Panalpina Annual Report 2006

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Liabilities and equity Annual Financial Statement in thousand CHF 2006 2005 Short-term liabilities Cash pool Group companies 174,446 105,726 Payables: – due to Group companies 486 232 – due to third parties 51 1,020 Financial liabilities to Group companies 41,841 33,913 Accrued expenses 5,157 6,917 Total short-term liabilities 221,981 147,808 Long-term liabilities Provisions 29,713 39,916 Total long-term liabilities 29,713 39,916 Total liabilities 251,694 187,724 Equity Share capital 50,000 50,000 General legal reserve 10,000 10,000 Reserve for own shares 15,022 20,000 Special reserve 312,828 307,850 Accumulated earnings: – balance brought forward from previous year 45,949 13,757 – profit for the year 149,386 82,192 Total equity 583,185 483,799 Total liabilities and equity 834,879 671,523 Panalpina Annual Report 2006 121
Annual Financial Statement 122 Panalpina Annual Report 2006 Notes to the Financial Statements General The Group’s consolidated financial statements must be considered for an appropriate financial and economic assessment of the Group. The presented statutory financial statements of Panalpina World Transport (Holding) Ltd., which serve as a supplement to the consolidated financial statements, were prepared in accordance with the accounting principles prescribed by Swiss company law. Valuation methods and translation of foreign currencies Marketable securities are reported at the lower of cost or market value. All other assets including participations are reported at cost less appropriate write-downs. Assets and liabilities denominated in foreign currencies are translated into Swiss francs, (CHF) using year-end rates of exchange, except participations which are translated at historical rates. Transactions during the year which are denominated in foreign currencies are translated at exchange rates effective at the relevant transaction dates. Resulting exchange gains and losses are recognized in the income statement with the exception of unrealized gains which are deferred. Financial income The increase in the reporting year is predominantly attributable to increased earnings from supplemental loans granted as well as to higher bank interest payments and an improved foreign exchange result. Financial expenses The increase in financial expenses is predominantly the result of a strong increase in loss coverage paid to subsidiaries. Depreciation and value adjustments In the year under review, value adjustments totaling CHF 9.1 million were debited to the income statement. This refers to depreciation on loans to subsidiaries and value adjustments to participations in subsidiaries. Financial receivables from Group companies Financial receivables increased by CHF 104.9 million compared with the previous year. This increase is mainly a result of a debt restructuring from long-term loans to short-term loans. Participations The principal direct and indirect subsidiaries of Panalpina World Transport (Holding) Ltd. are shown on pages 107 to 109. Loans to Group companies Loans to Group companies decreased by CHF 83.0 million in the year under review. This decrease is primarily due to debt restructuring. Own shares In the year under review, treasury share purchases totaled 102 810 shares (2005: 250,000 shares) with an average purchase price per share of CHF 120.53 (2005: CHF 80.00) and treasury share sales totaled 175,027 shares with an average sale price of CHF 99.24 (2005: no sales). These shares are held for serving the employee option plan. Number of shares 31/12/2006 Movement in year 31/12/2005 Movement in year 31/12/2004 Total Panalpina World Transport (Holding) Ltd. shares Total Treasury shares held by Panalpina World 25,000,000 0 25,000,000 0 25,000,000 Transport (Holding) Ltd. 177,783 (72,217) 250,000 250,000 0
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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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Sustainable Growth 52 Panalpina Ann
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Corporate Governance 60 Panalpina A
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Panalpina Annual Report 2006

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