Consolidated and <strong>Annual</strong> Financial Statements <strong>2010</strong> 122 Derivative financial instruments are spread over the following currencies: Forward foreign exchange contracts in thousand CHF <strong>2010</strong> 2009 USD 399,245 271,313 EUR 278,063 263,523 CAD 25,097 29,375 HKD 17,074 21,762 AUD 15,002 194 COP 11,228 17,105 GBP 11,178 15,167 DKK 8,259 1,097 SEK 8,154 45,651 PEN 5,157 6,242 HUF 4,712 0 CHF 4,100 1,600 MYR 3,072 1,028 JPY 2,762 7,029 MXN 2,211 0 SGD 2,001 2,572 CLP 1,696 0 NZD 1,452 6,734 NOK 1,361 0 ARS 1,130 0 CZK 998 954 Other 1,350 893 Total 805,302 692,239 22 Cash and cash equivalents in thousand CHF <strong>2010</strong> 2009 Cash on hand 1,423 3,215 Cash at bank 531,658 536,788 Checks and bills of exchange in transit (4,145) (8,200) Total cash and cash equivalents 528,936 531,803 Net cash (debt) is comprised as follows: in thousand CHF <strong>2010</strong> 2009 Cash and cash equivalents 528,936 531,803 Other current financial assets 6,089 10,809 Short-term borrowings (9,335) (11,995) Long-term borrowings (403) (891) Net cash (debt) 525,287 529,726 <strong>Panalpina</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2010</strong>
Consolidated and <strong>Annual</strong> Financial Statements <strong>2010</strong> 23 Share capital and treasury shares 123 in thousand CHF Outstanding number of shares (numbers) Ordinary shares Treasury shares Total On 1 January <strong>2010</strong> 23,667,477 50,000 (192,567) (142,567) Treasury shares Sold 25,700 0 3,073 3,073 Purchased (94,142) 0 (10,540) (10,540) Sold under employee share plan 18,774 0 1,731 1,731 Sold under employee option plan 24,649 0 2,300 2,300 On 31 December <strong>2010</strong> 23,642,458 50,000 (196,003) (146,003) The share capital is presented by 25 million issued shares (2009: 25 million) of CHF 2.00 par value, fully paid-in. On 31 December <strong>2010</strong>, the number of outstanding shares amounted to 23,642,458 shares (2009: 23,667,477) and the number of treas ury shares to 1,357,542 (2009: 1,332,523). Treasury shares have been deducted from equity attributable to owners of the parent. All shares issued by the Company were fully paid-in. The extraordinary Shareholders’ Meeting, held on 23 August 2005, authorized the Board of Directors to create authorized capital in the maximum amount of CHF 6 million by issuing a maximum of 3,000,000 registered shares with a nominal value of CHF 2.00 each at any time until 22 August 2007. At the <strong>Annual</strong> General Meeting held on 15 May 2007, the shareholders approved the proposal of the Board of Directors to extend the authorized share capital until May 2009 with an unchanged amount. The extension of the authorized capital for another two years was approved at the <strong>Annual</strong> General Meeting held on 5 May 2009. The Board of Directors has not made use of this au thorization. The Company has no conditional share capital. In 2007, the Board of Directors decided to return excess capital to the shareholders by launching a share buyback program via a second trading line on the SIX Swiss Exchange. Between 13 August 2007 and 2 September 2008, the Group repurchased 1,250,000 registered shares totaling a value of CHF 185.0 million and representing 5 % of share capital. The amount available for dividend distribution is based on the available distributable retained earnings of <strong>Panalpina</strong> World Transport (Holding) Ltd. determined in accordance with the legal provisions of the Swiss Code of Obligations. On 4 May <strong>2010</strong>, the shareholders approved that no dividends will be distributed in respect of the 2009 business year (2009: CHF 1.90 per share). The Board of Directors has proposed that no dividends should be distributed for the fiscal year <strong>2010</strong>. This proposal is subject to approval at the <strong>Annual</strong> Meeting on 10 May 2011. 24 Non-controlling interests in thousand CHF <strong>2010</strong> 2009 Balance on 1 January (net) 7,015 7,632 Reclassification of parent’s ownership interest 9 (2,194) Translation differences (430) (84) Reclassification of translation differences to parent shareholders’ equity (5) 0 Interest in profit 1,298 1,951 Reclassification of interest in profit to parent shareholders’ equity 55 0 Dividend paid (52) (290) Total net non-controlling interests 7,890 7,015 During the year under review, the negative non-controlling interests of <strong>Panalpina</strong> Kuwait were reclassified to parent shareholders’ equity. In 2009, <strong>Panalpina</strong> took over the 30 % shares from non-controlling interests of <strong>Panalpina</strong> Thailand. <strong>Panalpina</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2010</strong>
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