KUEHNE UND NAGEL INTERNATIONAL AG Condensed Consolidated Interim Financial Statements 2021
Quarterly Report 2024
Condensed
Consolidated
Interim Financial
Statements 2024
(unaudited)
January - March 2024
Condensed consolidated interim financial statements 2024 | 3 |
Contents
Income statement | 4 |
Statement of comprehensive income | 5 |
Balance sheet | 6 |
Statement of changes in equity | 8 |
Cash flow statement | 10 |
Notes to the condensed consolidated interim financial statements | 12 |
Financial calendar | 23 |
Schindellegi, April 19, 2024
4 | Condensed consolidated interim financial statements 2024 |
Income statement
January - March | |||||
CHF million | 2024 | 2023 | Variance | ||
in per cent | |||||
Net turnover | 5,508 | 6,748 | -18.4 | ||
Net expenses for services from third parties | -3,432 | -4,354 | |||
Gross profit | 2,076 | 2,394 | -13.3 | ||
Personnel expenses | -1,167 | -1,236 | |||
Selling, general and administrative expenses | -337 | -368 | |||
Other operating income/expenses, net | 4 | 13 | |||
EBITDA | 576 | 803 | -28.3 | ||
Depreciation of property, plant and equipment | -44 | -43 | |||
Depreciation of right-of-use assets | -142 | -134 | |||
Amortisation of other intangibles | -14 | -14 | |||
EBIT | 376 | 612 | -38.6 | ||
Financial income | 7 | 20 | |||
Financial expenses | -14 | -5 | |||
Result from joint ventures and associates | 1 | 1 | |||
Earnings before tax (EBT) | 370 | 628 | -41.1 | ||
Income tax | -92 | -166 | |||
Earnings | 278 | 462 | -39.8 | ||
Attributable to: | |||||
Equity holders of the parent company | 273 | 456 | -40.1 | ||
Non-controlling interests | 5 | 6 | |||
Earnings | 278 | 462 | -39.8 | ||
Basic earnings per share in CHF | 2.31 | 3.83 | -39.7 | ||
Diluted earnings per share in CHF | 2.30 | 3.81 | -39.6 |
Income statement/Statement of comprehensive income | 5 |
Statement of comprehensive income
January - March | ||||
CHF million | 2024 | 2023 | ||
Earnings | 278 | 462 | ||
Other comprehensive income | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign exchange differences | 146 | -44 | ||
Items that will not be reclassified to profit or loss: | ||||
Actuarial gains/(losses) on defined benefit plans | 5 | -5 | ||
Income tax on actuarial gains/(losses) on defined benefit plans | -1 | 1 | ||
Total other comprehensive income, net of tax | 150 | -48 | ||
Total comprehensive income | 428 | 414 | ||
Attributable to: | ||||
Equity holders of the parent company | 401 | 411 | ||
Non-controlling interests | 27 | 3 |
6 | Condensed consolidated interim financial statements 2024 |
Balance sheet
CHF million | Mar. 31, 2024 |
Dec. 31, 2023
Mar. 31, 2023
Assets
Property, plant and equipment | 871 | 762 | 749 | |||
Right-of-use assets | 1,953 | 1,534 | 1,497 | |||
Goodwill | 2,286 | 2,034 | 2,187 | |||
Other intangibles | 135 | 121 | 166 | |||
Investments in joint ventures and associates | 31 | 28 | 37 | |||
Deferred tax assets | 181 | 175 | 223 | |||
Non-current assets | 5,457 | 4,654 | 4,859 | |||
Prepayments | 229 | 130 | 187 | |||
Contract assets | 253 | 267 | 384 | |||
Trade receivables | 4,055 | 3,634 | 4,445 | |||
Other receivables | 175 | 161 | 204 | |||
Income tax receivables | 121 | 114 | 26 | |||
Cash and cash equivalents | 1,797 | 2,011 | 3,979 | |||
Current assets | 6,630 | 6,317 | 9,225 | |||
Total assets | 12,087 | 10,971 | 14,084 |
Balance sheet | 7 |
CHF million | Mar. 31, 2024 |
Dec. 31, 2023
Mar. 31, 2023
Liabilities and equity
Share capital | 121 | 121 | 121 | ||
Reserves and retained earnings | 3,110 | 1,601 | 3,793 | ||
Earnings | 273 | 1,431 | 456 | ||
Equity attributable to the equity holders of the parent company | 3,504 | 3,153 | 4,370 | ||
Non-controlling interests | 6 | 6 | 7 | ||
Equity | 3,510 | 3,159 | 4,377 | ||
Provisions for pension plans and severance payments | 277 | 270 | 258 | ||
Deferred tax liabilities | 96 | 88 | 97 | ||
Borrowings | 200 | 200 | 200 | ||
Non-current provisions | 53 | 54 | 65 | ||
Other non-current liabilities | 880 | 830 | 1,151 | ||
Non-current lease liabilities | 1,494 | 1,128 | 1,086 | ||
Non-current liabilities | 3,000 | 2,570 | 2,857 | ||
Bank and other interest-bearing liabilities | 23 | 3 | 19 | ||
Trade payables | 2,120 | 2,012 | 2,200 | ||
Contract liabilities | 129 | 154 | 262 | ||
Accrued trade expenses | 1,171 | 1,072 | 1,674 | ||
Income tax liabilities | 267 | 244 | 451 | ||
Current provisions | 97 | 108 | 110 | ||
Other current liabilities | 1,225 | 1,162 | 1,640 | ||
Current lease liabilities | 545 | 487 | 494 | ||
Current liabilities | 5,577 | 5,242 | 6,850 | ||
Total liabilities and equity | 12,087 | 10,971 | 14,084 |
Schindellegi, April 19, 2024
Kuehne + Nagel International AG
Stefan Paul | Markus Blanka-Graff |
CEO | CFO |
8 | Condensed consolidated interim financial statements 2024 |
Statement of changes in equity
CHF million | Share capital | Share premium | |
121 | 592 | ||
Balance as of January 1, 2024 | |||
Earnings | - | - | |
Other comprehensive income |
Foreign exchange differences | - |
Actuarial gains/(losses) on defined benefit plans, net of tax | - |
Total other comprehensive income, net of tax | - |
Total comprehensive income | - |
Purchase of treasury shares 1 | - |
Expenses for share-based compensation plans | - |
Transaction with non-controlling interests 2 | - |
Balance as of March 31, 2024 | 121 |
-
-
-
-
-
-
-
592
- Refer to note 12 for further details.
- The movement in retained earnings relates to written put options on non-controlling interests in connection with the Apex and Morgan Cargo acquisitions, see note 28 of the consolidated financial statements for the year ended December 31, 2023.
CHF million | Share capital |
Share premium
Balance as of January 1, 2023 | 121 | 606 | |
Earnings | - | - | |
Other comprehensive income | |||
Foreign exchange differences | - | - | |
Actuarial gains/(losses) on defined benefit plans, net of tax | - | - | |
Total other comprehensive income, net of tax | - | - | |
Total comprehensive income | - | - | |
Purchase of treasury shares 1 | - | - | |
Dividend paid | - | - | |
Expenses for share-based compensation plans | - | - | |
Transaction with non-controlling interests 2 | - | - | |
Balance as of March 31, 2023 | 121 | 606 |
- Refer to note 12 for further details.
- The movement in retained earnings relates to written put options on non-controlling interests in connection with the Apex and Morgan Cargo acquisitions, see note 28 of the consolidated financial statements for the year ended December 31, 2023.
Statement of changes in equity | 9 |
Treasury shares
-602
-
-
-
-
-
-29
-
-
-631
Cumulative | Total equity | |||||
Actuarial gains/ | attributable to the | |||||
translation | equity holders | Non-controlling | Total equity | |||
adjustment | (losses) | Retained earnings | of parent company | |||
interests | ||||||
-1,811 | -101 | 4,954 | 3,153 | 6 | 3,159 | |
- | - | 273 | 273 | 5 | 278 | |
124 | - | - | 124 | 22 | 146 | |
- | 4 | - | 4 | - | 4 | |
124 | 4 | - | 128 | 22 | 150 | |
124 | 4 | 273 | 401 | 27 | 428 | |
- | - | - | -29 | - | -29 | |
- | - | 7 | 7 | - | 7 | |
22 | - | -50 | -28 | -27 | -55 | |
-1,665 | -97 | 5,184 | 3,504 | 6 | 3,510 |
Treasury shares
Cumulative translation adjustment
Actuarial gains/ (losses)
Retained earnings
Total equity attributable to the equity holders of parent company
Non-controlling interests
Total equity
-270 | -1,406 | -65 | 5,154 | 4,140 | 7 | 4,147 | |
- | - | - | 456 | 456 | 6 | 462 | |
- | |||||||
-41 | - | - | -41 | -3 | -44 | ||
- | - | -4 | - | -4 | - | -4 | |
- | -41 | -4 | - | -45 | -3 | -48 | |
- | -41 | -4 | 456 | 411 | 3 | 414 | |
-206 | - | - | - | -206 | - | -206 | |
- | - | - | - | - | -1 | -1 | |
- | - | - | 6 | 6 | - | 6 | |
- | -3 | - | 22 | 19 | -2 | 17 | |
-476 | -1,450 | -69 | 5,638 | 4,370 | 7 | 4,377 |
10 | Condensed consolidated interim financial statements 2024 |
Cash flow statement
January - March | ||||||
CHF million | Note | 2024 | 2023 | Variance | ||
Cash flow from operating activities | ||||||
Earnings | 278 | 462 | ||||
Adjustments to reconcile earnings to net cash flows: | ||||||
Income tax | 92 | 166 | ||||
Financial income | -7 | -20 | ||||
Financial expenses | 14 | 5 | ||||
Result from joint ventures and associates | -1 | -1 | ||||
Depreciation of property, plant and equipment | 44 | 43 | ||||
Depreciation of right-of-use assets | 142 | 134 | ||||
Amortisation of other intangibles | 14 | 14 | ||||
Expenses for share-based compensation plans | 7 | 6 | ||||
(Gain)/loss on disposal of property, plant and equipment, net | -1 | -10 | ||||
Net addition to provisions for pension plans and severance payments | 2 | - | ||||
Subtotal operational cash flow | 584 | 799 | -215 | |||
(Increase)/decrease contract assets | 31 | 154 | ||||
(Increase)/decrease trade and other receivables, prepayments | -330 | 762 | ||||
Increase/(decrease) provisions | -18 | -3 | ||||
Increase/(decrease) other liabilities | 4 | -86 | ||||
Increase/(decrease) trade payables, contract liabilities and accrued trade expenses | -20 | -838 | ||||
Income taxes paid | -76 | -213 | ||||
Total cash flow from operating activities | 175 | 575 | -400 |
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Kuehne + Nagel International AG published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 04:49:01 UTC.
