Panalpina Annual Report 2006

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Consolidated and Annual Financial Statements 2006
The amount available for dividend distribution is based on the available distributable retained earnings of Panalpina World
Transport (Holding) Ltd. determined in accordance with the legal provisions of the Swiss Code of Obligations. In 2006,
the dividend paid was CHF 49 million (2005: CHF 60 million). Except for 308,200 treasury shares, all shares were dividendbearing.
Minority interests
in thousand CHF 2006 2005
Balance on 1 January (net) 6,957 3,484
Translation differences (750) 618
Interest in net earnings 1,911 2,951
Dividend paid (98) (96)
Total net minority interests 8,020 6,957
Derivative financial instruments
The year-end contract value is calculated on the total volume of individual contracts using the fair value at year-end.
The positive replacement value represents the theoretical profit if the open currency contracts had been closed out as of
31 December. Correspondingly, the negative replacement value represents the theoretical loss on closing the currency
transactions open as of 31 December. The change in the fair value has been recognized in the income statement because
the instruments did not fulfill the conditions for hedge accounting.
Positive
Negative
Contract Value
Replacement Value
Replacement Value
in thousand CHF 2006 2005 2006 2005 2006 2005
Forward foreign exchange contracts 812,909 1,073,294 2,456 1,995 (3,888) (6,643)
Forward trading hedges 693,904 879,290 2,435 1,922 (3,500) (6,157)
Foreign exchange options 119,005 194,004 21 73 (388) (486)
Positive
Negative
Contract Value
Replacement Value
Replacement Value
in thousand CHF 2006 2005 2006 2005 2006 2005
Terms of the forward foreign
exchange contracts 812,909 1,073,294 2,456 1,995 (3,888) (6,643)
0 – 3 months 807,460 1,054,206 2,343 1,813 (3,710) (6,537)
4 – 12 months 5,449 19,088 113 182 (178) (106)
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