Panalpina Annual Report 2006

More documents

Recommendations

Info

$Eigenes Luftfrachtnetzwerk [pdf | 244 KB] - Panalpina$

$Seefracht [pdf | 181 KB] - Panalpina$

16 A summary of the goodwill allocation per CGU is presented below: The following key assumptions have been used for the value-in-use calculations of each CGU: Consolidated and Annual Financial Statements 2006 in thousand CHF 2006 2005 Panalpina Air & Ocean AG 31,151 31,151 Panalpina World Transport (Nigeria) Ltd. 12,316 12,316 Grampian International Freight Aberdeen & Beverwijk 13,136 12,395 Panalpina World Transport (Singapore) Pte. Ltd. (JANCO acquisition) 4,371 4,341 Total goodwill 60,974 60,203 The management determined budgeted growth rate based on past performance and its expectations for market development. The operating expenses in % of forwarding revenues are consistent with the forecasts and past experience. The WACC used are pre-tax and reflect specific risks relating to the relevant CGUs. Based on the impairment tests of the listed goodwill positions, there was no need for the recognition of any impairment losses in fiscal year 2006. Other liabilities Switzerland Europe Africa Asia Growth rate 1 1.50% 3.50% 4.85% 4.29% Operating expenses in % of forwarding revenues 2 96.43% 90.74% 92.87% 96.87% WACC 3 8.56% 9.34% 32.40% 10.24% 1 Weighted average growth rate used to extrapolate cash flows beyond the budget period 2 Budgeted operating expenses in % of forwarding revenues 3 Pre-tax discount rate applied to the cash flow projections in thousand CHF Outstanding vacation entitlement Claims Employee benefits and others Other liabilities Balance on 1 January 24,504 21,165 22,247 67,916 61,221 Translation differences (275) 79 (196) 2,717 Change in scope of consolidation 0 237 Additional accruals 5,046 1,472 27,038 33,556 30,309 Reversals of other liabilities (6,182) (6,182) (5,209) Charged in income statement 5,046 1,472 20,856 27,374 25,100 Amount paid (4,647) (14,005) (18,652) (21,359) Balance on 31 December 24,628 22,637 29,177 76,442 67,916 Other liabilities include, apart from outstanding vacation entitlement, personnel profit participation, social security and payroll taxes, and current portion of short-term claims payables. Total 2006 Total 2005 Panalpina Annual Report 2006 95
Consolidated and Annual Financial Statements 2006 17 18 96 Panalpina Annual Report 2006 Provisions in thousand CHF Employee benefits provisions include the current portion of net liabilities relating to defined benefit plans of CHF 42.1 million (2005: CHF 29.8 million). The balance for claims represents a provision for certain claims brought forward against the Group by customers and forwarding agents. The balance as at 31 December is expected to be utilized within the next two to three years. Long-term claims include an additional provision for probable potential future payments in connection with transport damages. The management determined the provision based on past performance and its expectation of the funds needed for the future settlement of the claims for the past delivered services which are not yet reported. Deferred taxes Deferred taxes are related to the following balance sheet items: Employee benefits Claims and other provisions Long-term provisions Balance on 1 January 59,104 24,629 83,733 69,722 Translation differences 610 166 776 2,007 Addition 17,207 16,197 33,404 17,006 Reversal of unused amount (1,253) (1,166) (2,419) (1,506) Charged in income statement 15,954 15,031 30,985 15,500 Utilized during the year (3,209) (10,941) (14,150) (3,496) Balance on 31 December 72,459 28,885 101,344 83,733 Deferred tax assets Deferred tax liabilities in thousand CHF 2006 2005 2006 2005 Receivables 8,385 10,290 (1,204) (1,044) Fixed assets 2,936 2,524 (16,870) (14,018) Provisions 12,885 7,365 (1,887) (3,952) Other balance sheet captions 11,023 18,880 (8,348) (15,902) Deductible loss carry forwards 4,493 4,686 0 0 Total 39,722 43,745 (28,309) (34,916) Net deferred tax assets (liabilities) 11,413 8,829 In this summary, deferred tax assets and liabilities are shown gross by balance sheet captions. For balance sheet disclosure purposes, the liabilities and assets are reported net by each subsidiary, resulting in the following balance sheet presentation: in thousand CHF 2006 2005 Deferred tax assets 27,286 29,999 Deferred tax liabilities (15,873) (21,170) Net deferred tax assets (liabilities) 11,413 8,829 Total 2006 Total 2005
Page 1 and 2:
Panalpina Annual Report 2006 A Pass
Page 3 and 4:
A world-class provider of forwardin
Page 5 and 6:
4 Panalpina Annual Report 2006 Inte
Page 7 and 8:
Interview with Gerhard Fischer 6 Pa
Page 9 and 10:
8 Panalpina Annual Report 2006 Repo
Page 11 and 12:
Executive Board Sandro Knecht Regio
Page 13 and 14:
12 Panalpina Annual Report 2006 Rep
Page 15 and 16:
Report of the Executive Board 14 Pa
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
“Demand soaring on a global scale
Page 27 and 28:
Reporting Regions European Regional
Page 29 and 30:
Reporting Regions Noram Regional Co
Page 31 and 32:
Reporting Regions Apac Regional Com
Page 33 and 34:
Marketplace India Soon to be the wo
Page 35 and 36:
Marketplace India 4 Panalpina Annua
Page 37 and 38:
“Rapid tonnage growth: one millio
Page 39 and 40:
8 Panalpina Annual Report 2006
Page 41 and 42:
Core Activities 40 Panalpina Annual
Page 43 and 44:
42 Panalpina Annual Report 2006
Page 45 and 46: “The balance between large, mediu
Page 47 and 48: 46 Panalpina Annual Report 2006 Cus
Page 49 and 50: Customer Groups 48 Panalpina Annual
Page 51 and 52: “Panalpina sees entrepreneurial r
Page 53 and 54: Sustainable Growth 52 Panalpina Ann
Page 61 and 62: Corporate Governance 60 Panalpina A
Page 69 and 70: 68 Panalpina Annual Report 2006
Page 71 and 72: Consolidated and Annual Financial S
Page 95: Consolidated and Annual Financial S
Page 119 and 120: Annual Financial Statement 118 Pana
Page 127 and 128: 126 Panalpina Annual Report 2006 In
Page 129 and 130: 128 Panalpina Annual Report 2006 Pa
Page 131 and 132: 1 0 Panalpina Annual Report 2006 Im
show all

Panalpina Annual Report 2006

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?