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

More documents

Recommendations

Info

Reports of the Board of Directors and the Executive Board 18 This favorable development can mostly be attributed to the increase in cost of goods sold during the reporting period and a further improved payment discipline and renegotiation of payment terms with various vendors. Borrowings (short-/long-term) Total borrowings were further reduced from CHF 13 million at year-end 2009 to CHF 10 million at year-end 2010. Other liabilities The Group’s other liabilities increased significantly from CHF 369 million at year-end 2009 to CHF 471 million at year-end 2010. The major reasons for the increase are provisions remaining on the balance sheet at the end of the year amounting to CHF 94 million in connection with the charges arising from the settlement of the two legal claims in the United States (FCPA, anti-trust) and associated compliance consulting costs as well as for an internal reorganization project. Total equity The most significant change in shareholders’ equity is the change in reserves which – as a result of the negative net result for the reporting year, an adverse currency translation effect as well as recognized actuarial losses on pension valuation amounting to CHF 11 million – declined from CHF 999 million on December 31, 2009 to CHF 950 million on December 31, 2010. Total equity decreased by CHF 52 million during the reporting period, from CHF 864 million on December 31, 2009 to CHF 812 million on December 31, 2010. Cash flow Net cash from operating activities The Group’s net cash from operating activities in the reporting period amounted to CHF 37 million, CHF 223 million below last year (2009: CHF 260 million). Although the Group expanded its net profit for the period (before the CHF 128 million special charges) substantially, the growth in business led to a sizeable increase of the net working capital, whereas in the comparable prior-year period, net cash from operating activities was boosted significantly due to the severe drop in business volumes and the related reduction in net working capital. In addition, net cash from operating activities includes an outflow of CHF 27 million during the reporting year due to the payment of certain fines to US authorities. Cash flow from investing activities The largest part of investing cash outflows in 2010 was for expenditures on property, plant and equipment in the amount of CHF 28 million (mainly IT equipment), which were lower than in the year before (2009: CHF 33 million). On the other hand, the interest received on the current cash holdings declined from CHF 15 million in 2009 to CHF 5 million in 2010, as interest rates in the latest reporting period were close to zero. Overall, the net cash flow from investing activities improved slightly from minus CHF 34 million in 2009 to minus CHF 31 million in 2010. Capital expenditures in 2010 amounted to a historically low 0.6 % of net forwarding revenue and thus underlined the asset-light character of Panalpina’s business model. Total liabilities and equity Trade payables and accrued cost of services Short- and long-term borrowings in million CHF 2010 2009 10 696 679 13 369 471 Other liabilities Equity 812 1,989 864 1,925 Free cash flow The free cash flow, calculated as net cash from operating activities and adding the net cash flow from investing activities, accordingly decreased from CHF 226 million in 2009 to CHF 6 million in 2010. Cash flow development Free cash flow in million CHF Net cash from operating activities 2010 6 36 2009 226 260 Panalpina Annual Report 2010
Reports of the Board of Directors and the Executive Board Cash flow from financing activities 19 The net cash used in financing activities improved significantly from minus CHF 57 million in 2009 to minus CHF 8 million in 2010. The largest part of this improvement relates to the suspension of dividend payments in 2010, based on the minimal net profit that the Group had generated in fiscal year 2009. Dividends paid in 2009 (for fiscal year 2008) amounted to CHF 45 million. Net cash in million CHF Dec 31 2010 Dec 31 2009 % change Cash and cash equivalents 528.9 531.8 –1 Other current financial assets 6.1 10.8 – 44 Short-term debt – 9.3 –12.0 – 23 Long-term debt – 0.4 – 0.9 – 56 Net cash 525.3 529.7 –1 Net cash decreased by CHF 4 million during 2010 to CHF 525 million on December 31, 2010. Employees Full time equivalents (FTEs) as at December 31 Region 2010 2009 % change Europe / Middle East / Africa and CIS 6,485 6,007 8 North America 2,423 2,237 8 Central and South America 2,294 2,202 4 Asia Pacific 3,259 2,951 10 Corporate 415 376 10 Total 14,876 13,773 8 During 2010, in order to handle the significant growth in shipments, the Group increased the number of FTEs by 8 %, from 13,773 on December 31, 2009 to 14,876 on December 31, 2010. The increase took place in all reporting regions, and was in proportion to the respective volume growth. Panalpina Annual Report 2010
Page 1 and 2: 20102010201020102010201020102010201
Page 3 and 4: Glossary Tonnage A ship’s freight
Page 5 and 6: Contents Introduction 4 An Intervie
Page 7 and 8: Our products continue to play a maj
Page 9 and 10: Talking of Dubai, there have been i
Page 11 and 12: 9 exported by these firms, instead
Page 13 and 14: Reports of the Board of Directors a
Page 19: Reports of the Board of Directors a
Page 23 and 24: 21 Executive Board From the left: M
Page 25 and 26: outh America Asia Pacific Europe Af
Page 27 and 28: Reporting Regions market share in S
Page 29 and 30: Central and South America Promising
Page 31 and 32: Reporting Regions Express air freig
Page 33 and 34: Air Freight Ocean Freight Logistics
Page 35 and 36: Core Activities Ocean Freight Panal
Page 37 and 38: Core Activities Overland haulage is
Page 39 and 40: il and Fashion Oil and Gas Industri
Page 41 and 42: Customer Groups Customer case Coope
Page 43 and 44: Customer Groups Customer case Conva
Page 45 and 46: Customer Groups Customer case Toshi
Page 47 and 48: Customer Groups Customer case Saxon
Page 49 and 50: Customer Groups Customer case Duty
Page 51 and 52: Customer Groups 49 Panprojects The
Page 53 and 54: itment Quality Security Corporate C
Page 55 and 56: Sustainable Growth Quality, Securit
Page 57 and 58: 55 Environmental initiatives Panalp
Page 59 and 60: Sustainable Growth Activities 1 Per
Page 61 and 62: 59 over the course of the next twel
Page 63 and 64: 61 fully and correctly. The selecti
Page 65 and 66: Sustainable Growth Social Commitmen
Page 67 and 68: Sustainable Growth 1.3 Cross-shareh
Page 69 and 70: Sustainable Growth Distribution Pol
Page 71 and 72:
Sustainable Growth at these meeting
Page 73 and 74:
Sustainable Growth Alastair Roberts
Page 75 and 76:
Sustainable Growth 6.2 Statutory qu
Page 77 and 78:
Sustainable Growth 75 www.panalpina
Page 79 and 80:
56529923837476536282083619375629277
Page 81 and 82:
Consolidated and Annual Financial S
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Annual Financial Statements 2010 Fi
Page 147 and 148:
Annual Financial Statements 2010 St
Page 149 and 150:
Annual Financial Statements 2010 No
Page 151 and 152:
Annual Financial Statements 2010 Ge
Page 153 and 154:
Annual Financial Statements 2010 Ap
Page 155 and 156:
Annual Financial Statements 2010 Re
Page 157 and 158:
Appendix Ordinary gross dividend pa
Page 159 and 160:
Appendix 157 Kuwait Safat Luxembour
Page 161 and 162:
Appendix Imprint 159 Panalpina Worl
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?