Status Report

Income statement

 

Turnover

In 2023, the Group’s turnover amounted to CHF 26,649 million representing a decrease of 38.1 per cent or CHF 16,385 million compared to the previous year. Organic business growth resulted in a reduction of turnover of CHF 14,862 million (34.5 per cent) while acquisitions and divestments contributed a reduction of CHF 38 million (0.1 per cent). The exchange rate fluctuation had a negative impact of CHF 1,485 million (3.5 per cent).

Volumes in Sea Logistics decreased by 1.1 per cent (48,000 TEUs), and turnover per TEU reduced by 51.3 per cent to CHF 2,290 per TEU (2022: CHF 4,699). In Air Logistics, the volumes decreased by 11.2 per cent (249,000 Tons), and the freight rates reduced by 32 per cent to CHF 376 per 100 kg (2022: CHF 554). 

From a regional perspective, Europe, Middle East and Africa (EMEA) (33.7 per cent), the Americas (45.9 per cent) and Asia-Pacific (34.7 per cent) all reported a decreased turnover in 2023.

Exchange rate fluctuations between 2022 and 2023, based on average yearly exchange rates, led to a devaluation of the Euro by 3.3 per cent and US Dollar as well as dependent currencies by 5.3 per cent, against the Swiss Franc, resulting in a negative impact of CHF 1,485 million (3.5 per cent) on turnover.


Net turnover

In 2023, the Group’s net turnover amounted to CHF 23,849 million representing a decrease of 39.5 per cent or CHF 15,549 million compared to the previous year. Organic business growth resulted in a reduction in net turnover of CHF 14,205 million (36.1 per cent) and acquisitions and divestments contributed to a reduction of CHF 36 million (0.1 per cent). The exchange rate fluctuation had a negative impact of CHF 1,308 million (3.3 per cent).

From a regional perspective, EMEA (34.7 per cent), the Americas (47.6 per cent) and Asia-Pacific (35.5 per cent) all reported a decrease of net turnover in 2023. 

Regional turnover

CHF million

Regional gross profit

CHF million

Gross profit

Gross profit amounted to CHF 8,787 million in 2023, which represents a decrease of 20.9 per cent or CHF 2,322 million compared to the previous year. Organic business growth resulted in a reduction in gross profit of CHF 1,864 million (16.8 per cent). Exchange rate fluctuation had a negative impact of CHF 436 million (3.9 per cent) and acquisitions and divestments contributed to a reduction of CHF 22 million (0.2 per cent). 

From a regional perspective, EMEA (8.6 per cent), the Americas (26.7 per cent) and Asia-Pacific (44.4 per cent) all reported a lower gross profit in 2023.

Operational expenses

CHF million

Operational cash flow

The operational cash flow reduced by CHF 1,841 million to CHF 2,682 million in 2023 (for further information, please refer to the cash flow statement in the consolidated financial statements).

Operational cash flow

CHF million

EBITDA

In 2023, earnings before interest, tax, depreciation, amortisation and impairment of property, plant and equipment, goodwill and other intangible assets, reduced by CHF 1,854 million or 40.9 per cent to CHF 2,678 million compared to the previous year’s CHF 4,532 million; EBITDA of organic business reduced by CHF 1,733 million (38.3 per cent), acquisitions and divestments contributed positive CHF 16 million (0.4 per cent), and the exchange rate development had a negative impact of CHF 137 million (3.0 per cent).

EMEA generated the largest EBITDA contribution with CHF 1,392 million (52.0 per cent), followed by the Americas with CHF 710 million (26.5 per cent) and Asia-Pacific with CHF 576 million (21.5 per cent).

 

EBITDA

CHF million

EBIT

CHF million

EBIT ⁄ Earnings for the year

In 2023, earnings before interest and tax (EBIT) reduced by CHF 1,860 million to CHF 1,903 million (2022: CHF 3,763 million). The reduction was mainly due to lower contribution from the organic business by CHF 1,787 million (47.4 per cent), whereas acquired and divested business had a positive impact of CHF 28 million (0.7 per cent). The exchange rate development had a negative impact of CHF 101 million (2.7 per cent). The EBIT margin to net turnover for the Group reduced to 8.0 per cent compared to 9.6 per cent in 2022. EBIT in per cent of gross profit (conversion rate), an important KPI for the Group, reduced from 33.9 per cent in 2022 to 21.7 per cent in 2023.

In 2023, the region EMEA contributed CHF 886 million (46.6 per cent) to the Group’s EBIT, followed by the Americas with CHF 539 million (28.3 per cent) and Asia-Pacific with CHF 478 million (25.1 per cent).

Earnings for the year 2023 decreased by CHF 1,346 million to CHF 1,464 million compared to the previous year’s CHF 2,810 million, whereby the margin decreased to 6.1 per cent (in per cent of net turnover) compared to the previous year’s 7.1 per cent. 

Earnings for the year

CHF million