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

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Consolidated and Annual Financial Statements 2010 104 Management Incentive Plan 09 / 10 (MIP 09 / 10) In the period under review an additional management incentive plan was set up. Apart from the strike price of the “International Management Incentive Plan”, which equals the closing price of the share on the cut-off day at the SIX Swiss Exchange, the terms of this share and option program are identical to the Management Incentive Program 08 / 09. Under this program participants of the “International Management Incentive Plan” received 12,099 options with a strike price of CHF 97.60 and participants of the “United States Management Plan” received 1,354 options with a strike price of CHF 89.55. The weighted average fair value of the share options granted during the reporting period is determined using the binominal valuation model, applying the following significant inputs into the model: in CHF International Management Incentive Plan 09 / 10 United States Management Incentive Plan 09 / 10 Market price of share 89.55 89.55 Exercise price of option 97.60 89.55 Expected volatility (in %) 45.32 45.32 Option life (in years) 5 5 Dividend yield (in %) 1.63 1.63 Risk-free interest rate based on Swiss government bonds (in %) 1.552 1.552 The following table summarizes the movements in the number of share options outstanding and their related average exercise prices: Average exercise price per share (in CHF) 2010 2009 Options (number) Average exercise price per share (in CHF) Options (number) Options outstanding on 1 January 114.79 179,369 148.39 113,002 Granted 96.79 13,453 63.98 71,053 Exercised 72.09 (11,196) 0.00 0 Forfeited 92.70 (3,993) 154.99 (2,570) Expired 155.97 (3,941) 154.34 (2,116) Options outstanding on 31 December 115.72 173,692 114.79 179,369 Options exercisable on 31 December 140.20 99,454 141.48 68,062 During the reporting year the following numbers of options were exercised with the respective exercise prices: Exercise price of option (in CHF) 2010 2009 Number of exercised options Exercise price of option (in CHF) Number of exercised options International Management Incentive Plan II 111.30 2,152 0.00 0 International Management Incentive Plan 08 / 09 62.50 8,930 0.00 0 United States Management Incentive Plan 08 / 09 83.05 114 0.00 0 Weighted average exercise price of options exercised during the year 72.09 0.00 Panalpina Annual Report 2010
Consolidated and Annual Financial Statements 2010 The average exercise prices and the expiry date of the outstanding options at period-end are as follows: 105 Average exercise price per share (in CHF) 2010 Number of options expiring at year-end 2012 111.63 34,500 2013 206.23 32,089 2014 130.79 34,857 2015 64.12 58,793 2016 96.79 13,453 Total 115.72 173,692 The Group holds its own shares in order to meet its obligations under the Management Incentive Programs. These own shares are deducted from equity (note 23). The members of the Executive Board and the Boards of Directors did not participate in the above-mentioned incentive plans. In 2009, the target bonus scheme for Executive Board members as well as the remuneration of the Board of Directors was adjusted to focus on the company’s sustainable mid- and long-term success: Executive Board Mid-Term Incentive Plan The Mid-Term Incentive Plan has been set up such that only 60 % of the bonuses, which continue to be set by the achievement of annually reviewed Group key performance indicators (KPIs) and individual performance targets, are paid out in cash whereas the remainder is paid out in shares with a restriction period of one year. This number of shares will be matched by the company after this restriction period. In addition, the members of the Executive Board will receive the corresponding number of shares, based on the share’s closing price on 30 April 2009 of CHF 62.50. These shares will thereafter be subject to a further one-year restriction period. In the reporting period under review Executive Board member received 40 % of the bonus in company shares totalling to 4,155 shares (previous year: 11,740 shares) with a restriction period of one year. This number of shares will additionally be matched by the company after this restriction period. These additional shares are also subject to a further one-year restriction period. During the period under review the management received matched shares totalling 11,740 shares reflecting the 40 % bonus paid in the previous year. Executive Board Long-Term Incentive Plan The long-term incentive plan rewards long-term value creation measured by economic profit. Under this plan, which has a five-year cycle, the individual Executive Board member is entitled to an equal share of the respective pool after the expiry of the five-year plan period. This plan can be cash-settled. The carrying amount of the liability at 31 December 2010 amounts to CHF 1,508 thousand, which is also the intrinsic value. Board of Directors Restricted Stock Award Plan The restricted stock award plan for the Board of Directors has been introduced in 2009. Part of the remuneration of each Board member is settled in free shares of the company. The corresponding number of shares per member will be based on the share’s closing price at the assignment date. The shares have a one-year restriction period. Panalpina Annual Report 2010
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Glossary Tonnage A ship’s freight
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Contents Introduction 4 An Intervie
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Our products continue to play a maj
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Talking of Dubai, there have been i
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9 exported by these firms, instead
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Reports of the Board of Directors a
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outh America Asia Pacific Europe Af
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Reporting Regions market share in S
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Central and South America Promising
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Reporting Regions Express air freig
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Air Freight Ocean Freight Logistics
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Core Activities Ocean Freight Panal
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Core Activities Overland haulage is
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Customer Groups Customer case Coope
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Customer Groups Customer case Conva
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Customer Groups Customer case Saxon
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Customer Groups Customer case Duty
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Appendix 157 Kuwait Safat Luxembour
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Appendix Imprint 159 Panalpina Worl
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Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

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