Milestone for K+N's roadmap in 2021
Despite the tense political situation in East-Central Europe, the mood in Schindellegi is bright, as the freight forwarder set records almost across the board in 2021.
When asked directly about the company's involvement in the Ukraine conflict, CEO Detlef Trefzger said that just under 2% of the company's own 78,000 employees are from Russia or Ukraine, and that no major K+N hub is located in the disputed territory. In ocean freight, its flagship division, K+N moved only 2% more volumes than in the previous year at 4.6 million teu "in a challenging market environment," but was able to nearly double net sales to CHF 13.7 billion, up 93% from the previous year.
In air freight, the acquisition of Apex in the transpacific region as well as high demand made figures soar with 2.2 million teu of cargo (+55%) and net sales of CHF 10.8 billion (+108%). The group handled 1,700 charter flights alone in 2021. In land transport, a former problem child, growth was less buoyant with 13% more volumes, i.e., 24.4 million orders, but solid with net turnover rising by 15% to CHF 3.7 billion.
Only contract logistics lost slightly in net sales (-6% to CHF 4.6 billion) after divestments, among others, in the realignment in UK, but was able to double ebit to CHF 156 million. Digitalisation is also progressing, including margin improvements through the e-touch programme. In total, almost 1.3 million manual working hours were automated here, which corresponded to a cost saving of 1.8%.
Despite CFO Markus Blanka-Graff's sober presentation of the figures, it is obvious that the group is bursting with health. With net sales jumping from CHF 20.3 billion to CHF 32.8 billion within a year, as did net profit from CHF 789 million to CHF 2.16 billion, many things seem possible.
When asked about possible acquisitions, Trefzger emphasised that the potential size of a transaction was not the issue; rather, "we will be interested in aviation and maritime specialists in certain trade lanes and niches and in technology partnerships." (cd)