Panalpina Annual Report 2006

Consolidated and Annual Financial Statements 2006
112 Panalpina Annual Report 2006
in million CHF 2006 2005 2004 2003 2002
Depreciation 51.7 48.5 59.1 57.4 59.5
Change in % 6.54 (17.94) 3.04 (3.53) (12.76)
in % of gross profit 3.25 3.44 4.45 4.63 4.77
Personnel expenses 886.9 843.7 782.4 734.8 725.9
Personnel
Number of employees at year-end (world) 14,304 13,583 13,224 12,344 14,463
Number of employees at year-end (Switzerland) 755 659 669 755 813
Yearly average (world) 13,342 13,031 12,784 12,404 12,253
Productivity ratios (CHF)
Net sales per average employee 579,766 533,241 478,723 432,280 422,346
Gross profit per average employee 119,235 108,050 103,802 99,887 101,853
Personnel expenses per average employee 66,471 64,747 61,202 59,236 59,243
Personnel cost in % of gross profit 55.75 59.92 58.34 59.30 58.17
Leverage (liabilities / equity) 1.17 1.13 0.97 1.01 1.10
Net interest bearing liabilities (372) (221) (231) (311) (282)
Gross gearing (interest bearing liabilities / equity) 0.03 0.02 0.02 0.03 0.03
Net gearing (net interest bearing liabilities / equity) (0.38) (0.26) (0.28) (0.41) (0.40)
ROCE (Ebit less tax / capital employed) in % 31.96 20.95 23.67 26.03 27.76
Current cash debt coverage ratio
(net operating cash flow / average current liability) 0.26 0.18 0.05 0.14 0.11
Cash debt coverage ratio
(net operating cash flow / average total liability) 0.23 0.16 0.04 0.12 0.10
Return on equity in % 20.2 14.6 13.8 17.3 18.3
Change in % 38.07 5.81 (20.21) (5.58) 4.00