ANNUAL REPORT 2011 - Kuehne + Nagel

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Sensitivity analysis of goodwill USCO Group Amount of excess (+)/necessary impairment (–) in CHF million depending on: Discount rate CHF million 12.0 per cent 13.0 per cent 14.0 per cent 15.0 per cent Growth rate 0.0 per cent 26 18 10 4 0.5 per cent 30 21 13 6 1.0 per cent 34 24 16 8 1.5 per cent 38 27 18 11 Sensitivity analysis of goodwill ACR Group Amount of excess (+)/necessary impairment (–) in CHF million depending on: Sensitivity analysis of goodwill Alloin Group Amount of excess (+)/necessary impairment (–) in CHF million depending on: Discount rate CHF million 14.0 per cent 15.0 per cent 16.0 per cent 17.0 per cent Growth rate 0.0 per cent 529 478 433 393 0.5 per cent 550 495 448 407 1.0 per cent 572 514 464 420 1.5 per cent 596 535 481 435 Discount rate CHF million 13.0 per cent 14.0 per cent 15.0 per cent 16.0 per cent Growth rate Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes 0.0 per cent 46 33 22 12 0.5 per cent 51 37 26 16 1.0 per cent 57 42 30 19 1.5 per cent 63 47 34 23 85
86 Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes 29 Investments in joint ventures As of December 31, 2011, the following investments in joint ventures are held (all with 50 per cent voting rights/KN share): — KN-ITS S.A.L., Lebanon — Cologic S.A., Luxembourg — Kuehne + Nagel Drinkflow Logistics, Ltd., Great Britain* — Kuehne + Nagel Drinkflow Logistics (Holdings) Ltd., Great Britain — Sindos Railcontainer Services S.A., Greece * During 2010 additional share capital of CHF 36 million was contributed to close existing long-term finance facilities. The table below provides a summary of financial information on joint ventures (100 per cent): CHF million Dec. 31, 2011 Dec. 31, 2010 Non-current assets 54 67 Current assets 59 36 Non-current liabilities – 2 Current liabilities 34 16 Net invoiced turnover 303 376 Earnings for the year – 1 No investments in associates were held at December 31, 2011 and 2010. 30 Work in progress The position increased from CHF 253 million in 2010 to CHF 275 million in 2011 which represents a billing delay of 5 working days against the previous year’s 4.6 working days. 31 Trade receivables CHF million 2011 2010 Trade receivables 2,345 2,134 Impairment allowance –67 –57 Total trade receivables 2,278 2,077 The majority of all billing is done in the respective Group companies’ own functional currencies and is mainly in EUR 45.2 per cent (2010: 47.4 per cent), USD 12.6 per cent (2010: 13.3 per cent) and GBP 8.9 per cent (2010: 6.9 per cent). No trade receivables in 2011 and 2010 are pledged. The Group has a credit insurance program in place, covering trade receivables, focusing mainly on small and medium exposures. The credit insurance policy covers up to 80 per cent of the approved customer credit limit, excluding any items more than 120 days past due. As a company policy, the Group excludes companies meeting certain criteria (so-called blue chip companies) from its insurance program. The Group establishes an impairment allowance that represents its estimate of incurred losses in respect of trade receivables. The two components of this impairment allowance of CHF 67 million (2010: CHF 57 million) are: — specific loss component that relates to individually significant exposure — collective loss component based on historical experience. Trade receivables with credit insurance cover are not included in the impairment allowance. The individual impairment allowance relates to specifically identified customers representing extremely high risk of being declared bankrupt, Chapter 11 companies in the USA and customers operating with significant financial difficulties (such as negative equity). The impairment allowance for individually significant exposures is CHF 42 million at yearend 2011 (2010: CHF 37 million). The collective impairment allowance based on overdue trade receivables is estimated considering past experience of payment statistics. The Group has established a collective impairment allowance of CHF 25 million (2010: CHF 20 million) which represents 2.6 per cent (2010: 2.3 per cent) of total outstanding trade receivables, excluding trade receivables with insurance cover (see above) and trade receivables included in the individual impairment allowance. The majority of the trade receivables not past due relates to customers who have good track record with the Group and are subject to yearly credit risk assessments. Therefore, the Group does not believe that an additional impairment allowance for these trade receivables is necessary.
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NETWORK AND PRODUCT PORTFOLIO KUEHN
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EXPANSION NETWORK AND PRODUCT PORTF
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BEIJING / CHINA MUMBAI / INDIA
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CHINA Kuehne + Nagel offers an exte
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INDIA The new automotive competence
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KUEHNE + NAGEL GROUP KEY DATA CHF m
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2 The Board of Directors KARL GERNA
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4 Report of the Board of Directors
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6 Report of the Board of Directors
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8 REPORT OF THE MANAGEMENT BOARD St
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10 Report of the Managament Board K
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12 Report of the Managament Board u
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14 Status Report _ _ _ _ _ _ Income
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16 Status Report _ _ _ _ _ _ Financ
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18 Status Report _ _ _ _ _ _ Invest
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20 Status Report _ _ _ _ _ _ Shareh
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22 REPORT OF THE BUSINESS UNITS Sea
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24 Report of the Business Units _ _
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Page 51 and 52: 34 Sustainability _ _ _ _ _ _ Human
Page 53 and 54: 36 Sustainability _ _ _ _ _ _ Kuehn
Page 55 and 56: 38 Sustainability _ _ _ _ _ _ Kuehn
Page 57 and 58: 40 Sustainability _ _ _ _ _ _ Quali
Page 59 and 60: 42 Global Network KUEHNE + NAGEL WO
Page 61 and 62: 44 CORPORATE GOVERNANCE Kuehne + Na
Page 63 and 64: 46 Corporate Governance Klaus-Micha
Page 65 and 66: 48 Corporate Governance Dr. Wolfgan
Page 67 and 68: 50 Corporate Governance On invitati
Page 69 and 70: 52 Corporate Governance Management
Page 71 and 72: 54 Corporate Governance The members
Page 73 and 74: 56 CONSOLIDATED FINANCIAL STATEMENT
Page 75 and 76: 58 Consolidated Financial Statement
Page 101: 84 Consolidated Financial Statement
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Page 131 and 132: 114 SIGNIFICANT SUBSIDIARIES AND JO
Page 137 and 138: 120 FINANCIAL STATEMENTS 2011 OF KU
Page 139 and 140: 122 Financial Statements 2011 _ _ _
Page 149 and 150: CORPORATE TIMETABLE 2012 March 5, 2
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ANNUAL REPORT 2011 - Kuehne + Nagel

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