Panalpina Annual Report 2007 Interview with Rudolf W
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A global leader in asset-light air and ocean freight and logistics Panalpina World Transport solutions... (Holding) Ltd. Panalpina is one of the world’s leading providers of inter- Viaduktstrasse 42 Panalpina P. O. Box continental air and ocean freight forwarding services and CH-4002 Basel Annual Report 2007 associated supply chain management solutions which are offered based on its consistent asset-light business model. Phone +41 61 226 11 11 Annual Report 2007 Fax +41 61 226 11 01 A Passion for Solutions The Group serves a wide range of sectors, but has particular [email protected] expertise in the strategic key industries of telecom, hi-tech, www.panalpina.com automotive, healthcare and retail and fashion. For many Panalpina years, it has been the global market leader in the provision of logistics solutions for the worldwide oil and gas industry’s supply chain. Panalpina’s in-depth knowledge of the industry enables it to offer intelligent, efficient solutions tailored to the customers’ needs – even for the most demanding forwarding and logis- tics challenges. With this attractive service offering, the Group has achieved a sustained, mostly organic growth for years. ... with convincing competitive strengths Global network with detailed knowledge of local markets Strong brand recognition throughout the world Group-wide implemented Code of Business Conduct, ensuring high ethical values and integrity throughout all business areas Asset-light business model that ensures high operational and financial flexibility together with reduced exposure to fluctuations in sector conditions Healthy balance between major global customers and internationally operating SMEs Centralized purchasing and management of air and ocean freight capacities Substantial volume mass, ensuring partnership agreements with leading carriers Differentiation through specialist know-how in strategic key industries Global market leader in logistics solutions for the oil and gas industry Best-in-class IT platforms to increase operational efficiency and cater to individual customer requirements Continued training and development programs for staff on all levels Management team with long-term industry experience www.panalpina.com/facts WorldReginfo - 17abf035-72c0-486c-bdd9-0efd2a0da9fd A global leader in asset-light air and ocean freight and logistics Panalpina World Transport solutions... (Holding) Ltd. Panalpina is one of the world’s leading providers of inter- Viaduktstrasse 42 Panalpina P. O. Box continental air and ocean freight forwarding services and CH-4002 Basel Annual Report 2007 associated supply chain management solutions which are offered based on its consistent asset-light business model. Phone +41 61 226 11 11 Annual Report 2007 Fax +41 61 226 11 01 A Passion for Solutions The Group serves a wide range of sectors, but has particular [email protected] expertise in the strategic key industries of telecom, hi-tech, www.panalpina.com automotive, healthcare and retail and fashion. For many Panalpina years, it has been the global market leader in the provision of logistics solutions for the worldwide oil and gas industry’s supply chain. Panalpina’s in-depth knowledge of the industry enables it to offer intelligent, efficient solutions tailored to the customers’ needs – even for the most demanding forwarding and logis- tics challenges. With this attractive service offering, the Group has achieved a sustained, mostly organic growth for years. ... with convincing competitive strengths Global network with detailed knowledge of local markets Strong brand recognition throughout the world Group-wide implemented Code of Business Conduct, ensuring high ethical values and integrity throughout all business areas Asset-light business model that ensures high operational and financial flexibility together with reduced exposure to fluctuations in sector conditions Healthy balance between major global customers and internationally operating SMEs Centralized purchasing and management of air and ocean freight capacities Substantial volume mass, ensuring partnership agreements with leading carriers Differentiation through specialist know-how in strategic key industries Global market leader in logistics solutions for the oil and gas industry Best-in-class IT platforms to increase operational efficiency and cater to individual customer requirements Continued training and development programs for staff on all levels Management team with long-term industry experience www.panalpina.com/facts WorldReginfo - 17abf035-72c0-486c-bdd9-0efd2a0da9fd 5-year development 2007 at a Glance in million CHF Net forwarding revenue Net forwarding revenue increased by 12.3% to CHF 8,684 million 7,500 684 8, 6,250 35 Net earnings increased by 14.8% to CHF 211 million 49 7,7 5,000 0 6,9 12 62 3,750 6, 5,3 Substantially improved profitability 2,500 1,250 0 Air freight and ocean freight activities clearly outperformed the respective 2003 2004 2005 2006 2007 market growth rates Contribution margin (gross profit) 947,000 air freight tons (+8.4%) and 1.233 million ocean freight TEUs (+13.7%) 1,900 transported 1,750 3 1,600 80 1, 1,000 new jobs created worldwide 1,450 1 59 1, 1,300 8 7 40 1, 9 1,150 32 1, 23 1,000 1, 2003 2004 2005 2006 2007 Ebit Net forwarding revenue per core activity Net forwarding revenue per region in million CHF 320 Asia/Pacific, 13% 290 Air freight, 47% 1,119 9 4,129 260 29 North America, 19% 1 1,684 230 26 200 Ocean freight, 38% 3,280 170 140 6 Central and South America, 9% 16 818 9 8 Supply chain management, 15% 110 1,275 13 13 Europe/Africa/Middle East/CIS, 59% 5,063 80 2003 2004 2005 2006 2007 Net earnings Returns Share price development in comparison to SPI in percent Panalpina World Transport 210 SPI Swiss Performance Index 1 175 21 4 2007 2006 140 18 60% 105 0 12 0 40% 70 98 10 Return on equity (ROE) 21.3 20.2 35 20% 0 Return on capital employed (ROCE) 36.44 31.96 2003 2004 2005 2006 2007 0% –20% 1 Jan 07 1 Mar 1 May 1 Jul 1 Sep 1 Nov 1 Jan 08 Shareholders’ equity 1,000 7 8 875 01 1, 97 750 8 7 85 0 625 78 74 500 375 250 125 0 2003 2004 2005 2006 2007 WorldReginfo - 17abf035-72c0-486c-bdd9-0efd2a0da9fd 5-year development 2007 at a Glance in million CHF Net forwarding revenue Net forwarding revenue increased by 12.3% to CHF 8,684 million 7,500 684 8, 6,250 35 Net earnings increased by 14.8% to CHF 211 million 49 7,7 5,000 0 6,9 12 62 3,750 6, 5,3 Substantially improved profitability 2,500 1,250 0 Air freight and ocean freight activities clearly outperformed the respective 2003 2004 2005 2006 2007 market growth rates Contribution margin (gross profit) 947,000 air freight tons (+8.4%) and 1.233 million ocean freight TEUs (+13.7%) 1,900 transported 1,750 3 1,600 80 1, 1,000 new jobs created worldwide 1,450 1 59 1, 1,300 8 7 40 1, 9 1,150 32 1, 23 1,000 1, 2003 2004 2005 2006 2007 Ebit Net forwarding revenue per core activity Net forwarding revenue per region in million CHF 320 Asia/Pacific, 13% 290 Air freight, 47% 1,119 9 4,129 260 29 North America, 19% 1 1,684 230 26 200 Ocean freight, 38% 3,280 170 140 6 Central and South America, 9% 16 818 9 8 Supply chain management, 15% 110 1,275 13 13 Europe/Africa/Middle East/CIS, 59% 5,063 80 2003 2004 2005 2006 2007 Net earnings Returns Share price development in comparison to SPI in percent Panalpina World Transport 210 SPI Swiss Performance Index 1 175 21 4 2007 2006 140 18 60% 105 0 12 0 40% 70 98 10 Return on equity (ROE) 21.3 20.2 35 20% 0 Return on capital employed (ROCE) 36.44 31.96 2003 2004 2005 2006 2007 0% –20% 1 Jan 07 1 Mar 1 May 1 Jul 1 Sep 1 Nov 1 Jan 08 Shareholders’ equity 1,000 7 8 875 01 1, 97 750 8 7 85 0 625 78 74 500 375 250 125 0 2003 2004 2005 2006 2007 WorldReginfo - 17abf035-72c0-486c-bdd9-0efd2a0da9fd Contents 04 Interview Interview with the Chairman Conversation with Chairman Rudolf W. Hug and the CEO 4 and CEO Monika Ribar about success and Report of the Board of Directors 9 challenges in 2007 and the future outlook of the transport and logistics Group. Group Management Structure 10 Business year 2007 12 Reporting Regions 26 26 Reporting Regions Europe /Africa / Middle East / CIS 28 During the year 2007, all four reporting regions North America 30 contributed to the Group’s 12.3% increase in net forwarding revenue except North America, Central and South America 31 which remained at the same level but doubled Asia / Pacific 32 its Ebit nevertheless. Core Activities 34 Air Freight 37 34 Core Activities Ocean Freight 38 By again growing faster than the respective Supply Chain Management 40 markets, Panalpina maintains its position as the global number 3 in air freight and number 4 in ocean freight. In supply chain management, Customer Groups 46 the Group was able to even further increase its growth rate. Sustainable Growth 52 Quality, Security and HSE 55 40 Supply Chain Management Employees 58 The global trend towards outsourcing logistics Information Technology 60 processes is a typical instance of globalized Social Commitment 61 business and is carrying on undiminished in all major sectors of industry. For some years Corporate Culture 62 now, Panalpina has been achieving double-digit Global Reporting Initiative 64 growth rates in this interesting market. Corporate Governance 65 46 Customer Groups Consolidated and Annual Panalpina successfully brings its in-depth Financial Statements 2007 75 specialist knowledge and many years of experience to selected strategic key indus- Consolidated Financial Statement 76 tries, all of which have heavily globalized Annual Financial Statement 131 supply chains and significant growth potential.