Executive Summary – TOP 100 in European Transport and Logistics

DVV Media Group

Martin Schwemmer

2019 2020

Editor: Alexander Pflaum

A study by Fraunhofer Center for Applied Research on Supply Chain Services SCS Introduction and Acknowledgements

We are in our 25th year of TOP100 studies. Since logistics is not really tangible from offi- cial statistics this study series was designed in 1995 at Fraunhofer SCS to fill this gap. Even if logistics market assessments are carried out now this long time, our interest and curiosity about what the future will bring for logistics is undiminished. And it is more exciting than ever to analyze logistics. The European logistics sector has reached a size of € 1,120 bn. for the total expenditure on logistics activities carried out in 2018. And even if the transported quantities flowing through the logistics systems increased only moderately the logistics sector could grow by 3.7 percent in 2018 for the whole of Europe because shipments are still increasing because ever lighter parcels flowing through the logistics networks. Even with hardly higher ton- nages in the overall system, lucrative growth for logistics can result, as the supply chains extend more and more to the end customers, resulting in more filigree flows of goods that are more complex to deliver. This development now meets the reality called driver shortage and digitization. If you like to find out more about this, then this issue of TOP100 is for you. Thus, this study is aimed at logistics service providers as well as logistics units in industry and trade, and also at shippers. The TOP100 is also aimed at suppliers of logistics, consulting, politics and business journalists. Where the study is primarily concerned with figures, data and facts, the people who have rendered outstanding services to this issue should be the focus of attention at this point. Many thanks go out to all the experts, companies and institutions, which supported us by providing data and assessments. Special thanks go to DVV Media Group, Hamburg, and the German Logistics Association (BVL), for their continuing support for this project as publishers. I would like to thank the head of the Fraunhofer Center for Supply Chain Services, Prof. Alexander Pflaum, for taking over the function as editor of the TOP100 studies and for his impulses for the joint further development of this research. My thanks also go to Prof. Peter Klaus in particular, whom I can always contact for the concerns of the TOP100, either announced or unannounced, by email, telephone or in person.

2 | THE TOP 100 OF LOGISTICS 2019 / 2020 Introduction and Acknowledgements

Special thanks go to the Nuremberg TOP100 team of the Fraunhofer Center for Sup- ply Chain Services SCS, where this study is made. These are by name: Konrad Dürrbeck, Phillip Eckstein and Alexander Hempfing, and also Sophia Bachmann, Dominik Landau, Bennet Niederhöfer, Sarah Pörschmann and Markus Riks. I thank Karl-Heinz Westerholt for the implementation of the layout. Further thanks go to our supporters AEB, Commerzbank, KPMG, Transporeon and ICC. In the hope that I have thought of everyone, I wish you, dear readers, interesting reading. Let me know what you like about the study – but also what you don’t like. We will be happy to take up your suggestions for future issues.

Nuremberg, October 2019

Martin Schwemmer

THE TOP 100 OF LOGISTICS | 3 Statements of Partners

Steffen Frey Jens Wagener Member of the Board of Directors Director / Sector Coordinator Transport & Logistics AEB SE Capital Markets Commerzbank AG

Dear Reader, Dear Reader, International trade promotes prosperity and peace. The European logistics industry is one of Com- An essential prerequisite for this is functioning logis- merzbank’s leading focus sectors. The high level of tics with smooth flows of goods that are not obstructed sector expertise within our organization is the result by national borders. Making this happen has been our of regular and close exchange with our customers on- driving force at AEB for over 40 years: We are striving site, trade associations and public authorities, as well to develop software solutions that increase efficiency in as of our annual industry symposiums. supply chain processes and make them more ecologi- Since the TOP 100 study was first published many cal, safer, and fairer. Software that, for example, helps years ago, we have come to appreciate this unique to comply with compliance and embargo regulations. and comprehensive compendium of one of the most That allows to automate customs formalities and han- complex industries, which continues to provide a reli- dle them faster. That improves cooperation between able survey of the most important trends affecting the shippers and logistics companies. The TOP100 refer- global industry. Therefore, this study is a “must-have” ence work pursues the same goal by bringing transpar- for all market players and interested parties such as ency to the supplier market. We are therefore pleased transport and logistics companies, research institutes, to contribute to TOP100 and to support the publica- consulting firms and financial investors. We as Com- tion as a sponsor. merzbank feel privileged to lend our support to this new edition of the European TOP 100 study. Yours sincerely, We hope you will enjoy reading the study and Steffen Frey come to regard it as a valuable source of inspiration and ideas on how to further develop and strengthen your business.

Yours sincerely, Jens Wagener

4 | THE TOP 100 OF LOGISTICS 2019 / 2020 Statements of Partners

Statements of Partners

Dr. Steffen Wagner Marc-Oliver Simon Global Chair Transport & Leisure CEO & Founder KPMG AG Transporeon

Dear Reader, Dear Reader, Having observed the Transport and Logistics The Transport logistics sector reacts more sensi- Industry for several years now, it is inspiring to see the tively than almost any other to structural and eco- overall market more vivid and alive than ever. Despite nomic changes, as it is closely linked to developments geopolitical tensions, technological disruption and in the manufacturing sector. Economic crisis lead to macroeconomic uncertainties, the industry remains severe fluctuations in transport demand and prices fundamentally strong, because at the very heart of and challenges industrial corporations and trading its business model, it connects goods and people all companies as well as their transport service providers over the world, and therefore is and will remain the in their strategic planning. This is one more reason backbone of global trade. As we move forward into an why these companies see the further development of age where transport and mobility become increasingly the digital supply chain as an opportunity in order connected, where digital processes enable integration to react quickly and flexibly to sometimes unpredict- and collaboration on a new scale between global part- able economic developments. Our close cooperation ners, we are privileged to support the TOP100 in its with our shipping customers and carriers shows us endeavor to provide structure and transparency for a the open-minded approach with which all parties are highly complex market. facing the digital change. We are pleased to be able to pass on our insights, which are based on extensive Yours sincerely, analyses of our platform data as well as regular sur- Steffen Wagner veys and discussions with our customers, as part of the TOP100 logistics framework.

Yours sincerely, Marc-Oliver Simon

THE TOP 100 OF LOGISTICS | 5 Contents

PART I In a time of increasing concern, the world still seems to be in order – Management summary and trend discussion . . . . . 1 I.1 Logistics megatrends review 2020+ ...... 2 I.2 Recent operational challenges and future trends ...... 6 I.3 Lack of skilled labor leads to tight capacities ...... 6 I.4 High level topic digitalization implies investments above 2 percent of turnover ...... 7 I.5 Start-ups pave the way to »New logistics« ...... 9 I.6 Logistics and politics – not yet a team ...... 12 I.7 Feature by KPMG- Global M&A environment in Transport & Logistics 17 I.8 Feature by Transporeon - 2019 European Road Transportation Survey . 20 I.9 Feature by Commerzbank - Going the extra mile supported by . . CommerzFactoring ...... 23 I.10 Feature by AEB SE - New Tools for New Work ...... 25 PART II Demarcation of the logistics market – the subject of the »TOP 100« survey ...... 29 II.1 »What« – Definition of logistics and the demarcation of logistics markets 29 II.2 »Where« – Geographical boundaries of the survey ...... 30 II.3 »When« – Time period and data considered ...... 31 PART III Measuring the total cost of the European business logistics system ...... 33 III.1 The measurement of the expenditure of the total logistics sector in Europe for 2018 results in a volume of € 1,120 bn...... 33 III.2 How to calculate the logistics volume of the »Europe of 30« ...... 35 III.3 Logistics expenses forecast for Europe and selected countries . . . . . 50 III.4 A further differentiation: the sizes of the nine logistics segments in Europe ...... 52 PART IV Profiles of nine logistics segments under observation 55 IV.1 Bulk Logistics ...... 59 IV.2 General Truckload/Full Carload (FTL) ...... 65 IV.3 Groupage and general Less-than-Truckload (LTL) ...... 71 IV.4 Specialized Transportation ...... 78 IV.5 CEP – Courier, Express and Parcel Services ...... 84 IV.6 Contract Logistics ...... 91 IV.7 General Warehousing and Terminal Operations ...... 99 IV.8 Ocean Cargo ...... 104 IV.9 Air Freight ...... 109 PART V The »TOP 100« ...... 113

Appendix 1 The ABC of company profiles of the European »TOP 100« . . . 121

Appendix 2 Terms, data bases, survey methods and limits of predictability . 323

Appendix 3 Questionnaire ...... 331

Appendix 4 References of »TOP 100« studies ...... 337

6 | THE TOP 100 OF LOGISTICS 2019 / 2020 In a time of increasing concern, the world still seems to be in order

In a time of increasing concern, the world still seems to be in order

With a growth of 3.7 percent, the European logistics sector recorded stronger growth in 2018 than was to be expected in the previous year. This results in a logistics sector volume of 1.120 billion, of which 50 percent is provided by logistics service providers. The remaining 50 percent are provided within the framework of plant logistics by industry and trading companies. The volume generated for transport alone amounts to around € 513 billion (46 percent), and around € 361 billion (32 percent) are incurred at the logistics locations in the area of warehousing and transshipment. A share of 7 percent and thus around € 78 billion is attributable to logistics planning and around € 168 billion (15 percent) represent inventory holding costs.

Around 19 billion tons were moved through the logistics sector in Europe, which can be translated into a figure of around 37 tons per capita of the population. As in former years, the CEP market segment shows the highest growth rate, while contract logistics and warehousing/terminal segments grew by average from 2016 until 2018. Bulk transportation and Ocean cargo did hardly grow, whereas FTL, LTL and Special Transports could grow above average through adjusted freight rates mainly due to lacking loading capacity in these markets. Air Freight tonnage increased by about 10 percent from 2016 until 2018, leading to a grown air cargo market.

The strong influence of world trade on logistics is undisputed. Uncertainty for logistics managers emerges from threatening trade impediments. In addition to that, the discussion on sustainability improvements on a political level is source of uncertainty which regulations will come up in that field. Regarding e-mobility, economic solutions that enable for a substantial shift of goods flows away from diesel propulsion are not yet in place.

The presentation of the results in this issue is as follows: first of all a detailed trend discussion follows. Subsequent chapters address definitions for our research and the methodolog- ical approach of our work. The study also includes detailed profiles of 9 logistics market segments and the TOP100 ranking with the largest logistics service providers in Europe.

THE TOP 100 OF LOGISTICS | 7 Trend titles Implications

Globalization 1 Volatility in goods flows

Demographic change 2 Aging societies, immigration and urbanization

External trends (1 to 6) mostly affect New lifestyles the demand for 3 logistics activity High demand for convenience in business and consumer markets and services and can only be hardly influenced by sin- gle businesses.

Implications: Trends 4 Servitization should be observed to react properly in regard to own operations.

5 Sustainability

Rising risks and threats 6 Political and economic instability, climate change, natural catastrophes, terrorism and cybercrimes

Trends 7 to 10 can 7 Innovative technologies and digital transformation be tagged as inter- nal trends, which are possible to be influenced by logistics deciders.

New challengers An incremental and 8 ongoing business Innovative approaches from outside transformation pro- cess can explicitly be directed towards lifting potentials from those trends and Professionalization and effective logistics developments (e.g. 9 technology deploy- Efficiency of logistic operations ment, professionalization etc.)

Implications: Com- panies should shape those trends against Shareholder value objectives in logistics 10 the backdrop of their Effectiveness of logistics operations business.

8 | THE TOP 100 OF LOGISTICS 2019 / 2020 In a time of increasing concern, the world still seems to be in order

Starting in 2015, a survey among the top logistics service providers which are addressed by the TOP100 data query each year was initiated. The following Figure 2 shows the rating of the top logistics service providers in Europe over the years regarding the hypothesis that digitalization makes investments necessary in the short term.

Within the framework of digitalization, major investments in logistics will be necessary during the next two years

3% 2% 6% 4% 6% 8% 15%

40% 56% 63% 60% 50%

56% 38% 32% 29% 31%

2015 2016 2017 2018 2019 fully agree somewhat agree neither/nor somewhat disagree fully disagree

To react on trends, companies must spend some kind of resource (time, investments). Yet, when resources get allocated, actions and measureable outcome will follow. To concretize on an amount of investments which get allocated on digitalization topic the share of turnover which gets invested was surveyed. Political influence is discussed frequently nowadays in regard to logistics development. Consequently the question arises, if logistics providers perceive the transport and logistics sector to be adequately covered by political legislation.

The transport and logistics sector is adequately covered by political legislation

43% 41%

11% 4% 0%

n= 55

Logistics providers majority view shows disagreement to the above statement. It is a question unanswered, how this issue could be tackled in the short term.

THE TOP 100 OF LOGISTICS | 9 Measuring the European business logistics system and forecast until 2024 Logistics volume EU30 in bn. € 1.120 1.080 1.030 1.050 993 993 1.003 972 972 972 The European930 transport920 and logistics sector has grown in 2018. A growth of about 3.7 per- cent874 prolongs a trend of now three years of increasing growth development. This seems to contradict economic expectations, but, in fact is highly plausible against the backdrop of the20 0developments6 2007 200 of8 the20 0logistics9 2010 sector201 1until20 1the2 end201 3of 2018.2014 2015 2016 2017 2018

Logistics volume EU30 – development since 2005

6,5% 6,7% 5,7% 4,5% 3,7% 2,2% 3,2% 2,7% 1,9% 2,9% 0,0% -2,1% -7,4%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

In the year 2014 for the first time the overall transaction volume of logistics increased above € 1,000 bn. and from then on rose steadily to the most recent figure.

Accumulated European logistics expenditures 2018 100% 0% 0% 0% 0% 1% 1% 1% 0% 0% 0% 0% 0% 1% 1% 1% 90% 2% 1% 1% 2% 2% 80% 3% 3% 4% 3% 70% 5% 60% 7% 50% 9% 40% 12% 30% 12% 20% 10% 25% 0% … l . y k y s y a d a d a a a n a a d a g a a l i i i i a p t m r r r u a ce ce t l n e r n v i a k i g n e r t u a u t a a i i n an y e a a an d an d w I a u l s t l on i pa i l l an i o R r e o t n and s g a r ga r ede n v a

l l v en i e n u M y p l u o m r r r r S b i o La t s t m r r r U o e w o h u I ung a o A F P l C l C e t F G o z e e en m E N m c h i t B S B P H S i h S R D L t G x e z e w e S C N Lu The forecast results for the whole of Europe (EU30) are displayed in the following chart. Furthermore, forecasts for Germany, France, the United Kingdom, Italy, Spain, the Neth- erlands, Poland and Switzerland are presented in the report.

Logistics volume EU30 in bn. € – forecast 1,345 1,260 1,300 1,185 1,220 1,120 1,150 1,030 1,050 1,080 993 972 993 972 972 1,003 920

10 | THE TOP 100 OF LOGISTICS 2019 / 2020 Profiles of nine logistics segments under observation

Profiles of nine logistics segments under observation

Derived from the estimation of the whole logistics sector in Europe, a differentiation regarding the logistics segments is possible. The following figure gives the results of this differentiation in Euro:

Air Freight 23 Ocean Cargo Bulk 2% 97 86 8% 8% General Truckload 103 Warehousing 9% 123 Less than Truck Load 11% 5 3 5%

Special Tra nsportation 90 8% Contract Logistics 456 CEP 41% 90 8%

First level: Truckload / LTL / Groupage Letter Object not Logistics object Bulk Parcel Example for attributes Cont. load Logistics Mail specified market segment Second level: structure – Primary logistics Transportation Storage / Handling Value-Added Services activities Transfer in Space Transfer in Time / Arrangement Organization / Integration / Rationalization Bulk logistics

Third level: Mode of transport/ Aircraft Sea Railroad Truck Sorting- / Storage- prod. technology Airways Waterway Rail Road Technologies

Fourth level: Spatial structure/ Trade-Lane Global / EU / National Regional Facilities- dimension Origin-Detain intercontinental Network local bound

Fifth level: System specificity, Standardized Specialized type of relationship, Common-user / Transaction-related Special-user / dedicated / Contract service quality

Mining and Agricultural Coal and steel Recycling / Oil industry Etc. quarrying industry industry reverse logistics

Boldly framed: Level of detail of the market segment is available in the recent »Top 100« study. Slightly framed: Option of further segmentation.

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Revenues in these columns generally represent the breakdown of European revenues; except for ocean carriers, for which worldwide revenues are considered (italics) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 17 1 Deutsche Post DHL (Group) (DE) ** 51,841 28,475 547,459 1,810 2,030 620 12,700 6,870 1,570 2,900 61,550 2 Maersk A/S (DK) ** 34,085 17,050 80,220 3,295 24,780 531 34,085 3 Deutsche Bahn AG (DE) ** 21,400 16,160 331,600 1,750 4,600 3,500 560 250 1,550 250 1,800 1,900 44,486 DB Schenker (part of DB AG) (DE) ** 16,973 11,700 70,000 3,200 3,500 250 1,050 1,800 1,900 44,486 4 Kuehne + Nagel International AG (Konzern) (CH) *** 18,435 10,972 77,416 700 1,750 3,600 3,000 1,910 22,030 5 CMA-CGM SA (FR) ** 19,895 9,950 37,092 19,895 19,895 6 SNCF SA (FR) ** 9,935 9,935 50,000 1,700 1,600 1,830 2,130 1,140 1,535 31,681 7 La Poste (Group) (FR) ** 9,665 9,665 140,000 9,665 24,699 8 Mediterranean Shipping Company Holding SA (MSC) (CH) * 19,550 9,500 47,000 19,550 21,700 9 UPS Europe NV (BE) * 62,775 7,850 481,000 5,600 2,250 62,775 10 DSV A/S (DK) *** 10,606 7,832 47,394 2,000 1,200 750 1,216 1,281 1,339 10,606 Sum Top 10 258,187 127,389 1,839,181 3,450 10,710 10,310 1,930 28,215 17,616 3,545 73,016 10,115 333,507 11 The Royal Mail Holdings Plc. (Konzern) (UK) * 7,500 7,500 145,000 7,500 12,340 GeoPost SA (part of La Poste) (FR) *** 7,303 7,303 33,000 7,303 24,699 12 FedEx Express International B.V. (NL) * 58,400 7,100 450,000 7,100 58,400 13 Dachser SE (DE) *** 6,493 5,893 30,609 761 3,281 794 375 276 6,493 14 XPO Logistics Inc. (US) ** 15,094 5,760 100,000 1,350 900 3,150 175 175 15,094 15 Hapag-Lloyd Aktiengesellschaft (DE) * 11,515 5,760 12,765 11,515 11,515 16 Bolloré Holding SA (FR) ** 8,706 4,888 35,503 650 500 920 1,515 500 800 23,024 ... 17 Rhenus SE & Co. KG (DE) *** 5,100 4,855 26,000 1,195 275 805 415 1,095 400 335 335 5,100 100 DB Cargo Deutschland AG (part of DB AG) (DE) *** 4,460 4,460 29,000 1,750 1,400 560 500 250 44,486 18 Panalpina Welttransport AG (Holding) (CH) *** 5,356 3,496 14,847 350 1,398 1,748 5,356 19 Gefco SA (FR) * 4,647 3,480 13,000 240 240 1,460 1,320 110 110 4,647 20 DP World (Europe) (UK) ** 4,932 3,365 37,000 3,365 4,932 General Logistics Systems B.V. (GLS) (part of Royal Mail) (NL) *** 3,274 3,274 17,000 3,274 12,282 Contact: 21 Hermes Europe GmbMartinH (DE) Schwemmer Fraunhofer** Center3,20 for0 Supply3,20 Chain0 Services13,000 SCS 300 2,500 400 13,446 22 STEF SA (FR) E-Mail: [email protected] Nordostpark*** 84,2 ,90411842 Nürnberg2,842 16,000 2,163 567 112 3,255 23 Volkswagen KonzernPhone:logistik Gm +49bH & (0) Co .911 OHG 58 (D E)0 61 – 95 60 www.scs.fraunhofer.de* 2,800 2,715 n/a 815 1,900 235,849 24 CEVA Group Plc (UK) *** 6,426 2,603 42,902 220 1,880 210 290 6,426 Damco International B.V. (NL) * 2,450 2,450 11,400 880 1,040 530 34,085 25 Rail Cargo Group (part of ÖBB) (AT) 2,304 2,304 8,500 535 820 225 480 240 5,644 12 | THE TOP 100 OF LOGISTICS 2019 / 2020 ** Sum Top 25 403,502 193,150 2,784,307 5,180 15,326 14,861 9,457 45,315 29,438 8,825 87,746 13,849 745,028 The TOP100 logistics service providers

The TOP100 logistics service providers

The annex of the report contains 146 company profiles of the largest logistics service providers in Europe.

Gruppo →Arcese S.p.A. (IT)

Address Gruppo Arcese S.p.A. Via Aldo Moro 95 38062 Arco / Italy

Phone +39 (0) 4 64 - 57 31 - 11 Fax +39 (0) 4 64 - 57 32KG - 59 →Bursped Speditions GmbH (DE) Internet www.arcese.com Address KG Bursped Speditions GmbH Institutional Information Halskestraße 63 22113 Hamburg / Germany Board of management Eleuterio Arcese (President).

Ownership Family-owned (100%).Phone +49 (0) 40 - 7 31 23 - 0 Fax +49 (0) 40 - 7 31 23DFDS - 4 44 Group A/S (DK) Subsidiaries Arcese ImmobiliareInternet S.R.L., 100% (IT); Arcese Transportiwww.bursped.de S.P.A., 100%(IT); Arcese Espana SAU, 100% (ES); Arcese Polska Sp. z.o.o., 100% (PL); Arcese Real Estate, 100% (GB); Arcese SlovenskoAddress s.r.o., 100% (SK); Arcese SwedenDFDS Group A/S AB, 100% (SE); ArceseInstitutional Transport France,Information 100% (FR); Arcese Transport SRL, 100% (RO); Arcese UK Limited,Sundkrogsgade 100% 11 (GB); Ventana Cargo USA Inc., 100% (US); Ventana Serra, 100% (BE); Ventana Serra Freight Forwarding 2100 Copenhagen / Denmark (Shanghai) Ltd., 100%Board (CN); of management Ventana Serra SA, 100% Stefan(CH). Seils, Bernd Jacobsen, Matthias Welter.

Investments Ventana Serra do OwnershipBrasil Agenciamento de cargas Ltda,Family 99.98% Grobleben (BR); Arcese Phone(50%), Transport, Family Seils 99.95% (50%). (BE); Ventana+45 Serra (0) 33 - 42 33 - 42 Chile S.A., 99.90% (CL); Arcese Immobilien, 99.36% (BE); Arcese QuarterFax Horses, 99.00% (IT); Arcese +45 (0) 33 - 42 33Hermes - 41 Europe GmbH (DE) VermögensberatungSubsidiaries GmbH, 94.24% (DE); Verla LogisticBurspeds Ltd, 90.00% Logistik (CN) GmbH,Internet and Carl over Köster a dozen & Louis more. Hapke GmbHwww.dfdsgroup.com & Co. KG, Hannover, Elkawe Container-Service u. Vertriebs-GmbH & Co. KG. Address Hermes Europe GmbH Joint ventures Sistema Poland Sp. Zo. o (international cargo transportation), Gruppo Mercurio (automobile transportation), SAR Institutional Information Essener Straße 89 (cargo transportation),Investments Arcese Cosulich (forwarding), GermaniAlong with (waste Schmidt-Gevelsberg disposal logistics). and A. Hartrodt, shareholder of BHS Spedition & Logistik, GmbH (33%); Along22419 with Hamburg / Germany Würfel, shareholder of Lorel- Logistikrelais Bremer Kreuz GmbH (supplier for Mercedes in Bremen) (50%). Key Data Board of management Torben Carlsen (CEO & CFO), Claus V. Hemmingsen (Chairman). Cooperations Shareholder of CargoLine, GLS systems partner. Ownership Lauritzen FoundationPhone (41.6%), institutional and financial+49 inve (0)stors 40 -(39.7%),other 53 7 55 - 0 registered shareholders (9.2%), non- Logistics revenue, geographical (in million €) 2016 2017 2018 registered shareholdersFax (7.2%), treasury shares (2.4%).+49 (0) 40 - 53 7 54 - 870 Key Data Internet www.hermesworld.com Subsidiaries 100% subsidiaries in Belgium, Czech Republic, Denmark, England, Estonia, Finland, France, Hungary, Ireland, Italy, World (incl. Europe) Logistics revenue, geographical (in million 584€) 667 670 estimated 2016 2017 2018 Latvia, Lithuania, Norway, Poland, Portugal, Romania, Russia, Sweden, the Netherlands and Germany. Mostly under the name of DFDS.Institutional Information Board of management Carole Walker (CEO), Marc Dessing (Managing Director), Stephan Schiller (Managing Director), Hendrik Schneider Europe (incl. Italy) Europe (incl. Germany) 525Investments 600 600 estimated Limited Liability183 Company 182 DFDS Seaways, 186 99% (RU); AB DFDS Seaways, 96% (LT); Aukse Multipurpose Shipping (CFO), Kay Schiebur (Otto Group Executive Board Services and Chairman Supervisory Board of Hermes Europe). Ltd., 96% (CY); DFDS Seaways Baltic GmbH, 96% (DE); Lisco Maxima Shipping Ltd., 96% (CY); Lisco Optima Shipping Ltd., 96% (CY); Mare Blue Shipping Ltd., 96% (CY); UAB Laivyno Technikos Prieziuros Baze, 96% (LT); Logistics Revenue by market segments (in million €)Germany - Europe 183Ownership 182 186 OTTO (GmbH & Co KG), 100% (DE). New Channel Company, 82% (FR); New Channel Holding A/S, 82% (FR); ICT Holding A/S, 5% (DK); AB Lietuvos Juru Laivininkyste,Subsidiaries 5% (LT). Hermes Germany, 100% (DE), Hermes Fulfilment, 100% (DE), Hermes Einrichtungs Service, 100% (DE), Hermes General Truckload (FTL) Logistics Revenue by market segments (in million €) - Europe 210 breakdown International, 100% (DE), Hermes NexTec, 100% (DE), BorderGuru, 100% (DE), Hermes Hansecontrol, 100% (DE), Joint ventures DFDS Suardiaz Line Ltd. (UK); DFDS Logistics Ibérica S.L. (ES); Bohus Terminal Holding AB (with C. RO Ports S.A., estimated Hermes-OTTO International, 100% (DE), Hermes Logistik Österreich, 100% (AT), Hermes UK, 100% (UK), Hermes Groupage / Less than Truckload (LTL) 150 Sweden). France Holding SAS, 100% (FRA), Mondial Relay, 100% (FRA), Girard Agediss, 100% (FRA), Hermes Italia, 100% Contract Logistics General Truckload (FTL) 50 14 (IT), Hermes Russia, 100% (RU). Key Data Warehousing and Terminal Operations Groupage / Less than Truckload (LTL) 110 Investments 132 Liefery (since 03/2017 majority shareholding, before 28.5%) (DE). Ocean Cargo Contract Logistics Logistics revenue, 40 geographical (in million €) 25 2016 2017 2018 Joint ventures ParcelLock GmbH, together with DPD. Air Freight Warehousing and Terminal Operations 40 2 Ocean Cargo World (incl. Europe) Cooperations 12 Citypost1,549 S.p.A., Italien 1,617 (IT). 1,827

Staff Air Freight 2,700 World Key Data 1 Europe (incl. Denmark) 1,549 1,617 1,827 Logistics revenue, geographical (in million €) 2016 2017 2018 Performance Data Group revenue incl. non-logistics revenue (in million €) 47.00 Million containers 189

Logistics Revenue by market(TEU) segments (in million €) - Europe Europe (incl. Germany) 2,640 3,130 3,200 Staff 1,100 Germany 3,475 Trucks Fleet / Equipment General Truckload (FTL) 160 breakdown Groupage / Less than Truckload (LTL) Germany 200 estimated 1,800 1,850 1,850 estimated Profile Performance Data 2.12 Million shipments Special Transportation Germany 820 History Logistics Revenue 0.99 by market Million segtonsments (in million €) - Europe Arcese supplies road transport services since 1966. The company is one of Europe’s largest truck load carrierContract companies Logistics and a leading operator of 400 Germany combined transports. The organization is structured into the three business segments Road Freight, LogisticsWarehousing Solutions and and Air Terminal& Sea. Thanks Operations to the 250 associated Ventana Serra, it is listed among the IATA Top air forwarders. Today; Arcese has 4.000 employees and 70 offices around the world. General Truckload (FTL) 300 breakdown Locations estimated Fleet / Equipment Group revenue incl. non-logistics revenue (in millionCourier, €) Express, Parcels 38 Trucks (CEP) 2,265 2,500 Arcese is present with 35 sites in Europe including Benelux, England, France, Germany, Ireland, Italy, Poland, Romania, Slovakia, Spain, Sweden, 400 Swap bodies Turkey Mexico, Chile, Brazil and China. Via its commercial partners also Austria, Bulgaria, Czech Republic, Denm ark, Greece, Hungary, Balkans, Contract Logistics 400 Lithuania, Macedonia, Portugal, Serbia, Switzerland, Canada, USA, Argentina, United Arab Emirates, India, SouthStaff Africa, Japan and Australia are 40 Semitrailers 7,791 Europe covered. Group revenue incl. non-logistics revenue (in million €) 13,446 Customer Segments

The company generates the largest share of its revenuesProfile in the automotive industry with customers as Volvo,Performance Volkswagen, MercedeData s Benz and General 0.57 Million shipments Motors. Further important branches are the textile & fashion (e.g. Benetton, D&G, Gucci), chemical industry (e.g. Akzo Nobel, BASF, Saint Gobain), Staff Europe 15,500 Europe consumer goods (e.g. Gilette, Heineken, IKEA), technologyHistory (e.g. Bosch, LG, De Longhi) and industrial sector (e.g. ABB, Rehau, Alcoa). Bursped was founded in 1948 by Günther Brümmer and Hugo von Rautenkranz. Core Competencies Profile Locations Performance Data 817.00 Million shipments Arcese offers services in the fields of road and rail freight, ocean and air freight, warehousing and 3PL. Since History2011, Arcese also provides e-commerce Bursped has had its headquarters in Hamburg ever since its inception. Europe logistic services. The subsidiary SEL is dedicated to logistics srevices related to events and sporting activities.DFDS (Det forenede Dampskibs-Selskab) is a leading North European shipping company based in Copenhagen. It was founded in 1866 by the merger of Current Developments Customer Segments the three biggest Danish steamship companies and is listedProfile on the Copenhagen Stock Exchange. Through continuously acquisitions, DFDS developed In the first half of 2018 Arcese and Renault were strengthenIn the tcaseheir collaboration of Bursped, therein spain is no to. fundamental Arcese España industry hasland-based enteredfocus, but into haulage industrial an agreement and contract logistics with logistics theactivities. French activities Today, can DFDS be assigned employs to approximately the automotive 7,800 sector. peopl Thee and operates a fleet of 70 ships. company provides terminal services for the food sector with retail trade (FMCG), mechanical engineering & capital goods as well as other sectors. car manufacturer for storing and sequencing of wheels for production lines. In May 2019 Arcese launched a newLocations brach in Paris which is an important History location for Arcese France. Core Competencies DFDS operates several logistics and operational officesHermes mainly Europein Northern is Germany's Europe (Belgium, largest post-independent Denmark, Estonia, logistics France, service Germany, provider Ireland, for delivery Latvia, to private individuals (B2C and C2C sector). Hermes is a The company primarily offers services in the areas of nationalNorway, and Scotland, international Sweden, groupage the Netherlands freight forwarding, and the UK), overseaswholly-owned but also freight in subsidiaryItaly, forwarding, Russia, of the exhibitionSpain Hamburg-based and freight Tunisia. Otto Group, which unites a total of 120 companies under one roof, including well-known mail order References: Fraunhofer SCS Research (*) forwarding, automobile logistics and contract logistics with a regional focus on Northern Germany. companies such as Otto, Baur, Bonprix, Heine, Manufactum, Schwab and Sportscheck. The company now operates under the same name in Austria, Customer Segments Great Britain and Italy. At the end of 2010, Hermes bundled most of the air freight volume arriving in Europe at Leipzig/Halle Airport. Since May 2011, IDS The main customer groups consist of international transporthas been and workingshipping with compani Hermeses and Einrichtungs large-scale Se industrialrvice on itsmanufacturers new B2C 2Mann who seservice logistics for privincludeate customers.a At the beginning of 2012, Hermes and DPD References: Fraunhofer SCS Research, Bursped 09/2019significant (***) sea transport element. DFDS´s customers canfounded be found a joint in theventure automotive to set up industry, a parcel the shop chemical network industry under orthe the Hermes-DPD wood industry. brand. Furthermore, In 2014, Herm es entered into a strategic partnership with Itella in food retailers and producers of temperature-controlled thegoods Russian belong market. to DFDS´s freight customers. Passenger activities are operated by DFDS Seaways. The main customer groups consist of mini-cruise passengers, holidaymakers traveling by car, group travel and conference passengers. Locations Core Competencies Hermes is present in the most important European e-commerce markets: Hermes is active in Germany, Austria, Great Britain, France, Italy and Russia DFDS provides sea and land transport services to freightwith customers its own national and passengers. companies. DF DS route network encompasses pure freight routes and combined (freight & passenger) routes. The network's freight routes are supported by DFDS' landbased logistics services. Customer Segments Current Developments The company is a leading specialist for trade-related services and a partner of numerous distance traders, multi-channel traders and online retailers at In June and October 2017, DFDS bought two new freightboth ships national operating and international on the UK-Netherlands level. route. Due to the larger capacity of the ships, only three instead of the previous four ships are required on this route. To prepare for a potential no-deal Brexit, DFDS and the UK Department for Transport contracted to provide additional freight ferry capacity forCore six montCompetencieshs following Brexit. In June 2018, the acquisition of Turkey's largest freight ferry company, U.N. Ro-Ro, enabled the expansion of DFDSThe into range the Mediterranean. of services offered The fullby theintegration companies of U.N. operating Ro-Ro under will be the an Hermes important brand milestones covers thein 2019. entire retail value chain: sourcing, quality assurance, transport, fulfilment, parcel service, two-man handling and global e-commerce services. References: Fraunhofer SCS Research (**) Current Developments With significant investments of more than 130 million Euros in modern infrastructure, customer-oriented services and digitization, the Hermes Group positioned itself for the future and expanded its market position in financial year 2017. By 2020, the Otto Group company is planning additional investments of around EUR 500 million across all business units. As has been the case for many years, Hermes is also driving sustainability ahead - for example through the increasing electrification of its vehicle fleets in Germany and the UK.

References: Fraunhofer SCS Research (**)

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