ANNUAL REPORT 2011 - Kuehne + Nagel

The trade receivables comprise gross contractual amounts due
of CHF 52 million, of which CHF 3 million were expected to be
uncollectible at the acquisition date.
Goodwill of CHF 121 million arose on these acquisitions
because certain intangible assets did not meet the IFRS 3 criteria
for the recognition as intangible assets at the date of acquisition.
These assets mainly consist of management expertise and
workforce. An amount of CHF 32 million of goodwill is expected
to be deductible for tax purposes. Other intangibles of CHF 88
million recognised on these acquisitions represent non-contractual
customer lists having a useful life of 3 to 7 years.
In the 2011 three quarterly condensed consolidated financial
statements, the initial accounting for the acquisitions made in
2011 was only determined provisionally. No material adjustments
to the values previously reported were deemed necessary
after having finalised the acquisition accounting.
The initial accounting for the acquisitions made from October 1,
2011, and onwards has only been determined provisionally. It is
not feasible to provide detailed information about the assets
and liabilities at this stage.
Effective December 1, the Group acquired an additional 12.5 per
cent of the shares of Amex Ltd., Israel, in which the Group previously
owned 75 per cent, for a purchase price of CHF 2 million,
which has been paid in cash. The difference between the purchase
price paid and the net assets acquired has been recognised
in equity.
Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes
2010 Acquisitions
There were no significant acquisitions of subsidiaries in the
year 2010.
Effective August 4, 2010, a business, mainly comprising a customer
list, was acquired from a domestic road transport operator
in India. The purchase price paid in cash was CHF 3 million.
44 Personnel
Number Dec. 31, 2011 Dec. 31, 2010
Europe 43,771 40,910
Americas 9,389 7,791
Asia-Pacific
Middle East,
7,195 6,363
Central Asia and Africa 2,755 2,472
Total employees (unaudited) 63,110 57,536
Full-time equivalent 71,884 66,045
Employees within the Group are defined as persons with valid
employment contracts as of December 31, on payroll of the Group.
Full-time equivalent is defined as all for the Kuehne + Nagel
Group – including part-time (monthly, weekly, daily or hourly) –
working persons with or without permanent contract of which all
expenses are recorded in the personnel expenses. Whereby pro
rata temporis employment, has been recalculated into the number
of full-year employees. The number, derived as described, is
disclosed in the table above.
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