PDF, 4MB - Panalpina Annual Report 2012

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120 Financial Report Consolidated Financial Statements Employee provisions mostly relate to certain employee benefit obligations, such as “anniversary” benefits, termination payments and long service benefits, mainly in Switzerland, Germany, Austria, Italy, France and the USA. The timings of these cash outflows can be reasonably estimated based on past performance. In addition, employee provisions include the liability of CHF 363 thousand (2011: CHF 2,527 thousand) for the cash-settled compensation plan. Significant provisions are discounted by using the corresponding discount rate applicable in the respective countries where the obligation occurs. The balance for claims represents a provision for certain claims brought forward against the Group by customers and forwarding agents. The balance as of December 31, 2012 is expected to be utilized within the next two to five years. Long-term claims include an additional provision for probable potential future payments in connection with transport damages of CHF 5.3 million (2011: CHF 1.5 million). In addition CHF 7.7 million was recognized for personnel tax exposure in 2012. Furthermore, in 2010, a long-term provision in the amount of CHF 38.0 million was recorded to cover the fines, legal penalties and compliance consultancy fees relating to the settlement of the US Foreign Corrupt Practices Act (FCPA). In the period under review the current portion of CHF 17.1 million (2011: CHF 16.6 million) has been reclassified to provisions and other liabilities as it is expected to be utilized within one year. The management determined the provision based on past performance and its expectation of the funds needed for the future settlement of the claims which are not yet reported (see also note 4 Critical accounting estimates and judgments). The current portion of employee provisions and claim provisions are disclosed in note 28. 27 Deferred income taxes Deferred taxes are related to the following statement of financial position items: in thousand CHF Balance January 1, 2011 Recognized translation differences Recognized in income statement Recognized in OCI Balance December 31, 2011 Recognized translation differences Recognized in income statement Recognized in OCI Balance December 31, 2012 Deferred tax assets Receivables 1,263 (4) 1,278 0 2,537 16 726 0 3,279 Fixed assets 3,195 (10) 180 0 3,365 22 260 0 3,647 Provisions 18,673 (56) 1,195 (410) 19,402 123 2,047 (2,264) 19,308 Other statement of financial position captions 11,456 (35) (6,305) 0 5,116 33 1,079 0 6,228 Deductible loss carryforwards 31,284 (94) 703 0 31,893 204 1,233 0 33,330 Total deferred tax assets 65,871 (199) (2,949) (410) 62,313 398 5,345 (2,264) 65,792 Deferred tax liabilities Receivables (509) 0 104 0 (405) (1) (806) 0 (1,212) Fixed assets (9,738) 7 (2,152) 0 (11,883) (20) (3,507) 0 (15,410) Provisions (2,107) 1 (5,563) 5,829 (1,840) (3) 3,147 1,153 2,457 Other statement of financial position captions (8,391) 6 8,021 0 (364) (1) (1,681) 0 (2,046) Deductible loss carryforwards 0 0 0 0 0 0 0 0 0 Total deferred tax liabilities (20,745) 14 410 5,829 (14,492) (25) (2,847) 1,153 (16,211) Net deferred tax assets (liabilities) 45,126 (185) (2,539) 5,419 47,821 373 2,498 (1,111) 49,581 Annual Report 2012
Financial Report Consolidated Financial Statements 121 The gross movement in the deferred income tax account is as follows: in thousand CHF 2012 2011 Balance January 1 47,821 45,126 Translation differences 373 (185) Income statement charge 2,498 (2,539) Tax charged to equity due to IAS 19 (1,111) 5,419 Balance December 31 49,581 47,821 In 2012, temporary differences in the amount of CHF 0.5 million (2011: CHF 3.6 million) were not capitalized because it was not probable that they could be offset against future profits. Year of expiry of unrecognized tax loss carry-forwards (in thousand CHF) 2012 2011 2012 – 16,702 2013 13,499 15,399 2014 7,523 7,884 2015 15,709 768 2016 3,785 674 2017 0 – Later 150,534 58,672 Total unrecognized tax loss carry-forwards 191,050 100,099 The total increase of CHF 91.0 million (2011: increase of CHF 19.8 million) derived mainly from unrecognized tax loss carry-forwards in Austria, Brazil, the Netherlands and the USA . During the period under review, tax loss carry-forwards expired mainly in Finland and Denmark, Angola and Venezuela. Tax loss carry-forwards of CHF 0.2 million (2011: CHF 13.4 million) were utilized mainly in China. During the period under review the Group reassessed the recoverability of the deferred tax assets. As a result the Group derecognized capitalized deferred tax assets amounting to CHF 7.1 million mainly in the USA, the Netherlands and Austria. 28 Provisions and other liabilities 2012 (in thousand CHF) Employee benefits and others Outstanding vacation entitlement Claims Restructuring Total Balance on January 1 73,107 22,420 29,244 649 125,420 Translation differences (695) (404) (1,094) (7) (2,200) Addition 65,864 2,260 70,692 23,352 162,168 Reversal of unused amounts (40,269) (922) (7,722) (1,836) (50,749) Charged in income statement 25,595 1,338 62,970 21,516 111,419 Utilization (46,422) (1,116) (75,008) (4,727) (127,273) Transfers 0 0 17,113 0 17,113 Balance on December 31 51,585 22,238 33,225 17,431 124,479 Annual Report 2012
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Annual Report 2012 www.panalpina.co
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Contents 1 Facts and Figures 2 Inve
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Facts and Figures 3 Five-year devel
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Investing in Panalpina 5 Key figure
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Letter to Shareholders 7 Monika Rib
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Group Report Strategy and Results 9
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Group Report Regions 19 in India an
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Group Report Product Divisions 21 -
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Value Creation and Sustainability G
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Value Creation and Sustainability I
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Value Creation and Sustainability C
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Value Creation and Sustainability E
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Value Creation and Sustainability P
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Value Creation and Sustainability Q
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Corporate Governance and Responsibi
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A Passion for Solutions 53 In the i
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