Tag: Germany

Kuehne+Nagel announces Klaus-Michael Kuehne's personal succession plan

Posted by | Jul 24, 2008 | |

Effective October 1, 2008, Klaus-Michael Kuehne will delegate important functions within his scope of responsibilities to Karl Gernandt.

Gernandt will become board member of the Kuehne Foundation, Schindellegi, and managing director of the newly planned Klaus-Michael Kuehne Foundation. He will also be appointed president of a new Hamburg-based company – the Logistics Centre of Excellence – that will co-ordinate all the donor’s activities in worldwide logistics research and education.

Gernandt will maintain offices in Hamburg, Germany and Schindellegi, Switzerland.

Kuehne plans to step down from his post as delegate of the board of directors of Kuehne + Nagel International, and will recommend Gernandt as his successor.

Klaus-Michael Kuehne commented on his decision: “At the age of 71, I have decided to pass many of my responsibilities into younger hands and I am fortunate to have found a person to whom I will entrust a significant part of my life’s work.”

He added that he intends to expand the field of interest of the Kuehne Holding AG and to initiate new entrepreneurial engagements. “As the Kuehne Foundation will someday inherit my shareholding in Kuehne + Nagel, the board of the foundation will be enlarged and rejuvenated with top management talent.”

Kuehne will remain president of the board of the Kuehne Foundation and chairman of the board of directors of Kuehne + Nagel International, working in close cooperation with Gernandt.

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DHL Hub Leipzig: The last hurdle is cleared in Brussels

Posted by | Jul 23, 2008 | |

Deutsche Post welcomed the conclusion of the most recent state aid proceedings with an eye on the new hub of its express subsidiary DHL. The proceedings against the Free State of Saxony, which have been pending since 2006, have focused on the state’s financial contribution to the construction of a new runway at Leipzig Airport. In its decision, the commission did not object to the contribution.
An additional aspect of the proceedings dealt with financial guarantees of Saxony and the airport with regard to permanent 24-hour use of the airport among other things. Commitments to liability had been made here, since unlimited use of its facilities in Leipzig is indispensable for DHL as an express company and the company had sought maximal security for its investments at that time. The commission has now declared the commitments as not permissible.
No negative consequences result for the hub itself, however. Operations and the required investment security have been ensured in the meantime to the greatest possible extent through political and legal decisions.
CEO Frank Appel emphasized that Deutsche Post can live quite well with the commission’s decision: “We have obtained in the meantime the long-term security that DHL urgently needs at the Leipzig location. After the conclusion of the last EU Commission’s proceedings we can really say that we no longer see any restrictions from Brussels on the further operations of our express business at this important location.”
The limited reimbursement requirement also has no consequence whatsoever on the operational day-to-day business nor on DHL’s decision to operate the central European hub in Leipzig for the long term.

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Preview of second quarter: Deutsche Post World Net

Posted by | Jul 23, 2008 | |

Although there was some evidence of market growth slowing in Air Freight Forwarding and Express in the second quarter, Deutsche Post World Net still showed strong growth in underlying EBIT of around 18 percent. On an underlying basis all divisions met or exceeded last year’s second-quarter results.
Revenue growth has been increased by higher fuel costs that were recovered from customers. At the same time, foreign exchange effects continued to reduce revenue growth compared with the year-earlier period.
The revenue increase before foreign exchange effects was approximately 9 percent in the second quarter and reported revenue increased by about 4 percent.
Based on the first-half results and assuming no significant worsening of the global economy, the Group is maintaining its full-year guidance for 2008 and expects underlying EBIT of 4.1 billion euros.
While the U.S. air express market continues to soften, measures to restructure DHL Express U.S. are on track and negotiations with UPS are making satisfactory progress. An update on this matter will be issued after the conclusion of negotiations with UPS.
The full set of half-year accounts will be released on July 31, 2008 at 07:00 CEST. A press conference with Chief Executive Officer Frank Appel and Chief Financial Officer John Allan will be held at 10 a.m. CEST. An investor call will be held at 14:00 CEST.

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Deutsche Post "overweight," target price reduced

Posted by | Jul 23, 2008 | |

Analysts at JP Morgan maintain their “overweight” rating on Deutsche Post AG while reducing their estimates for the company. The 18-month target price has been reduced from EUR 27 to EUR 23.3.

In a research note published on 21st July, the analysts mention that the company witnessed weaker-than-normal trends this summer due to macro economic and earnings concerns. Deutsche Post’s performance for the current year has also been negatively impacted by fuel, labour and cost concerns, the analysts add. Deutsche Post’s current share price does not reflect the robust volume trends in the company’s mail business and some other positive factors, JP Morgan believes. The adjusted EPS estimates for 2008 and 2009 have been reduced from EUR 1.86 to EUR 1.71 and from EUR 2.12 to EUR 1.76, respectively

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Swiss Post International acquires German-based GPD

Posted by | Jul 22, 2008 | |

Swiss Post International (SPI), the international Group unit of Swiss Post, has taken over Global Press Distribution GmbH (GPD) in Germany. With this acquisition, SPI is consolidating its position in the German export press market, the largest in Europe. GPD has a staff of 31 and generated sales of CHF 8 million in 2007.
The acquisition of Global Press Distribution GmbH (GPD) by Swiss Post International (SPI) will take effect retroactively to 1 January 2008. It was agreed that the purchase price will not be disclosed. GPD, whose registered office is in Moerfelden near Frankfurt, provides services connected with the international and national dispatch of magazines. Its customers in Germany include publishers, printers, lettershops and other service providers in the publishing industry. With a workforce of 31, GPD generated sales equivalent to CHF 8 million francs in 2007.
With this acquisition SPI is reinforcing its position in the export press business. The German press market is the biggest in Europe, with 400 newspapers and 200 magazine publications. By entering this market, Swiss Post is pursuing its strategy of establishing itself in international niche markets. Swiss Post now already generates 20 percent of its sales abroad and in its cross-border business. SPI is a wholly owned subsidiary of Swiss Post and currently employs 1,200 people in eleven European countries, five major cities in Asia and in the USA. SPI is now number five on the cross-border letters market after Deutsche Post, United States Postal Service, the UK’s Royal Mail and France’s La Poste.

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