K+N posts a solid 2014 result
In airfreight Kuehne + Nagel continued the successful ascent in 2014 with improved profitability on the back of a 5.3 per cent growth in volumes against market growth of only 3-4 per cent.
February 26, 2015
By Donald Urquhart
It was all-good for Kuehne + Nagel (K+N) in 2014 as the logistics giant posted a 6.1 per cent rise in earnings for the year on the back of improved business across its sectors – seafreight, airfreight, land and contract logistics.
In 2014 K+N recorded a net turnover of CHF 17,501 million, up 1.9 per cent (in constant currencies 5.1 per cent) higher than in the previous year. Gross profit rose by 0.5 per cent (in constant currencies 2.9 per cent) to CHF 6.288 million and the operational result (EBITDA) increased by 4.5 per cent (in constant currencies 7.8 per cent) to CHF 1,005 million. Earnings for the year improved by 6.1 per cent (in constant currencies 9.7 per cent) to CHF 644 million.
K+N CEO, Detlef Trefzger commented: “In a volatile economic environment with fluctuating currencies, we were able to simultanously expand our market share and increase results in 2014. The turnaround in the overland business unit made an essential contribution to the considerable improvement in profitability; for the first time profits were reported over four consecutive quarters.
“I would also like to emphasise the continuously excellent performance in airfreight and the further improvement of results in contract logistics. In seafreight we grew volumes and held margins stable, despite the high volatility of rates and negative currency impacts. By combining our industrial competence, innovative power and effective cost management we are strengthening our market position while at the same time generating added value for our customers.”