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

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Annual Financial Statements 2010 146 Liabilities and Equity in thousand CHF 2010 2009 Short-term liabilities Cash pool payables to Group companies 122,601 47,743 Payables: – due to Group companies 5,945 481 – due to third parties 1,589 1,873 Financial liabilities to Group companies 74,469 119,657 Accrued expenses 10,178 8,838 Total short-term liabilities 214,782 178,592 Long-term liabilities Provisions 5,434 19,855 Total long-term liabilities 5,434 19,855 Total liabilities 220,216 198,447 Equity Share capital 50,000 50,000 General legal reserve 10,000 10,000 Reserve for own shares 196,003 192,567 Special reserve 131,847 135,283 Accumulated earnings: – balance brought forward from previous year 340,096 216,697 – profit for the year 138,547 123,399 Total equity 866,493 727,946 Total liabilities and equity 1,086,709 926,393 Panalpina Annual Report 2010
Annual Financial Statements 2010 Notes to the Financial Statements General 147 The Group’s consolidated financial statements must be considered for an appropriate financial and economic assessment of the Group. The presented statutory financial statements of Panalpina World Transport (Holding) Ltd. were prepared in accordance with the requirements of the Swiss Code of Obligations (SCO). Valuation methods and translation of foreign currencies Treasury shares are valued at the lower of cost and market value. All other assets including participations are reported at cost less appropriate write-downs. Assets and liabilities denominated in foreign currencies are translated into Swiss francs (CHF), using year-end rates of exchange, except participations which are translated at historical rates. Marketable securities are reported at market value. Transactions during the year which are denominated in foreign currencies are translated at exchange rates effective at the relevant transaction dates. Resulting exchange gains and losses are recognized in the income statement with the exception of unrealized gains which are deferred. Income from participations The raise of CHF 15.6 million is mainly attributable to the fact that most of the subsidiaries recovered from the effects of the financial crisis and therefore more dividends were distributed to Panalpina World Transport (Holding) Ltd. Financial income The increase of CHF 18.4 million compared to the prior year is predominantly attributable to higher foreign exchange gains of CHF 29.4 million and less interest income of CHF 7.8 million from subsidiaries, as well as CHF 3.2 million decreased income from guarantee fees. Royalty income In 2009, Panalpina World Transport (Holding) Ltd. received for the first time a fee from its subsidiaries for usage of the Panalpina network and trademark. This fee increased in 2010 by CHF 12.9 million. Release of valuation allowance on loans to Group companies As a result of a change in loan structure, the Company was able to release a valuation allowance amounting to CHF 3.5 million. Personnel expenses In accordance with the Transparency Act, the compensation of the key management personnel is disclosed in note 29 in the Group’s financial statements. Other administrative expenses The decrease of CHF 10.5 million in other administrative expenses is mostly attributable to less legal and consulting expenses in connection with the FCPA investigation (CHF 15.5 million) and an increase in claims expenses (CHF 3.9 million). Financial expenses The decline in financial expenses of CHF 23.0 million is mainly due to the fact that in 2010 CHF 22.8 million less losses of subsidiaries had to be covered. Depreciation and value adjustments In 2010, value adjustments to participations on subsidiaries amounting to CHF 36.3 million were debited to the income statement. Net reversal of hidden reserves In 2010, no hidden reserves (2009: 29.0 million) were reversed. Cash pool receivables and payables The cash pool receivables increased for CHF 58.9 million and the cash pool payables increased for CHF 74.9 million, thus the net payables increased for CHF 16.0 million. Receivables Group The receivables Group decreased by CHF 5.7 million, mainly due to less invoiced interest income of CHF 6.5 million. 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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Sustainable Growth 75 www.panalpina
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Consolidated and Annual Financial S
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Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

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