K&N reported CHF796mn net profit for 22Q2, up 78% YoY but down 4% QoQ, in line with the consensus estimates in the capital market. Seafreight segment contributed 55% of K&N's EBIT YTD, which was once the normal EBIT mix for K&N before 2015. K&N has more than doubled its dividend pay out during 22H1 to CHF1.2bn, comparing to 21H1's CHF0.5bn. Another CHF550mn were used in share buyback. Those distributions helped lower K&N's net cash position from CHF416mn at end of 2021 to CHF258mn at end of 22