Panalpina Annual Report 2011

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84 Consolidated Financial Statements 2011 5 Operating segment information Management has determined the operating segments based on the reports reviewed by the Executive Board that are used to make strategic decisions. The Executive Board considers the business from a geographic perspective, as the Group’s operations are predominantly managed by the geographical location. The Executive Board assesses performance of the operating segments based on a measure of adjusted EBIT. This measurement basis excludes the effects on non-recurring expenditure from the operating segments such as restructuring costs, legal expenses, reorganization costs as well as fines recognized and related expenses. The measurement also excludes the unrealized gains / losses on financial instruments as well as interest income and expenditure, as this type of activity is driven by the central treasury function, which manages the cash position of the Group. Income and deferred income taxes are not assessed by segment. 2011 (in million CHF) Panalpina Annual Report 2011 Europe, Middle East, Africa, CIS North America Central and South America Asia Pacific Total operating segment Elimi- nations Cor- porate Total Group External forwarding services 3,171 1,270 834 1,225 6,500 0 6,500 Intra-group forwarding services 1,574 469 177 1,547 3,767 (3,767) 0 Net forwarding revenue 4,745 1,739 1,011 2,772 10,267 (3,767) 0 6,500 Forwarding services from third parties (4,014) (1,468) (849) (2,459) (8,790) 3,767 (5,023) Gross profit 731 271 162 313 1,477 0 0 1,477 Personnel expenses (445) (169) (77) (125) (816) (76) (892) Other operating expenses (247) (94) (68) (100) (509) 136 (373) Segment EBITDA 39 8 17 88 152 0 60 212 Depreciation and amortization (17) (5) (4) (6) (32) (6) (38) Segment operating result (Segment EBIT) 22 3 13 82 120 0 54 174 Financial result – Finance income 6 – Finance costs (12) Profit before income tax (EBT) 168 Income tax expenses (41) Consolidated profit 127 Information about segment assets and liabilities: 2011 (in million CHF) Europe, Middle East, Africa, CIS North America Central and South America Asia Pacific Total operating segment Non- segment assets Non- segment liabilities Total Group Segment assets 755 247 209 372 1,583 552 2,135 Segment liabilities 542 170 94 234 1,040 180 1,220 Net forwarding revenue and segment assets from the country of domicile (Switzerland) and major countries within above-mentioned segments: 2011 (in million CHF) Switzerland Germany United States of America Brazil Republic of China Net forwarding revenue 905 1,376 1,445 412 1,182 Segment assets 69 189 195 86 131 The Group does not have sales in excess of 10 % of the total net forwarding revenues to any single external customer.
2010 (in million CHF) Europe, Middle East, Africa, CIS North America Central and South America Asia Pacific Total operating segment Consolidated Financial Statements 2011 Elimi- nations Cor- porate Total Group External forwarding services 3,640 1,409 845 1,270 7,164 0 0 7,164 Intra-group forwarding services 1,432 421 147 1,954 3,954 (3,954) 0 0 Net forwarding revenue 5,072 1,830 992 3,224 11,118 (3,954) 0 7,164 Forwarding services from third parties (4,312) (1,564) (836) (2,926) (9,638) 3,954 0 (5,684) Gross profit 760 266 156 298 1,480 0 0 1,480 Personnel expenses (432) (181) (76) (121) (810) 0 (81) (891) Other operating expenses (250) (102) (61) (85) (498) 0 99 (399) Segment EBITDA 78 (17) 19 92 172 0 18 190 Depreciation and amortization (25) (6) (4) (7) (42) 0 (5) (47) Segment operating result (Segment EBIT) 53 (23) 15 85 130 0 13 143 Fines and related costs (112) Reorganisation costs Financial result (14) (2) (16) – Finance income 6 – Finance costs (15) Profit before income tax (EBT) 6 Income tax expenses (32) Consolidated profit (26) Information about segment assets and liabilities: 2010 (in million CHF) Europe, Middle East, Africa, CIS North America Central and South America Asia Pacific Total operating segment Non- segment assets Non- segment liabilities Total Group Segment assets 728 219 168 311 1,426 563 1,989 Segment liabilities 517 144 75 233 969 208 1,177 Net forwarding revenue and segment assets from the country of domicile (Switzerland) and major countries within above-mentioned segments: 2011 (in million CHF) Switzerland Germany United States of America Brazil Republic of China Net forwarding revenue 931 1,425 1,495 358 1,653 Segment assets 70 176 170 58 124 Panalpina Annual Report 2011 85
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Annual Report 2011 A passion for so
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Five-year development in million CH
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Key figures 2011 Net forwarding rev
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Letter to Shareholders Panalpina An
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Executive Board (clockwise): Monika
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Panalpina’s headquarters closer t
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Gross profit per region (2011) Euro
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Non-current assets Panalpina’s no
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Group Management Structure As at De
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Report of the Executive Board North
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Logistics Key figures Generated 14
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Tim Bauer Lane Manager for Air Frei
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Samia Guerroumi Procurement and Cap
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Jasmine Medhora of Panalpina’s Pa
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Marco Parnitzke Booking Agent for L
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Panalpina Annual Report 2011
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Success factors as growth drivers 2
Page 35 and 36: Highest compliance standard Our cor
Page 37 and 38: Europe, Middle East, Africa and CIS
Page 39 and 40: Automotive Continued growth of volu
Page 41 and 42: Discovering and developing leadersh
Page 43 and 44: are specifically designed for emplo
Page 45 and 46: Procurement Strong subcontractor re
Page 47 and 48: Poland award in the 9th Logistics P
Page 49 and 50: Previous goals included 5 % reducti
Page 51 and 52: Social Commitment Responsibility to
Page 53 and 54: 2 Capital structure 2.1 Capital On
Page 55 and 56: and Sales Scandinavia and from 1986
Page 57 and 58: and other selected senior managemen
Page 59 and 60: Board since October 2006. Responsib
Page 61 and 62: The voting restrictions do not appl
Page 63 and 64: Global Reporting Initiative www.pan
Page 65 and 66: Contents Consolidated Financial Sta
Page 67 and 68: Consolidated Financial Statements 2
Page 69 and 70: Consolidated Statement of Changes i
Page 71 and 72: Consolidated Statement of Cash Flow
Page 79 and 80: Intangible assets Consolidated Fina
Page 81 and 82: Amortized cost of financial instrum
Page 83 and 84: Cash and cash equivalents and other
Page 85: Consolidated Financial Statements 2
Page 93 and 94: Management Incentive Plan 09 / 10 (
Page 95 and 96: 9 Board of Directors Restricted Sto
Page 97 and 98: The Group’s effective tax rate ca
Page 99 and 100: 14 Property, plant and equipment Co
Page 101 and 102: A summary of the goodwill allocatio
Page 107 and 108: The table below shows the Group’s
Page 109 and 110: 20 Trade receivables Consolidated F
Page 111 and 112: Derivative financial instruments ar
Page 113 and 114: 25 Borrowings Consolidated Financia
Page 117 and 118: 2010 (in thousand CHF) Employee ben
Page 119 and 120: 2010 (in thousand CHF) Annual salar
Page 121 and 122: 30 Business combinations/disinvestm
Page 125 and 126: Company Registered Currency Consoli
Page 127 and 128: Company Registered Currency Consoli
Page 129 and 130: Panalpina World Transport (Holding)
Page 133 and 134: Key Figures in EUR Five-year review
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Balance Sheet as of December 31 (be
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Participations Annual Financial Sta
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Annual Financial Statements 2011 Fu
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Panalpina World Transport (Holding)
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Ordinary gross dividend payments Fi
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Imprint Panalpina World Transport (
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Panalpina Annual Report 2011

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