Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

Consolidated and Annual Financial Statements 2010
2009 (in million CHF) Air Freight
Ocean
Freight Logistics Unallocated Total Group
99
Net forwarding revenue 2,714 2,360 884 0 5,958
Forwarding services from third parties (2,152) (1,902) (527) 0 (4,581)
Gross profit 562 458 357 0 1,377
6
Personnel expenses
in thousand CHF 2010 2009
Wages and salaries 694,834 678,514
Compulsory social security contributions 85,304 87,706
Contributions to defined contribution plans 47,649 47,059
Expenses related to defined benefit plans (note 7) 4,946 6,632
Staff training 7,561 5,852
Share-based compensation (note 8)
Equity-settled compensation plan 2,216 4,254
Cash-settled compensation plan 65 1,443
Other personnel-related expenses 48,362 47,682
Total personnel expenses 890,937 879,142
Number of employees 14,136 13,570
thereof in Switzerland 749 737
7 Post-employment benefit obligations
Panalpina’s objective is to provide attractive post-employment benefits to employees, while at the same time ensuring that the various plans
are appropriately financed and managing any potential impacts on the Group’s long-term financial position. The nature of such plans
varies according to legal regulations and fiscal requirements in the countries in which the employees are employed. Other post-employment
benefits consist mostly of post-retirement schemes. Post-employment benefit plans are classified for IFRS as “defined contribution plans”
if the Group pays fixed contributions in a separate fund or to a third-party financial institution and will have no further legal or constructive
obligation to pay further contributions. All other plans are classified as defined benefit plans. The Group’s major defined benefit plans are
located in Switzerland, Germany, Japan, Taiwan and France. Plans are usually established as trusts independent of the Group and are
funded by payments from the Group and by employees. In some cases, notably for the major defined benefit plans in Germany and Japan,
the plans are unfunded and the Group pays pensions to retired employees directly from its own financial resources.
Current and past services as well as expected returns on plan assets and interest costs are charged to the income statement as personnel
expenses. Actuarial gains and losses are recorded directly in equity. The recognition of pension assets is limited to the total of the
present value of any future refunds from the plans or reduction in future contributions to the plans and any cumulative unrecognized past
service costs. Adjustments arising from the limit on the recognition of assets for defined benefit plans are recorded directly in equity.
Qualified independent actuaries carry out valuations on a regular basis and for major plans annually as at the reporting date. For funded
plans, which are usually trusts independent of the Group’s finances, the net asset / liability recognized on the Group’s statement of
financial position corresponds to the over / underfunding of the plan, adjusted for unrecognized past service costs. For unfunded plans,
where the Group meets the pension obligations directly from its own financial resources, a liability for the defined benefit obligation is
recorded in the Group’s statement of financial position. Pension assets and liabilities in different defined benefit plans are not offset.
Panalpina Annual Report 2010