The logistics group reported a drop in 2009 turnover of 19.4 percent to CHF 17.4 billion ($16.1 billion); gross profit of CHF 5.863 billion ($5.41 billion) and net earnings of CHF 467 million ($431.5 million) - a drop of 20.2 percent, or 14.2 percent without the DoJ settlement provision.

Karl Gernandt, executive vice chairman of the K+N Board, said, “The good performance in the crisis year of 2009 was due to [the company's] operational strengths and the timely and consistent execution of its strict cost management and commitment to market share expansion. Thus, we were able to considerably strengthen our global market position. In addition, we took advantage of the crisis to further improve organizational and operational efficiencies in line with our profitability objectives.”

K+N said last year it concentrated on air cargo niche marketing to counteract the global economic downturn. However, despite a less-than-market-average drop of 9.2 percent in volume, the company's air freight net income fell 28.1 percent to CHF 139 million ($128.4 million) in 2009.

Reinhard Lange CEO added that with an uncertain lasting global economic recovery, "our aim for 2010 is profitable growth above market average in all business units. In addition, we will further enhance our product offering, develop new areas of value creation and increase our service quality."