Consolidated Financial Statements 2018 of the Kuehne + Nagel Group
Cash Flow Statement
| CHF million | Note | 2018 | 2017 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Earnings for the year | 772 | 740 | |
| Reversal of non-cash items: | |||
| Income tax | 24 | 222 | 215 |
| Financial income | 23 | –10 | –16 |
| Financial expenses | 23 | 7 | 4 |
| Result from joint ventures and associates | –4 | –6 | |
| Depreciation of property, plant and equipment | 26 | 192 | 172 |
| Amortisation of other intangibles | 27 | 30 | 41 |
| Expenses for share-based compensation plans | 20 | 6 | 10 |
| Gain on disposal of subsidiaries | 22 | –7 | – |
| (Gain)/loss on disposal of property, plant and equipment, net | 22 | –40 | –9 |
| Net addition to provisions for pension plans and severance payments | 34 | –12 | –3 |
| Subtotal operational cash flow | 1,156 | 1,148 | |
| (Increase)/decrease contract assets/work in progress | 95 | –106 | |
| (Increase)/decrease trade and other receivables, prepayments | –480 | –760 | |
| Increase/(decrease) provisions | –4 | –16 | |
| Increase/(decrease) other liabilities | 97 | 33 | |
| Increase/(decrease) trade payables, contract liabilities and accrued trade expenses/deferred income | 32 | 721 | |
| Income taxes paid | –217 | –240 | |
| Total cash flow from operating activities | 679 | 780 | |
| Cash flow from investing activities Capital expenditure | |||
| — Property, plant and equipment | 26 | –315 | –225 |
| — Other intangibles | 27 | –9 | –13 |
| Disposal of property, plant and equipment | 117 | 91 | |
| Acquisition of subsidiaries, net of cash acquired | 41 | –319 | –107 |
| Disposal of subsidiaries | 4 | 7 | – |
| (Increase)/decrease of share capital in joint ventures | 1 | 1 | |
| Dividend received from joint ventures and associates | 4 | 3 | |
| Interest received | 5 | 5 | |
| Total cash flow from investing activities | –509 | –245 | |
| Cash flow from financing activities | |||
| Proceeds from interest-bearing liabilities | 340 | – | |
| Repayment of interest-bearing liabilities | –3 | –4 | |
| Interest paid | –7 | –4 | |
| Purchase of treasury shares | 33 | –12 | – |
| Disposal of treasury shares | 33 | – | 1 |
| Dividend paid to equity holders of parent company | 33 | –688 | –658 |
| Dividend paid to non-controlling interests | –2 | –2 | |
| Acquisition of non-controlling interests | 41 | – | –3 |
| Total cash flow from financing activities | –372 | –670 | |
| Exchange difference on cash and cash equivalents | –20 | 8 | |
| Increase/(decrease) in cash and cash equivalents | –222 | –127 | |
| Cash and cash equivalents at the beginning of the year, net | 32 | 710 | 837 |
| Cash and cash equivalents at the end of the year, net | 32 | 488 | 710 |