Panalpina Annual Report 2006

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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
Consolidated and Annual Financial Statements 2006 25 104 Panalpina Annual Report 2006 The cost of share-based payments was as follows: in CHF 2006 2005 Employee share plan 1,311,052 0 Option plan 456,183 1,817,312 Total cost share-based payments 1,767,235 1,817,312 Related parties Board of Directors and management compensation The members of the Board of Directors receive a fixed compensation and participate in certain equity compensation plans. Compensation to the management consists of a fixed portion and a variable portion, which depends on the course of business and the individual manager’s performance. In addition management receives indirect benefits and is able to participate in certain equity compensation plans. In the normal course of business the following remuneration was paid: in thousand CHF Numbers of persons Annual salary 1 Termi- nation benefits Other benefits 2 Value of options at grant date Total Compen- sation 2006 There were no contributions or donations to members of their families. In 2006 the Group paid the following social insurance and pension contributions in regard to the Executive Board. Total Compen- sation 2005 Remuneration of members of the Board of Directors 6 1,189 0 0 51 1,240 2,960 Remuneration of the Executive Board 8 6,404 2,709 197 36 9,346 5,942 Total remuneration 14 7,593 2,709 197 87 10,586 8,902 1 Salaries incl. fixed remuneration, salary, bonus and discount on shares granted. 2 Other benefits incl. expense allowance and fringe benefits. 3 Executive Board remuneration includes the compensation of the executive member of the Board of Directors. in thousand CHF Social insurance Pensions Remuneration of the Executive Board 201 366 Total social contributions 201 366 Shareholders, pension funds, associated companies and all subsidiaries are defined as parties related to the Group. Apart from the transactions with related parties mentioned here, we refer to note 23. In 2006, the Group paid contributions to pension funds of CHF 5.9 million (2005: CHF 7.5 million).
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Panalpina Annual Report 2006 A Pass
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A world-class provider of forwardin
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Interview with Gerhard Fischer 6 Pa
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Executive Board Sandro Knecht Regio
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Report of the Executive Board 14 Pa
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“Demand soaring on a global scale
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Reporting Regions European Regional
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Reporting Regions Noram Regional Co
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Reporting Regions Apac Regional Com
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Marketplace India Soon to be the wo
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Marketplace India 4 Panalpina Annua
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“Rapid tonnage growth: one millio
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Core Activities 40 Panalpina Annual
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“The balance between large, mediu
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Customer Groups 48 Panalpina Annual
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Panalpina Annual Report 2006

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