ANNUAL REPORT 2011 - Kuehne + Nagel

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Operational cash flow CHF million Operational expenses CHF million Communication, travel, and selling expenses Administrative expenses Vehicle and operational expenses Facility expenses Personnel expenses Status Report _ _ _ _ _ _ Income 1,015 893 992 978 1,250 1,020 885 1,004 978 2008 2009 2010 2011 5,249 202 242 560 727 3,518 4,959 151 206 532 729 3,341 4,975 158 205 524 697 3,391 2008 2009 2010 2011 4,928 160 214 535 633 3,386 1,000 750 500 250 0 6,000 5,000 4,000 3,000 2,000 1,000 0 EBITDA CHF million 2008 2009 2010 2011 Earnings for the year CHF million 588 471 605 606 2008 2009 2010 2011 1,250 1,000 750 500 250 0 800 600 400 200 0 15
16 Status Report _ _ _ _ _ _ Financial position Financial position Total assets and liabilities of the Group increased by CHF 200 million to CHF 6,141 million compared to 2010. The changes are mainly an increase in property, plant and equipment, and other intangibles assets due to acquisitions; details can be found in notes 27 and 28 to the Consolidated Financial Statements. Cash and cash equivalents decreased by CHF 480 million mainly due to investment in Financial Instruments (CHF 252 million), increased investing activities, repayment of capital contribution and dividend payout; for further information, refer to the cash flow statement on page 60. Kuehne + Nagel Group key figures on capital structure Trade receivables amounting to CHF 2,278 million represent the most significant asset of the Kuehne + Nagel Group. The days outstanding of 42.2 days in 2011 increased from 37.8 days in 2010. The equity of the Group has increased by CHF 35 million to CHF 2,405 million; this represents an equity ratio of 39.2 per cent (2010: 40.0 per cent). Developments of other key figures on capital structure are shown in the following table: 2008 2009 2010 2011 1 Equity ratio (in per cent) 37.3 38.6 40.0 39.2 2 Return on equity (in per cent) 24.8 21.2 25.5 24.9 3 Debt ratio (in per cent) 62.7 61.4 60.0 60.8 4 Short-term ratio of indebtedness (in per cent) 54.1 49.5 49.7 51.2 5 Intensity of long-term indebtedness (in per cent) 8.6 11.9 10.3 9.6 6 Fixed assets coverage ratio (in per cent) 136.9 122.0 145.1 133.9 7 Working capital (in CHF million) 632 540 929 758 8 Receivables terms (in days) 37.6 40.6 37.8 42.2 9 Vendor terms (in days) 44.0 53.9 48.0 51.2 10 Intensity of capital expenditure (in per cent) 33.6 41.4 34.6 36.5 1 Total equity in relation to total assets at the end of the year. 2 Net earnings for the year in relation to share + reserves + retained earnings as of January 1 of the current year less dividend paid during the current year as of the date of distribution + capital increase (incl. share premium) as of the date of payment. 3 Total liabilities – equity in relation to total assets. 4 Short-term liabilities in relation to total assets. 5 Long-term liabilities in relation to total assets. 6 Total equity (including non-controlling interests) + long-term liabilities in relation to non-current assets. 7 Total current assets less current liabilities. 8 Turnover in relation to receivables outstanding at the end of the current year. 9 Expenses for services from third parties in relation to trade liabilities ⁄accrued trade expenses at the end of the current year. 10 Non-current assets in relation to total assets.
Page 1 and 2: NETWORK AND PRODUCT PORTFOLIO KUEHN
Page 3 and 4: EXPANSION NETWORK AND PRODUCT PORTF
Page 11 and 12: BEIJING / CHINA MUMBAI / INDIA
Page 13 and 14: CHINA Kuehne + Nagel offers an exte
Page 15 and 16: INDIA The new automotive competence
Page 17 and 18: KUEHNE + NAGEL GROUP KEY DATA CHF m
Page 19 and 20: 2 The Board of Directors KARL GERNA
Page 21 and 22: 4 Report of the Board of Directors
Page 23 and 24: 6 Report of the Board of Directors
Page 25 and 26: 8 REPORT OF THE MANAGEMENT BOARD St
Page 27 and 28: 10 Report of the Managament Board K
Page 29 and 30: 12 Report of the Managament Board u
Page 31: 14 Status Report _ _ _ _ _ _ Income
Page 35 and 36: 18 Status Report _ _ _ _ _ _ Invest
Page 37 and 38: 20 Status Report _ _ _ _ _ _ Shareh
Page 39 and 40: 22 REPORT OF THE BUSINESS UNITS Sea
Page 41 and 42: 24 Report of the Business Units _ _
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
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66 Consolidated Financial Statement
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100 Consolidated Financial Statemen
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114 SIGNIFICANT SUBSIDIARIES AND JO
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120 FINANCIAL STATEMENTS 2011 OF KU
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122 Financial Statements 2011 _ _ _
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CORPORATE TIMETABLE 2012 March 5, 2
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ANNUAL REPORT 2011 - Kuehne + Nagel

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