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

Consolidated and Annual Financial Statements 2010
Notes to the Consolidated Financial Statements
84
1
General information
Panalpina World Transport (Holding) Ltd. (referred to hereafter as the “Company”) and its subsidiaries is one of the world’s leading suppliers
of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and
ocean freight shipments. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated
door-to-door forwarding solutions tailored to its customers’ individual needs.
Panalpina World Transport (Holding) Ltd. is a limited company incorporated and domiciled in Basel. The registered address is Viaduktstrasse
42, 4002 Basel, Switzerland. The Company shares are publicly traded and is listed on the SIX Swiss Exchange in Zurich.
The consolidated financial statements for the year ending 31 December 2010 were authorized for issuance in accordance with a resolution
by the Board of Directors on 3 March 2011.
2
Summary of significant accounting policies
Basis of preparation of the consolidated financial statements
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. The consolidated
financial statements of the Company as at and for the year ended 31 December 2010 comprise the Company and its affiliates (together
referred to as the “Group” and individually as “Group entities”).
Statement of compliance
The consolidated financial statements are based on the accounts of the individual subsidiaries on 31 December, which have been drawn
up according to uniform Group accounting principles. The consolidated accounts have been prepared in accordance with the International
Financial Reporting Standards (IFRS) and comply with Swiss law.
Basis of measurement
The consolidated financial statements have been prepared under the historical cost basis, except for available-for-sale financial assets,
financial assets and financial liabilities (including derivative instruments) at fair value through profit and loss and liabilities for cash-settled
share-based payment arrangements which have been measured at fair value. Defined benefit assets are recognized at the net total of the
plan assets plus unrecognized past-service costs and unrecognized actuarial losses and the present value of the defined benefit
obligation.
The methods used to measure fair values are discussed further in note 3.
Presentation currency
The consolidated financial statements are presented in Swiss francs (CHF) and all values are rounded to the nearest thousand except
where otherwise indicated.
Use of estimates and judgments
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and
assumptions that affect application of accounting policies and the reported amounts of assets, liabilities, income and expenses. It requires
management to exercise its judgments and assumptions in the process of applying the Group’s accounting policies. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Deviations from estimates and
judgments are recognized in the period in which the estimates are revised and in any future periods affected.
The areas involving a higher degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated
financial statements, are disclosed in note 4.
Going concern
As a result of the funding activities undertaken and the increased focus on working capital the Group has improved both its short-term and
medium-term liquidity position. The Group’s forecasts and projections, taking account of reasonably possible changes in trading performance,
show that the Group should be able to operate within the level of its current financing.
After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial
statements.
Panalpina Annual Report 2010