Panalpina Annual Report 2011

Consolidated Statement of Cash Flows
for the years ended December 31, 2011 and 2010
Consolidated Financial Statements 2011
in thousand CHF Notes 2011 2010
Profit for the period 127,413 (25,997)
Income tax expenses 12 41,169 32,119
Depreciation of property, plant and equipment 14 28,484 38,891
Amortization of intangible assets 15 9,383 8,113
Finance income and dividend on available-for-sale financial assets 11 (6,268) (6,078)
Interest expenses 11 5,932 5,516
Exchange differences 11 2,840 609
(Losses)/gains on sales of property, plant and equipment 10 106 (277)
Equity-settled share-based payment transactions 8 2,936 2,281
Other non-cash expenses (869) 9,791
Working capital adjustments:
211,126 64,968
(Increase)/decrease receivables and other current assets (21,893) (208,859)
Increase/(decrease) payables, accruals and deferred income 89,262 133,890
(Decrease)/increase long-term provisions (15,508) 48,980
(Decrease)/increase short-term provisions and other liabilities (33,915) 36,287
Cash generated from operations 229,072 75,266
Interest paid (2,577) (5,198)
Income taxes paid (32,996) (33,031)
Net cash from operating activities 193,499 37,037
Interest received 4,695 5,206
Dividends received 11 172 99
Proceeds from sales of PPE 1,633 3,009
Proceeds from investments held for trading 12 0
Proceeds from sales of securities 0 150
Loan and receivables repayments 1,148 7,586
Repayment of other financial assets 1,927 1,345
Purchase of property, plant and equipment (30,715) (28,173)
Acquisition of subsidiary, net of cash acquired 30 (59,986) (2,384)
Purchase of intangible assets and other assets (19,648) (13,967)
Purchase of investments held for trading (13,840) 0
Purchase of other financial assets (36,954) (3,663)
Net cash used in investing activities (151,556) (30,792)
Free cash flow 41,943 6,245
Proceeds of short- and long-term borrowings 142 2,831
Repayment of short- and long-term borrowings 0 (5,228)
Dividends paid to non-controlling interests 24 (46) (52)
Purchase of treasury shares (8,617) (10,540)
Sale of treasury shares 4,685 4,865
Net cash used in financing activities (3,836) (8,124)
Effect of exchange rate changes on cash and cash equivalents 6,536 (988)
Net increase (decrease) in cash and cash equivalents 44,643 (2,867)
Cash and cash equivalents at the beginning of the year 22 528,936 531,803
Cash and cash equivalents at the end of the year 22 573,579 528,936
The notes on pages 70 to 125 are an integral part of these consolidated financial statements.
Panalpina Annual Report 2011
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