Development in the first half of 2019 

Volume development in land transport, driven by international transports, was positive overall.

Economic development was positive: the operating profit figures developed clearly positive as a result of an above average increase in revenues.

• Revenues were slightly better due to price and volume effects. Negative exchange rate effects had a dampening effect.
• Cost of materials increased as a result of the volume growth. Positive exchange rate effects reduced expenses.
• Personnel expenses increased due to higher employee numbers.
• Due to IFRS 16 effects, a shift occurred from other operating expenses to depreciation.
• This resulted in an associated positive effect on the EBITDA development which was not reflected in EBIT.

Employee numbers rose due to our business development and permanent hiring of temporary employees.

Performance development declined significantly due to the global market slowdown.

Economic development was positive: the operating profit figures developed significantly better as expenses decreased more than revenues, particularly due to the positive developments in freight rates. Positive exchange rate effects supported this development.

• Revenue development decreased due to performance. The high freight rate level at the beginning of the year had an offsetting effect. In the second quarter 2019, freight rate development declined.
• In accordance with the volume and freight rate development, cost of materials also decreased significantly.
• Personnel expenses increased as a result of higher employee numbers.
• Due to IFRS 16 effects, a shift occurred from other operating expenses to depreciation. Depreciation additionally increased due to an IT project.
• This resulted in an associated positive effect on the EBITDA development which was not reflected in EBIT.

The number of employees increased as a result of permanently hiring temporary workers.

The performance development in ocean freight was positive. This was due in particular to the high-volume trade between Asia-Pacific and Europe, but also to the development in export relations to South America.

Economic development varied depending on the area: revenue grew more than operating expenses. Adjusted EBIT, on the other hand, declined due to the omission of positive one-off effects and considerably higher depreciation.

• Revenues increased driven by volume growth, freight rate development and product portfolio changes. Positive exchange rate effects acted as support.
• Cost of materials increased significantly due to a rise in volume and freight rates (the increase caused, for ex - ample, by higher fuel prices due to the switch to lower - emissions fuels) and due to exchange rates.
• Personnel expenses also increased due to the performance expansion and currency effects.
• Due to IFRS 16 effects, a shift occurred from other operating expenses to depreciation. Depreciation additionally increased due to an IT project.
• This resulted in an associated positive effect on the EBITDA development which was not reflected in EBIT.

The number of employees increased due to the business development.

The economic development of the contract logistics line of business was subdued: adjusted EBIT decreased despite a significant increase in revenues due to the considerable increase in personnel expenses and the weaker business development growth in Europe.

• Revenues showed clearly positive growth due to the business expansion particularly in Europe and due to exchange rate effects.
• Cost of materials increased as well, but at a disproportionately lower rate. Exchange rate effects also increased expenses.
• Personnel expenses increased, among other things, due to workforce expansions at new locations. Exchange rate effects also increased expenses.
• Due to IFRS 16 effects, a noticeable shift occurred from other operating expenses to depreciation.
• This resulted in an associated clearly positive effect on the EBITDA development which was not reflected in EBIT.

The increase in employee numbers resulted from our business expansion and the permanent hiring of temporary workers.