In its quite optimistic financial statement posted today at the company’s website Kuehne+Nagel reported a y-o-y 19.4% drop in turnover, to CHF 17.406 million (roughly 11.9 m euro) and a 20.2 net earnings cutback (14.2 per cent excluding provision) to CHF 467 million, 319 m euro.
However, the K&N Group authorities believe the company has showed good results last year despite the global economic crisis and gained market share in all business units. “The good performance of the Kuehne + Nagel Group in the crisis year of 2009 was due to its operational strengths and the timely and consistent execution of its strict cost management and commitment to market share expansion,” Karl Gernandt, Executive Vice Chairman of the Board of Directors said.
The statistics show a year-over-year 13.2% drop in EBITDA, earnings before interest, tax, depreciation and amortization of goodwill and other intangible assets, to CHF 135 million. The company said it was due to negative effects of CHF 53 million from currency exchange rates and CHF 35 million related to the competition investigations. The company said its 4.6% decline in volumes was acceptable as compared with the some 12% overall volumes reduction in the global market of seaborne shipments.
Kuehne+Nagel Group was founded back in 1890 in Bremen (Germany) and throughout the years has become a world leader in the field of transportation and warehousing logistics services. Currently, the head office is located in Shindellegi, Switzerland. The Group’s offices are scattered across 100 countries with 55.000 employees.
However, the K&N Group authorities believe the company has showed good results last year despite the global economic crisis and gained market share in all business units. “The good performance of the Kuehne + Nagel Group in the crisis year of 2009 was due to its operational strengths and the timely and consistent execution of its strict cost management and commitment to market share expansion,” Karl Gernandt, Executive Vice Chairman of the Board of Directors said.
The statistics show a year-over-year 13.2% drop in EBITDA, earnings before interest, tax, depreciation and amortization of goodwill and other intangible assets, to CHF 135 million. The company said it was due to negative effects of CHF 53 million from currency exchange rates and CHF 35 million related to the competition investigations. The company said its 4.6% decline in volumes was acceptable as compared with the some 12% overall volumes reduction in the global market of seaborne shipments.
Kuehne+Nagel Group was founded back in 1890 in Bremen (Germany) and throughout the years has become a world leader in the field of transportation and warehousing logistics services. Currently, the head office is located in Shindellegi, Switzerland. The Group’s offices are scattered across 100 countries with 55.000 employees.