Kuehne + Nagel reports record results; agrees to acquire RH Freight

Kuehne + Nagel recorded a better development of business and results than in the pre-crisis period due to the successful implementation of its growth strategy. Turnover increased by 16.4% in 2010 and EBITDA by 13.4%, with net earnings up 28.7% over 2009.

Turnover increased to CHF 20.26 billion (2009: CHF 17.41 bn) despite a negative currency effect of CHF 928 million, which was much higher than in previous years.

All Kuehne + Nagel regions contributed to the turnover increase. Asia-Pacific recorded highest turnover growth (32.3%), followed by the Americas (25.5%), Middle East, Central Asia & Africa (15.2%) and Europe (12.1%).

EBITDA increased to CHF 1 billion (2009: CHF 885m), including the negative effects of CHF 52 million from currency exchange rates.

With CHF 593 million (59.1 per cent) The biggest contribution to the operational result came from Europe (59.1%), followed by the Asia-Pacific region (22%), the Americas (15.1%) and Middle East, Central Asia & Africa (3.8%).

CEO Reinhard Lange said that the company’s goal for 2011 is to achieve profitable growth above market average while keeping margins stable.

He also said that a combination of organic growth and strategic acquisitions will result in further progress in European overland transportation. In addition, strategy implementation will focus on the expansion of regional operations, in particular in China, India, Brazil and Columbia, and the extension of tailor-made solutions for selected industries.

In other news, Kuehne + Nagel has entered into an agreement to acquire the shares of Nottingham, UK-based Rennies Investment Ltd (RH Freight).

The transaction is subject to the approval of relevant anti-trust authorities.