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

Consolidated and Annual Financial Statements 2010
30
Business combinations / disinvestments
On 1 November 2010, Panalpina World Transport (Pty) Ltd. in Sydney purchased defined tangible and intangible assets and acquired the
business of Apollo Forwarding in Adelaide, South Australia. Apollo and Panalpina have been close partners for more than 10 years. During
that time, Apollo Adelaide has acted as agent of Panalpina. The purchase enables Panalpina to further enlarge the geographical office
coverage in Oceania and widen the customer base. In addition to being a well established customs broker, Apollo Adelaide also provides
international freight forwarding services to its South Australia based customers who now gain access to Panalpina’s global network.
Tangible assets acquired include mainly office equipment and vehicles. Intangible assets include mainly customer relationship.
In 2009, there were no business combinations, nor were any significant subsidiaries sold.
Details of net assets acquired and goodwill are as follows:
in thousand CHF 2010 2009
131
Purchase consideration
– Cash paid 2,384 0
Total purchase consideration 2,384 0
Fair value of net assets acquired (980) 0
Goodwill 1,404 0
The goodwill is attributable to market knowledge and experience of the acquired employees, the profitability of the acquired business and
the synergies expected to arise after the Group’s acquisition.
The assets and liabilities arising from the acquisition are the following:
Revaluation
Acquiree’s due to purchase Fair value Fair value
in thousand CHF
carrying amount accounting
2010
2009
Property, plant and equipment 134 0 134 0
Intangible assets 2 844 846 0
Net assets 136 844 980 0
Goodwill 1,404 0
Total cash flow from acquisition of businesses 2,384 0
31 Additional information
Contractual commitments on non-cancellable operating lease contracts 2010 2009
in thousand CHF
Less than one year 137,768 123,585
Between one and five years 283,793 217,174
More than five years 116,535 105,392
Total residual commitments 538,096 446,151
Included in the residual lease commitments is an operating lease contract for aircrafts of CHF 76.8 million (2009: CHF 30.2 million), leased
by Panalpina Air & Ocean Ltd. The contract with a one-year notice period was renewed in 2010 for the first aircraft until 31. August 2012.
In 2010 a second aircraft was leased with a period at least until 30. September 2012.
Pledged assets
As of the statement of financial position date 2010 and 2009, the Group does not have any pledged assets.
Pending legal claims
Introduction
In addition to the matters discussed in note 4 - Provisions, from time to time the Group is involved in legal proceedings in the ordinary course
of its business. Other than as noted below, the Group is not a party to any legal, administrative or arbitration proceedings which could significantly
harm the Group’s business, financial condition and results of operations taken as a whole, and it does not know of any such
proceedings which may currently be contemplated by governmental or third parties.
Panalpina Annual Report 2010