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

Reports of the Board of Directors and the Executive Board
Regional development
The Company assesses segmental operating performance
primarily from a geographical perspective, as the Group’s
operations are predominantly managed by geographical
location. A useful measure to assess the operating performance
by region is EBITDA. The segmental EBITDA provided
in the financial accounts excludes the non-recurring
charges incurred in 2010 related to fines and related
expenses as well as reorganization costs in order to make
a comparison with prior year more meaningful. Moreover,
the following extraordinary costs had an influence on the
EBITDA per region during the reporting period:
• North America booked CHF 6 million in extraordinary
legal and consulting fees in 2010 (2009: CHF 22 million).
• The region labeled “Corporate” absorbed extraordinary
legal and consulting fees of CHF 12 million in 2010
(2009: CHF 33 million).
• There were no other material non-recurring charges
incurred in any of the other reporting regions during the
reporting year.
Adjusted EBITDA per region
2010 2009
in million CHF
100
Balance sheet
Current assets
The Group’s cash and cash equivalents amounted to
CHF 529 million on December 31, 2010 and thus remained
virtually unchanged from the CHF 532 million on December
31, 2009. The substantial recovery of business volumes
resulted in an increase of the net working capital, which
was largely offset by the increase in profitability of the
operating business.
Trade receivables and unbilled forwarding services
increased by CHF 93 million, from CHF 940 million at
the end of 2009 (equivalent to 49 % of total assets) to
CHF 1,033 million at the end of 2010 (equivalent to 52 %
of total assets). The increase in trade receivables can
mainly be attributed to the strong increase in turnover.
In total, net working capital intensity (defined as net working
capital as a percentage of gross forwarding revenue)
ended the reporting year with a record low level of 1.6 %.
Other current assets remained relatively stable and
amounted to CHF 125 million at the end of the reporting
period 2010 compared to CHF 127 million at the end
of the reporting period 2009.
Non-current assets
17
80
60
40
20
0
–20
–40
78
43
Europe/
Middle East/
Africa and CIS
–17
–27
North
America
Figures adjusted for non-recurring charges as described above.
19
15
Central
and South
America
92
64
Asia Pacific
18
–15
Corporate
The Group’s non-current assets declined slightly from
CHF 326 million on December 31, 2009 to CHF 303 million
on December 31, 2010. The reduction is primarily a result
of the decrease in property, plant and equipment due to a
lower level of capital expenditures and the strength of the
Swiss franc versus major foreign currencies.
Total assets
Cash and cash equivalents
Trade receivables and unbilled forwarding services
in million CHF
Other current assets
Non-current assets
2010
2009
529 1,033 125 303 1,990
532 940 127 326 1,925
Trade payables and accrued cost of services
The Group’s trade payables and accrued cost of services,
which jointly comprised 59 % of total liabilities
on December 31, 2010, increased to CHF 696 million,
compared to CHF 679 million on December 31, 2009.
Panalpina Annual Report 2010