The Group continues to operate an asset-light business model and invests only into strategically important locations with high demand for state of the art or industry-specific logistics space.
In 2024, the Group invested a total of CHF 300 million (2023: CHF 306 million) in fixed assets. Investments in properties and buildings amounted to CHF 55 million (2023: CHF 50 million). CHF 245 million (2023: CHF 256 million) were invested in other fixed assets, operating and office equipment. Depreciation of property, plant, and equipment for the year 2024 amounted to CHF 185 million (2023: CHF 177 million). Refer to note 14 of the consolidated financial statements for further details.
All capital expenditure in 2024 was financed through operational cash flow.
In 2024, the following major investments were made in properties and buildings:
| Location | CHF million | Investments in properties and buildings |
|---|---|---|
| Pennsylvania, USA | 53 | Forest conservation project |
| Others | 2 | |
| Total Group | 55 |
The allocation of investments in other fixed assets, operating and office equipment by category is as follows:
| CHF million | 2024 | 2023 |
|---|---|---|
| Operating equipment | 105 | 119 |
| Vehicles | 18 | 15 |
| Leasehold improvements | 81 | 72 |
| IT hardware | 30 | 33 |
| Office furniture and equipment | 11 | 17 |
| Total Group | 245 | 256 |
The allocation by business unit is as follows:
| CHF million | 2024 | 2023 |
|---|---|---|
| Sea Logistics | 16 | 28 |
| Air Logistics | 17 | 36 |
| Road Logistics | 19 | 23 |
| Contract Logistics | 193 | 169 |
| Total Group | 245 | 256 |
A total of CHF 1,050 million (2023: CHF 738 million) was invested in right-of-use assets. The allocation of investments in right-of-use assets is as follows:
| CHF million | 2024 | 2023 |
|---|---|---|
| Buildings | 751 | 589 |
| Operating equipment | 242 | 85 |
| Vehicles | 57 | 64 |
| Total Group | 1,050 | 738 |
The allocation by business unit is as follows:
| CHF million | 2024 | 2023 |
|---|---|---|
| Sea Logistics | 47 | 41 |
| Air Logistics | 31 | 29 |
| Road Logistics | 40 | 57 |
| Contract Logistics | 932 | 611 |
| Total Group | 1,050 | 738 |
Depreciation of right-of-use assets amounted to CHF 587 million (2023: CHF 544 million). Refer to note 15 of the consolidated financial statements for further details.
Effective January 31, 2024, the Group acquired 100 per cent of the shares of Farrow Group Inc. (Farrow), a Canada-based customs broker, for a purchase price of CHF 168 million. Headquartered in Windsor, Ontario, Canada, Farrow is supported by 830 employees in 41 locations across Canada and the USA. The acquisition complements the Group’s offering for companies that increasingly rely on customs clearance services and supports the growing demand in an environment of increasingly complex international trade regulations.
Effective July 31, 2024, the Group acquired 100 per cent of the shares of City Zone Express Ltd. Group (City Zone Express), a subsidiary of Chasen Holdings Ltd., a Singapore Exchange Mainboard-listed company, for a purchase price of CHF 75 million. Headquartered in Malaysia and established in 2006, City Zone Express has over 500 employees and operates in Malaysia, Singapore, Vietnam, Thailand, and China. With its own fleet of 260 vehicles and 80,000 sqm of warehousing space, City Zone Express offers cross-border logistics services spanning the entirety of Southeast Asia up to China.
On July 24, 2024, Apex management exercised the put options to sell the remaining 3.9 per cent of their retained shares to the Group. The transaction was settled in the Company’s treasury shares at a fair value of CHF 94 million on September 6, 2024. The Group therefore increased its ownership interest in Apex to 75.1 per cent.
For further details, refer to note 28 of the consolidated financial statements.
On November 14, 2024, the Group entered into an agreement to acquire 51 per cent of the shares of IMC Logistics, a leading marine drayage provider in the United States, for a purchase price of CHF 510 million, which was paid in cash on the closing date January 3, 2025.