Status Report

Income Statement

 

Turnover

In 2020, Kuehne+Nagel’s turnover amounted to CHF 23,812 million representing a decrease of 5.9 per cent or CHF 1,483 million compared to the previous year. Organic business growth resulted in a decrease of turnover of CHF 151 million (0.7 per cent) while acquisitions contributed with an increase of CHF 145 million (0.6 per cent). The exchange rate fluctuation had a negative impact of CHF 1,477 million (5.8 per cent).

Volumes in Sea Logistics decreased by 6.8 per cent (–332,000 TEUs), and turnover per TEU decreased by 1.2 per cent to CHF 1,981 per TEU (2019: CHF 2,006). In Air Logistics, the volume decreased by 12.8 per cent (–210,000 Tons), and the freight rate increased by 22 per cent per 100 kg to CHF 406 (2019: CHF 333).

From a regional view, Asia-Pacific (0.4 per cent) reported a slight increase in turnover for 2020. Europe, Middle East and Africa “EMEA” (5.5 per cent) and the Americas (9.2 per cent) reported a decreased turnover in 2020.

Exchange rate fluctuations between 2019 and 2020, based on average yearly exchange rates, led to a devaluation of the Euro, the British Pound and US Dollar as well as dependent currencies by 3.6, 4.7 and 5.2 per cent respectively, against the Swiss Franc, resulting in a negative impact of CHF 1,477 million (5.8 per cent) on turnover.


Net turnover

In 2020, Kuehne+Nagel’s net turnover amounted to CHF 20,382 million representing a decrease of 3.4 per cent or CHF 712 million compared to the previous year. Organic business growth resulted in an increase in net turnover of CHF 401 million (1.9 per cent) and acquisitions contributed CHF 147 million (0.7 per cent). The exchange rate fluctuation had a negative impact of CHF 1,266 million (6.0 per cent).

From a regional view, Asia-Pacific (1.1 per cent) reported an increase of net turnover in 2020. EMEA (3.1 per cent) and the Americas (5.9 per cent) reported a decrease of net turnover in 2020.

Gross profit

Gross profit amounted to CHF 7,475 million in 2020, which represents a decrease of 6.3 per cent or CHF 506 million compared to the previous year. Organic business growth resulted in a decrease in gross profit of CHF 158 million (2.0 per cent). Exchange rate fluctuation had a negative impact of CHF 425 million (5.3 per cent) and acquisitions contributed CHF 77 million (1.0 per cent) positively.

From a regional view, Asia-Pacific (0.6 per cent) reported a slight increase in gross profit for 2020. EMEA (6.4 per cent) and the Americas (9.7 per cent) reported a lower gross profit in 2020.


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 158 million to CHF 1,904 million in 2020 (for further information, please refer to the Cash Flow Statement in the Consolidated Financial Statements 2020.

 

EBITDA

In 2020, earnings before interest, tax, depreciation, amortisation and impairment of property, plant and equipment, goodwill and other intangible assets, increased by CHF 91 million or 5.0 per cent to CHF 1,920 million compared to the previous year’s CHF 1,829 million; EBITDA of organic business increased by CHF 331 million (18.1 per cent), acquisitions contributed CHF 6 million (0.3 per cent), and the exchange rate development had a negative impact of CHF 246 million (13.4 per cent).

EMEA generated the largest EBITDA contribution with CHF 978 million (50.9 per cent), followed by the Americas with CHF 535 million (27.9 per cent), and Asia-Pacific with CHF 407 million (21.2 per cent).


EBIT ⁄ Earnings for the year

In 2020, earnings before interest and tax (EBIT) increased by CHF 9 million to CHF 1,070 million (2019: CHF 1,061 million). The increase was mainly due to higher contribution from the organic business by CHF 75 million (7.0 per cent), whereas acquired business had a negative impact of CHF 2 million (0.2 per cent), the exchange rate development had a negative impact of CHF 64 million (6.0 per cent). The EBIT margin to net turnover for the Group increased to 5.2 per cent compared to 5.0 per cent in 2019. EBIT in per cent of gross profit (conversion rate), an important KPI for the Group, increased from 13.3 per cent in 2019 to 14.3 per cent in 2020.

In 2020, the region EMEA contributed CHF 444 million (41.5 per cent) to the Group’s EBIT, followed by Asia-Pacific with CHF 318 million (29.7 per cent), and the Americas with CHF 308 million (28.8 per cent).

 

 


Earnings for the year 2020 decreased by CHF 11 million to CHF 789 million compared to the previous year’s CHF 800 million, whereby the margin increased to 3.9 per cent (in per cent of net turnover) compared to the previous year’s 3.8 per cent.