Panalpina Annual Report 2006

Consolidated and Annual Financial Statements 2006
The weighted average fair value of the share options granted during the reporting period is determined using the Black-
Scholes valuation model, applying the following significant inputs into the model:
Movements in the number of share options outstanding and their related average exercise prices are as follows:
Out of the 163,645 outstanding options (2005: 199,242 options), 109,345 options (2005: 0 options) were exercisable.
In 2006 89,897 options were exercised (2005: 0 options) at a strike price of CHF 80.00.
Share options outstanding at the end of the year have the following expiry date and exercise prices:
Management
Incentive
Program II
Management
Incentive
Program I
in CHF 2006 2005
Market price of share 114.00 80.00
Exercise price of option 111.30 80.00
Expected volatility (in %) 30.00 22.59
Option life (in years) 5 2
Dividend yield (in %) 1.78 2.05
Risk-free interest rate based on Swiss government bonds (in %) 2.670 1.103
Average exercise
price
per share
(in CHF)
2006 2005
Options
(number)
Average exercise
price
per share
(in CHF)
Options
(number)
Options outstanding at on 1 January 80.00 199,242 0.00 0
Granted 111.30 54,520 80.00 199,242
Exercised 80.00 (89,897)
Forfeited options
Expired options
111.30 (220)
Options outstanding on 31 December 90.39 163,645 80.00 199,242
Options exercisable on 31 December 80.00 109,345 0.00 0
Exercise price per
share (in CHF)
The Group holds own shares in order to meet its obligations under the Management Incentive Programs. These own shares
are deducted from equity.
2006
Number of
options
expiring at
year-end
2008
2009
2010
2011
80.00 109,345
2012 111.30 54,300
Total 90.39 163,645
Panalpina Annual Report 2006 103