| Kuehne+Nagel Group CHF million |
FY 2023 | FY 20212 | Δ | Q4 2023 | Q4 2022 | Δ |
| Net turnover | 23,849 | 39,398 | -40% | 5,690 | 8,795 | -35% |
| Gross profit | 8,787 | 11,109 | -21% | 2,059 | 2,499 | -18% |
| EBITDA | 2,678 | 4,532 | -41% | 520 | 843 | -38% |
| EBIT | 1,903 | 3,763 | -49% | 322 | 644 | -50% |
| Net earnings | 1,464 | 2,810 | -48% | 283 | 494 | -43% |
* Proposal to the Annual General Meeting on May 9, 2023
The Group's net turnover amounted to CHF 23.8 billion in 2023, EBIT to CHF 1.9 billion and net profit to CHF 1.5 billion. In the fourth quarter one-off redundancy costs of CHF 53 million were recorded. The conversion rate, which describes the ratio of EBIT to the gross profit, was 22%.
Stefan Paul, CEO of Kuehne+Nagel International AG:
"Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment. We adjusted our cost base to market conditions by intensifying restructuring measures in the fourth quarter. At the same time, we succeeded in gaining market share in Sea Logistics, especially in the SME segment. We signed two important acquisitions with Morgan Cargo from South Africa and Farrow from Canada. We are making solid progress toward our Roadmap 2026 goals."
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