Status Report

Key financial figures

CHF million 2023 2022 Variance
in per cent
Turnover 26,649 43,034 –38.1
Net turnover 23,849 39,398 –39.5
Gross profit 8,787 11,109 –20.9
Gross profit in per cent of net turnover 36.8 28.2  
EBITDA 2,678 4,532 –40.9
EBIT
In per cent of net turnover
In per cent of gross profit (conversion rate)
1,903
8.0
21.7
3,763
9.6
33.9
–49.4
Earnings 1,464 2,810 –47.9
Earnings (Kuehne+Nagel share) 1,431 2,644 –45.9
Earnings per share basic (in CHF) 12.06 22.15 –45.6
Operational cash flow 2,682 4,523 –40.7
Capital expenditures for fixed assets 306 239 28.0
Total employees at year-end 80,983 80,334 0.8
Total full-time equivalents of employees at year-end 75,304 75,194 0.1

The Group’s net turnover decreased by CHF 15,549 million or 39.5 per cent in 2023, and gross profit dropped by CHF 2,322 million or 20.9 per cent compared to the previous year, whereof the inorganic growth was negative 0.1 per cent of net turnover and 0.2 per cent of gross profit.

In 2023, EBIT decreased by CHF 1,860 million or 49.4 per cent. At constant exchange rates and excluding acquisitions and divestments, the reduction would have been CHF 1,787 million or 47.4 per cent. Earnings for the year 2023 reduced by CHF 1,346 million or 47.9 per cent compared to 2022. In constant currencies and excluding acquisitions and divestments, the Group would have reduced the earnings for the year by CHF 1,290 million or 45.9 per cent.

Capital expenditure in fixed assets increased by CHF 67 million or 28 per cent to CHF 306 million compared to the previous year.

In 2023, the Group increased the number of employees year-on-year by 649 or 0.8 per cent from 80,334 to 80,983 employees, which includes a net increase of 466 employees from business combinations. The number of full-time equivalents of employees reached 75,304 versus 75,194 in 2022, which is an increase of 110 or 0.1 per cent.