Panalpina Annual Report 2006

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10 11 Taxes on income Consolidated and Annual Financial Statements 2006 in thousand CHF 2006 2005 Current income taxes 56,123 42,598 Deferred income taxes 438 (5,022) Total taxes on income 56,561 37,576 The following table reconciles expected and disclose the actual tax expenses. The expected tax expenses are determined by multiplying the result before income taxes and the tax rate applicable in Switzerland. in thousand CHF 2006 2005 Earnings before taxes 240,071 157,882 Tax at the applicable tax rate of 25% (2005: 25%) 60,018 39,471 Effect of differing national tax rates (8,921) (14,294) Utilization of non-capitalized tax loss carry-forwards (559) (1,854) Capitalization of deferred tax assets from previous periods 0 (1,794) Not recognized loss carry-forwards 4,934 4,557 Effect of changes in the tax rate on temporary differences (349) 2,872 Withholding tax on dividends received 1,257 1,233 Expenses not deductible for tax purposes and non taxable income 1,303 4,317 Miscellaneous (1,122) 3,068 Actual tax charge 56,561 37,576 Expenses not deductible for tax purposes were primarily in Indonesia, Columbia, Argentina, Belgium, the USA and Italy (2005: in Australia, Germany, Russia, UK, Venezuela, the USA and Italy). Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the Company and held as treasury shares (see note 20). in thousand CHF 2006 2005 Consolidated net earnings attributable to equity holders of the Company 181,599 117,355 Weighted average number of ordinary shares outstanding 24,744 24,932 Basic earnings per share (in CHF) 7.34 4.71 Panalpina Annual Report 2006 91
Consolidated and Annual Financial Statements 2006 12 92 Panalpina Annual Report 2006 Diluted earnings per share Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Group has only share options outstanding, which can be categorized as dilutive potential ordinary shares. For the share options, a calculation is made to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. in thousand CHF 2006 2005 Consolidated net earnings attributable to equity holders of the Company 181,599 117,355 Weighted average number of ordinary shares outstanding 24,744 24,932 Adjustments for share options 21 43 Weighted average number of ordinary shares for diluted earnings per share 24,765 24,975 Diluted earnings per share (in CHF) 7.33 4.70 Trade receivables in thousand CHF 2006 2005 Commercial clients 1,174,898 1,105,723 Agents 38,757 39,336 Total trade receivables (gross) 1,213,655 1,145,059 Provision for impairment (28,196) (36,616) Total trade receivables (net) 1,185,459 1,108,443 There is no concentration of credit risk with regard to trade receivables as the Group has a large number of customers that are dispersed internationally. The creation and usage of provisions for impaired trade receivables have been included in other operating expenses in the income statement. The following summarizes the movement in the provision for impairment of trade receivables: in thousand CHF 2006 2005 Balance on 1 January 36,616 34,838 Receivables written off during the year as uncollective (7,658) (10,638) Changes in provision for doubtful accounts (762) 12,416 Balance on 31 December 28,196 36,616 As of 31 December 2006, management decided, based on analyses of historical trends, the Group’s experience and market observations to adjust the estimates for allowance of trade receivables not individually impaired. The effect of this change in accounting estimate has resulted in approximately CHF 11 million for the year under review.
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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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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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