ANNUAL REPORT 2011 - Kuehne + Nagel

42 Other liabilities
43 Acquisition of businesses/subsidiaries
2011 Acquisitions
The acquisition of businesses and subsidiaries, each individually
immaterial, had the following effect on the Group’s assets and
liabilities in 2011.
Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes
CHF million Dec. 31, 2011 Dec. 31, 2010
Personnel expenses (including social security) 426 389
Other tax liabilities 67 64
Other operating expenses 215 154
Other 56 37
Total 764 644
2011
CHF million Recognised
fair values
Property, plant and equipment 54
Other intangibles 88
Other non-current assets 4
Trade receivables 49
Other current assets 17
Acquired cash and cash equivalents –2
Subtotal assets 210
Trade payables –42
Other current liabilities –30
Non-current liabilities –34
Total identifiable assets and liabilities 104
Attributable to non-controlling interests, based on its fair value –7
Goodwill 121
Total consideration 218
Contingent and deferred consideration –46
Purchase price, paid in cash 172
Acquired cash and cash equivalents 2
Net cash outflow 174
99