Kuehne + Nagel International AG Analyst Conference Call Q1 Results 2014

Transcription

1 Kuehne + Nagel International AG Analyst Conference Call Q1 Results 2014 April 14, 2014 Schindellegi, Switzerland

2 Forward-Looking Statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of Kuehne + Nagel International AG, may cause actual development and results to differ materially from the expectations contained in the presentation. Reference is also made to our disclaimer on the last slide of this presentation.

3 Agenda Overview Q1 Results 2014 Business Performance Financial Review Outlook 2014 Gerard van Kesteren Detlef Trefzger Gerard van Kesteren Detlef Trefzger

4 Overview Q1 Results 2014 Consolidated Income Statement CHF million 2014 Variance 2014/ Variance in % 2014/ Growth Forex Net Turnover 4,127 4,182 (55) (1.3%) 3.3% (4.6%) Gross Profit 1,532 1,537 (5) (0.3%) 2.8% (3.1%) Gross Profit margin 37.1% 36.8% EBITDA % 11.4% (4.1%) EBITDA margin 5.7% 5.2% EBIT % 17.1% (4.7%) EBIT margin 4.6% 4.0% EBT % 17.0% (4.7%) EBT margin 4.7% 4.1% Earnings for the period % 16.4% (4.5%) Volume growth in line with our outlook EBIT improved by % (+ 17.1% excl. forex) Material negative foreign currency impact Increased Working Capital Intensity p. 4

5 EBIT per Business Unit Q1 2014/ Business Units Q1 EBIT in CHF million 2014 Better/ (Worse) Seafreight (4) incl. Insurance Brokers Airfreight Overland 3 (9) 12 Contract Logistics incl. Real Estate Kuehne + Nagel p. 5

6 Agenda Overview Q1 Results 2014 Business Performance Financial Review Outlook 2014 Gerard van Kesteren Detlef Trefzger Gerard van Kesteren Detlef Trefzger

7 CHF million CHF million CHF million Q1 Results 2014 Kuehne + Nagel Group Net Turnover Highlights Q / / 03/2014 Decreased Net Turnover by 1.3% (excl. Forex + 3.3%) Decreased Gross Profit by 0.3% (excl. Forex + 2.8%) Increased EBIT by 12.4% (excl. Forex %) Working Capital Intensity 4.1% compared to 3.7% in March Effective tax rate sustainable at 21-22% Gross Profit / / 03/2014 EBIT * / / 03/2014 * Excl. EU Antitrust fine of CHF 65 million in 2012 p. 7

8 Performance Q Business Units Seafreight Airfreight Overland Contract Logistics Market increased by 3 to 4% Market rate volatility continues Market increased by 2 to 3% Rates stable Market increased between 1 to 2% Market increased by 2 to 3% Strong competitive environment Kuehne + Nagel: Kuehne + Nagel: Kuehne + Nagel: Kuehne + Nagel: Increased volume by 6.9% Increased volume by 1.4% Net Turnover increased by 6.9% excl. forex Net Turnover increased by 1.7% excl. forex Focus on profitability vs. volume growth Conversion Rate at 29% Stable margin GP/100kg Conversion Rate increased to 28% Profitability substantially improved Improved profitability p. 8

9 Performance by Business Unit Seafreight Income Statement in CHF million Q Q1 Variance 2014/ Growth Forex Turnover 2,154 2,236 (3.7%) 10.4% (14.1%) Gross Profit (2.4%) 3.4% (5.8%) EBITDA (3.0%) 2.0% (5.0%) EBIT (4.2%) 1.0% (5.2%) EBIT in % of GP 28.8% 29.4% 1, TEU, CHF Q Q Q Q Q1 Q2 Q3 Q4 Q in % TEU '000 Conversion Rate in % GP/TEU in CHF Conversion Rate in % Highlights Q Gross Profit increase of 3.4% excl. forex Volume growth of 6.9% Conversion Rate stable at 29% GP/TEU in CHF GP/TEU in USD Q Q p. 9

10 Performance by Business Unit Airfreight Income Statement in CHF million Q Q1 Variance 2014/ Growth Forex Turnover 1,002 1,011 (0.9%) 5.4% (6.3%) Gross Profit % (5.5%) EBITDA % 20.4% (5.1%) EBIT % 22.7% (5.7%) EBIT in % of GP 28.3% 24.2% Tons '000 Conversion Rate in % GP/100kg in CHF Highlights Q Strong development of profitability Volume growth of 1.4% Conversion Rate EBIT increased by 22.7% excl. forex Target Conversion Rate of 25% overachieved Tons, CHF Q Q Q Q Q1 Q2 Q3 Q4 Q in % p. 10

11 Performance by Business Unit Overland Income Statement in CHF million Q Q1 Variance 2014/ Growth Forex Net Turnover % 6.9% (3.6%) Gross Profit % 3.6% (1.8%) EBITDA 12 2 > 100% > 100% - EBIT 3 (9) > 100% > 100% - EBITDA / Net Turnover Margin 1.7% 0.3% EBIT / Net Turnover Margin 0.4% (1.3%) EBIT / GP Margin 1.3% (4.1%) EBITDA EBITDA/ Net Turnover Margin Highlights Q Net Turnover increased by 6.9% excl. forex 9 8 Gross Profit increased by 3.6% excl. forex 4 (1) In MCHF, in % Q Q (0.1) (1) Q Q Q1 2.1 Q Q3 Q4 Q Significant improvement of profitability p. 11

12 Performance by Business Unit Contract Logistics Income Statement in CHF million Q Q1 Variance 2014/ Growth Forex Net Turnover 1,026 1,029 (0.3%) 1.7% (2.0%) Gross Profit (0.1%) 1.6% (1.7%) EBITDA % (1.8%) EBIT % 13.8% - EBITDA / Net Turnover Margin 5.6% 5.5% EBIT / Net Turnover Margin 3.2% 2.8% In MCHF, in % Q Q Q Q Q1 Q2 64 Q3 72 Q4 57 Q EBITDA EBITDA/ Net Turnover Margin Highlights Q Increase of Net Turnover by 1.7% excl. forex Increase of Gross Profit by 1.6% excl. forex EBIT improved by 13.8% p. 12

13 Agenda Overview Q1 Results 2014 Business Performance Financial Review Outlook 2014 Gerard van Kesteren Detlef Trefzger Gerard van Kesteren Detlef Trefzger

14 Financial Review Group Key Data CHF million Q Q1 Net Turnover 4,127 4,182 Gross Profit 1,532 1,537 EBITDA Earnings for the period EPS (basic) in CHF Total Assets 6,522 6,499 Equity 2,657 2,580 Equity % of Total Assets 40.7% 39.7% Cash & Cash Equivalents, net 1,225 1,133 Operational Cash Flow Capex p. 14

15 Financial Review Balance Sheet CHF million 31 March December CHF million 31 March December Assets Liabilities and equity Total equity 2,657 2,558 Non-current assets 2,126 2,133 Non-current liabilities Trade payables 1,271 1,362 Trade receivables 2,526 2,426 Accrued trade expenses / deferred income Cash and cash equivalents 1,258 1,255 Bank and other interest-bearing liabiliites Others Others 1, Current assets 4,396 4,241 Current liabilities 3,274 3,253 Total assets 6,522 6,374 Total liabilities and equity 6,522 6,374 p. 15

16 Financial Review Cash Flow CHF million Q Q1 Better/(Worse) Operational cash flow Changes in working capital (131) (69) (62) Income taxes paid (65) (50) (15) Cash flow from operating activities (57) Cash flow from investing activities (35) (24) (11) Cash flow from financing activities (21) (12) (9) Exchange difference on cash and cash equivalents (8) 7 (15) Increase/(decrease) in cash and cash equivalents (17) 75 (92) Cash and cash equivalents at the beginning of the period, net 1,242 1, Cash and cash equivalents at the end of the period, net 1,225 1, p. 16

17 Financial Review Working Capital CHF million March 2014 Dec March Better/(Worse) Mar 14 vs. Mar 13 Trade receivables & Work in progress 2,879 2,806 2,870 (9) Trade payables & Accrued trade expenses (2,061) (2,148) (2,108) (47) Net Working Capital (56) KPI's: Working Capital Intensity 4.1% 3.1% 3.7% (0.4%) DSO (0.6) DPO (0.1) (0.7) p. 17

18 Agenda Overview Q1 Results 2014 Business Performance Financial Review Outlook 2014 Gerard van Kesteren Detlef Trefzger Gerard van Kesteren Detlef Trefzger

19 Volume Development and Outlook 2014 Business Unit Market - Actual Kuehne + Nagel Market Q Actual Kuehne + Nagel Market Estimate Kuehne + Nagel Seafreight [TEU] + 2 to 3 % + 3 % + 3 to 4 % + 7 % + 3 to 4 % 1.5 x Market Airfreight [Ton] 0 % + 4 % + 2 to 3 % + 1 % + 1 to 3 % 1.5 x Market Overland [Net turnover] excl. forex 0 to -2 % - 3 % + 1 to 2 % + 7 % + 1 to 3 % Market Contract Logistics [Net turnover] excl. forex + 2 % + 5 % + 2 to 3 % + 2 % + 2 to 3 % 2 x Market p. 19

20 Appendix

21 Upcoming Events May 6, 2014 Annual General Meeting May 13, 2014 Dividend Payment for July 14, 2014 Half-year Results 2014 September 17, 2014 Capital Markets Day, London October 13, months Results 2014

22 Quarter over Quarter Q1 2014/ 2014 / 2014 / 2014 Change in Change in % CHF million mchf Q1 Q1 Q1 Q1 1. Seafreight A) Income Statement Turnover 2,154 2,236 (3.7) (82) Net expenses for services incl. duties & taxes (1,835) (1,909) Gross Profit (2.4) (8) Opex (221) (226) EBITDA (3.0) (3) Depreciation and Amortisation (6) (5) (20.0) (1) EBIT (4.2) (4) B) KPI EBIT / GP conversion ratio 28.8% 29.4% Volume (TEU's '000) GROSS PROFIT (8.7) (34) EXPENSES CHF per TEU (253) (276) EBIT (9.6) (11) 2. Airfreight A) Income Statement Turnover 1,002 1,011 (0.9) (9) Net expenses for services incl. duties & taxes (783) (792) Gross Profit Opex (151) (160) EBITDA Depreciation and Amortisation (6) (6) EBIT B) KPI EBIT / GP conversion ratio 28.3% 24.2% Volume (TON's '000) GROSS PROFIT (1.3) (1) EXPENSES CHF per 100kg (55) (59) EBIT p. 22

23 Quarter over Quarter Q1 2014/ CHF million 2014 / 2014 / 2014 Change in Change in % mchf Q1 Q1 Q1 Q1 3. Overland A) Income Statement Turnover Net expenses for services incl. duties & taxes (529) (516) (2.5) (13) Gross Profit Opex (213) (219) EBITDA Depreciation and Amortisation (9) (11) EBIT 3 (9) B) KPI Change in Net Turnover, excluding Forex impact 6.9% (0.4%) EBITDA / Turnover 1.6% 0.3% EBIT / Turnover 0.4% (1.2%) 4. Contract Logistics A) Income Statement Turnover 1,119 1, Net expenses for services incl. duties & taxes (350) (340) (2.9) (10) Gross Profit (0.1) (1) Opex (712) (713) EBITDA Depreciation and Amortisation (24) (28) EBIT B) KPI Change in Net Turnover, excluding Forex impact 1.7% 3.4% EBITDA / Turnover 5.1% 5.1% EBIT / Turnover 2.9% 2.6% p. 23

24 Quarter over Quarter Q1 2014/ CHF million 2014 / 2014 / 2014 Change in Change in % mchf Q1 Q1 Q1 Q1 5. Kuehne + Nagel Group A) Income Statement Turnover 5,029 5,094 (1.3) (65) Customs duties and taxes (902) (912) Net Turnover 4,127 4,182 (1.3) (55) Net expenses for services from third parties (2,595) (2,645) Gross Profit 1,532 1,537 (0.3) (5) Opex (1,297) (1,318) EBITDA Depreciation and Amortisation (45) (50) EBIT Result from finance and associates EBT Income tax (42) (37) (13.5) (5) Earnings for the period Non-controlling interests (3) (2) (50.0) (1) Net Earnings B) KPI GP / Turnover 30.5% 30.2% EBITDA / Turnover 4.7% 4.3% EBIT / Turnover 3.8% 3.3% Earnings for the period/turnover 3.0% 2.6% p. 24

25 Development Main Exchange Rates vs. CHF Income Statement Full Year Q 1 (average rates) Variance % Impact Net Earnings Euro (0.2%) US Dollar (4.1%) (4.5%) British Pound % p. 25

26 Contact Gerard van Kesteren Markus Blanka-Graff Andrea Kobi CFO Director Corporate Finance + Investor Relations Investor Relations gerard.vankesteren@kuehne-nagel.com markus.blanka@kuehne-nagel.com andrea.kobi@kuehne-nagel.com Tel: +41 (0) Tel: +41 (0) Tel: +41 (0) 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. No obligation is assumed to update any forward-looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. 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 an offer of securities for sale in the United States. The offer and sale of Kuehne + Nagel International AG securities has not been, and will not be registered under the United States Securities Act of 1933, as amended. Kuehne + Nagel International AG securities may not be offered or sold to anyone in the United States absent such registration, except pursuant to an appropriate exemption from registration. There will be no public offering of Kuehne + Nagel International AG securities in the United States.