Panalpina Expects Goodwill Impairment

Due to the loss of a major customer in Norway, Panalpina reviewed the goodwill position related to its acquisition of Norwegian-based Grieg Logistics in 2011. Based on the expected business development in Norway over the coming years, the Group considers that the intangible assets of its Norwegian operations have to be partially written off. The company expects an impairment charge of CHF 29 million to be recorded against the assets in its full-year financial statement 2012.