Nagel Market Effective tax rate sustainable at 21%, excluding EU antitrust fine Slide 3
4 Income Statement 9-months CHF million One-off 2011 operational actual Variance Growth Acquisition FX Impact Invoiced turnover 15'471 15'471 14' % 4.4% 1.8% (0.2%) (30) MCHF Gross profit 4'557 4'557 4' % 2.5% 1.6% (0.1%) (3) MCHF Gross profit margin 29.5% 29.5% 30.0% EBITDA 687 (65) (14.6%) (15.5%) 0.5% 0.4% EBITDA margin 4.4% 4.0% 5.0% (106) (113) 4 3 MCHF EBITA 579 (65) EBITA margin 3.7% 3.3% 4.2% EBIT 528 (65) (19.1%) (19.1%) (0.9%) 0.9% EBIT margin 3.4% 3.0% 3.9% (109) (109) (5) 5 MCHF EBT 536 (65) (18.7%) (18.7%) (0.9%) 0.9% EBT margin 3.5% 3.0% 4.0% (108) (108) (5) 5 MCHF Tax (113) (113) (122) Earnings for the period 423 (65) (21.7%) (21.3%) (1.1%) 0.7% Slide 4
5 Income Statement 9-months per quarter CHF million 2012 Q Q Q3 Total 2011 Q Q Q3 Total Invoiced turnover 4'834 5'228 5'409 15'471 4'820 4'966 4'812 14'598 Forwarding expenses (3'332) (3'698) (3'884) (10'914) (3'362) (3'470) (3'386) (10'218) Gross profit 1'502 1'530 1'525 4'557 1'458 1'496 1'426 4'380 Gross profit margin 31.1% 29.3% 28.2% 29.5% 30.2% 30.1% 29.6% 30.0% EBITDA EBITDA margin 4.5% 4.5% 4.3% 4.4% 5.2% 5.1% 4.7% 5.0% EBITA EBITA margin 3.8% 3.8% 3.6% 3.7% 4.4% 4.3% 4.0% 4.2% EBIT EBIT margin 3.4% 3.5% 3.3% 3.4% 4.1% 4.0% 3.7% 3.9% EBT EBT margin 3.5% 3.5% 3.4% 3.5% 4.1% 4.1% 3.8% 4.0% Tax (35) (39) (39) (113) (41) (43) (38) (122) Earnings for the period excl. one-off One-off (65) - - (65) Earnings for the period FTE 71'468 70'709 71'405 66'640 68'289 70' % +1.0% +2.5% +3.7% Slide 5
6 Agenda Highlights 9-months 2012 Operating Review 9-months 2012 Financial Review Outlook Gerard van Kesteren Reinhard Lange Gerard van Kesteren Reinhard Lange Slide 6
7 Global Trends Global economy Large regional differences Muted consumption Impact Euro crisis Volatile financial markets Currency effects Logistics market trends Slower volume development in seafreight, negative growth in airfreight Margin pressure Stronger competitive environment Kuehne + Nagel Growth focus intact Positive effect of overall cost control measures Commitment to global strategy Slide 7
8 Stagnation is the Applicable Scenario for the Global Economy Global GDP Global Trade Logistics Industry I. Growth approx. 3 % approx. 7 % Sea: 6 % Air: 5 % CL/R&R:GDP II. Stagnation +/-0 % in developed markets; slower growth in emerging markets slower growth 0 % III. Recession negative growth in developed markets and significant drop in emerging markets negative growth (10 %) Slide 8
9 Kuehne + Nagel s Targets for 2012 Continuity and Development Continue implementation of global strategy with clear focus on customer orientation and profitability Focus on fast growing markets and industry verticals Cost- and yield-management Quality leadership, particularly through industry-leading IT Situation-adequate leadership philosophy: act control adjust! Succession planning CEO / CFO will start by the end of 2012 Slide 9
10 Strategy Update Consequences of Macroeconomic Environment Key parameters for achieving Go for Growth target in 2014 have changed: Stagnating dynamics in global economic development Uncertain and diverse dynamics in the Euro zone and North America Negative currency effects 2010/2011 Chosen industry focus will stay Given the economic headwind - delayed impact of Go for Growth initiatives with continued focus on bottom line Slide 10
11 Seafreight Slide 11
12 Seafreight: Highlights 9-months 2012 Seafreight forwarding market Reduced market growth 2-3% Seafreight carrier market Substantial reduction of volume growth in Asia-Europe trade leading to a greater overcapacity in the market Rates remain volatile Kuehne + Nagel performance Volume growth of 7% - Gross Profit increased by 2% Higher GP-EBIT conversion rate in the third quarter of 32.5% vs. 30.4% in second quarter Continuous high focus on productivity improvement and return on sales Investment Slide 12
13 Performance of Business Unit Seafreight 9-months CHF million Variance Growth Acquisition FX Impact Invoiced turnover 6'792 6'235 6' % 7.9% 1.1% 0.3% Gross profit % 0.7% 0.7% 1.0% EBITDA (6.0%) (6.6%) - 0.6% EBIT (7.0%) (7.3%) (0.3%) 0.6% EBIT in % of GP 33.8% 33.5% 30.5% Q1 2012: 28.3% Q2 2012: 30.4% Q3 2012: 32.5% TEU's per TEU in CHF in USD '000 GP Exp. EBIT GP ' (277) ' (256) ' (256) Slide 13
14 Geographical segmentation in Seafreight 9-months In 000 TEU 2'700 y-o-y growth 2'600 2' % Other Export 2'400 2'300 Other Export +10.8% 2'200 Americas Export 2'100 2'000 Americas Export +4.2% 1'900 1'800 1'700 1'600 1'500 1'400 1'300 Asia Pacific Export Asia Pacific Export +7% 1'200 1'100 1' % Europe Export Europe Export - Sep YTD 2011 Sep YTD 2012 Slide 14
15 Airfreight Slide 15
16 Airfreight: Highlights 9-months 2012 Airfreight forwarding market Market contraction by 2-3% Asia Pacific market still weak Temporary boost from hi-tech products Airfreight carrier market Growing market share for Middle East carriers Rates are still volatile Kuehne + Nagel performance Volume growth of 2% Gross Profit increase of 6% GP-EBIT conversion rate stabilized but not yet on target Continuous high focus on productivity improvement Slide 16
17 Performance of Business Unit Airfreight 9-months CHF million Variance Growth Acquisition FX Impact Invoiced turnover 3'002 2'989 2' % (4.5%) 4.2% 0.4% Gross profit % (0.7%) 5.3% 1.2% EBITDA excl. one-off item (10.0%) (13.2%) 1.6% 1.6% EBIT excl. one-off item One-off item - - (65) EBIT EBIT in % of GP* 28.1% 30.2% 25.0% Q1 2012: 23.5% Q2 2012: 27.0% Q3 2012: 24.5% *excl. one-off item TONS per 100kg in CHF in USD '000 GP Exp.* EBIT* GP (57) (52) (58) Slide 17
18 Geographical segmentation in Airfreight 9-months In 000 Tons 850 y-o-y growth % 750 Other Export Other Export % Americas Export Americas Export % Asia Pacific Export Asia Pacific Export +2% % Europe Export Europe Export Sep YTD 2011 Sep YTD 2012 Slide 18
19 Road & Rail Logistics Slide 19
20 Road & Rail: Highlights 9-months 2012 Road & Rail forwarding market Slow down of the European overland market growth Volume decline in Southern Europe due to difficult economic environment Road & Rail carrier market Fuel cost still a challenge Market continues to consolidate Kuehne + Nagel performance Increase of Net Invoiced Turnover of 8.2%, of which acquisitions are 2.4% Eurohub in Bad Hersfeld / Hauneck, Germany and Eastern Europe Hub in Vienna, Austria fully operational Transfer of RH Agents to Kuehne + Nagel completed Slide 20
21 Performance of Business Unit Road & Rail 9-months CHF million Variance Growth Acquisition FX Impact Invoiced turnover 2'062 2'195 2' % 6.8% 2.2% (2.0%) Net Invoiced Turnover 1'893 1'985 2' % 7.8% 2.4% (2.1%) Gross profit % 3.8% 2.8% (1.9%) EBITDA (9.7%) (3.2%) - (6.5%) EBITA EBIT (10) (10) (10) EBIT / Revenue margin (0.5%) (0.5%) (0.4%) EBIT / GP Margin (1.6%) (1.6%) (1.5%) Slide 21
22 Contract Logistics Slide 22
23 Contract Logistics: Highlights 9-months 2012 Contract Logistics market 9-months 2012 demand grew by 2% Increased competitive environment Continuous margin pressure due to economical situation Kuehne + Nagel performance Increase of Net Invoiced Turnover of 3.8% First impact of location master plan corrective actions including Revised growth strategy; focussing on global customers with minimum yield target Review of loss making locations/customers Slide 23
24 Performance of Business Unit Contract Logistics 9-months CHF million Variance Growth Acquisition FX Impact Invoiced turnover 3'225 3'095 3' % 4.6% 0.5% (0.7%) Net Invoiced Turnover 3'084 2'908 3' % 3.8% 0.5% (0.5%) Gross profit 2'334 2'185 2' % 3.9% 0.5% (0.3%) EBITDA (0.9%) (0.9%) - - EBITA EBIT EBITDA / Revenue margin 4.1% 3.7% 3.6% EBIT / Revenue margin 1.6% 1.5% 1.4% EBIT / GP Margin 2.2% 2.2% 2.0% EBIT Variance Q (4) Q (8) Q Q3 YTD (2) Slide 24
25 Contract Logistics Repositioning Supported by Controlling Key figures 2011 Revenue: Background 4.2 bn CHF FTE: ~ EBITDA: EBIT: EBIT Margin %: m CHF 63 m CHF Target: Selective, profitable growth adjustment of strategy to improve profitability Management Measures Location master plan Transfer of competence from regional to corporate business and finance Minimum targets for new and renewed business Monthly review of action plans Slide 25
26 Agenda Highlights 9-months 2012 Operating Review 9-months 2012 Financial Review Outlook Gerard van Kesteren Reinhard Lange Gerard van Kesteren Reinhard Lange Slide 26
27 Financial Overview 9-months CHF million Gross Profit 4'453 4'380 4'557 EBITDA * Earnings for the period * Cash & Cash Equivalents 1' EPS (basic) Equity % Total Assets 38.8% 38.1% 36.7% Operational Cash Flow * Capex * Incl. EU Antitrust fine of CHF 65 million Slide 27
28 Balance Sheet CHF million 31 December September 2012 CHF million 31 December September 2012 Assets Liabilities and equity Equity attributable to the equity holders of the parent company 2'382 2'299 Non-controlling interests Total equity 2'405 2'327 Non-current assets 2'239 2'203 Non-current liabilities Trade receivables 2'278 2'572 Trade payables 1'285 1'322 Cash and cash equivalents Accrued trade expenses / deferred income 881 1'024 Financial Investments Bank and other interest bearing liabiliites Others Others 934 1'047 Current assets 3'902 4'130 Current liabilities 3'144 3'421 Total assets 6'141 6'333 Total liabilities and equity 6'141 6'333 Slide 28
29 Cash flow 9-months CHF million Better/(Worse) Operational cash flow (116) Changes in working capital (206) (164) 42 Income taxes paid (177) (138) 39 Cash flow from operating activities (35) Cash flow from investing activities (252) Cash flow from financing activities (521) (450) 71 Exchange difference on cash and cash equivalents (32) 6 38 Increase/(decrease) in cash and cash equivalents (451) Cash and cash equivalents at the beginning of the period, net 1' (480) Cash and cash equivalents at the end of the period, net Slide 29
30 Net Working Capital Development CHF million Dec 2011 Sep 2012 YTD Sep Increase Whereof Business Growth Extended Payment Terms Trade receivables & Work in progress 2'620 2' Trade payables & Accrued trade expenses (2'021) (2'172) (151) (141) (10) Net Working Capital KPI's: Working Capital Intensity 3.1% 3.9% 0.8% 0.3% 0.6% DSO (1.9) (0.2) (1.7) DPO (1.2) (1.0) (0.2) (3.1) (1.2) (1.9) Slide 30
31 Finance targets 2012 CAPEX Estimate at approx. CHF 170 mio (2011: CHF 207 mio) Working Capital Target to maintain working capital intensity at % Cash Emphasis on safeguarding a high cash position Tax Confirm sustainable tax rate around 21% (excl. antitrust provision) Slide 31
32 Agenda Highlights 9-months 2012 Operating Review 9-months 2012 Financial Review Outlook Gerard van Kesteren Reinhard Lange Gerard van Kesteren Reinhard Lange Slide 32
33 Outlook Full Year 2012 Seafreight [TEU] Airfreight [Ton] Road & Rail Logistics [net inv'd turnover] Contract Logistics [net inv'd turnover] YTD 9 months Kuehne + Nagel + 7 % + 2 % + 8 % + 4 % Market + 2 to 3 % (2) to (3%) + 3 % + 2 % FY 2012 Kuehne + Nagel + 6 to 8 % + 2 to 4 % + 8 to 10 % + 5 % Market +2 to 3 % (3 %) +2 to 3 % + 2 % Slide 33
34 Annex I-Upcoming Events March 4, 2013 April 15, 2013 May 7, 2013 May 14, 2013 July 15, 2013 October 15, 2013 Full year 2012 results First quarter 2013 results Annual General Meeting Dividend payment for 2012 Half-year 2013 results 9-months 2013 results Slide 34
35 Annex II: Key Data Sheet Quarter by Quarter 2012 vs / 2011 Change in % Variance in CHF million 2012 / 2011 Q1 Q2 Q3 Total Q1 Q2 Q3 Total Q1 Q2 Q3 Total Q1 Q2 Q3 Total CHF million Seafreight Turnover 2'031 2'283 2'499 6'813 2'071 2'065 2'099 6'235 (1.9) (40) Gross Profit Total Expenses (219) (215) (217) (651) (200) (205) (203) (608) (9.5) (4.9) (6.9) (7.1) (19) (10) (14) (43) EBITDA (15.2) (6.5) +3.6 (6.0) (17) (7) 4 (20) EBIT (16.8) (6.8) +2.9 (7.0) (18) (7) 3 (22) GP / Turnover 15.5% 13.8% 13.3% 14.1% 15.1% 15.2% 15.0% 15.1% EBITDA / Turnover 4.7% 4.4% 4.6% 4.6% 5.4% 5.2% 5.3% 5.3% EBIT / GP 28.3% 30.4% 32.5% 30.5% 34.3% 32.9% 33.4% 33.5% Volume (TEU's '000) ' ' GP (7.5) (5.3) (0.3) (4.4) (31) (20) (1) (17) EXPENSES per TEU (275) (250) (245) (256) (272) (255) (242) (256) (1.1) (3) 5 (3) 0 EBIT (23.9) (12.1) (3.3) (13.2) (34) (15) (4) (17) Airfreight Turnover 967 1'014 1'013 2' ' '989 (2.7) (2.4) (27) (25) 57 5 Gross Profit Total Expenses (excl. one-off item) (150) (150) (152) (452) (132) (135) (132) (399) (13.6) (11.1) (15.2) (13.3) (18) (15) (20) (53) EBITDA (excl. one-off item) (14.3) (7.6) (8.2) (10.0) (9) (5) (5) (19) One-off item (65) 0 0 (65) EBITDA (11) EBIT (17) (128.8) (8.1) (10.5) (48.9) (76) (5) (6) (87) GP / Turnover 21.1% 20.8% 20.5% 20.8% 19.6% 19.3% 20.2% 19.7% EBITDA / Turnover 5.6% 6.0% 5.5% 5.7% 6.3% 6.4% 6.4% 6.4% EBIT / GP -8.3% 27.0% 24.5% 14.6% 30.3% 30.8% 29.5% 30.2% Volume (TON's '000) (1.5) (4) 8 13 GP EXPENSES per 100kg (82) (57) (58) (66) (53) (51) (52) (52) (54.7) (11.8) (11.5) (26.9) (29) (6) (6) (14) EBIT (6) (127.3) (4.5) (14.3) (50.0) (28) (1) (3) (11) Slide 35
36 Annex II: Key Data Sheet Quarter by Quarter 2012 vs / 2011 Change in % Variance in CHF million 2012 / 2011 Q1 Q2 Q3 Total Q1 Q2 Q3 Total Q1 Q2 Q3 Total Q1 Q2 Q3 Total CHF million Road & Rail Logistics Turnover ' ' Gross Profit (2.5) (6) Total Expenses (211) (216) (214) (641) (188) (223) (197) (608) (12.2) +3.1 (8.6) (5.4) (23) 7 (17) (33) EBITDA (1) (125.0) (9.7) 1 1 (5) (3) EBIT 1 1 (12) (10) 1 (2) (9) (10) (33.3) (3) 0 GP / Turnover 30.2% 28.4% 27.0% 28.5% 29.5% 29.2% 28.6% 29.1% EBITDA / Turnover 1.9% 1.8% -0.1% 1.2% 1.9% 1.7% 0.6% 1.4% EBIT / Turnover 0.1% 0.1% -1.5% -0.4% 0.1% (0.2%) (1.3%) (0.5%) Contract Logistics Turnover 1'064 1'086 1'081 3'231 1'044 1'016 1'035 3' Gross Profit ' ' Total Expenses (717) (723) (720) (2'160) (700) (690) (679) (2'069) (2.4) (4.8) (6.0) (4.4) (17) (33) (41) (91) EBITDA (19.5) (11.4) (0.9) (8) (5) 12 (1) EBIT (26.7) (36.4) (4.3) (4) (8) 10 (2) GP / Turnover 70.5% 70.2% 70.6% 70.4% 71.0% 72.2% 68.6% 70.6% EBITDA / Turnover 3.1% 3.6% 4.0% 3.6% 3.9% 4.3% 3.0% 3.7% EBIT / Turnover 1.0% 1.3% 1.9% 1.4% 1.4% 2.2% 1.0% 1.5% Slide 36
37 Annex II: Key Data Sheet Quarter by Quarter 2012 vs / 2011 Change in % Variance in CHF million 2012 / 2011 Q1 Q2 Q3 Total Q1 Q2 Q3 Total Q1 Q2 Q3 Total Q1 Q2 Q3 Total CHF million Real Estate Turnover Gross Profit Total Expenses EBITDA EBIT Insurance Broker Turnover (6.7) (9.1) (2) (3) 6 1 Gross Profit (10.0) (1) 1 0 Total Expenses (5) (4) (5) (14) (5) (4) (4) (13) (25.0) (7.7) 0 0 (1) (1) EBITDA (16.7) +0.0 (7.1) 0 (1) 0 (1) EBIT (16.7) (1) 1 0 GP / Turnover 32.1% 30.0% 34.6% 32.1% 30.0% 30.3% 40.0% 32.5% EBITDA / Turnover 14.3% 16.7% 15.4% 15.5% 13.3% 18.2% 20.0% 16.9% EBIT / Turnover 14.3% 16.7% 15.4% 15.5% 13.3% 18.2% 15.0% 15.7% TOTAL GROUP Turnover 4'834 5'228 5'409 15'471 4'820 4'966 4'812 14' Gross Profit 1'502 1'530 1'525 4'557 1'458 1'496 1'426 4' Total Expenses (1'349) (1'294) (1'292) (3'870) (1'209) (1'243) (1'200) (3'652) (11.6) (4.1) (7.7) (6.0) (140) (51) (92) (218) EBITDA (excl. one-off item) (12.4) (6.7) +3.1 (5.6) (31) (17) 7 (41) EBITDA (38.6) (6.7) +3.1 (14.6) (96) (17) 7 (106) EBIT (49.0) (9.0) +2.8 (19.1) (96) (18) 5 (109) EBT (47.4) (8.4) +1.1 (18.7) (93) (17) 2 (108) Earnings for the period (56.1) (8.2) +0.7 (21.7) (87) (13) 1 (99) Net Earnings (56.5) (8.9) +0.0 (22.2) (87) (14) 0 (101) GP / Turnover 31.1% 29.3% 28.2% 29.5% 30.2% 30.1% 29.6% 30.0% EBITDA(excl. one-off item) / Turnover 4.5% 4.5% 4.3% 4.4% 5.2% 5.1% 4.7% 5.0% EBITDA / Turnover 3.2% 4.5% 4.3% 4.0% 5.2% 5.1% 4.7% 5.0% EBIT / Turnover 2.1% 3.5% 3.3% 3.0% 4.1% 4.0% 3.7% 3.9% EBT / Turnover 2.1% 3.5% 3.4% 3.0% 4.1% 4.1% 3.8% 4.0% Earnings for the period/turnover 1.4% 2.8% 2.7% 2.3% 3.2% 3.2% 3.0% 3.1% Net Earnings / Turnover 1.4% 2.8% 2.6% 2.3% 3.2% 3.2% 3.0% 3.1% Slide 37
38 Thank you for your attention.
39 Disclaimer Investing in the shares of Kuehne + Nagel International AG involves risks. Prospective investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of Kuehne + Nagel International AG. This document contains forward-looking statements which involve risks and uncertainties. These statements may be identified by such words as "may", "plans", "expects", "believes" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. Potential risks and uncertainties include such factors as general economic conditions, fluctuations in foreign exchange rates and interest rates, changes in governmental and regulatory policies, particularly those related to trade, natural disasters and civil unrest in any jurisdiction or territory in which we conduct business, changes in consumer confidence and demand for our customers' products, fluctuations in fuel prices, our ability to successfully utilize and implement sophisticated technologies, and competitive product and pricing pressures. No obligation is assumed to update any forward-looking statements. The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning the Kuehne + Nagel Group. None of Kuehne + Nagel International AG or their respective affiliates shall have any liability whatsoever for any loss whatsoever arising from any use of this document, or otherwise arising in connection with this document. This presentation is not and should not be construed as an offer of securities for sale in the United States. The shares of Kuehne + Nagel have not been registered under the United States Securities Act of 1933, as amended, nor qualified, approved, disapproved or registered under any other federal or state securities laws in the United States. Slide 39
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