ANNUAL REPORT 2011 - Kuehne + Nagel

CHF million Pension plans Severance Total
payments
Balance as of January 1, 2010 273 34 307
Addition through business combinations 1 – 1
Provisions made 21 11 32
Provisions used –22 –4 –26
Actuarial (gains)/losses recognised in equity, excluding tax 17 – 17
Effect of movements in foreign exchange –42 –5 –47
Balance as of December 31, 2010 248 36 284
Addition through business combinations – – –
Provisions made 20 2 22
Provisions used –17 –2 –19
Actuarial (gains)/losses recognised in equity, excluding tax 17 – 17
Effect of movements in foreign exchange –7 –1 –8
Balance as of December 31, 2011 261 35 296
2011 2010
CHF million Funded Unfunded Total Funded Unfunded Total
plans plans plans plans
Present value of obligations 161 218 379 126 220 346
Fair value of plan assets –118 – –118 –98 – –98
Present value of net obligations
Recognised liability for
43 218 261 28 220 248
defined benefit obligations 43 218 261 28 220 248
Pension plan assets
Debt securities 68 – 68 60 – 60
Equity securities 27 – 27 17 – 17
Property 9 – 9 8 – 8
Others 14 – 14 13 – 13
Total 118 – 118 98 – 98
The pension plan assets are held in multi-employer funded
plans. The Group is not in a position to state whether the funded
Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes
plans contain any investments in shares of Kuehne + Nagel
International AG or in any property occupied by the Group.
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