ANNUAL REPORT 2011 - Kuehne + Nagel

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Consolidated Financial Statements 2011 _ _ _ _ _ _ Report of the Statutory Auditors on the Consolidated Financial Statements REPORT OF THE STATUTORY AUDITOR ON THE CONSOLIDATED FINANCIAL STATEMENTS TO THE GENERAL MEETING OF SHAREHOLDERS OF KUEHNE + NAGEL INTERNATIONAL AG, SCHINDELLEGI, SWITZERLAND As statutory auditor, we have audited the accompanying consolidated financial statements of Kuehne + Nagel International AG, which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes on the pages 56 to 112 for the year ended December 31, 2011. Board of Directors’ Responsibility The board of directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and the requirements of Swiss law. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The board of directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards as well as International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements for the year ended December 31, 2011, give a true and fair view of the financial position, the results of operations and the cash flows in accordance with International Financial Reporting Standards (IFRS) and comply with Swiss law. Report on Other Legal Requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence. In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of consolidated financial statements according to the instructions of the board of directors. We recommend that the consolidated financial statements submitted to you be approved. KPMG AG Marc Ziegler Lukas Marty Licensed Audit Expert Licensed Audit Expert Auditor in Charge Zurich, March 2, 2012 113
114 SIGNIFICANT SUBSIDIARIES AND JOINT VENTURES* Holding and Management Companies Country Name of the company Location Currency Share capital KN voting share (in 1,000) (in per cent) Switzerland Kuehne + Nagel International AG Schindellegi CHF 120,000 100 Operating Companies Kuehne + Nagel Management AG Schindellegi CHF 1,000 100 Kuehne + Nagel Liegenschaften AG Schindellegi CHF 500 100 Nacora Holding AG Schindellegi CHF 500 100 Nacora Agencies AG Schindellegi CHF 400 100 Kuehne + Nagel Real Estate Holding AG Schindellegi CHF 100 100 South West Europe Country Name of the company Location Currency Share capital KN voting share (in 1,000) (in per cent) Belgium Kuehne + Nagel N.V. Antwerp EUR 6,338 100 Kuehne + Nagel Logistics N.V. Geel EUR 5,206 100 Nacora Insurance Brokers N.V. Brussels EUR 155 100 Logistics Kontich BVBA Antwerp EUR 50 100 Logistics Nivelles SA Nivelles EUR 1,521 100 Kuehne + Nagel Transport SA Nivelles EUR 889 100 France Kuehne + Nagel SAS Ferrières EUR 17,380 100 Kuehne + Nagel Immobilier SCI Ferrières EUR 4 100 Kuehne + Nagel Parts SASU Trappes EUR 87 100 Kuehne + Nagel DSIA SAS Nantes EUR 360 100 Kuehne + Nagel Management SAS Ferrières EUR 570 100 Nacora Courtage d’Assurances SASU Paris EUR 40 100 Kuehne + Nagel Aerospace & Industry SASU Ferrières EUR 37 100 Logistique Distribution Gasocogne SASU Ferrières EUR 37 100 Alloin Transport SAS Villefranche EUR 4,000 100 I.M. Alloin SARL Villefranche EUR 8 100 Alloin Logistique SAS Villefranche EUR 50 100 S.N.C. Almeca Villefranche EUR 32 100 Kuehne + Nagel Participations S.a.r.l. Ferrières EUR 203,630 100 K Logistics SAS Le Meux EUR 91 100 Italy Kuehne + Nagel Srl Milan EUR 4,589 100 Nacora S.R.L Milan EUR 104 70 Luxembourg Kuehne + Nagel S.a.r.l. Contern EUR 5,750 100 Kuehne und Nagel AG Contern EUR 31 100 Kuehne + Nagel Investment S.a.r.l. Contern EUR 200 100 *Cologic S.A. Contern EUR 32 50 Malta Kuehne + Nagel Limited Hamrun EUR 14 100 Portugal Kuehne + Nagel Lda. Porto EUR 165 100 Spain Kuehne & Nagel S.A. Madrid EUR 60 100 Kuehne & Nagel Investments S.L. Madrid EUR 3 100 Nacora Correduria de Seguros S.A. Madrid EUR 150 100 Kuehne & Nagel Network, S.L. Madrid EUR 60 100
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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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34 Sustainability _ _ _ _ _ _ Human
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36 Sustainability _ _ _ _ _ _ Kuehn
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38 Sustainability _ _ _ _ _ _ Kuehn
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40 Sustainability _ _ _ _ _ _ Quali
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42 Global Network KUEHNE + NAGEL WO
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44 CORPORATE GOVERNANCE Kuehne + Na
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46 Corporate Governance Klaus-Micha
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48 Corporate Governance Dr. Wolfgan
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50 Corporate Governance On invitati
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52 Corporate Governance Management
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54 Corporate Governance The members
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56 CONSOLIDATED FINANCIAL STATEMENT
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58 Consolidated Financial Statement
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60 Consolidated Financial Statement
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Page 137 and 138: 120 FINANCIAL STATEMENTS 2011 OF KU
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Page 149 and 150: CORPORATE TIMETABLE 2012 March 5, 2
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ANNUAL REPORT 2011 - Kuehne + Nagel

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