Consolidated Financial Statements 2020 of the Kuehne+Nagel Group

Cash Flow Statement

CHF million Note 2020 2019
Cash flow from operating activities    
Earnings for the year   789 800
Adjustments to reconcile earnings for the year to net cash flows:    
Income tax 24 270 247
Financial income 23 –9 –11
Financial expenses 23 22 29
Result from joint ventures and associates   –2 –4
Depreciation of property, plant and equipment 26 185 206
Depreciation of right-of-use assets 26/27 506 497
Amortisation of other intangibles 28 40 54
Impairment of assets 28/40/47 119 11
Expenses for share-based compensation plans 34 13 15
(Gain)/loss on disposal of subsidiaries and associates 22 –1
(Gain)/loss on disposal of property, plant and equipment, net 22 –25 –96
Net addition to provisions for pension plans and severance payments 33 –4 –1
Subtotal operational cash flow   1,9041,746
(Increase)/decrease contract assets   –63 72
(Increase)/decrease trade and other receivables, prepayments   –74 217
Increase/(decrease) provisions   27 11
Increase/(decrease) other liabilities   –123 11
Increase/(decrease) trade payables, contract liabilities and accrued trade expenses   353 –84
Income taxes paid   –306 –252
Total cash flow from operating activities   1,7181,721
Cash flow from investing activities    
Capital expenditure      
— Property, plant and equipment 26 –177 –320
— Other intangibles 28 –9 –10
Disposal of property, plant and equipment   430 245
Acquisition of subsidiaries, net of cash acquired 40 –35 –37
Settlement of deferred/contingent considerations from business combinations   –53 –29
Disposal of subsidiaries and associates   1
Capital (contributions to)/distributions from joint ventures and associates   –3 –3
Dividend received from joint ventures and associates   2 2
Interest received   3 8
Total cash flow from investing activities   158–143
Cash flow from financing activities    
Proceeds from borrowings and other interest-bearing liabilities   470
Repayment of other interest-bearing liabilities   –1 –405
Repayment of lease liabilities 27 –497 –475
Interest paid on borrowings and other interest-bearing liabilities   –8 –11
Interest paid on lease liabilities   –14 –17
Purchase of treasury shares 32 –37
Dividend paid to equity holders of parent company 32 –478 –718
Dividend paid to non-controlling interests   –1 –2
Total cash flow from financing activities   –1,036–1,158
Foreign exchange difference on cash and cash equivalents   –31 –4
Increase/(decrease) in cash and cash equivalents   809416
Cash and cash equivalents at the beginning of the year, net 31 904488
Cash and cash equivalents at the end of the year, net 31 1,713904