Consolidated Financial Statements 2019 of the Kuehne+Nagel Group

Cash Flow Statement

CHF million Note 2019 2018
Cash flow from operating activities    
Earnings for the year   800 772
Adjustments to reconcile earnings for the year to net cash flows:    
Income tax 24 247 222
Financial income 23 –11 –10
Financial expenses 23 29 7
Result from joint ventures and associates   –4 –4
Depreciation of property, plant and equipment 26 206 192
Depreciation of right-of-use assets 27 497
Amortisation of other intangibles 28 65 30
Expenses for share-based compensation plans 20 15 6
Gain on disposal of subsidiaries 22 –1 –7
(Gain)/loss on disposal of property, plant and equipment, net 22 –96 –40
Net addition to provisions for pension plans and severance payments 33 –1 –12
Subtotal operational cash flow   1,7461,156
(Increase)/decrease contract assets   72 95
(Increase)/decrease trade and other receivables, prepayments   217 –480
Increase/(decrease) provisions   11 –4
Increase/(decrease) other liabilities   11 97
Increase/(decrease) trade payables, contract liabilities and accrued trade expenses   –84 32
Income tax paid   –252 –217
Total cash flow from operating activities   1,721679
Cash flow from investing activities
Capital expenditure
     
— Property, plant and equipment 26 –320 –315
— Other intangibles 28 –10 –9
Disposal of property, plant and equipment   245 117
Acquisition of subsidiaries, net of cash acquired 40 –37 –319
Settlement of deferred/contingent considerations from business combinations   –29
Disposal of subsidiaries and associates   1 7
Capital (contributions to)/distributions from joint ventures   –3 1
Dividend received from joint ventures and associates   2 4
Interest received   8 5
Total cash flow from investing activities   –143–509
Cash flow from financing activities    
Proceeds from borrowings and other interest-bearing liabilities   470 340
Repayment of other interest-bearing liabilities   –405 –3
Repayment of lease liabilities 27 –475
Interest paid on borrowings and other interest-bearing liabilities   –11 –7
Interest paid on lease liabilities   –17
Purchase of treasury shares 32 –12
Dividend paid to equity holders of parent company 32 –718 –688
Dividend paid to non-controlling interests   –2 –2
Total cash flow from financing activities   –1,158–372
Exchange difference on cash and cash equivalents   –4 –20
Increase/(decrease) in cash and cash equivalents   416–222
Cash and cash equivalents at the beginning of the year, net 31 488710
Cash and cash equivalents at the end of the year, net 31 904488