We look back once again on a turbulent and eventful financial year impacted by many factors, but a year that was extremely successful all the same. 2021 was indeed another unusual year for people all over the world who once again had to submit to the pandemic, as it was for companies too that had to contend with economic side effects such as disrupted supply chains alongside a sharp increase in consumer demand and the resulting bottlenecks.
For Kuehne+Nagel, 2021 was a year in which we were able to prove our brand promise to our customers day after day: offering the best and most flexible logistics solution under the most difficult of circumstances. Our 78,000 employees in sea freight and air freight, overland transport and contract logistics worked relentlessly for our customers, often even having to readjust routes during handling.
Kuehne+Nagel demonstrated an impressive ability to adapt and proactively responded to the frequent changes around us. The Group performed very well in the financial year and seized opportunities that arose amidst the demanding environment. Kuehne+Nagel has proven its worth under these particular circumstances and also managed to demonstrate the essential role it plays for society — for example in the smooth and successful distribution of 1.2 billion doses of the Covid-19 vaccine all the way to the most remote corners of the world.
In a challenging environment, the Kuehne+Nagel Group generated net turnover in financial year 2021 of over 32.8 billion Swiss francs, more than ever before in the Company’s history. At 2.9 billion Swiss francs, EBIT was also at a record level again. The conversion rate, which describes EBIT as a percentage of gross profit, reached 29.8%, far surpassing the average goal set for the long term of 16%.
The strategic focus on Asia initiated around four years ago by Kuehne+Nagel’s Board of Directors has paid off. We have become one of the leading logistics providers in this important region and will continue to consolidate this position. The acquisition of our majority equity stake in Apex Logistics in 2021 is an important milestone in our strategy focussing on Asia, one of the fastest growing regions in the world’s economy.
I would like to thank you sincerely on behalf of the entire Board of Directors for your continued trust in Kuehne+Nagel. We would also like to thank the many thousand employees all over the world who make Kuehne+Nagel what it is: an outstanding company!
Dr. Joerg Wolle
Chairman of the Board of Directors