Consolidated financial statements 2023 of the Kuehne+Nagel Group

Cash flow statement

CHF million Note 2023 2022
Cash flow from operating activities    
Earnings   1,464 2,810
Adjustments to reconcile earnings for the year to net cash flows:    
Income tax 12 492 998
Financial income 11 –73 –59
Financial expenses 11 25 20
Result from joint ventures and associates   –5 –6
Depreciation of property, plant and equipment 14 177 192
Depreciation of right-of-use assets 15 544 511
Amortisation of other intangibles 16 54 66
Expenses for share-based compensation plans 22 23 21
(Gain)/loss on disposal of property, plant and equipment, net 10 –15 –30
Net addition to provisions for pension plans and severance payments 21 –4
Subtotal operational cash flow   2,682 4,523
(Increase)/decrease contract assets   241 121
(Increase)/decrease trade and other receivables, prepayments   1,266 1,040
Increase/(decrease) provisions   –6 48
Increase/(decrease) other liabilities   –230 64
Increase/(decrease) trade payables, contract liabilities and accrued trade expenses   –1,463 –381
Income taxes paid   –791 –1,011
Total cash flow from operating activities   1,699 4,404
Cash flow from investing activities    
Capital expenditure    
— Property, plant and equipment 14 –306 –239
— Other intangibles 16 –4 –8
Disposal of property, plant and equipment   77 91
(Acquisition)/divestment of businesses, net of cash (acquired)/disposed 28 –29 –12
Settlement of deferred/contingent considerations from business combinations   –31 –70
Capital (contributions to)/distributions from joint ventures and associates   –2 –7
Dividend received from joint ventures and associates   4 3
Interest received   48 19
Total cash flow from investing activities   –243 –223
Cash flow from financing activities    
Repayment of other interest-bearing liabilities   –200
Repayment of lease liabilities 15 –543 –518
Interest paid on borrowings and other interest-bearing liabilities   –4 –8
Interest paid on lease liabilities 15 –20 –11
Purchase of treasury shares 20 –716 –646
Dividend paid to equity holders of parent company 20 –1,661 –1,186
Dividend paid to non-controlling interests 20 –172 –75
Acquisition of non-controlling interests   –7
Total cash flow from financing activities   –3,123 –2,644
Foreign exchange difference on cash and cash equivalents   –95 –67
Increase/(decrease) in cash and cash equivalents   –1,762 1,470
Cash and cash equivalents at the beginning of the year, net 19 3,770 2,300
Cash and cash equivalents at the end of the year, net 19 2,008 3,770