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

Consolidated and Annual Financial Statements 2010
120 20 Trade receivables
in thousand CHF 2010 2009
Commercial clients 962,919 872,556
Agents 22,508 19,164
Total trade receivables (gross values) 985,427 891,720
Individual allowance (1,864) (5,104)
Overall allowance (25,449) (29,744)
Total trade receivables (net) 958,114 856,872
Europe / Africa / Middle East / CIS 518,859 478,716
thereof European Union 419,529 365,974
thereof Switzerland 38,370 41,936
North America 179,090 159,681
Central and South America 102,248 85,048
Asia / Pacific 157,917 133,427
Total trade receivables (net) 958,114 856,872
There is no concentration of credit risk with regard to trade receivables as the Group has a large number of customers that are dispersed
internationally.
Provisions for impaired trade receivables are established based upon the difference between the receivable value and the estimated net
collectible amount. Panalpina establishes its provisions for doubtful trade receivables based on its historical loss experiences. Significant
financial difficulties of the debtor are individually impaired. The maximum exposure to credit risk on the reporting date is the carrying
amount of net trade receivables mentioned above. Based on past experience, the Group does not anticipate writing off not-past-due nor
unprovided trade receivables. The creation and usage of provisions for impaired trade receivables have been included in other operating
expenses in the income statement.
The following table summarizes the movement in the provision for impairment of trade receivables:
in thousand CHF 2010 2009
Balance as of 1 January 34,848 33,791
Receivables written off during the year as uncollectible (9,684) (8,875)
Changes in provision for doubtful accounts 2,149 9,932
Balance as of 31 December 27,313 34,848
Panalpina Annual Report 2010