Panalpina Annual Report 2011

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100 16 Consolidated Financial Statements 2011 Investments in thousand CHF 2011 2010 Available-for-sale investments 19,670 15,625 Fair value through profit or loss investments 775 816 Loans receivable 311 208 Long-term receivables 47,975 14,061 Other 3,525 4,133 Total investments 72,256 34,843 Long-term receivables primarily include rental and guarantee deposits of CHF 13.7 million (2010: CHF 12.8 million) and investments in money market and time deposits with a maturity longer than 360 days of CHF 34.3 million (2010: CHF 0.0 million). Available-for-sale investments – unquoted equity shares in thousand CHF 2011 2010 Balance on January 1 15,625 17,794 Translation differences (13) (78) Additions 69 5 Disposals (5) (142) Fair value adjustments recognized in statement of comprehensive income 3,994 (1,702) Reclassifications 0 (252) Balance on December 31 19,670 15,625 Less: non-current portion 19,670 15,625 Current portion 0 0 In 2011, no shares (2010: shares of CHF 252 thousand) were transferred from available-for-sale investments to fair value through profit or loss. Fair value adjustments amounting to CHF 126 thousand previously recorded in comprehensive income are recognized in the income statement (2011: CHF 0). Fair value through profit or loss investments in thousand CHF 2011 2010 Balance on January 1 816 618 Translation differences (12) (85) Disposals (7) (8) Fair value adjustments recognized in profit or loss (22) 39 Reclassifications 0 252 Balance on December 31 775 816 Less: non-current portion 775 816 Current portion 0 0 17 Group risk management In the field of risk management, the Audit Committee approves the detailed and weighted risk map of the Executive Board. It adopts the necessary measures for risk control and risk mitigation and reports the respective outcome to the Board of Directors on an annual basis. The risk map itself covers any strategic, financial, operational, legal and compliance risks that could significantly impact the Company’s ability to achieve its business goals and financial targets. Identified risks are weighted and prioritized by the Executive Board according to their significance and likelihood of occurrence. For each risk, specific risk-mitigation measures – including their current status – are defined and responsibilities are allocated. The risk map, which is compiled by the Risk Review Committee, chaired by the Corporate Secretary, for Panalpina Annual Report 2011
Consolidated Financial Statements 2011 review by the Executive Board and the Audit Committee and subsequently approved by the Audit Committee, contains risks iden tified and assessed by the respective corporate functions, selected country management, Corporate Audit and the Group auditors. The annual risk map also features risks which have increased or decreased in the course of the reporting year. Financial risk management specifically is described in further detail below. 18 Financial risk management The Group’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to raise funds for Group operations. The Group has trade and other receivables, loans, cash, short and long-term deposits that arise directly from its operations. The Group also holds available-for-sale investments and enters into deriva-tive transactions. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. It is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial risk committee provides assurance to the Group’s senior management that the Group’s financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accor dance with Group policies and Group risk appetite. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes shall be undertaken. The Board of Directors reviews and agrees on policies for managing each of these risks, which are summarized below. Financial risk factors Carrying amount and fair value of financial assets by asset classes 2011 (in thousand CHF) Cash Available- for-sale Fair value through profit or loss held for trading Loans and receivables Carrying amount Total (fair value) Trade receivables and other receivables 1,002,163 1,002,163 1,002,163 Unbilled forwarding services 77,346 77,346 77,346 Accrued interest income 757 757 757 Cash and cash equivalents 1,693 571,886 573,579 573,579 Other current financial assets 20,000 20,000 20,000 Derivative financial instruments Investments: 5,504 5,504 5,504 Bonds and debentures 171 171 171 Shares 19,670 379 20,049 20,049 Other investments 225 225 225 Third-party loans 373 373 373 Rental and guarantee deposits 47,975 47,975 47,975 Other 3,525 3,525 3,525 Total on December 31, 2011 1,693 19,670 6,279 1,724,025 1,751,667 1,751,667 2011 (in thousand CHF) Financial liabilities at fair value through profit or loss Financial liabilities measured at amortized cost Carrying amount Total (fair value) Payables and accruals 915,529 915,529 915,529 Borrowings 6,921 6,921 6,921 Finance lease liabilities 606 606 606 Derivative financial instruments 4,648 4,648 4,648 Provisions and other liabilities 50,852 50,852 50,852 Total on December 31, 2011 4,648 973,908 978,556 978,556 Panalpina Annual Report 2011 101
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Annual Report 2011 A passion for so
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Five-year development in million CH
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Key figures 2011 Net forwarding rev
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Letter to Shareholders Panalpina An
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Executive Board (clockwise): Monika
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Panalpina’s headquarters closer t
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Gross profit per region (2011) Euro
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Non-current assets Panalpina’s no
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Group Management Structure As at De
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Report of the Executive Board North
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Logistics Key figures Generated 14
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Tim Bauer Lane Manager for Air Frei
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Samia Guerroumi Procurement and Cap
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Jasmine Medhora of Panalpina’s Pa
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Marco Parnitzke Booking Agent for L
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Panalpina Annual Report 2011
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Success factors as growth drivers 2
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Highest compliance standard Our cor
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Europe, Middle East, Africa and CIS
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Automotive Continued growth of volu
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Discovering and developing leadersh
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are specifically designed for emplo
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Procurement Strong subcontractor re
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Poland award in the 9th Logistics P
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Previous goals included 5 % reducti
Page 51 and 52: Social Commitment Responsibility to
Page 53 and 54: 2 Capital structure 2.1 Capital On
Page 55 and 56: and Sales Scandinavia and from 1986
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Page 59 and 60: Board since October 2006. Responsib
Page 61 and 62: The voting restrictions do not appl
Page 63 and 64: Global Reporting Initiative www.pan
Page 65 and 66: Contents Consolidated Financial Sta
Page 67 and 68: Consolidated Financial Statements 2
Page 69 and 70: Consolidated Statement of Changes i
Page 71 and 72: Consolidated Statement of Cash Flow
Page 79 and 80: Intangible assets Consolidated Fina
Page 81 and 82: Amortized cost of financial instrum
Page 83 and 84: Cash and cash equivalents and other
Page 87 and 88: 2010 (in million CHF) Europe, Middl
Page 93 and 94: Management Incentive Plan 09 / 10 (
Page 95 and 96: 9 Board of Directors Restricted Sto
Page 97 and 98: The Group’s effective tax rate ca
Page 99 and 100: 14 Property, plant and equipment Co
Page 101: A summary of the goodwill allocatio
Page 107 and 108: The table below shows the Group’s
Page 109 and 110: 20 Trade receivables Consolidated F
Page 111 and 112: Derivative financial instruments ar
Page 113 and 114: 25 Borrowings Consolidated Financia
Page 117 and 118: 2010 (in thousand CHF) Employee ben
Page 119 and 120: 2010 (in thousand CHF) Annual salar
Page 121 and 122: 30 Business combinations/disinvestm
Page 125 and 126: Company Registered Currency Consoli
Page 127 and 128: Company Registered Currency Consoli
Page 129 and 130: Panalpina World Transport (Holding)
Page 133 and 134: Key Figures in EUR Five-year review
Page 137 and 138: Balance Sheet as of December 31 (be
Page 139 and 140: Participations Annual Financial Sta
Page 141 and 142: Annual Financial Statements 2011 Fu
Page 143 and 144: Panalpina World Transport (Holding)
Page 145 and 146: Ordinary gross dividend payments Fi
Page 147 and 148: Imprint Panalpina World Transport (
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Panalpina Annual Report 2011

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