Panalpina Annual Report 2006

Consolidated and Annual Financial Statements 2006
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90 Panalpina Annual Report 2006
Personnel expenses
in thousand CHF 2006 2005
Salaries and wages 698,415 665,691
Cost of defined contribution plans 43,396 41,591
Cost of defined benefit plans (Note 23) 4,438 3,876
Social security costs 75,785 70,463
Share based compensation (Note 24) 1,767 1,817
Other personnel related expenses 63,056 60,279
Total personnel expenses 886,857 843,717
Number of employees (unaudited) 14,304 13,583
Other operating expenses
in thousand CHF 2006 2005
Administrative expenses 27,038 24,287
Communication expenses 71,114 65,321
Rent and utilities expenses 173,472 155,667
Travel and promotion expenses 54,291 48,102
Insurance expenses and claims 30,045 30,202
Bad debt and collection expenses 1,973 7,061
Other operating expenses 33,275 31,095
Total operating expenses 391,208 361,735
Gains and losses on sales of non-current assets
in thousand CHF 2006 2005
Gains on sales of investments 47 36
(Losses) gains on sales of property, plant and equipment (146) 11,918
Total net (losses) gains on sales of non-current assets (99) 11,954
In the current year, there were no material net losses from the sale of assets. In 2005, the net gains from the sale of assets
resulted essentially from the sale of operational property in the USA and Canada.
Financial result
in thousand CHF 2006 2005
Interest income 11,553 8,781
Other financial income 677 1,026
Exchange differences 0 5,831
Financial income 12,230 15,638
Interest expenses (24,362) (18,247)
Exchange differences (3,825) 0
Bank charges (3,786) (3,787)
Other financial expenses (1,184) (1,355)
Financial expense (33,157) (23,389)
Net financial result (20,927) (7,751)