ANNUAL REPORT 2011 - Kuehne + Nagel

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.