| CHF million | 2019 | 2018 |
Variance in per cent |
|---|---|---|---|
| Turnover | 25,295 | 24,825 | 1.9 |
| Net turnover | 21,094 | 20,774 | 1.5 |
| Gross profit | 7,981 | 7,709 | 3.5 |
| Gross profit in per cent of net turnover | 37.8 | 37.1 | |
| EBITDA 1 | 1,829 | 1,209 | 51.3 |
|
EBIT In per cent of net turnover In per cent of gross profit | 1,061 5.0 13.3 |
987 4.8 12.8 | 7.5 |
| Earnings for the year | 800 | 772 | 3.6 |
| Earnings for the year (Kuehne+Nagel share) | 798 | 770 | 3.6 |
| Earnings per share basic (in CHF) | 6.67 | 6.43 | 3.7 |
| Operational cash flow 1 | 1,746 | 1,156 | 51.0 |
| Capital expenditures for fixed assets | 320 | 315 | 1.6 |
| Total employees at year end | 83,161 | 81,900 | 1.5 |
| Total full-time equivalents of employees at year end | 78,448 | 77,416 | 1.3 |
1 Prior year figures have not been restated for the impact of IFRS 16 Leases.
As of January 1, 2019, the Group applies, for the first time, IFRS 16 Leases. IFRS 16 requires the Group to recognise a majority of the previously off balance sheet lease contracts on the balance sheet. As of January 1, 2019, CHF 1,753 million of right-of-use assets and lease liabilities were recognised on the balance sheet. The Group applied the cumulative catch-up approach, adjusting balances as of January 1, 2019, without restatement of previous periods. The depreciation of right-of-use assets and interest expense on the lease liabilities also impacts reported earnings, in particular EBITDA. EBITDA for the year was positively impacted by CHF 508 million. There were no material impacts on EBIT and Earnings after tax.
Kuehne+Nagel’s net turnover increased in 2019 by CHF 320 million or 1.5 per cent and gross profit increased by CHF 272 million or 3.5 per cent com-pared to the previous year.
In 2019, EBIT increased by CHF 74 million or 7.5 per cent. At constant exchange rates and excluding acquisitions the increase would have been CHF 102 million or 10.3 per cent. The Group increased earnings for the year 2019 by CHF 28 million or 3.6 per cent compared to 2018, in constant currencies and excluding acquisitions by CHF 47 million or 6.0 per cent.
Capital expenditure in fixed assets increased by CHF 5 million or 1.6 per cent to CHF 320 million compared to the previous year.
In 2019, the Kuehne+Nagel Group increased the number of employees year-on-year by 1,261 or 1.5 per cent from 81,900 to 83,161 employees. The number of full time equivalents of employees reached 78,448 versus 77,416, which is an increase of 1,032 or 1.3 per cent.