Panalpina Annual Report 2006

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For many years Panalpina has concentrated on air and ocean freight. Does this strategy have a future? “We shall be true to our principle of sustained organic growth” The Board of Directors is convinced that it does, and we shall consistently pursue it – although in the recent past we have also successfully positioned ourselves in the market with our third mainstay: supply chain management. As an architect of transport solutions, Panalpina organizes the entire process, optimizes all interfaces and selects the ideal partners for every stage… … with no infrastructure of its own. We have taken a conscious decision not to acquire our own warehouses or fleets of any kind. This gives the Group the maximum possible independence and minimizes the risk that comes from having capital tied up, while at the same time maximizing flexibility. It also means that our customers can rely on the best local experts in any market and always benefit from the latest developments. But this model means that you have to be content with lower margins than your competitors. The differences are relatively small, and the reduction in risk more than makes up for them. We are not compelled to invest our own resources in areas connected with the physical transportation of goods. Our core competency is the organization and supervision of integrated solutions. If no adequate local resources are available, we develop our own services that are tailormade for the job at hand. What do your customers think of this “asset light” approach? Interview with Rudolf W. Hug Our excellent growth rates speak for themselves. Customers have given our business model a favorable reception. They find it attractive and competitive in daytoday operations. Panalpina offers a full range of transport and logistics services. The individual customer decides which activities along its goods chain it wants us to manage. The Chairman Designate of the Board of Directors on the strategy, business model and growth policy of the Panalpina Group. What is Panalpina’s view on the pressure to consolidate in the sector? In the last few years we have conclusively demonstrated our ability to keep increasing market shares in all our core activities through our own efforts. We shall continue to pursue sustained organic growth as long as it makes sense to do so, and we can see no indication that this will change in the medium term. We are convinced that major takeovers give rise to such serious problems of integration and coordination that they are very seldom justified. All too often the interests of shareholders, employees or customers fall by the wayside. So is Panalpina sticking to its strategy of growing mainly through supplementary acquisitions? In the past, we have focused on selected bolton acquisitions in fields and regions where they make real sense for us and our customers, and we shall consistently continue to do so in future whenever the need and the opportunity arise. We attach greater importance to the riskconscious, qualitative extension of our range of services than to making quantum leaps at any price. Rudolf W. Hug Chairman Designate of the Board of Directors Rudolf W. Hug holds a PhD in law from the University of Zurich and a MBA form INSEAD, Fontainebleau (France). In 1985, he participated in the Executive Program of the Graduate School of Business at Stanford University. From 1977 to 1997, he worked in several positions for Schweizerische Kreditanstalt (today Credit Suisse). During the period from 1987 to 1997, he ran the international division and served as member of the executive board of Credit Suisse and Credit Suisse First Boston. Since 1998, Rudolf W. Hug has been active as an independent management consultant. Panalpina Annual Report 2006
Executive Board Sandro Knecht Regional CEO Europe 10 Panalpina Annual Report 2006 Christoph Hess Corporate Secretary Regional CEOs Lukas Fischer Regional CEO Apac Jörg Eggenberger Chief Operations Officer, Regional CEO Amec a. i. Robert Timmerman Regional CEO China/Taiwan
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Page 3 and 4: A world-class provider of forwardin
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Page 7 and 8: Interview with Gerhard Fischer 6 Pa
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Panalpina Annual Report 2006

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