Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

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Consolidated and Annual Financial Statements 2010 114 17 Group risk management In the field of risk management, the Audit Committee approves the detailed and weighted risk map of the Executive Board. It adopts the necessary measures for risk control and risk mitigation and reports the respective outcome to the Board of Directors on a yearly basis. The risk map itself covers any strategic, financial, operational, legal and compliance risks that could significantly impact the Company’s ability to achieve its business goals and financial targets. Identified risks are weighted and prioritized by the Executive Board according to their significance and likelihood of occurrence. For each risk, specific risk-mitigation measures – including their current status – are de fined and responsibilities are allocated. The risk map, which is compiled by the Risk Review Committee, chaired by the Corporate Secretary, for review by the Executive Board and the Audit Committee and subsequently approved by the Audit Committee, contains risks iden tified and assessed by the respective corporate functions, selected country management, Corporate Audit and the Group auditors. The annual risk map also features risks which have increased or decreased in the course of the reporting year. Financial risk management specifically is described in further detail below. 18 Financial risk management The Group’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to raise funds for the Group operations. The Group has trade and other receivables, loans, cash, shortand long-term deposits that arise directly from its operations. The Group also holds available-for-sale investments and enters into derivative transactions. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. It is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial risk committee provides assurance to the Group’s senior management that the Group’s financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accor dance with Group policies and Group risk appetite. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes shall be undertaken. The Board of Directors reviews and agrees on policies for managing each of these risks, which are summarized below. Financial risk factors Carrying amount and fair value of financial assets by asset classes 2010 (in thousand CHF) Cash Availablefor-sale Fair value through profit or loss held for trading Loans and receivables Carrying amount Total (fair value) Trade receivables and other receivables 1,055,438 1,055,438 1,055,438 Unbilled forwarding services 74,742 74,742 74,742 Accrued interest income 340 340 340 Cash and cash equivalents 1,423 527,513 528,936 528,936 Other current financial assets 6,089 6,089 6,089 Derivative financial instruments 20,454 20,454 20,454 Investments: Bonds and debentures 181 181 181 Shares 15,625 394 16,019 16,019 Other investments 241 241 241 Third-party loans 354 354 354 Rental and guarantee deposits 12,849 12,849 12,849 Total on 31 December 2010 1,423 15,625 21,270 1,677,325 1,715,643 1,715,643 Panalpina Annual Report 2010
Consolidated and Annual Financial Statements 2010 2010 (in thousand CHF) Financial liabilities at fair value through profit or loss Financial liabilities measured at amortized cost Carrying amount Total (fair value) 115 Payables and accruals 830,310 830,310 830,310 Borrowings 8,858 8,858 8,858 Finance lease liabilities 879 879 992 Derivative financial instruments 5,532 5,532 5,532 Provisions and other liabilities 120,451 120,451 120,451 Total on 31 December 2010 5,532 960,498 966,030 966,143 2009 (in thousand CHF) Cash Availablefor-sale Fair value through profit or loss held for trading Loans and receivables Carrying amount Total (fair value) Trade receivables and other receivables 959,436 959,436 959,436 Unbilled forwarding services 83,103 83,103 83,103 Accrued interest income 524 524 524 Cash and cash equivalents 3,215 528,588 531,803 531,803 Other current financial assets 10,809 10,809 10,809 Derivative financial instruments 11,286 11,286 11,286 Investments: Bonds and debentures 212 212 212 Shares 17,794 114 17,908 17,908 Other investments 292 292 292 Third-party loans 5,542 5,542 5,542 Rental and guarantee deposits 15,250 15,250 15,250 Total on 31 December 2009 3,215 17,794 11,904 1,603,252 1,636,165 1,636,165 2009 (in thousand CHF) Financial liabilities at fair value through profit or loss Financial liabilities measured at amortized cost Carrying amount Total (fair value) Payables and accruals 802,131 802,131 802,131 Borrowings 11,226 11,226 11,226 Finance lease liabilities 1,660 1,660 1,875 Derivative financial instruments 2,233 2,233 2,233 Provisions and other liabilities 78,268 78,268 78,268 Total on 31 December 2009 2,233 893,285 895,518 895,733 Fair value hierarchy The table below analyzes financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). Panalpina Annual Report 2010
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Contents Introduction 4 An Intervie
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Air Freight Ocean Freight Logistics
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Core Activities Ocean Freight Panal
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Customer Groups Customer case Coope
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Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

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