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

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Consolidated and Annual Financial Statements 2010 126 The balance for claims represents a provision for certain claims brought forward against the Group by customers and forwarding agents. The balance as of 31 December 2010 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. Furthermore, 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). 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 1 January 2009 Recognized translation differences Recognized in income statement Recognized in equity Balance 31 December 2009 Recognized translation differences Recognized in income statement Recognized in equity Balance 31 December 2010 Deferred tax assets Receivables 4,461 186 (1,719) 0 2,928 (307) (1,358) 0 1,263 Fixed assets 1,949 81 2,030 0 4,060 (425) (440) 0 3,195 Provisions 8,736 365 5,545 1,064 15,710 (1,645) 6,402 (1,794) 18,673 Other statement of financial position captions 10,234 428 (1,899) 0 8,763 (917) 3,610 0 11,456 Deductible loss carryforwards 7,234 304 16,340 0 23,878 (2,500) 9,906 0 31,284 Total deferred tax assets 32,614 1,364 20,297 1,064 55,339 (5,794) 18,120 (1,794) 65,871 Deferred tax liabilities Receivables (780) (42) 182 0 (640) (4) 135 0 (509) Fixed assets (10,477) (565) 1,871 0 (9,171) (57) (510) 0 (9,738) Provisions 2,037 110 (5,336) (5,402) (8,591) (54) (668) 7,206 (2,107) Other statement of financial position captions (13,048) (703) 8,950 0 (4,801) (30) (3,560) 0 (8,391) Deductible loss carryforwards 2,823 153 (1,688) 0 1,288 8 (1,296) 0 0 Total deferred tax liabilities (19,445) (1,047) 3,979 (5,402) (21,915) (137) (5,899) 7,206 (20,745) Net deferred tax assets (liabilities) 13,169 317 24,276 (4,338) 33,424 (5,931) 12,221 5,412 45,126 Panalpina Annual Report 2010
Consolidated and Annual Financial Statements 2010 The gross movement in the deferred income tax account is as follows: 127 in thousand CHF 2010 2009 Balance on 1 January 33,424 13,169 Translation differences (5,931) 317 Income statement charge 12,221 24,276 Tax charged to equity due to IAS 19 5,412 (4,338) Balance on 31 December 45,126 33,424 In 2010, temporary differences in the amount of CHF 4.9 million (2009: CHF 8,705) 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) 2010 2009 2010 – 623 2011 2,360 2,190 2012 18,321 17,781 2013 15,544 595 2014 2,677 11,127 2015 723 – Later 40,698 22,715 Total unrecognized tax loss carry-forwards 80,323 55,031 The total increase of CHF 25.3 million (2009: increase of CHF 25.4 million) derived mainly from unrecognized tax loss carry-forwards in Angola, Belgium, Brazil and Luxembourg. During the period under review, tax loss carry-forwards expired mainly in Slovenia. Tax loss carry-forwards of CHF 21.9 million (2009: CHF 31.1 million) were utilized mainly in Switzerland, the Netherlands, Russia and Australia. 28 Provisions and other liabilities 2010 (in thousand CHF) Employee benefits and others Outstanding vacation entitlement Claims Restructuring Total Balance on 1 January 45,285 21,077 32,983 4,026 103,371 Translation differences (3,073) (2,168) (1,247) (1,144) (7,632) Addition 122,915 4,113 90,338 265 217,631 Reversal of unused amounts (11,502) (1,253) (16,440) (584) (29,779) Charged in income statement 111,413 2,860 73,898 (319) 187,852 Utilization (88,888) (2,320) (33,868) (1,724) (126,800) Transfers 0 0 (15,738) 0 (15,738) Balance on 31 December 64,737 19,449 56,028 839 141,053 Panalpina Annual Report 2010
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Glossary Tonnage A ship’s freight
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Contents Introduction 4 An Intervie
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Our products continue to play a maj
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Talking of Dubai, there have been i
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9 exported by these firms, instead
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Reports of the Board of Directors a
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21 Executive Board From the left: M
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outh America Asia Pacific Europe Af
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Reporting Regions market share in S
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Central and South America Promising
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Reporting Regions Express air freig
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Air Freight Ocean Freight Logistics
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Core Activities Ocean Freight Panal
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Core Activities Overland haulage is
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il and Fashion Oil and Gas Industri
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Customer Groups Customer case Coope
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Customer Groups Customer case Conva
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Customer Groups Customer case Toshi
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Customer Groups Customer case Saxon
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Customer Groups Customer case Duty
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Customer Groups 49 Panprojects The
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itment Quality Security Corporate C
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Sustainable Growth Quality, Securit
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55 Environmental initiatives Panalp
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Sustainable Growth Activities 1 Per
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59 over the course of the next twel
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61 fully and correctly. The selecti
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Sustainable Growth Social Commitmen
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Sustainable Growth 1.3 Cross-shareh
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Sustainable Growth Distribution Pol
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Sustainable Growth at these meeting
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Sustainable Growth Alastair Roberts
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Sustainable Growth 6.2 Statutory qu
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Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

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