Annual Report 2011

14
Report of the Executive Board
Free cash flow
The free cash flow, calculated as net cash from operating
activities minus net cash flow from investing activities,
increased from CHF 6 million in 2010, to CHF 42 million in
2011. Adjusted for the above-mentioned increase of investments
in acquired companies and money market instruments,
free cash flow even increased to CHF 153 million in
2011 (2010: CHF 12 million).
Cash flow development
Free cash flow Net cash generated
from operating activities
in million CHF
2011
6
2010
37
42
Cash flow from financing activities
The net cash used in financing activities decreased by
CHF 4 million in 2011 compared to the year before. A large
portion of this improvement came from lower investments
for the (Management Incentive Plan-related) purchase
of treasury shares due to a lower average share price.
Net cash
in million CHF Dec 31
2011
Panalpina Annual Report 2011
Dec 31
2010
193
%
change
Cash and cash equivalents 573.6 528.9 8
Other current financial assets 20.0 6.1 228
Short-term debt – 7.3 – 9.3 – 22
Long-term debt – 0.2 – 0.4 – 50
Net cash 586.1 525.3 12
Net cash increased by CHF 61 million during the year
under review to CHF 586 million on December 31, 2011.
Employees
full-time equivalents (FTEs)
as at December 31
Region 2011 2010
%
change
Europe, Middle East, Africa
and CIS 6,746 6,485 4
North America 2,418 2,423 0
Central and South America 2,474 2,294 8
Asia Pacific 3,601 3,259 10
Corporate 461 415 11
Total 15,700 14,876 6
In 2011, Panalpina continued to selectively invest and
increased the number of FTEs by 6 %, from 14,876 on
December 31, 2010, to 15,700 on December 31, 2011.
An increase took place in various reporting regions in
order to accommodate the volume growth in Ocean
Freight and Logistics and to complement organizational
structure.