Panalpina Annual Report 2006

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Report of the Statutory Auditors To the General Meeting of Panalpina World Transport (Holding) Ltd., Basel Annual Financial Statement As statutory auditors, we have audited the accounting records and the financial statements (income statement, balance sheet and notes / pages 119 to 123) of Panalpina World Transport (Holding) Ltd. for the year ended 31 December 2006. These financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence. Our audit was conducted in accordance with the Swiss Auditing Standards, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accounting records and financial statements and the proposed appropriation of available earnings comply with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. PricewaterhouseCoopers AG Th. Brüderlin Auditor in charge O. Zell Basel, 14 March 2007 Panalpina Annual Report 2006 125
126 Panalpina Annual Report 2006 Information for Investors Share information Share symbol PWTN Reuters PWTN.S Bloomberg PWTN SW Trading exchange SWX Key figures in million CHF 2006 2005 change in % Net forwarding revenue 7,735 6,949 12.3 Contribution margin (gross profit) 1,591 1,408 13.0 Ebitda 313 214 46.0 Ebit (operating result) 261 166 57.6 Net earnings 184 120 52.5 Cashflow from operating activities 241 142 69.8 Net capital expenditure 54 21 257.1 Balance sheet 2,108 1,831 15.1 Equity 970 851 14.0 Employees 14,304 13,583 5.3 Gross profit per employee (in CHF) 111,227 103,645 7.3 5years development (in million CHF) Net forwarding revenue 7,500 6,250 5,000 3,750 2,500 1,250 0 2002 2003 2004 2005 2006 Contribution margin (gross profit) 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Ebit 260 240 220 200 180 160 140 120 100 80 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Fiscal year ends 31 December Valoren 000216808 ISIN CH0002168083 Share register SIS Aktienregister AG, Olten, Switzerland Net earnings 180 150 120 90 60 30 0 Shareholders’ equity 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
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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 sees entrepreneurial r
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Sustainable Growth 52 Panalpina Ann
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Corporate Governance 60 Panalpina A
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Consolidated and Annual Financial S
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