Panalpina Annual Report 2006

Consolidated and Annual Financial Statements 2006
70 Panalpina Annual Report 2006
Consolidated Income Statement
for the years ended 31 December 2006 and 2005
in thousand CHF Notes 2006 2005 1
Forwarding services 9,301,215 8,280,285
Customs, duties and taxes (1,565,979) (1,331,620)
Net forwarding revenue 5 7,735,236 6,948,665
Forwarding services from third parties 5 (6,144,403) (5,540,997)
Contribution margin (gross profit) 5 1,590,833 1,407,668
Personnel expenses 6 (886,857) (843,717)
Other operating expenses 7 (391,208) (361,735)
Gains (losses) on sales of non-current assets 8 (99) 11,954
Depreciation of property, plant and equipment 14 (34,777) (36,242)
Amortization of intangible assets 15 (16,383) (12,121)
Impairment of financial assets 15 (511) (174)
Operating result (Ebit) 260,998 165,633
Financial income 9 12,230 15,638
Financial expenses 9 (33,157) (23,389)
Earnings before taxes 240,071 157,882
Taxes on income 10 (56,561) (37,576)
Consolidated net earnings 183,510 120,306
Attributable to:
Equity holders of the Company 181,599 117,355
Minority interests 21 1,911 2,951
Consolidated net earnings 183,510 120,306
Earnings per share for profit attributable to equity holders
of the Company during the year (expressed in CHF per share)
– basic 11 7.34 4.71
– diluted 11 7.33 4.70
1 Certain comparatives have been reclassified to conform with the current period’s presentation.