Status Report
Financial Position
In 2018, total assets and liabilities of the Group increased by CHF 421 million to CHF 7,878 million compared to 2017. The amount of cash and cash equivalents decreased by CHF 221 million, mainly due to changes in working capital through strong volume growth in Sea and Airfreight and higher capital expenditure in Contract Logistics. For the acquisition of Quick International Courier, a transaction that closed on December 31, 2018, the Group has entered into a short term bank loan agreement. For details of changes in the balance sheet and cash flow statement, please refer to the Consolidated Financial Statements.
Trade receivables amounting to CHF 3,872 million represent the most significant asset of the Kuehne + Nagel Group. The days of trade receivables outstanding remained stable with 54.2 days of December 2018, compared to 53.9 of December 2017.
As of December 31, 2018, the equity of the Group remained largely unchanged at CHF 2,324 million compared to CHF 2,327 million as of December 31, 2017, which represents an equity ratio of 29.5 per cent (2017: 31.2 per cent).
Developments of other key financial indicators on capital structure are shown in the following table:
Kuehne + Nagel Group key figures on capital structure
| Key figures on capital structure | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| 1 Equity ratio (in per cent) | 29.5 | 31.2 | 34.2 | 34.9 | 37.1 |
| 2 Return on equity (in per cent) | 32.4 | 32.1 | 32.8 | 28.7 | 24.9 |
| 3 Debt ratio (in per cent) | 70.5 | 68.8 | 65.8 | 65.1 | 62.9 |
| 4 Short-term ratio of indebtedness (in per cent) | 61.9 | 60.5 | 55.7 | 55.3 | 52.7 |
| 5 Intensity of long-term indebtedness (in per cent) | 8.6 | 8.3 | 10.1 | 9.9 | 10.2 |
| 6 Fixed assets coverage ratio (in per cent) | 107.4 | 120.5 | 126.9 | 122.2 | 143.6 |
| 7 Working capital (in CHF million) | 206 | 502 | 595 | 496 | 949 |
| 8 Receivables terms (in days) | 54.2 | 53.9 | 46.6 | 44.4 | 44.4 |
| 9 Vendor terms (in days) | 61.5 | 69.0 | 60.2 | 55.1 | 54.9 |
| 10 Intensity of capital expenditure (in per cent) | 35.5 | 32.8 | 34.9 | 36.6 | 32.9 |
1 Total equity in relation to total assets at the end of the year.
2 Net earnings for the year in relation to share capital + reserves + retained earnings as of January 1 of the current year less dividend paid during the current year as of the date of distribution + capital increase (incl. share premium) as of the date of payment.
3 Total liabilities – equity in relation to total assets.
4 Short-term liabilities in relation to total assets.
5 Long-term liabilities in relation to total assets.
6 Total equity (including non-controlling interests) + long-term liabilities in relation to non-current assets.
7 Total current assets less current liabilities.
8 Turnover in relation to receivables outstanding at the end of the current year.
9 Expenses for services from third parties in relation to trade liabilities/accrued trade expenses at the end of the current year.
10 Non-current assets in relation to total assets.
Assets
Liabilities
