Global logistic group Kuehne & Nagel (K&N) has revealed that net earnings came in flat for the full-year of 2011, standing at CHF606m (€502.3m) from CHF605m (€501m) in 2010.
Turnover for the period fell to CHF19.6bn (€16.2bn) from CHF20.3bn (€16.8bn) last year, the Switzerland-based group said, while earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped from CHF1bn (€828m) to CHF978m (€810m).
'Considering the market and currency turbulences, the diverging economic developments and the devastating natural disasters, which influenced the business environment in 2011, we achieved very satisfactory annual results,' said Karl Gernandt, chairman of Kuehne & Nagel. 'The substantial volume increases and the future-oriented extension of our service portfolio in regions with large market potential mark an important milestone within our strategic growth programme and strengthened our global competitive position.
'Apart from investments in complementary acquisitions and selected growth areas, we maintained a high level of internal efficiency, as measured by the ratio between gross profit and EBIT,' he added. 'This underlines Kuehne & Nagel’s capabilities. The implementation of our global strategy in combination with a clear focus on profitability will again contribute to a positive development of the Group in 2012.'
K&N's seafreight unit handled more than 3m TEU for the first time in 2011, with volumes up 11 per cent, while airfreight tonnage grew 13 per cent and road and rail transport saw an 18.8 per cent increase of net invoiced turnover in local currencies.
'The annual results 2011 confirm the success of the Kuehne & Nagel Group's strategy,' said Reinhard Lange, CEO of K&N. 'The investments made in the year 2011 are geared to achieve sustainable and profitable growth and a further successful development of earnings.
'We are well positioned around the globe and therefore confident to reach our targets in the current business year again: Profitable growth above-market average in all business units,' he noted. 'We are facing up to the uncertain economic development by consistent cost management, process optimisation and increased productivity.'
