Consolidated financial statements 2024 of the Kuehne+Nagel Group

Cash flow statement

CHF million Note 2024 2023
Cash flow from operating activities    
Earnings   1,230 1,464
Adjustments to reconcile earnings for the year to net cash flows:    
Income tax 12 408 492
Financial income 11 –24 –73
Financial expenses 11 46 25
Result from joint ventures and associates   –6 –5
Depreciation of property, plant and equipment 14 185 177
Depreciation of right-of-use assets 15 587 544
Amortisation of other intangibles 16 52 54
Expenses for share-based compensation plans 22 22 23
(Gain)/loss on disposal of property, plant and equipment, net 10 –2 –15
Net addition to provisions for pension plans and severance payments   –4
Subtotal operational cash flow   2,498 2,682
(Increase)/decrease contract assets   –27 241
(Increase)/decrease trade and other receivables, prepayments   –663 1,266
Increase/(decrease) provisions   –7 –6
Increase/(decrease) other liabilities   15 –230
Increase/(decrease) trade payables, contract liabilities and accrued trade expenses   38 –1,463
Income taxes paid   –370 –791
Total cash flow from operating activities   1,484 1,699
Cash flow from investing activities    
Capital expenditure    
— Property, plant and equipment 14 –300 –306
— Other intangibles 16 –4 –4
Disposal of property, plant and equipment   26 77
(Acquisition)/divestment of businesses, net of cash (acquired)/disposed 28 –201 –29
Settlement of deferred/contingent considerations from business combinations   –2 –31
Capital (contributions to)/distributions from joint ventures and associates   –2
Dividend received from joint ventures and associates   5 4
Interest received   24 48
Total cash flow from investing activities   –452 –243
Cash flow from financing activities    
Repayment of other interest-bearing liabilities   –2
Repayment of lease liabilities 15 –580 –543
Interest paid on borrowings and other interest-bearing liabilities   –5 –4
Interest paid on lease liabilities 15 –32 –20
Purchase of treasury shares 20 –51 –716
Dividend paid to equity holders of parent company 20 –1,182 –1,661
Dividend paid to non-controlling interests 20 –24 –172
Acquisition of non-controlling interests   –33 –7
Total cash flow from financing activities   –1,909 –3,123
Foreign exchange difference on cash and cash equivalents   11 –95
Increase/(decrease) in cash and cash equivalents   –866 –1,762
Cash and cash equivalents at the beginning of the year, net 19 2,008 3,770
Cash and cash equivalents at the end of the year, net 19 1,142 2,008
Bank overdraft   10 3
Cash and cash equivalents on balance sheet   1,152 2,011