ANNUAL REPORT 2011 - Kuehne + Nagel

78
Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes
Reconciliation of the effective tax rate
CHF million 2011 per cent 2010 per cent
Earnings before tax according to the income statement 766 767
Income tax/expected tax rate
Tax effect on
154 20.1 159 20.7
— tax exempt (income)/expenses 12 1.6 15 2.0
— tax losses (utilised)/expired –7 –0.9 –10 –1.3
— change of deferred tax assets not recognised –18 –2.3 –15 –2.0
— under/(over)-provided in previous years 1 0.1 1 0.1
— withholding taxes 9 1.2 7 0.9
— other 9 1.2 5 0.7
Income tax/effective tax rate 160 20.9 162 21.1
Deferred tax assets and liabilities
Assets 1 Liabilities 1 Net 1
CHF million Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010
Property, plant and equipment 34 36 –73 –98 –39 –62
Goodwill and other intangibles 24 18 –54 –50 –30 –32
Trade receivables 17 15 –4 –2 13 13
Other receivables 4 5 –23 –21 –19 –16
Finance lease obligations
Provisions for pension plans and
19 30 – – 19 30
severance payments 8 9 –1 – 7 9
Other liabilities
Tax value of loss carry-forwards
50 46 –1 –2 49 44
recognised 6 7 – – 6 7
Tax assets/(liabilities) 162 166 –156 –173 6 –7
1 of which acquired in business
combinations (opening balance sheet) 4 – –18 – –14 –
The recognised deferred tax assets relating to tax losses carried
forward are expected to be used by the end of the next two
years at the latest.