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

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Consolidated and Annual Financial Statements 2010 108 The Group’s effective tax rate can be reconciled to the Group’s average expected tax rate as follows: in thousand CHF 2010 2009 Profit before income tax 6,122 13,869 Tax at the applicable tax rate of 23.37 % (2009: 23.37 %) 1,431 3,241 Effect of differing national tax rates (6,479) (12,152) Utilization of not yet recognized tax loss carry-forwards (142) 0 Recognition of deferred tax assets from previous periods (259) (118) Not yet recognized tax loss carry-forwards 13,434 157 Adjustment of previous year tax provision 883 4,310 Effect of changes in the tax rate on temporary differences 305 987 Withholding tax on dividends received 4,907 480 Expenses not deductible for tax purposes and non taxable income 17,298 6,254 Miscellaneous 741 267 Actual tax charge 32,119 3,426 Income tax recognized in the consolidated statement of comprehensive income: 2010 2009 in thousand CHF Before tax Tax benefit (expense) Net of tax Before tax Tax benefit (expense) Net of tax Translation and exchange differences (15,027) 0 (15,027) 9,416 0 9,416 Available-for-sale financial assets (1,828) 0 (1,828) (943) 0 (943) Other taxes directly recognized in equity 0 (123) (123) 0 (127) (127) Actuarial gains (losses) on defined benefit plans (10,596) 5,412 (5,184) 18,914 (4,338) 14,576 Total (27,451) 5,289 (22,162) 27,387 (4,465) 22,922 Panalpina Annual Report 2010
Consolidated and Annual Financial Statements 2010 13 Earnings per share 109 Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding (total shares less treasury shares) during the period. in thousand CHF 2010 2009 Consolidated profit attributable to owners of the parent (27,350) 8,492 Weighted average number of ordinary shares outstanding 23,668 23,657 Basic earnings per share (in CHF) (1.16) 0.36 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 only has share options outstanding that 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 2010 2009 Consolidated profit attributable to owners of the parent (27,350) 8,492 Weighted average number of ordinary shares outstanding 23,668 23,657 Adjustments for share options 7 7 Adjustments for share ownership program 4 15 Weighted average number of ordinary shares for diluted earnings per share 23,679 23,679 Diluted earnings per share (in CHF) (1.16) 0.36 At 31 December 2010, 66,946 options (2009: 113,923 options) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. 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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21 Executive Board From the left: M
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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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il and Fashion Oil and Gas Industri
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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 Toshi
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Customer Groups Customer case Saxon
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Customer Groups Customer case Duty
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Customer Groups 49 Panprojects The
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itment Quality Security Corporate C
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Sustainable Growth Quality, Securit
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55 Environmental initiatives Panalp
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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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